Growth targets to be met or exceeded Tristel has this morning released an AGM trading update, flagging a record half-year performance. Management expects the business to hit, if not exceed, its 3-year CAGR target of 10-15% by 30th June 2025 (FY’22-25e: 15.2%) and it continues to trade in line with expectations for the full year. Growing US uptake Although initial uptake of ULT has been impacted by lengthy hospital procurement processes, as previously announced, the growing sales pipeline remains robust, supported by positive customer feedback and, importantly, the inclusion of Tristel ULT in the American National Standard for high-level disinfectants. Meanwhile, the regulatory process for Tristel OPH (ophthalmic devices, not in our model) remains underway. A strong update A confident trading update, highlighting solid growth in line with our expectations. We forecast an FY’24- 27e revenue & EPS CAGR of 13% & 16%, respectively. We leave our forecasts unchanged and reiterate our Buy.