In the run-up to Ergomed’s FY22 trading update (expected end-January 2023), we take a fresh look at our estimates for the company and make minor adjustments to our projections to incorporate recent forex trends (primarily related to the US dollar strengthening in H222), management feedback and increased clarity on business performance. We raise our FY22–23 top-line estimates by c £2m for both years (benefiting from forex tailwinds), although our profitability and margin expectations remain largely unchanged as we increase our opex estimates slightly. We also update our capex and working capital estimates following clarity from the company management. Overall, our valuation remains broadly unchanged at £789m (1,573p/share) versus £783m (or 1,568p/share).