A new era with OssDsign as a pure play orthobiologics company
OssDsign AB (publ) announces that the interim report for Q3 2023 is now available as a PDF on the company’s website www.ossdsign.com/reports. A PDF version is also attached to this press release.
The Q3 2023 results will also be presented at an investor webcast today November 21st at 11:00 CET. The webcast can be accessed via the following link: https://www.finwire.tv/webcast/ossdsign/q3-2023/ or via the OssDsign website.
The third quarter in figures
- Net sales amounted to TSEK 31,697 (17,496), which corresponds to a growth of 81%.
- The U.S. business demonstrated 132% growth in the quarter, making it the sixth consecutive triple digit growth quarter in that market. This increased the U.S. share of global sales to 79%.
- Further acceleration of orthobiologics in the quarter, now representing 53% of total sales in the group. This translates to a growth of 155% compared to the third quarter 2022.
- Gross margin continued to develop favorably during the quarter to reach 80% (68%), driven by orthobiologics.
- Operating result of TSEK -17,910 (-23,011) was an improvement of MSEK 5.1 over previous year, despite strategic investments in clinical programs and increased sales dependent items, clearly demonstrating increasing operating leverage in the business.
- Other operating expenses were stable in the quarter, with the reported increase being explained by negative exchange rate effects. Per definition, sales driven operating expenses increased with sales.
- Non-recurring costs of TSEK -15,198 includes all costs related to the restructuring of the company, brought about by the planned and communicated discontinuation of our CMF franchise. In the third quarter such costs were limited to the non-cash write-down of intangible CMF fixed assets.
- Result for the period amounted to TSEK -33,125 (-19,556), with the loss increase driven by non-recurring costs.
- Earnings per share were SEK -0.5 (-0.3).
- Cash flow from current operations was TSEK -18,580 (-20,401), with the improvement being EBIT driven. The underlying cash flow trend, excluding the effect of the new share issue, continues to be positive and shows an improvement of MSEK +2.6 over the previous quarter.
The first nine months in figures
- Net sales amounted to TSEK 77,160 (37,049), which corresponds to a growth of 108%.
- The U.S. business demonstrated 174% growth, increasing the U.S. share of global sales to 73% on a year-to-date basis.
- Further acceleration of orthobiologics, which now represents 49% of total sales in the group on a year-to-date basis. This translates to a growth of 297% compared to the same period 2022.
- Gross margin continued to develop favorably during the quarter to reach 76% (60%), driven by orthobiologics.
- Operating result of TSEK -62,855 (-76,148) showed a substantial improvement over previous year, despite strategic investments in clinical programs. The improvement came out at MSEK +13.3, or 17% better than the previous year.
- Result for the period amounted to TSEK -76,652 (-67,441), with the loss increase driven by non-recurring costs. On a recurring basis, the comparable loss after taxes would amount to TSEK 61,454.
- Earnings per share were SEK -1.1 (-1.2).
- Cash flow from current operations was TSEK -68,353 (-63,288), with the difference being more than explained by the TSEK -12,347 Working Capital effect. The underlying cash flow trend, excluding the effect of the new share issue, continued to develop positively quarter on quarter.
Important events during the third quarter
- OssDsign surpassed 200 patients in its prospective spinal fusion registry PROPEL.
- 2,000 patients treated with OssDsign® Catalyst in the U.S.
- OssDsign® Catalyst received clearance from FDA for major new indication for use in interbody cages.
- OssDsign announced strategic shift to become a pure play orthobiologics company.
- OssDsign has carried out a directed share issue of approximately SEK 150 million.
Important events after the end of the third quarter
- OssDsign Catalyst is now universally available to all Military Treatment Facilities in the U.S. via ECAT.
- Extraordinary General Meeting held in OssDsign AB.
For further information, please contact:
Morten Henneveld, CEO, OssDsign AB
Tel: +46 73 382 43 90, email: email@example.com
Erik Penser Bank AB is the company’s Certified Adviser. Contact information: Erik Penser Bank AB, Box 7405, 103 91 Stockholm, Sweden, phone: +46 (0)8-463 80 00, email: firstname.lastname@example.org
OssDsign is a developer and global provider of next generation bone replacement products. Based on cutting edge material science, the company develops and markets products that support the body’s own healing capabilities and thereby improve the clinical outcome in a wide range of orthopedic areas with high medical needs. With a product portfolio consisting of patient-specific implants for cranial surgeries and an off-the-shelf synthetic bone graft for spine surgeries, OssDsign give patients back the life they deserve. The company has a strong commercial presence in the U.S., Europe and selected Asian countries. OssDsign’s share is traded on Nasdaq First North Growth Market in Stockholm, Sweden.
This disclosure contains information that OssDsign AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 08:00 CET on November 21, 2023.