Allium Medical Solutions has reported FY16 financial results, which impressed with revenue growth of 42% to NIS7.4m vs NIS5.2m in 2015, in line with our expectations. Gross margin doubled to 30%. This increase comes mainly from Allium Stents and IBI Medical. We are encouraged to see that the company continued to execute on its business plan of organic growth and margin expansion; therefore, the investment case remains intact, in our view. We maintain our revenue CAGR forecast of 41% in 2016-20e and our DCF valuation of NIS1.95-2.08/share.

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