Encouraging H1 sales indicate Mauna Kea ("MKEA") connues to enjoy the posive growth trend previously reported in Q1. With sales increased 58% YoY to €3.3m (H1/2020: €2.1m), driven by a 62% increase in consumables revenues and an 109% increase in system sales. Sales connued to grow across all regions including AsiaPacific (+71% to €0.9m) and EMEA & RoW (+198% to €0.8m). While overall H1 US growth was lower (+25% to €1.7m), a more than doubling of US sales in Q2 indicates a robust recovery driven by consumable demand from the high volume upper GI centres currently targeted by MKEA. The company indicated a marked improvement in the demand for capital equipment, which should drive further system sales in H2, and reaffirmed its 2021E guidance of 25% - 30% sales growth. We reiterate our OUTPERFORM recommendaon and €3.10 target price. However, investors should note that ourfair value has yetto include MKEA's expansion into lung cancer diagnosis, which we expect to drive substanal addional upside when rolled out in 2022E.