Ahead of Q4, we have materially cut our estimates in the absence of a new licence deal for 2020. Whilst we expect Q4 to mark a slow ending to 2020, we expect an easing negative impact from COVID-19 to gradually improve sales in 2021. In addition, we believe an EU launch of coated trauma implants from Zimmer is likely in Q2, which will further support sales and validate the coating technology, improving the potential for new licence deals.

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