We leave our estimates unchanged apart from incorporating recent FX moves. Our previous message of stability being reinstated for Bactiguard remains. As evidence, Q1/25 LTM EBITDA was SEK 29m, up from a peak loss of SEK -34m in Q4/23 LTM. The reshaped business model with a particular focus on licence partnerships holds large potential for operating leverage. What we are in search of now are clear growth drivers for the company.
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