OssDsign – strong sales in third quarter 2020
OssDsign AB (publ) (“OssDsign”) publishes prelimary results for the third quarter 2020 ahead of plan in connection to the announcement of OssDsign’s acquisition of Sirakoss and the intention to carry out a directed share issue. OssDsign recorded strong sales growth in major territories. Total sales in the third quarter amounted to TSEK 6 481, an increase of 39% compared to the same period last year and the profit for the period amounted to TSEK -18 740.
As communicated in separate press releases, OssDsign has signed an agreement to acquire the Scottish company Sirakoss and intends to carry out a directed share issue to finance the first cash instalment of the acquisition. Consequently OssDsign has decided to publish the preliminary Q3 results ahead of the scheduled report date of November 11th.
Preliminary results for the third quarter 2020:
• Net sales amounted to TSEK 6 481 (4 836 same period previous year)
• Profit after taxes amounted to TSEK -18 740 (-19 709)
• Earnings per share was SEK -1,1 (-1,1).
• Cash flow from current operations was TSEK -17 103 (-22 589).
Preliminary results for the first nine months 2020:
• Net sales amounted to TSEK 18 112 (11 804).
• Profit after taxes amounted to TSEK -59 638 (-55 379).
• Earnings per share was SEK -3,4 (-3,8).
• Cash flow from current operations was TSEK -55 064 (-62 803).
Comments to the preliminary results for the third quarter
Net sales for the third quarter of 2020 amounted to TSEK 6 481 (4 836), an increase of 34%, which, when adjusted for currency effects, is an increase of 39%. The volume of sales have returned to levels recorded before the onset of the Covid-19 pandemic and revenue grew TSEK 2 576 or 66% vs Q2 2020. The strong return has been possible despite the ongoing Covid-19 pandemic with postponed elective surgeries and restriced access to hospitals.
Sales in the US amounted to TSEK 2 443 which is more than 100% increase compared to Q2 2020 and 30% increase from previous year, signalling strong underlying demand despite ongoing pandemic measures holding back sales in some key US regions. European sales during the third quarter showed 41% growth compared to the previous year, amounting to TSEK 3 998 with Germany and France being the main drivers.
Comments to the preliminary operating profit/loss
Operating profit for the period July – September 2020 amounted to TSEK -18 494 (-19 615).
Certain planned investments in the sales and marketing organizations have been postponed due to the restrictions following Covid-19 which has had a positive impact on operating profit. Operating profit for the third quarter is negatively affected by increased amortization of intangible assets.
|
2020 |
2019 | 2020 | 2019 | 2019 | |
| The group | Jul 1 – Sep 30 | Jul 1 – Sep 30 | Jan 1 – Sep 30 | Jan 1 – Sep 30 | Jan 1 – Dec 31 |
| Net sales, TSEK | 6 481 | 4 836 | 18 112 | 11 804 | 16 873 |
| Operating profit, TSEK | -18 494 | -19 615 | -59 242 | -54 884 | -83 526 |
| Profit for the period, TSEK | -18 740 | -19 709 | -59 638 | -55 379 | -84 245 |
| Solidity, % | 70% | 92% | 70% | 92% | 88% |
| Earnings per share, SEK | -1,1 | -1,1 | -3,4 | -3,8 | -5,5 |
| Average number of employees | 40,3 | 35,3 | 40,2 | 32,3 | 35,5 |
The full financial report for the third quarter will be published on November 11 2020 as previously communicated, and presented in a webcast on the same day.
For further information, please contact:
Morten Henneveld, CEO, OssDsign AB
Tel: +46 73 382 43 90
Email: morten.henneveld@ossdsign.com
Certified Adviser
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: certifiedadviser@penser.se.
About OssDsign
OssDsign is a Swedish medical technology company that develops and manufactures regenerative implants for improved healing of bone defects. Providing neuro and plastic surgeons with innovative implants, OssDsign improves the outcome for patients with severe cranial and facial defects worldwide. By combining clinical knowledge with proprietary technology, OssDsign manufactures and sells a growing range of patient-specific solutions for treating cranial defects and facial reconstruction. OssDsign's technology is the result of collaboration between clinical researchers at Karolinska University Hospital in Stockholm and material scientists at the Ångström Laboratory at Uppsala University.
This information is 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 17:31 CET on November 3rd 2020.
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