Full focus on Catalyst going forward

Small miss on underlying PTP in Q4. Higher non-recurring items than expected. Fair value range down to SEK 9-16 (9-17).

Ending the year on a high note

Q4'23 results due 6 February. Already pre-announced strong sales for Oct-Nov. Fully focused US orthobiologics company as of New Year.

Strong start in Q4

Transformation in progress

74% FX-adj. sales growth in Q3, mainly driven by Catalyst. Balance sheet strengthened through directed share issue. Fair value range raised to SEK 10-17 (9-15).

Becoming a pure play on orthobiologics

Value accretive shift in strategy. Directed share issue of SEK 150m. Fair value range up to SEK 9-15 (from 6-15).

Exit from cranial

Catalyst drives impressive growth in Q2

79% FX-adj. sales growth in Q2, mainly driven by Catalyst. Opex stabilising. Fine-tune fair value range to SEK 6-15.

Signal of Catalyst accelerating in Q2

Sales up 203% y-o-y, and 6% better than ABGSCe. 1,000 patients treated signals 25% Catalyst q-o-q growth in Q2. We raise sales by 3-2% for '23e-'24e.