Sales fell in Q3 in line with SEBe as Zimmer revenue was concentrated in Q2 this year after being more evenly split between Q2 and Q3 last year. BD revenue dropped in Q3, but importantly was better than in Q2. Costs impressed overall. We see no clear triggers for an acceleration of growth in the near term and continue to search for growth catalysts via present and potentially new partners. Bactiguard trades on a 2026E EV/sales of c. 2.5x.
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