We raise 2025E-26E sales by 5% after Q4. We continue to be impressed by the growth rates of Catalyst (>80% growth y/y excl. large one-off orders in Q4/23). Expanding market access with more users and increased usage in existing accounts are factors that we see will continue to support strong growth. That 90% of the spine orthobiologics market is still untapped validates our growth assumptions too. We set a mid-point DCF of SEK 14 (12).
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