FY’21 in line with expectations This morning’s results are in line with the trading update on 21st July, with revenue for the year of £31.0m (-2% YoY) and PBT of £3.8m vs. our £3.9m forecast (£4.6m vs. £4.7m expected on an adjusted basis, excluding a previously announced impairment). Cash & cash equivalents at period-end stood at £8.1m vs. our £8.9m estimate. As previously indicated, the YoY sales decline was principally the result of weaker UK sales (37% of total sales, -10% YoY to £11.4m). The EBITDA margin of 27% was in line with historic levels, post the record 31% in FY’20 (primarily a result of early-pandemic stocking of disinfectants by customers). During the year, increased investment was made in people and systems to ensure continued regulatory and quality compliance, particularly ahead of anticipated US launch. Good regulatory progress Good regulatory progress was made during the year, with Tristel Duo approved as high-level disinfectant for medical devices in India, South Korea and Canada, and an expanded label for the Jet surface disinfectant granted by the US EPA. Importantly, the required work to enable an application for FDA clearance of Tristel Duo under the De Novo route (for novel devices of low to moderate risk) is progressing well, and work is underway to secure the 2-3 clinical centres and laboratory staff to conduct the final clinical studies. Our view: well positioned for post-Covid recovery We remain positive on the outlook for Tristel, an innovation-led product development company with a focus on sustainability, user-friendliness and health economics. With stocking levels, procedure volumes and order patterns normalising, we anticipate a return to strong growth in FY’22e. In addition, we continue to expect US sales of Jet from FY’23e, and the application for Tristel Duo US marketing rights to be submitted by end-FY’22e, with US commercial launch in FY’24e underpinning our longer-term estimates. Our forecasts and valuation are under review.