OssDsign: Sales are spinning in the spine market - ABG

Solid sales but slightly higher opex
EBIT revised down by 4.1-8.5% for '24e-'26e
Fair value revised down to SEK 8-14 (8-15)


Second quarter as a pure play US orthobiologics company

OssDsign released a rather stable set of numbers for Q2 with sales of SEK 29.7m (0% vs ABGSCe at SEK 29.7m) and EBIT of SEK -15.3m (-9% vs ABGSCe of SEK -14.0m). The lower-than-expected EBIT was due to higher variable sales costs, including higher commissions and higher administrative expenses. On a positive note, the gross margin was slightly better than expected, but the company highlights that this may fluctuate in the coming quarters. Q2 was now the second quarter in which OssDsign is only selling its orthobiologics product, Catalyst, in one market, the US. Q2 sales of SEK 29.7m represented 139% y-o-y comparable growth, adjusted for the discontinued business and currency. Sequentially, total Q2 sales grew 10%.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ossdsign/Equity-research/2024/8/ossdsign---sales-are-spinning-in-the-spine-market-/