Bactiguard reported Q4 net sales of SEK 63m (SEB at SEK 49m) with organic net sales growth of 4% y/y driven by Zimmer revenue. We flag that the beat was driven by Zimmer revenue with the high level mainly pertained to the updated agreement in December. Q4 EBITDA of SEK 25m was as a result also much higher than SEB (SEK 1m). We would not extrapolate the Zimmer beat so we estimate there will be rather undramatic revisions on the report.
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