We cut our estimates and lower our valuation range to SEK 75-98. Other than the one-time negative effect from writing down inventory and the accrual of various accounts receivable overdue announced on 7 July, we see q/q growth in BPP sales coupled with lower sales for BD in Q2. The market should be aware of lower BD sales and higher current costs. In our view, the long-term potential (Zimmer, Dentsply Sirona, potential new partners) is unchanged.
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