Embla Medical - NAViigating The Future of Bionics (BUY, TP DKK 56)
Following Q2 results, we provide investors with an update on the NAVii and ICON knee launches in Medicare and show that the NAVii knee is highly differentiated, presenting users with a very favourable value proposition. The Streifeneder majority stake acquisition is likely to bring a ~3% tailwind to sales next year with minimal incremental debt. We also show that the impact of US tariffs on Chinese-imported Bracing & Supports products is minimal ($0.5m in Q2) and can be mitigated through manufacturing changes. Please click HERE to access our initiation, detailing how we believe Embla is set to execute on multiple growth drivers between now and 2030.For access to the full note, please contact Naresh Chouhan ( )
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