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ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Continued good momentum in Q2e

Q2'24 results due 20 August. 142% growth y-o-y for Catalyst, +9.9% sequential growth. EBIT revised down 0.9%-2.2% due to FX.

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Good start but sales commission still too high

Solid start in Q1. Higher sales commissions weigh down on EBIT in '25e-'26e. Fair value revised down to SEK 8-15 (9-16).

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Steady progress in Q1e

Q1'24 results due 14 May. 207% growth y-o-y, but limited sequential growth. EBIT revised up 2% for '24e-'26e due to FX.

Adam Karlsson ... (+2)
  • Adam Karlsson
  • Erik Cassel

OssDsign - On a promising trajectory in the US

Better sales as US grew 144% on Catalyst success Underlying estimates relatively unchanged Fair value range of SEK 8-21 unchanged

Erik Cassel
  • Erik Cassel

Sector Fast Comment - Hospital data update

Better hospital margins in August Congress passed supportive spending bill Small positive for companies with capex exposure

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

OssDsign - Breaking records as Catalyst takes off

Managed to beat ABGSCe by 18% in tough conditions We lift our ’22e-’24e sales estimates by 5-9% Fair value range unchanged at SEK 8-21 /share

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

OssDsign - Past the Omicron bump in the road

Sales worse than feared, but isolated to Q1 conditions Clinical and commercial progress bodes well for mid-term Reiterate our fair value range of SEK 8-21 per share

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

OssDsign - Good things take time (to produce)

Softer Q1 on long lead-times dampening sales High surgical activity bodes well for rest of ‘22e Fair value range of SEK 8-21 /share unchanged

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

OssDsign - Robust performance in challenging conditions

Sales 4% higher than expected, but EBIT 4% below Weak electives in Q1’22, pushing volumes back Trading below our fair value range of SEK 8-21 per share

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Jakob Lembke

OssDsign - Showcasing how well it scales

Record sales and profitability; EBIT 39% above ABGSCe Sales estimates down 25% for ‘22e and 12% for ‘23e A re-opening winner valued at 7x ‘25e EV/EBIT

Rickard Anderkrans
  • Rickard Anderkrans

OssDsign - Eager for re-opening

Q2 sales -15% vs. ABGSCe A re-opening winner: supported by impressive news flow 81% sales CAGR ’20-’23e, DCF value range SEK 8-21

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