OssDsign AB (publ) publishes Q2 2023 Interim Report

Bone graft now the biggest franchise.

OssDsign AB (publ) announces that the interim report for Q2 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 Q2 2023 results will also be presented at an investor webcast today August 22nd at 11:00 CET. The webcast can be accessed via the following link www.finwire.tv/webcast/ossdsign/ossdsign-q2-presentation-2023-2/ or via the OssDsign website.  

The second quarter in figures

• Net sales amounted to TSEK 23,997 (12,483), which corresponds to a growth of 92%.
• The U.S. business demonstrated 148% growth, increasing the U.S. share of global sales to 72%.
• Further acceleration of OssDsign Catalyst, which now represents 51% of total sales in the group in the second quarter.
• Gross margin, now disclosed for the first time, continued to develop favourably during the quarter to reach an impressive 77% (68%), driven by OssDsign Catalyst.
• Operating loss of TSEK 19,961 (23,985) was an improvement of MSEK 4.0 over previous year. Adjusting for the USD hedge revaluation effect, which affects comparability, the actual improvement was MSEK +6.7, or approximately 24% better, which clearly demonstrates increasing operating leverage in the business.
• Operating expenses are stabilizing, despite increased sales dependent items, investments in clinical programs and adverse exchange rate effects.
• Loss after taxes amounted to TSEK 20,276 (23,931).
• Earnings per share was SEK -0.3 (-0.4).
• Cash flow from current operations was TSEK -22,207 (-19,016), entirely driven by the current high sales growth, in combination with stabilizing operating expenses. Underlying cash flow trend is positive and shows a solid improvement of MSEK +7 over previous quarter.

The first half year in figures

• Net sales amounted to TSEK 45,463 (19,559), which corresponds to a growth of 132%.
• The U.S. business demonstrated 221% growth, increasing the U.S. share of global sales to 69%.
• Further acceleration of OssDsign Catalyst, which now represents 46% of total sales in the group in the first half year.
• Gross margin continued to develop favourably during the period to reach 76% (62%), driven by OssDsign Catalyst.
• Operating loss of TSEK 43,658 (48,022) showed a clear improvement over previous year. Unadjusted the improvement came out at MSEK +4.4, whereas adjusted for the USD hedge revaluation effect, which affects comparability, the improvement came out at MSEK +8.3, or approximately 15% better.
• Operating expenses are stabilizing, despite increased sales dependent items, investments in clinical programs and adverse exchange rate effects.
• Loss after taxes amounted to TSEK 43,527 (47,884).
• Earnings per share was SEK -0.6 (-0.8)
• Cash flow from current operations was TSEK -51,070 (-42,888), primarily driven by the current high sales growth, in combination with stabilizing operating expenses. The release of year-end accruals in early 2023 also contributes to the net working capital development.

Important events during the second quarter

• OssDsign reached commercial milestone of 750 implants sold in Germany.
• 1,000 patients treated with OssDsign Catalyst in the U.S.

 
Important events after the end of the second quarter

• OssDsign surpassed 200 patients in its prospective spinal fusion registry PROPEL.  

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 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 contain 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 August 22, 2023.

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