Our revisions are material, as we remove the US contribution from the Zimmer Biomet deal, given that the partnership now only covers markets in which sales have already commenced, are expected to be launched, or where regulatory approvals are in place. Bactiguard may find other partners, but we do not include that in our estimates. The key to the equity story and for the financial targets to be reached is to secure new deals, in our view.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.

Läs mer på SEB Research