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OssDsign

OssDsign

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Regenerative implant technology

OssDsign is a Swedish medtech company that offers novel regenerative implants for improved healing of bone defects. The current product portfolio targets cranial and facial reconstruction and has regulatory approvals and reimbursement in place across its target markets in Europe, the US and Japan. With >800 patients treated successfully to date, we conclude that OssDsign’s technology platform is not only clinically validated, but also shows significant commercial promise. OssDsign is based in Uppsala, Sweden and had 34 employees in 2019.

OssDsign faces a crowded and tough competitive landscape. Large medtech players Stryker, DePuy Synthes and Zimmer Biomet hold a ~65% market share, and each company is likely to fight to protect its market share. Even if only a fraction of the global addressable market would mean significant revenues for OssDsign, there is still risk that the company will fail to break through the entrenched market status of its competitors. Other risks relate to its financial targets, scaling up production and sales organisations, and market acceptance.

Financials

SEKm 2022 2023e 2024e
Sales 57 100 151
Sales growth (%) 79,6 75,8 50,5
EBITDA -81 -68 -39
EBITDA margin (%) -141,8 -67,5 -25,8
EBIT adj. -90 -78 -49
EBIT adj. margin (%) -158,8 -77,5 -32,7
Pretax profit -100 -78 -49
EPS -1,4 -1,09 -0,7
EPS growth (%) -15,1 -22,2 -35,1
EPS adj. -1,34 -1,02 -0,64
DPS 0 0 0
EV/EBITDA (x) -3,9 -5,8 -9,5
EV/EBIT adj. (x) -3,5 -5,1 -7,5
P/E (x) -4,3 -5,5 -8,5
P/E adj. (x) -4,5 -5,8 -9,4
EV/sales (x) 5,51 3,94 2,45
FCF yield (%) -21 -18,1 -16,7
Le. adj. FCF yld. (%) -21 -18,9 -17,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 0,5 1,4
Le. adj. ND/EBITDA (x) 1,5 0,5 1,4
SEKm 2022 2023e 2024e
Sales 57 100 151
COGS -13 -17 -26
Gross profit 44 83 125
Other operating items -124 -151 -164
EBITDA -81 -68 -39
Depreciation and amortisation -5 -5 -6
of which leasing depreciation -3 -3 -4
EBITA -86 -73 -45
EO Items 0 0 0
Impairment and PPA amortisation -4 -4 -5
EBIT -90 -78 -49
Net financial items -9 0 0
Pretax profit -100 -78 -49
Tax 0 1 -1
Net profit -100 -77 -50
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -100 -77 -50
EPS -1,4 -1,09 -0,7
EPS adj. -1,34 -1,02 -0,64
Total extraordinary items after tax 0 0 0
Leasing payments -3 -3 -4
Tax rate (%) -0,1 0,7 -2
Gross margin (%) 76,5 82,9 82,9
EBITDA margin (%) -141,8 -67,5 -25,8
EBITA margin (%) -151,1 -73 -29,6
EBIT margin (%) -158,8 -77,5 -32,7
Pre-tax margin (%) -174,7 -77,9 -32,7
Net margin (%) -174,9 -77,4 -33,4
Sales growth (%) 79,6 75,8 50,5
EBITDA growth (%) 1,6 -16,3 -42,6
EBITA growth (%) 1,5 -15,1 -39
EBIT growth (%) 1,4 -14,3 -36,5
Net profit growth (%) 6,1 -22,2 -35,1
EPS growth (%) -15,1 -22,2 -35,1
Profitability N/A N/A N/A
ROE (%) -40,7 -41,2 -28,9
ROE adj. (%) -38,9 -38,8 -26,2
ROCE (%) -35 -38,5 -26,2
ROCE adj. (%) -33,3 -36,3 -23,7
ROIC (%) -71,5 -62 -34,8
ROIC adj. (%) -71,5 -62 -34,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -81 -68 -39
EBITDA adj. margin (%) -141,8 -67,5 -25,8
EBITDA lease adj. -84 -71 -42
EBITDA lease adj. margin (%) -147,7 -71 -28,2
EBITA adj. -86 -73 -45
EBITA adj. margin (%) -151,1 -73 -29,6
EBIT adj. -90 -78 -49
EBIT adj. margin (%) -158,8 -77,5 -32,7
Pretax profit Adj. -95 -74 -45
Net profit Adj. -95 -73 -46
Net profit to shareholders adj. -95 -73 -46
Net adj. margin (%) -167,2 -72,9 -30,2
SEKm 2022 2023e 2024e
EBITDA -81 -68 -39
Goodwill 0 0 0
Net financial items -9 0 0
Other intangible assets 154 150 145
Paid tax 0 1 -1
Tangible fixed assets 14 12 34
Non-cash items -1 0 0
Right-of-use asset 3 3 3
Cash flow before change in WC -90 -68 -40
Total other fixed assets 0 0 0
Change in working capital 2 -9 -6
Fixed assets 170 164 183
Operating cash flow -89 -77 -46
Inventories 4 8 12
Capex tangible fixed assets 0 0 0
Receivables 13 23 30
Capex intangible fixed assets 0 0 0
Other current assets 6 6 6
Acquisitions and Disposals 0 0 -25
Cash and liquid assets 125 44 70
Free cash flow -89 -77 -71
Total assets 319 246 300
Dividend paid N/A N/A N/A
Shareholders equity 227 149 199
Share issues and buybacks 66 0 100
Minority N/A N/A N/A
Leasing liability amortisation 0 -3 -4
Total equity 227 149 199
Other non-cash items -5 0 0
Long-term debt 1 10 10
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 12 3 3
Total other long-term liabilities 51 51 51
Short-term debt 1 1 1
Accounts payable 6 10 15
Other current liabilities 21 21 21
Total liabilities and equity 319 246 300
Net IB debt -111 -31 -56
Net IB debt excl. pension debt -111 -31 -56
Net IB debt excl. leasing -123 -34 -59
Capital employed 240 163 213
Capital invested 116 118 143
Working capital -3 6 11
Market cap. diluted (m) 425 425 425
Net IB debt adj. -111 -31 -56
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 314 394 369
Total assets turnover (%) 17,2 35,5 55,2
Working capital/sales (%) -4,7 1,1 5,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -49 -20,6 -28,3
Net debt / market cap (%) -26,1 -7,2 -13,2
Equity ratio (%) 71,2 60,8 66,2
Net IB debt adj. / equity (%) -49 -20,6 -28,3
Current ratio 5,36 2,54 3,17
EBITDA/net interest 8,9 158,9 N/A
Net IB debt/EBITDA (x) 1,4 0,5 1,4
Net IB debt/EBITDA lease adj. (x) 1,5 0,5 1,4
Interest coverage 9,5 171,7 N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 71 71 71
Diluted shares adj. 71 71 71
EPS -1,4 -1,09 -0,7
Dividend per share 0 0 0
EPS adj. -1,34 -1,02 -0,64
BVPS 3,18 2,09 2,79
BVPS adj. 1,02 -0,01 0,75
Net IB debt/share -1,56 -0,43 -0,79
Share price 5,96 5,96 5,96
Market cap. (m) 425 425 425
P/E (x) -4,3 -5,5 -8,5
EV/sales (x) 5,51 3,94 2,45
EV/EBITDA (x) -3,9 -5,8 -9,5
EV/EBITA (x) -3,6 -5,4 -8,3
EV/EBIT (x) -3,5 -5,1 -7,5
Dividend yield (%) 0 0 0
FCF yield (%) -21 -18,1 -16,7
Le. adj. FCF yld. (%) -21 -18,9 -17,5
P/BVPS (x) 1,88 2,85 2,14
P/BVPS adj. (x) 5,84 -1176,06 7,91
P/E adj. (x) -4,5 -5,8 -9,4
EV/EBITDA adj. (x) -3,9 -5,8 -9,5
EV/EBITA adj. (x) -3,6 -5,4 -8,3
EV/EBIT adj. (x) -3,5 -5,1 -7,5
EV/CE (x) 1,3 2,4 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,2 0,2
Capex/depreciation 0,1 0,1 0,2
Capex tangibles / tangible fixed assets 1 0 0
Capex intangibles / definite intangibles 0 0,2 0,2
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 14,36 17,23 6,06

Equity research

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Media

OssDsign - Company presentation with CFO Anders Svensson
OssDsign - Company presentation with CEO Morten Henneveld

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Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Theodor Jeansson Jr. 11.1 % 11.1 % 29 Mar 2023
Karolinska Development 11.0 % 11.0 % 29 Mar 2023
SEB Venture Capital 10.9 % 10.9 % 29 Mar 2023
Avanza Pension 6.0 % 6.0 % 29 Mar 2023
Lancelot Asset Management AB 5.6 % 5.6 % 31 Mar 2023
Adrigo Asset Management 5.6 % 5.6 % 31 Dec 2022
Linc AB 5.4 % 5.4 % 30 Apr 2023
Anders Böös 2.5 % 2.5 % 29 Mar 2023
Nordnet Pensionsförsäkring 2.4 % 2.4 % 29 Mar 2023
Futur Pension 1.9 % 1.9 % 29 Mar 2023
Source: Holdings by Modular Finance AB