Strong results Tristel has this morning announced results for the year to 30th June. Revenue for the year was £41.9m (+16% YoY), as indicated in the trading update on 22nd July. Hospital decontamination sales were £36.4m (in line with our £37.7m forecast), representing 87% of revenue. The UK represented 39% of total sales, up from 35% in FY’23, helped by price increases in longer-term supply agreements. PBT for the period was £7.1m vs. £5.1m in FY’23 (£8.2m vs. £6.2m excluding share-based payments), in line with our £7.3m forecast. EPS (FD) was 13.54p, a touch ahead of our 12.90p estimate as a result of a lower-than-expected tax charge net of patent box credits. Early US traction Although lengthy US hospital system procurement processes continue to present a challenge, Parker Laboratories has started manufacturing and commercialising Tristel ULT, with an increasing number of clinics and hospitals onboarded during Q4. Our view A strong set of results in line with our expectations and guidance. Tristel expects continued growth across all markets in FY’25 and remains committed to the financial targets set out in its financial plan for FY’22-25. We continue to expect strong growth in US royalties from FY’25e: around 215 million ultrasound examinations are performed in the US every year, approx. 20% of which (mainly endocavity exams) require high-end disinfection. We expect Tristel ULT to, over time, capture around 35% of the addressable volume (the product gained De Novo FDA approval in 2023 as the first topically applied, high-end disinfectant in the US market). We place our forecasts and target price under review. We reiterate Buy.