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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 134 175 214
Sales growth (%) 19,4 30,5 22,4
EBITDA -46 -35 -18
EBITDA margin (%) -34,2 -20 -8,2
EBIT adj. -49 -39 -21
EBIT adj. margin (%) -36,9 -22,1 -9,9
Pretax profit -49 -41 -21
EPS -0,51 -0,42 -0,23
EPS growth (%) -59,9 -17,6 -46
EPS adj. -0,49 -0,4 -0,21
DPS 0 0 0
EV/EBITDA (x) -25,2 -34,4 -69,8
EV/EBIT adj. (x) -23,4 -31,2 -57,7
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 8,62 6,87 5,73
FCF yield (%) -5 -4 -1,9
Le. adj. FCF yld. (%) -5,1 -4 -2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,2 1,5 1,6
Le. adj. ND/EBITDA (x) 2,2 1,5 1,6
SEKm 2024 2025e 2026e
Sales 134 175 214
COGS -6 -8 -11
Gross profit 128 167 203
Other operating items -174 -202 -221
EBITDA -46 -35 -18
Depreciation and amortisation -2 -2 -2
of which leasing depreciation -1 -1 -1
EBITA -47 -37 -19
EO Items 0 0 0
Impairment and PPA amortisation -2 -2 -2
EBIT -49 -39 -21
Net financial items 0 -2 0
Pretax profit -49 -41 -21
Tax -1 -1 -1
Net profit -50 -41 -22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -50 -41 -22
EPS -0,51 -0,42 -0,23
EPS adj. -0,49 -0,4 -0,21
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -1,8 -1,7 -4,7
Gross margin (%) 95,4 95,3 95
EBITDA margin (%) -34,2 -20 -8,2
EBITA margin (%) -35,4 -20,9 -9
EBIT margin (%) -36,9 -22,1 -9,9
Pre-tax margin (%) -36,6 -23,2 -9,9
Net margin (%) -37,3 -23,6 -10,4
Sales growth (%) 19,4 30,5 22,4
EBITDA growth (%) -61,6 -23,8 -49,7
EBITA growth (%) -61,7 -22,9 -47,3
EBIT growth (%) -61,3 -22 -44,9
Net profit growth (%) -61,7 -17,6 -46
EPS growth (%) -59,9 -17,6 -46
Profitability N/A N/A N/A
ROE (%) -22,3 -21,1 -13,5
ROE adj. (%) -21,4 -20,1 -12,3
ROCE (%) -21,5 -19,6 -12,7
ROCE adj. (%) -20,9 -18,6 -11,5
ROIC (%) -51,6 -31,1 -16,2
ROIC adj. (%) -51,6 -31,1 -16,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -46 -35 -18
EBITDA adj. margin (%) -34,2 -20 -8,2
EBITDA lease adj. -47 -36 -18
EBITDA lease adj. margin (%) -34,8 -20,4 -8,6
EBITA adj. -47 -37 -19
EBITA adj. margin (%) -35,4 -20,9 -9
EBIT adj. -49 -39 -21
EBIT adj. margin (%) -36,9 -22,1 -9,9
Pretax profit Adj. -47 -39 -19
Net profit Adj. -48 -39 -20
Net profit to shareholders adj. -48 -39 -20
Net adj. margin (%) -35,8 -22,4 -9,5
SEKm 2024 2025e 2026e
EBITDA -46 -35 -18
Goodwill 0 0 0
Net financial items 0 -2 0
Other intangible assets 161 160 159
Paid tax -1 -1 -1
Tangible fixed assets 2 2 3
Non-cash items 5 -1 0
Right-of-use asset 0 0 0
Cash flow before change in WC -42 -38 -19
Total other fixed assets 0 0 0
Change in working capital -21 -9 -3
Fixed assets 163 162 162
Operating cash flow -62 -47 -21
Inventories 14 16 17
Capex tangible fixed assets 0 -1 -1
Receivables 26 26 30
Capex intangible fixed assets -1 -2 -1
Other current assets 4 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 101 54 30
Free cash flow -63 -50 -24
Total assets 307 263 243
Dividend paid N/A N/A N/A
Shareholders equity 214 176 154
Share issues and buybacks 0 5 0
Minority N/A N/A N/A
Leasing liability amortisation -1 -1 -1
Total equity 214 176 154
Other non-cash items -1 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 2 1 1
Total other long-term liabilities 57 57 57
Short-term debt 0 0 0
Accounts payable 6 9 12
Other current liabilities 28 19 19
Total liabilities and equity 307 263 243
Net IB debt -99 -53 -28
Net IB debt excl. pension debt -99 -53 -28
Net IB debt excl. leasing -101 -54 -30
Capital employed 216 178 156
Capital invested 115 124 126
Working capital 10 19 21
Market cap. diluted (m) 1254 1254 1254
Net IB debt adj. -99 -53 -28
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 1155 1201 1226
Total assets turnover (%) 41,4 61,3 84,5
Working capital/sales (%) -0,4 8,2 9,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -46,2 -29,9 -18,3
Net debt / market cap (%) -7,9 -4,2 -2,3
Equity ratio (%) 69,6 67 63,3
Net IB debt adj. / equity (%) -46,2 -29,9 -18,3
Current ratio 4,24 3,61 2,67
EBITDA/net interest 130,8 17,7 2042,2
Net IB debt/EBITDA (x) 2,2 1,5 1,6
Net IB debt/EBITDA lease adj. (x) 2,2 1,5 1,6
Interest coverage 135,5 18,5 2238,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 98 98 98
Diluted shares adj. 98 98 98
EPS -0,51 -0,42 -0,23
Dividend per share 0 0 0
EPS adj. -0,49 -0,4 -0,21
BVPS 2,19 1,81 1,58
BVPS adj. 0,54 0,17 -0,05
Net IB debt/share -1,01 -0,54 -0,29
Share price 12,84 12,84 12,84
Market cap. (m) 1254 1254 1254
P/E (x) N/A N/A N/A
EV/sales (x) 8,62 6,87 5,73
EV/EBITDA (x) -25,2 -34,4 -69,8
EV/EBITA (x) -24,4 -32,9 -63,7
EV/EBIT (x) -23,4 -31,2 -57,7
Dividend yield (%) 0 0 0
FCF yield (%) -5 -4 -1,9
Le. adj. FCF yld. (%) -5,1 -4 -2
P/BVPS (x) 5,86 7,11 8,13
P/BVPS adj. (x) 23,59 77,51 -243,31
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -25,2 -34,4 -69,8
EV/EBITA adj. (x) -24,4 -32,9 -63,7
EV/EBIT adj. (x) -23,4 -31,2 -57,7
EV/CE (x) 5,3 6,8 7,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 1,5 1,2
Capex/depreciation 0,8 3,2 3
Capex tangibles / tangible fixed assets 0 58,3 59,9
Capex intangibles / definite intangibles 0,4 1 0,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 45,48 44,5 33,93

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
Linc AB 10.1 % 10.1 % 30 Apr 2025
Theodor Jeansson Jr. 10.1 % 10.1 % 27 Mar 2025
Avanza Pension 8.7 % 8.7 % 27 Mar 2025
Fåhraeus Startup & Growth 8.2 % 8.2 % 25 Mar 2025
Nordea Liv & Pension 3.6 % 3.6 % 27 Mar 2025
Karolinska Development 3.1 % 3.1 % 27 Mar 2025
Adrigo Asset Management 2.8 % 2.8 % 31 Oct 2024
Anders Böös 2.6 % 2.6 % 27 Mar 2025
Amundi 2.5 % 2.5 % 31 Mar 2025
Nordnet Pensionsförsäkring 1.8 % 1.8 % 27 Mar 2025
Source: Holdings by Modular Finance AB