Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

OssDsign

OssDsign

Regenerative implant technology

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.

SEKm 2023 2024e 2025e
Sales 112 131 177
Sales growth (%) 96,8 16,8 35
EBITDA -119 -50 -34
EBITDA margin (%) -106,4 -38,2 -19,3
EBIT adj. -128 -54 -38
EBIT adj. margin (%) -113,8 -41 -21,4
Pretax profit -131 -53 -38
EPS -1,58 -0,55 -0,4
EPS growth (%) 13,7 -65,3 -27,6
EPS adj. -1,54 -0,53 -0,38
DPS 0 0 0
EV/EBITDA (x) -5,4 -17,3 -26,6
EV/EBIT adj. (x) -5,1 -16,1 -24
P/E (x) -6,2 -17,9 -24,7
P/E adj. (x) -6,4 -18,6 -26
EV/sales (x) 5,75 6,62 5,14
FCF yield (%) -11,6 -7,5 -4,3
Le. adj. FCF yld. (%) -12 -7,5 -4,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,8 1,4
Le. adj. ND/EBITDA (x) 1,4 1,8 1,5
SEKm 2023 2024e 2025e
Sales 112 131 177
COGS -29 -10 -13
Gross profit 84 122 164
Other operating items -203 -172 -198
EBITDA -119 -50 -34
Depreciation and amortisation -5 -2 -2
of which leasing depreciation -3 -1 -1
EBITA -124 -52 -36
EO Items 0 0 0
Impairment and PPA amortisation -4 -2 -2
EBIT -128 -54 -38
Net financial items -3 1 0
Pretax profit -131 -53 -38
Tax 0 -1 -1
Net profit -130 -54 -39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -130 -54 -39
EPS -1,58 -0,55 -0,4
EPS adj. -1,54 -0,53 -0,38
Total extraordinary items after tax 0 0 0
Leasing payments -3 -1 -1
Tax rate (%) 0,1 -1,2 -2,6
Gross margin (%) 74,6 92,7 92,5
EBITDA margin (%) -106,4 -38,2 -19,3
EBITA margin (%) -110,5 -39,5 -20,2
EBIT margin (%) -113,8 -41 -21,4
Pre-tax margin (%) -116,5 -40,4 -21,4
Net margin (%) -116,3 -40,9 -22
Sales growth (%) 96,8 16,8 35
EBITDA growth (%) 36,8 -58 -31,9
EBITA growth (%) 33,8 -58,2 -30,8
EBIT growth (%) 31,7 -57,9 -29,7
Net profit growth (%) 31,3 -58,9 -27,6
EPS growth (%) 13,7 -65,3 -27,6
Profitability N/A N/A N/A
ROE (%) -56,5 -25,7 -23,9
ROE adj. (%) -54,9 -24,8 -22,7
ROCE (%) -53,4 -24,7 -22,8
ROCE adj. (%) -51,8 -24,5 -21,6
ROIC (%) -131,8 -64,3 -39,8
ROIC adj. (%) -131,8 -64,3 -39,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -119 -50 -34
EBITDA adj. margin (%) -106,4 -38,2 -19,3
EBITDA lease adj. -122 -51 -35
EBITDA lease adj. margin (%) -109,1 -38,9 -19,8
EBITA adj. -124 -52 -36
EBITA adj. margin (%) -110,5 -39,5 -20,2
EBIT adj. -128 -54 -38
EBIT adj. margin (%) -113,8 -41 -21,4
Pretax profit Adj. -127 -51 -36
Net profit Adj. -127 -52 -37
Net profit to shareholders adj. -127 -52 -37
Net adj. margin (%) -113 -39,4 -20,8
SEKm 2023 2024e 2025e
EBITDA -119 -50 -34
Goodwill 0 0 0
Net financial items -3 1 0
Other intangible assets 134 133 132
Paid tax 0 -1 -1
Tangible fixed assets 2 2 2
Non-cash items 21 0 0
Right-of-use asset 2 2 2
Cash flow before change in WC -102 -50 -35
Total other fixed assets 0 0 0
Change in working capital 8 -20 -3
Fixed assets 139 138 137
Operating cash flow -94 -70 -39
Inventories 4 10 14
Capex tangible fixed assets 0 -1 -1
Receivables 23 21 35
Capex intangible fixed assets 0 -1 -1
Other current assets 8 7 7
Acquisitions and Disposals 0 0 0
Cash and liquid assets 166 94 52
Free cash flow -94 -71 -41
Total assets 340 270 245
Dividend paid N/A N/A N/A
Shareholders equity 235 182 143
Share issues and buybacks 139 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -1 -1
Total equity 235 182 143
Other non-cash items 5 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 56 56 56
Short-term debt 1 1 1
Accounts payable 10 10 25
Other current liabilities 36 19 19
Total liabilities and equity 340 270 245
Net IB debt -163 -91 -49
Net IB debt excl. pension debt -163 -91 -49
Net IB debt excl. leasing -165 -93 -52
Capital employed 238 185 146
Capital invested 72 91 94
Working capital -11 9 12
Market cap. diluted (m) 808 958 958
Net IB debt adj. -163 -91 -49
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 645 867 909
Total assets turnover (%) 34 43 68,7
Working capital/sales (%) -6,4 -0,8 5,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -69,3 -50,1 -34,5
Net debt / market cap (%) -20,1 -9,5 -5,2
Equity ratio (%) 69,1 67,5 58,3
Net IB debt adj. / equity (%) -69,3 -50,1 -34,5
Current ratio 4,32 4,44 2,45
EBITDA/net interest 39,4 66,6 665,3
Net IB debt/EBITDA (x) 1,4 1,8 1,4
Net IB debt/EBITDA lease adj. (x) 1,4 1,8 1,5
Interest coverage 40,9 68,7 697,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 82 98 98
Diluted shares adj. 82 98 98
EPS -1,58 -0,55 -0,4
Dividend per share 0 0 0
EPS adj. -1,54 -0,53 -0,38
BVPS 2,85 1,86 1,46
BVPS adj. 1,22 0,5 0,11
Net IB debt/share -1,98 -0,93 -0,51
Share price 9,81 9,81 9,81
Market cap. (m) 808 958 958
P/E (x) -6,2 -17,9 -24,7
EV/sales (x) 5,75 6,62 5,14
EV/EBITDA (x) -5,4 -17,3 -26,6
EV/EBITA (x) -5,2 -16,8 -25,4
EV/EBIT (x) -5,1 -16,1 -24
Dividend yield (%) 0 0 0
FCF yield (%) -11,6 -7,5 -4,3
Le. adj. FCF yld. (%) -12 -7,5 -4,3
P/BVPS (x) 3,44 5,27 6,7
P/BVPS adj. (x) 8,03 19,48 87,4
P/E adj. (x) -6,4 -18,6 -26
EV/EBITDA adj. (x) -5,4 -17,3 -26,6
EV/EBITA adj. (x) -5,2 -16,8 -25,4
EV/EBIT adj. (x) -5,1 -16,1 -24
EV/CE (x) 2,7 4,7 6,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 1,2 1,2
Capex/depreciation 0 2 2,6
Capex tangibles / tangible fixed assets 3,1 42,6 34,2
Capex intangibles / definite intangibles 0 0,5 1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 62,52 33,63 34,84

Equity research

Read earlier research

Media

OssDsign - Fireside chat with CEO Morten Henneveld
OssDsign - Company update with CEO Morten Henneveld

Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Theodor Jeansson Jr. 10.1 % 10.1 % 26 Mar 2024
Karolinska Development 9.8 % 9.8 % 26 Mar 2024
Avanza Pension 6.2 % 6.2 % 26 Mar 2024
Fåhraeus Startup & Growth 6.1 % 6.1 % 22 Nov 2023
Linc AB 5.4 % 5.4 % 26 Mar 2024
Lancelot Asset Management AB 4.8 % 4.8 % 31 Mar 2024
Adrigo Asset Management 4.4 % 4.4 % 31 Oct 2023
Nordnet Pensionsförsäkring 3.1 % 3.1 % 26 Mar 2024
Anders Böös 2.6 % 2.6 % 26 Mar 2024
Carnegie Fonder 2.3 % 2.3 % 30 Apr 2024
Source: Holdings by Modular Finance AB