OssDsign: Analyst - ABG

74% FX-adj. sales growth in Q3, mainly driven by Catalyst
Balance sheet strengthened through directed share issue
Fair value range raised to SEK 10-17 (9-15)


Another quarter with strong sales growth

OssDsign delivered another quarter with strong sales growth driven by its orthobiologics product, Catalyst. Total sales in Q3 of SEK 31.7m (+21% vs. ABGSCe SEK 26.3m) were up 81% y-o-y, corresponding to 74% FX-adjusted growth, mainly driven by Catalyst (up 155% y-o-y). The Cranial business, which will be discontinued during Q4, reported sales of SEK 16m (ABGSCe SEK 12.8m), but is expected to drop significantly during Q4 (ABGSCe 3m), as OssDsign is not longer actively promoting the product. EBIT in Q3 of SEK -17.9m was 7% above our forecast, adjusted for the non-cash charge that we had included in EBIT rather than below EBIT, implying a 9% higher cost base than expected.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ossdsign/Equity-research/2023/11/ossdsign---analyst/