Össur: Solid Q3, wide implicit Q4 guidance range - ABG

Q3 7% organic growth and $36m (+1-8% vs expectations)
2023 Guidance unchanged, very wide implicit Q4
Solid margins and cash flow generation, Net Debt down to $2.9x


Solid Q3 performance

Ossur delivered sales of USD 192.9m (1-2% below expectations) in Q3 for 9% reported growth and 7% organic growth. Sales was driven by a better than expected 12% organic growth in the largest Prosthetics segment, while the the smaller Bracing & Support segment fell short with 1% organic growth. Gross margin came in 30-120bp below expectations, while unchanged OPEX spend year-on-year saw EBITDA (pre-items) come in at $36.3m (1-8% better than expectations) for a margin 40-180bp better than expectations. Net Profit came to $13.9m (8-9% below expectations) on higher interest rates and adverse FX impact.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ossur/Equity-research/2023/10/ossur---solid-q3-wide-implicit-q4-guidance-range/