A new era with
The Q3 2023 results will also be presented at an investor webcast today
The third quarter in figures
- Net sales amounted to TSEK 31,697 (17,496), which corresponds to a growth of 81%.
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The
U.S. business demonstrated 132% growth in the quarter, making it the sixth consecutive triple digit growth quarter in that market. This increased theU.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.
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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%.
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The
U.S. business demonstrated 174% growth, increasing theU.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.
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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 approximatelySEK 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:
Tel: +46 73 382 43 90, email: morten.henneveld@ossdsign.com
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