Instem has delivered a positive trading update for the year to 31 December 2022, reporting c.28% revenue growth and a £13.7m closing (gross) cash position. Profitability also saw a material improvement, with FY22 adjusted PBT expected to be in line with our £7.6m forecast (+53% YoY). The order book remains ‘strong’ and management commentary on the outlook is positive. We make no changes to estimates and believe the update will maintain confidence in the Instem growth story.