We believe that Q3 was positive for Bactiguard. Notably, there was strong q/q growth for BD revenue and on the analyst call management was forward-leaning citing that this was a new level from which to grow. As license revenue increases briskly, operating leverage is strong and EBITDA reached SEK 20m in Q3 (EBITDA margin of 34.3%). Overall, we see this as good for the base business whilst little new information was provided on potential new deals.
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