OssDsign: Strong sales momentum in Q3 - ABG

Higher sales growth and gross margin in Q3
EBIT +32% (lower loss) vs ABGSCe
Estimates likely to be revised up 5-10% on EBIT '24e


Q3 results

OssDsign reported a strong set of numbers in Q3, with higher sales and higher gross margin than expected. For Q3, sales came in at SEK 35.7m (+10% vs ABGSCe SEK 32.5m, no consensus) and Q3 EBIT of SEK -9.8m, +32% vs ABGSCe of -14.4m. Gross margin for the quarter was 96.9% vs ABGSCe 93.0%, but was helped by a release of a provision. Going forward, management expects the gross margin to be >93% (ABGSCe at 93.0% for '25e-'26e). The beat on EBIT was due to higher sales and the higher gross margin as opex came in very close to our forecast (SEK -44.4m vs ABGSCe SEK -44.6m) Sales commission level was higher than expected at 54.0% of sales (ABGSCe 49.5%), at the same time as the selling expenses (own sales organisation) was lower than expected.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ossdsign/Equity-research/2024/11/ossdsign---strong-sales-momentum-in-q3/