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The pandemic continues to have a net negative effect on sales for MedCap, even though parts of the business have seen increased demand. Recent acquisitions, however, contributed positively to revenue and earnings growth in Q3. Consequently, we regard it as positive that MedCap continues to follow through on its M&A agenda by acquiring Multi-Ply. As circumstances normalise, we are confident that organic growth will improve, which will believe will unlock margin upside to MedTech's existing portfolio as well as further acquisitions.
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