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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 two products, OssDsign Cranial PSI and Ossdsign Catalyst. OssDsign Cranial PSI is an implant used for cranial and facial reconstruction and has regulatory approvals and reimbursement in place in key markets. 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,

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 112 128 173
Sales growth (%) 96,8 14,1 35
EBITDA -119 -47 -15
EBITDA margin (%) -106,4 -37 -8,9
EBIT adj. -128 -56 -24
EBIT adj. margin (%) -113,8 -43,6 -13,8
Pretax profit -131 -56 -24
EPS -1,58 -0,58 -0,26
EPS growth (%) 13,7 -63,2 -56,2
EPS adj. -1,54 -0,54 -0,22
DPS 0 0 0
EV/EBITDA (x) -4,5 -15,3 -49
EV/EBIT adj. (x) -4,2 -13 -31,6
P/E (x) -5,4 -14,6 -33,3
P/E adj. (x) -5,5 -15,6 -39,4
EV/sales (x) 4,79 5,67 4,37
FCF yield (%) -13,4 -6,6 -3,1
Le. adj. FCF yld. (%) -13,8 -7,1 -3,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 2,2 4,9
Le. adj. ND/EBITDA (x) 1,4 2,1 4,2
SEKm 2023 2024e 2025e
Sales 112 128 173
COGS -29 -10 -14
Gross profit 84 118 159
Other operating items -203 -165 -174
EBITDA -119 -47 -15
Depreciation and amortisation -5 -5 -5
of which leasing depreciation -3 -3 -3
EBITA -124 -52 -20
EO Items 0 0 0
Impairment and PPA amortisation -4 -4 -4
EBIT -128 -56 -24
Net financial items -3 0 0
Pretax profit -131 -56 -24
Tax 0 -1 -1
Net profit -130 -57 -25
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -130 -57 -25
EPS -1,58 -0,58 -0,26
EPS adj. -1,54 -0,54 -0,22
Total extraordinary items after tax 0 0 0
Leasing payments -3 -3 -3
Tax rate (%) 0,1 -1,8 -4,2
Gross margin (%) 74,6 92 92
EBITDA margin (%) -106,4 -37 -8,9
EBITA margin (%) -110,5 -40,7 -11,7
EBIT margin (%) -113,8 -43,6 -13,8
Pre-tax margin (%) -116,5 -43,7 -13,9
Net margin (%) -116,3 -44,4 -14,4
Sales growth (%) 96,8 14,1 35
EBITDA growth (%) 36,8 -60,3 -67,5
EBITA growth (%) 33,8 -57,9 -61,3
EBIT growth (%) 31,7 -56,2 -57,2
Net profit growth (%) 31,3 -56,4 -56,2
EPS growth (%) 13,7 -63,2 -56,2
Profitability N/A N/A N/A
ROE (%) -56,5 -27,6 -15,1
ROE adj. (%) -54,9 -25,7 -12,8
ROCE (%) -53,4 -26,6 -14,2
ROCE adj. (%) -51,8 -24,9 -11,9
ROIC (%) -131,8 -72,6 -27,7
ROIC adj. (%) -131,8 -72,6 -27,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -119 -47 -15
EBITDA adj. margin (%) -106,4 -37 -8,9
EBITDA lease adj. -122 -50 -18
EBITDA lease adj. margin (%) -109,1 -39,4 -10,6
EBITA adj. -124 -52 -20
EBITA adj. margin (%) -110,5 -40,7 -11,7
EBIT adj. -128 -56 -24
EBIT adj. margin (%) -113,8 -43,6 -13,8
Pretax profit Adj. -127 -52 -20
Net profit Adj. -127 -53 -21
Net profit to shareholders adj. -127 -53 -21
Net adj. margin (%) -113 -41,5 -12,3
SEKm 2023 2024e 2025e
EBITDA -119 -47 -15
Goodwill 0 0 0
Net financial items -3 0 0
Other intangible assets 134 131 129
Paid tax 0 -1 -1
Tangible fixed assets 2 2 1
Non-cash items 21 0 0
Right-of-use asset 2 2 2
Cash flow before change in WC -102 -48 -16
Total other fixed assets 0 0 0
Change in working capital 8 -4 -6
Fixed assets 139 135 133
Operating cash flow -94 -53 -23
Inventories 4 10 14
Capex tangible fixed assets 0 -1 -1
Receivables 23 20 38
Capex intangible fixed assets 0 -1 -2
Other current assets 8 8 8
Acquisitions and Disposals 0 0 0
Cash and liquid assets 166 107 79
Free cash flow -94 -55 -26
Total assets 340 281 271
Dividend paid N/A N/A N/A
Shareholders equity 235 178 153
Share issues and buybacks 139 0 0
Minority N/A N/A N/A
Leasing liability amortisation -3 -4 -3
Total equity 235 178 153
Other non-cash items 5 2 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 55 55
Short-term debt 1 1 1
Accounts payable 10 9 24
Other current liabilities 36 36 36
Total liabilities and equity 340 281 271
Net IB debt -163 -104 -76
Net IB debt excl. pension debt -163 -104 -76
Net IB debt excl. leasing -165 -107 -78
Capital employed 238 181 156
Capital invested 72 74 78
Working capital -11 -7 -1
Market cap. diluted (m) 700 830 830
Net IB debt adj. -163 -104 -76
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 537 726 755
Total assets turnover (%) 34 41,2 62,6
Working capital/sales (%) -6,4 -7 -2,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -69,3 -58,5 -49,4
Net debt / market cap (%) -23,2 -12,5 -9,1
Equity ratio (%) 69,1 63,3 56,5
Net IB debt adj. / equity (%) -69,3 -58,5 -49,4
Current ratio 4,32 3,18 2,27
EBITDA/net interest 39,4 924 300,1
Net IB debt/EBITDA (x) 1,4 2,2 4,9
Net IB debt/EBITDA lease adj. (x) 1,4 2,1 4,2
Interest coverage 40,9 1015,7 392,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 82 98 98
Diluted shares adj. 82 98 98
EPS -1,58 -0,58 -0,26
Dividend per share 0 0 0
EPS adj. -1,54 -0,54 -0,22
BVPS 2,85 1,82 1,57
BVPS adj. 1,22 0,48 0,24
Net IB debt/share -1,98 -1,07 -0,77
Share price 8,5 8,5 8,5
Market cap. (m) 700 830 830
P/E (x) -5,4 -14,6 -33,3
EV/sales (x) 4,79 5,67 4,37
EV/EBITDA (x) -4,5 -15,3 -49
EV/EBITA (x) -4,3 -13,9 -37,4
EV/EBIT (x) -4,2 -13 -31,6
Dividend yield (%) 0 0 0
FCF yield (%) -13,4 -6,6 -3,1
Le. adj. FCF yld. (%) -13,8 -7,1 -3,4
P/BVPS (x) 2,98 4,66 5,42
P/BVPS adj. (x) 6,96 17,8 35,15
P/E adj. (x) -5,5 -15,6 -39,4
EV/EBITDA adj. (x) -4,5 -15,3 -49
EV/EBITA adj. (x) -4,3 -13,9 -37,4
EV/EBIT adj. (x) -4,2 -13 -31,6
EV/CE (x) 2,3 4 4,8
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 1,7 1,7
Capex/depreciation 0 1,3 1,7
Capex tangibles / tangible fixed assets 3,1 86,9 122,3
Capex intangibles / definite intangibles 0 0,6 1,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 62,52 109,4 198,3

Equity research

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Media

OssDsign - Company update with CEO Morten Henneveld
OssDsign - Company presentation with CEO Morten Henneveld

Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Theodor Jeansson Jr. 11.0 % 11.0 % 27 Dec 2023
Karolinska Development 9.8 % 9.8 % 27 Dec 2023
Avanza Pension 7.0 % 7.0 % 27 Dec 2023
Fåhraeus Startup & Growth 6.1 % 6.1 % 22 Nov 2023
Linc AB 5.4 % 5.4 % 27 Dec 2023
Lancelot Asset Management AB 5.2 % 5.2 % 31 Dec 2023
Nordnet Pensionsförsäkring 4.7 % 4.7 % 27 Dec 2023
Adrigo Asset Management 4.2 % 4.2 % 31 Jul 2023
Anders Böös 2.6 % 2.6 % 27 Dec 2023
Carnegie Fonder 2.3 % 2.3 % 31 Jan 2024
Source: Holdings by Modular Finance AB