PBT in line with July TU, important post-period events Tristel has this morning announced FY results for the period to 30th June. As indicated in the TU on 18th July, disinfection procedure volumes increased materially in H2 across major markets, resulting in revenue for the year of £31.1m (flat YoY, H1:H2 44:56), with adjusted PBT (before £0.6m of share-based payments and a £2.4m impairment of intangibles) of £4.5m. Disinfection of devices represented 82% of total revenue. On 30th June, Tristel submitted an application for FDA clearance of Tristel DUO ULT for high-end disinfection of ultrasound probes. Tristel DUO ULT is the first high-end disinfectant entering the De Novo pathway, reflecting the lack of comparable products on the US market. Post-period, Tristel announced an additional information request by the FDA, but with unchanged guidance for the expected timing of potential clearance. On 20th Sept, Tristel announced the launch of Tristel DUO for disinfection of medical surfaces in the US, in partnership with Parker Laboratories. Solid outlook The strong H2 trading has continued into FY’23, with Q1’23 sales +20% YoY. Reiterate Buy In our view, Tristel’s chlorine dioxide - based products are differentiated not only in terms of potency but also user-friendliness and reduction of plastic waste. We continue to expect FDA clearance of Tristel DUO ULT in mid-2023. We reiterate Buy. Our forecasts and target price are under review.