Q3 was a record quarter for Zenicor, with sales growth of 8% y/y and positive EBIT for the second time in a row. Although sales growth was slightly lower than our estimates, EBIT continued its positive streak sequentially.

The main takeaway in the quarter was the deal signed with the NHS in the UK, a breakthrough step for European expansion.

We view the deal as a key driver in this growth story but also as crucial for regaining market trust.

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