We expect no major drama in Bactiguard’s Q3 report, as newsflow has been minimal. Given its importance to profitability, we focus on BD revenue and the extent to which it recovers from the weak level in Q2 (due to stocking in earlier quarters). We see Zimmer continuing to make only a slight contribution. Cost control has been strong since H2/23. In our view, the case now needs partnership activity for Bactiguard to improve.
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