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OssDsign

OssDsign

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OssDsign is a Swedish medtech company that offers novel regenerative implants for improved healing of bone defects. The current product portfolio consists of one product, Ossdsign Catalyst. Ossdsign Catalyst is a nanosynthetic bone graft used in spinal fusion surgeries to improve bone formation at the fusion site. OssDsign is based in Uppsala and has 50 employees.

Sustainability information

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 2024 2025e 2026e
Sales 134 184 231
Sales growth (%) 19,4 37,1 25,8
EBITDA -46 -29 -17
EBITDA margin (%) -34,2 -15,6 -7,3
EBIT adj. -49 -32 -20
EBIT adj. margin (%) -36,9 -17,6 -8,9
Pretax profit -49 -35 -20
EPS -0,51 -0,33 -0,2
EPS growth (%) -59,9 -35,4 -40,5
EPS adj. -0,49 -0,31 -0,18
DPS 0 0 0
EV/EBITDA (x) -21,6 -35,5 -62,3
EV/EBIT adj. (x) -20,1 -31,4 -51,1
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 7,4 5,53 4,53
FCF yield (%) -5,8 -4,8 -2,4
Le. adj. FCF yld. (%) -5,9 -4,8 -2,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,2 7,1 10,3
Le. adj. ND/EBITDA (x) 2,2 6,9 9,9
SEKm 2024 2025e 2026e
Sales 134 184 231
COGS -6 -7 -10
Gross profit 128 176 221
Other operating items -174 -205 -237
EBITDA -46 -29 -17
Depreciation and amortisation -2 -2 -2
of which leasing depreciation -1 -1 -1
EBITA -47 -30 -18
EO Items 0 0 0
Impairment and PPA amortisation -2 -2 -2
EBIT -49 -32 -20
Net financial items 0 -3 0
Pretax profit -49 -35 -20
Tax -1 -1 -1
Net profit -50 -36 -21
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -50 -36 -21
EPS -0,51 -0,33 -0,2
EPS adj. -0,49 -0,31 -0,18
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -1,8 -2,4 -4,9
Gross margin (%) 95,4 96,1 95,5
EBITDA margin (%) -34,2 -15,6 -7,3
EBITA margin (%) -35,4 -16,5 -8
EBIT margin (%) -36,9 -17,6 -8,9
Pre-tax margin (%) -36,6 -19,2 -8,9
Net margin (%) -37,3 -19,7 -9,3
Sales growth (%) 19,4 37,1 25,8
EBITDA growth (%) -61,6 -37,5 -41,4
EBITA growth (%) -61,7 -36,1 -39,1
EBIT growth (%) -61,3 -34,7 -36,7
Net profit growth (%) -61,7 -27,8 -40,5
EPS growth (%) -59,9 -35,4 -40,5
Profitability N/A N/A N/A
ROE (%) -22,3 -13 -6,5
ROE adj. (%) -21,4 -12,3 -5,9
ROCE (%) -21,5 -11,6 -6,2
ROCE adj. (%) -20,9 -10,9 -5,6
ROIC (%) -51,6 -24,6 -13,7
ROIC adj. (%) -51,6 -24,6 -13,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -46 -29 -17
EBITDA adj. margin (%) -34,2 -15,6 -7,3
EBITDA lease adj. -47 -29 -18
EBITDA lease adj. margin (%) -34,8 -16,1 -7,6
EBITA adj. -47 -30 -18
EBITA adj. margin (%) -35,4 -16,5 -8
EBIT adj. -49 -32 -20
EBIT adj. margin (%) -36,9 -17,6 -8,9
Pretax profit Adj. -47 -33 -18
Net profit Adj. -48 -34 -19
Net profit to shareholders adj. -48 -34 -19
Net adj. margin (%) -35,8 -18,6 -8,4
SEKm 2024 2025e 2026e
EBITDA -46 -29 -17
Goodwill 0 0 0
Net financial items 0 -3 0
Other intangible assets 161 165 170
Paid tax -1 -1 -1
Tangible fixed assets 2 2 2
Non-cash items 5 -1 0
Right-of-use asset 0 0 0
Cash flow before change in WC -42 -34 -18
Total other fixed assets 0 0 0
Change in working capital -21 -17 -4
Fixed assets 163 167 171
Operating cash flow -62 -51 -22
Inventories 14 18 21
Capex tangible fixed assets 0 -1 0
Receivables 26 28 35
Capex intangible fixed assets -1 -6 -7
Other current assets 4 8 8
Acquisitions and Disposals 0 0 0
Cash and liquid assets 101 205 174
Free cash flow -63 -58 -29
Total assets 307 425 409
Dividend paid N/A N/A N/A
Shareholders equity 214 340 318
Share issues and buybacks 0 164 0
Minority N/A N/A N/A
Leasing liability amortisation -1 -1 -1
Total equity 214 340 318
Other non-cash items -1 -1 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 2 2 2
Total other long-term liabilities 57 57 57
Short-term debt 0 0 0
Accounts payable 6 6 12
Other current liabilities 28 20 20
Total liabilities and equity 307 425 409
Net IB debt -99 -203 -173
Net IB debt excl. pension debt -99 -203 -173
Net IB debt excl. leasing -101 -205 -174
Capital employed 216 342 320
Capital invested 115 137 146
Working capital 10 27 32
Market cap. diluted (m) 1090 1218 1218
Net IB debt adj. -99 -203 -173
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 991 1015 1045
Total assets turnover (%) 41,4 50,1 55,4
Working capital/sales (%) -0,4 10,1 12,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -46,2 -59,7 -54,2
Net debt / market cap (%) -9,1 -16,7 -14,2
Equity ratio (%) 69,6 80 77,9
Net IB debt adj. / equity (%) -46,2 -59,7 -54,2
Current ratio 4,24 9,79 7,51
EBITDA/net interest 130,8 9,7 N/A
Net IB debt/EBITDA (x) 2,2 7,1 10,3
Net IB debt/EBITDA lease adj. (x) 2,2 6,9 9,9
Interest coverage 135,5 10,3 N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 98 109 109
Diluted shares adj. 98 109 109
EPS -0,51 -0,33 -0,2
Dividend per share 0 0 0
EPS adj. -0,49 -0,31 -0,18
BVPS 2,19 3,11 2,92
BVPS adj. 0,54 1,61 1,36
Net IB debt/share -1,01 -1,86 -1,58
Share price 11,16 11,16 11,16
Market cap. (m) 1090 1218 1218
P/E (x) N/A N/A N/A
EV/sales (x) 7,4 5,5 4,5
EV/EBITDA (x) -21,6 -35,5 -62,3
EV/EBITA (x) -20,9 -33,5 -56,6
EV/EBIT (x) -20,1 -31,4 -51,1
Dividend yield (%) 0 0 0
FCF yield (%) -5,8 -4,8 -2,4
Le. adj. FCF yld. (%) -5,9 -4,8 -2,5
P/BVPS (x) 5,09 3,58 3,83
P/BVPS adj. (x) 20,51 6,95 8,18
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -21,6 -35,5 -62,3
EV/EBITA adj. (x) -20,9 -33,5 -56,6
EV/EBIT adj. (x) -20,1 -31,4 -51,1
EV/CE (x) 4,6 3 3,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 3,8 3,2
Capex/depreciation 0,8 8,4 8,7
Capex tangibles / tangible fixed assets 0 33,6 28,4
Capex intangibles / definite intangibles 0,4 3,8 4,1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 45,5 41 52,2

Equity research

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Media

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

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Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Linc AB 10.1 % 10.1 % 26 Sep 2025
Fåhraeus Startup & Growth 8.2 % 8.2 % 25 Mar 2025
Avanza Pension 7.7 % 7.7 % 26 Sep 2025
Theodor Jeansson Jr. 6.5 % 6.5 % 26 Sep 2025
La Financière de l'Echiquier 5.3 % 5.3 % 30 Sep 2025
Nordea Liv & Pension 3.5 % 3.5 % 26 Sep 2025
Anders Böös 2.4 % 2.4 % 26 Sep 2025
Nordnet Pensionsförsäkring 2.3 % 2.3 % 26 Sep 2025
Amundi 2.2 % 2.2 % 30 Sep 2025
Thomas Olausson 2.2 % 2.2 % 26 Sep 2025
Source: Holdings by Modular Finance AB