We expect revenues of SEK 14.6m in Q3, corresponding to growth of 64% y/y, driven by Catalyst sales in the US and strong FX tailwinds. We change our sales estimates by moving sales from Q4 to Q3, leaving our FY 2022 estimates broadly unchanged. Hospitals in the US are struggling which is why we are more cautious on Q4. We reiterate our mid-point value of SEK 10 per share: note that the stock is trading at historical lows around 2x 2023E EV/S.
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