With better sales volumes to BD, continued growth by Wound Management and much better cost management, we argue Bactiguard found more stability during 2024. FY/24 adj. EBITDA was SEK 18m and FCF was near break-even. In our view, what is needed now is for Bactiguard to maintain its stability, deliver on inflection points in current deals, and secure deals in further therapeutic areas.
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