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Bactiguard: Investigating potential avenues in the US - SEB

We leave our estimates broadly unchanged after Q1. Bactiguard’s Q1 was a slow quarter with an organic sales decline after four consecutive quarters of growth although costs declined q/q on a positive note. Bactiguard stated that its development of a US go-to strategy is a key focus for 2023, something we think partly is behind the cost increases recently. Overall, we still argue most prerequisites for strong growth are in place.

We leave our estimates broadly unchanged after Q1. Bactiguard’s Q1 was a slow quarter with an organic sales decline after four consecutive quarters of growth although costs declined q/q on a positive note. Bactiguard stated that its development of a US go-to strategy is a key focus for 2023, something we think partly is behind the cost increases recently. Overall, we still argue most prerequisites for strong growth are in place.
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