Bactiguard reported Q3 net sales of SEK 45m (SEB at SEK 50m) with an organic net sales decline of 27% y/y driven by lower license revenue (mainly Zimmer but also BD). Importantly, however, BD was recovering from the Q2 lows and was in line with our forecasts. Q3 EBITDA of SEK 5m was a tad higher than SEB (SEK 3m) on lower costs. Revisions are likely neutral to slightly down with sales being revised downwards but with us likely to also lower costs.
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