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Embla Medical

Embla Medical

Reykjavik, Iceland-based Embla Medical is a leading innovator, developer and manufacturer of non-invasive orthopaedic products such as prosthetics and braces. Embla's core competency lies within working with silicones, carbon composites and mechatronics to help patients live according to its motto “Life without Limitations”. Best known for its world leading lower limb prosthetics, Embla is at the forefront in incorporating electronics into prosthetics and thereby creating products that more naturally mimic normal gait, increasing amputees' quality of life.

Sustainability information

Primary risks include: 1) competitive product launches, with segments operating in highly competitive industries, 2) the growth in Prosthetics is currently driven primarily by increased unit prices as innovation drives trade up, while the volume growth is minimal. Failure by Embla Medical to prove its products’ value to payors and patients and thereby accept higher prices for innovation leaves Embla vulnerable to growth disappointments. 3) Embla is facing a balancing act, to improve efficiencies in its operations, diversify its supply chain while not disrupting its product quality or margins, and 4) high dependency on reimbursement changes (government and insurance) can trigger reduced spending and change product choices.

USDm 2023 2024e 2025e
Sales 786 869 951
Sales growth (%) 9,3 10,6 9,5
EBITDA 139 158 182
EBITDA margin (%) 17,7 18,1 19,2
EBIT adj. 89 109 133
EBIT adj. margin (%) 11,4 12,5 14
Pretax profit 76 94 121
EPS 0,14 0,17 0,22
EPS growth (%) 36,7 20,4 30,7
EPS adj. 0,14 0,17 0,22
DPS 0 0 0
EV/EBITDA (x) 16,2 14,8 12,3
EV/EBIT adj. (x) 25,3 21,5 16,9
P/E (x) 32,2 26,7 20,4
P/E adj. (x) 32,2 26,7 20,7
EV/sales (x) 2,88 2,69 2,37
FCF yield (%) 2,8 -5,5 4,5
Le. adj. FCF yld. (%) 2,8 -5,5 4,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,8 2,8 2,1
Le. adj. ND/EBITDA (x) 2,2 2,2 1,5
USDm 2023 2024e 2025e
Sales 786 869 951
COGS -300 -330 -359
Gross profit 486 539 593
Other operating items -346 -381 -410
EBITDA 139 158 182
Depreciation and amortisation -50 -49 -49
of which leasing depreciation -23 -20 -20
EBITA 89 109 133
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 89 109 133
Net financial items -17 -17 -14
Pretax profit 76 94 121
Tax -17 -22 -28
Net profit 59 72 93
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 72 93
EPS 0,14 0,17 0,22
EPS adj. 0,14 0,17 0,22
Total extraordinary items after tax 0 0 0
Leasing payments -23 -20 -20
Tax rate (%) 22,6 23,5 23,3
Gross margin (%) 61,8 62 62,3
EBITDA margin (%) 17,7 18,1 19,2
EBITA margin (%) 11,4 12,5 14
EBIT margin (%) 11,4 12,5 14
Pre-tax margin (%) 9,7 10,8 12,8
Net margin (%) 7,5 8,3 9,8
Sales growth (%) 9,3 10,6 9,5
EBITDA growth (%) 22 13,1 15,7
EBITA growth (%) 37,9 21,4 22,8
EBIT growth (%) 37,9 21,4 22,8
Net profit growth (%) 36,1 22,3 29,3
EPS growth (%) 36,7 20,4 30,7
Profitability N/A N/A N/A
ROE (%) 8,8 9 10
ROE adj. (%) 8,8 9 10,1
ROCE (%) 8,2 8,8 9,8
ROCE adj. (%) 8,2 8,8 9,8
ROIC (%) 6,5 6,8 7,7
ROIC adj. (%) 6,5 6,8 7,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 139 158 182
EBITDA adj. margin (%) 17,7 18,1 19,2
EBITDA lease adj. 117 138 162
EBITDA lease adj. margin (%) 14,9 15,8 17,1
EBITA adj. 89 109 133
EBITA adj. margin (%) 11,4 12,5 14
EBIT adj. 89 109 133
EBIT adj. margin (%) 11,4 12,5 14
Pretax profit Adj. 76 94 121
Net profit Adj. 59 72 94
Net profit to shareholders adj. 59 72 94
Net adj. margin (%) 7,5 8,3 9,9
USDm 2023 2024e 2025e
EBITDA 139 158 182
Goodwill 691 811 811
Net financial items -17 -17 -14
Other intangible assets 66 96 96
Paid tax -17 -22 -28
Tangible fixed assets 64 109 109
Non-cash items 42 6 -6
Right-of-use asset 122 132 132
Cash flow before change in WC 147 124 134
Total other fixed assets 67 67 67
Change in working capital -53 -25 -10
Fixed assets 1010 1215 1215
Operating cash flow 94 100 124
Inventories 136 151 165
Capex tangible fixed assets -42 -35 -38
Receivables 128 141 155
Capex intangible fixed assets 0 -60 0
Other current assets 39 39 39
Acquisitions and Disposals 0 -110 0
Cash and liquid assets 73 28 93
Free cash flow 52 -105 86
Total assets 1386 1574 1667
Dividend paid 0 0 0
Shareholders equity 705 890 966
Share issues and buybacks -15 0 -20
Minority 0 0 0
Leasing liability amortisation 0 0 1
Total equity 705 890 966
Other non-cash items -54 60 -1
Long-term debt 312 312 312
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 134 134 134
Total other long-term liabilities 60 60 60
Short-term debt 22 22 22
Accounts payable 31 34 37
Other current liabilities 122 122 136
Total liabilities and equity 1386 1574 1667
Net IB debt 395 440 374
Net IB debt excl. pension debt 395 440 374
Net IB debt excl. leasing 261 305 240
Capital employed 1173 1358 1433
Capital invested 1100 1330 1340
Working capital 150 175 186
Market cap. diluted (m) 1892 1922 1901
Net IB debt adj. 395 440 374
Market value of minority 0 0 0
Reversal of shares and participations -25 -25 -25
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2262 2337 2250
Total assets turnover (%) 58 58,7 58,7
Working capital/sales (%) 15,8 18,7 19
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 56 49,4 38,8
Net debt / market cap (%) 20,9 22,9 19,7
Equity ratio (%) 50,9 56,5 57,9
Net IB debt adj. / equity (%) 56 49,4 38,8
Current ratio 2,16 2,02 2,32
EBITDA/net interest 8,3 9,3 13
Net IB debt/EBITDA (x) 2,8 2,8 2,1
Net IB debt/EBITDA lease adj. (x) 2,2 2,2 1,5
Interest coverage 5,3 6,4 9
USDm 2023 2024e 2025e
Shares outstanding adj. 421 428 423
Diluted shares adj. 421 428 423
EPS 0,14 0,17 0,22
Dividend per share 0 0 0
EPS adj. 0,14 0,17 0,22
BVPS 1,67 2,08 2,28
BVPS adj. -0,12 -0,04 0,14
Net IB debt/share 0,94 1,03 0,89
Share price 31,5 31,5 31,5
Market cap. (m) 1892 1922 1901
P/E (x) 32,2 26,7 20,4
EV/sales (x) 2,88 2,69 2,37
EV/EBITDA (x) 16,2 14,8 12,3
EV/EBITA (x) 25,3 21,5 16,9
EV/EBIT (x) 25,3 21,5 16,9
Dividend yield (%) 0 0 0
FCF yield (%) 2,8 -5,5 4,5
Le. adj. FCF yld. (%) 2,8 -5,5 4,6
P/BVPS (x) 2,68 2,16 1,97
P/BVPS adj. (x) -36,61 -113,67 32,21
P/E adj. (x) 32,2 26,7 20,7
EV/EBITDA adj. (x) 16,2 14,8 12,3
EV/EBITA adj. (x) 25,3 21,5 16,9
EV/EBIT adj. (x) 25,3 21,5 16,9
EV/CE (x) 1,9 1,7 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 5,4 10,9 4
Capex/depreciation 1,5 3,3 1,3
Capex tangibles / tangible fixed assets 65,7 31,8 34,8
Capex intangibles / definite intangibles 0 62,6 0
Depreciation on intang / def. intang 15 10 10
Depreciation on tangibles / tangibles 27,38 17,38 17,38

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Media

Össur - Company presentation with President & CEO Sveinn Sölvason
Össur - Company presentation with IR Director Edda Lúdvígsdóttir

Main shareholders - Össur

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 52.1 % 52.1 % 31 Dec 2023
Interogo Holding AG 10.0 % 10.0 % 16 Nov 2023
Live Pension Fund 5.6 % 5.6 % 31 Dec 2021
Arbejdsmarkedets Tillægspension (ATP) 5.1 % 5.1 % 31 Dec 2023
LSR Pension Fund 4.6 % 4.6 % 31 Dec 2021
SEB Fonder 4.1 % 4.1 % 30 Apr 2024
Gildi Pension Fund 3.5 % 3.5 % 31 Dec 2023
Sellers Of Fior & Gentz 1.6 % 1.6 % 16 Jan 2024
Handelsbanken Fonder 1.3 % 1.3 % 30 Apr 2024
ODIN Fonder 1.2 % 1.2 % 30 Apr 2024
Source: Holdings by Modular Finance AB