Bactiguard’s Q3 net sales of SEK 67m were well ahead of SEB (SEK 50m) with organic net sales growth of 58% y/y (SEBe: 11% y/y) in the quarter. License revenue is the main explanation of the Q3 beat, but wound management is also stronger. Q3 EBITDA was SEK 10m (SEB at SEK -1m). Bactiguard will review its 2028 financial targets, set in October 2023; outcome to be announced in Q1/25. As a reminder, we forecast sales of SEK 388m 2028 vs the current target of SEK 1bn.
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