Strong performance, dividend raised Tristel has announced results for the FY to 30th June. Revenue for the period was £36.0m, +16% YoY, ahead of our £34.4m estimate, with adj EBITDA of £9.0m vs. our £8.7m forecast and adj PBT (including share-based payments) of £5.1m, in line with our £5.0m. The revenue beat was a result of higher-than-expected sales of device disinfection products. Cash & equivalents (incl. deposits) of £9.5m at period-end was a touch ahead of our £8.9m estimate. A proposed final dividend of 7.88p (vs. 3.93p in FY’22) brings the total dividend for the year to 10.50p, from 9.55p (including a 3.0p special dividend) in FY’22, a 10% increase YoY, ahead of estimates. Going forward, the company intend to grow dividends in line with EPS (and at a minimum rate of 5% pa). North America on track In June, the US FDA granted Tristel ULT approval as a Class II device, for immediate sale as a high-level disinfectant for endocavity ultrasound probes and transducers that may come into contact with non-intact skin. A US launch is expected during the current financial year. Meanwhile, sales of OPH (for ophthalmic devices) commenced in Canada during Q1’24. Positive outlook, reiterate Buy Against a background of normalised market conditions, strong cash generation and shareholder returns, and with a significant US opportunity ahead, we reiterate Buy (we upgraded from Hold on 29th June – see here). We currently expect ULT to gain a 35% share of its US addressable market at peak (by FY’29e), with a 24% royalty receivable on net sales by Tristel’s US partner, Parker Laboratories. We place our forecasts and target price under temporary review.