The first order from Belgium, to the 700-bed UniversitairZiekenhuis Brussel teaching hospital, has been confirmed. This sale follows a one-year evaluation procedure and means Sphere Medical's direct sales team has now won contracts in the UK, Germany and Belgium. Meanwhile, Proxima 4's CE Mark is still expected shortly and preparations remain on track for a first launch before year-end. We remind that our three-phase DCF-based model yields a valuation of £14.4m, equivalent to 10.2p per share, but we expect this to rise materially to reflect the effect of the risk reduction when the CE Mark is received.
