Sonova reported healthy H2 sales, although profitability was a miss vs. market expectations. Top-line growth was witnessed across segments, with FY22/23 guided to be another strong year. Moreover, shareholder reward attractiveness was maintained. While the near-term could be restrained by supply chain concerns (also a sector-wide issue), Sonova remains our preferred hearing aid/MedTech play, on the back of the strong existing and under-development offerings.