We raise our 2025E-27E sales estimates by 3%. OssDsign executed well in Q2 including strong Catalyst sales growth, small but declining commission rates and better EBIT y/y. In line with its strategy, we anticipate investments (both opex and capex) will rise for OssDsign to improve penetration in the orthobiologics market, where 90% remains untapped based on company data. The recent PROPEL data suggests Catalyst is worth further investment.
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