Coloplast reported good Q1 22 numbers, beating estimates. Organic growth came in at 6% with an adjusted EBIT margin of 32%. The firm announced a fresh DKK500m share buy-back programme, to be initiated in Q2 22. For FY 22, Coloplast expects 7% growth at CER with an adjusted EBIT margin of ~31%. We will raise our estimates to factor in the better than expected Q1 showing as well as the early closure of the Atos medical acquisition (January end vs expectations of March 2022).