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Mainly due to Zimmer Biomet’s decision to terminate the extended deal it signed in 2022, we cut 2025E-26E sales by 7-14%. While the trauma implants deal with Zimmer remains in effect, investors will likely search for proof of Zimmer’s dedication. Ideally, general deal activity should emerge to verify Bactiguard’s ability to secure long and successful deals, which are crucial, as it aims to leverage its infection prevention technology that way.
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