Medcap reported strong Q2. Sales totalled SEK 233.4m (+8.2% vs our estimate) and EBITDA was SEK 46.1m (+5.6% vs our estimate). The Medtech segment is the main driver of the strong performance with sales growth of 12% y/y and EBITDA growth of 12% y/y, which is better than our expectations. The company highlighted a robust recovery for Abilia in Norway which was severely affected by Covid-19 in previous quarters. The most recent acquisition Multi-Ply has also been a driver for the growth, however not yet reached Medcap’s expected levels.

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