Bactiguard’s Q4 sales of 55.6 were ahead (+7.5%) of our expectations. Q4 adj. EBITDA, however, amounted to SEK 4.9m (SEB at SEK 6.9m). Bactiguard comments that the COVID-19 pandemic continues to impact sales negatively through reduced general healthcare and postponed planned operations, however, that it saw a recovery in the licensing business and stronger sales of own BIP products q/q. After a first glance of the report, we expect only minor estimate revisions to estimates.
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