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Sharpened strategy for profitable growth - SEB

The new strategy – to phase out the BIP portfolio through outsourcing or partnerships – will gradually lower sales by SEK 25m (12% of 2023E sales), we believe, but the yearly savings are larger. The recent substantial cost increases Bactiguard has shown may thus reverse and as sales through partners should increase through 2024 (especially as the effects of stock reductions by BD diminish), Bactiguard’s EBITDA should turn positive in 2024.

The new strategy – to phase out the BIP portfolio through outsourcing or partnerships – will gradually lower sales by SEK 25m (12% of 2023E sales), we believe, but the yearly savings are larger. The recent substantial cost increases Bactiguard has shown may thus reverse and as sales through partners should increase through 2024 (especially as the effects of stock reductions by BD diminish), Bactiguard’s EBITDA should turn positive in 2024.
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