Bactiguard: Q3 shows the scaling potential - SEB

We believe that Q3 was positive for Bactiguard. Notably, there was strong q/q growth for BD revenue and on the analyst call management was forward-leaning citing that this was a new level from which to grow. As license revenue increases briskly, operating leverage is strong and EBITDA reached SEK 20m in Q3 (EBITDA margin of 34.3%). Overall, we see this as good for the base business whilst little new information was provided on potential new deals.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/144883