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Following broad FDA approval for Gardia, Allium anticipates the publication of clinical study results in a leading cardiology journal. Allium believes this will further increase Gardia’s attractiveness for both physicians and potential partners. Allium has secured approval for most of its urology stents and soft tissue fixation products in its main markets. We expect additional product approvals during 2018 and sales growth from its distribution deals in new and established markets. Allium’s business model is based on distribution agreements with regional partners, with a minimum purchase commitment. New agreements are worth at least NIS192m in total over approximately five years, which supports our 2017–20e revenue CAGR of 57%. Our updated valuation is NIS1.91/share.

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