We make small positive revision to our estimates after Q1 and raise our mid-point DCF value to SEK 11. We previously saw reasons to expect the growth momentum for Catalyst to continue to be strong, and Q1 was further testament to that. The recently announced contracts also mean broadened access. Although it sounds like the gross margin may be volatile and opex will expand somewhat ahead, scalability is also improving as a pure-play orthobiologics company.
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