Antti Siltanen has updated the company report after H2. 
Bioretec’s report exceeded our expectations regarding revenue. Sales of the RemeOs™ trauma screw (350 TEUR), which is key for the future, were at the same level as the comparison period (336 TEUR), which was in line with our expectations. Growth came somewhat surprisingly from the Activa product family in Europe and the Rest of the World region. Guidance was not typically provided by the company, and thus the outlook for 2025 includes significant uncertainty. However, obtaining the CE mark increases confidence in the realization of growth, which is reflected in our model as a decreasing cost of capital. Valuation multiples are somewhat high in the short term, but the realization of Europe’s potential this year brings significant opportunities. We reiterate our Add recommendation and raise the target price to 2.8 euros (previously 2.4), supported by Europe’s potential.