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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 2025 2026e 2027e
Sales 180,16 168,26 236,07
Sales growth (%) 34,5 -6,6 40,3
EBITDA -43 -42 -28
EBITDA margin (%) -23,8 -24,7 -11,7
EBIT adj. -47 -45 -32
EBIT adj. margin (%) -26 -27 -13,4
Pretax profit -50 -45 -32
EPS -0,47 -0,42 -0,3
EPS growth (%) -8,7 -9,6 -29,4
EPS adj. -0,44 -0,4 -0,27
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) -5,9 -7,9 -13,7
EV/EBIT adj. (x) -5,4 -7,2 -12
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 1,41 1,94 1,6
FCF yield (%) -16,1 -16,1 -11,6
Le. adj. FCF yld. (%) -16,3 -16,3 -11,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,4 2,8 2,4
Le. adj. ND/EBITDA (x) 4,4 2,8 2,3
SEKm 2025 2026e 2027e
Sales 180,16 168,26 236,07
COGS -7 -10 -12
Gross profit 173 159 224
Other operating items -216 -200 -252
EBITDA -43 -42 -28
Depreciation and amortisation -1 -1 -1
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -1 -1 -1
EBITA -43,98 -42,63 -28,78
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -3 -3 -3
EBIT -46,76 -45,4 -31,56
Net financial items -3 0 0
Pretax profit -50 -45 -32
Tax -1 -1 -1
Net profit -51 -46 -33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -51 -46 -33
EPS -0,47 -0,42 -0,3
EPS adj. -0,44 -0,4 -0,27
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -1,7 -1,5 -3,2
Gross margin (%) 96,3 94,3 95
EBITDA margin (%) -23,8 -24,7 -11,7
EBITA margin (%) -24,4 -25,3 -12,2
EBIT margin (%) -26 -27 -13,4
Pre-tax margin (%) -27,8 -27 -13,4
Net margin (%) -28,3 -27,4 -13,8
Sales growth (%) 34,5 -6,6 40,3
EBITDA growth (%) -6,3 -3,2 -33,3
EBITA growth (%) -7,3 -3,1 -32,5
EBIT growth (%) -5,4 -2,9 -30,5
Net profit growth (%) 2 -9,6 -29,4
EPS growth (%) -8,7 -9,6 -29,4
Profitability N/A N/A N/A
ROE (%) -19,5 -16 -13
ROE adj. (%) -18,4 -15 -11,9
ROCE (%) -17,7 -15,7 -12,6
ROCE adj. (%) -16,7 -14,7 -11,5
ROIC (%) -38 -32,2 -18,8
ROIC adj. (%) -38 -32,2 -18,8
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. -43 -42 -28
EBITDA adj. margin (%) -23,8 -24,7 -11,7
EBITDA lease adj. -44 -42 -29
EBITDA lease adj. margin (%) -24,3 -25,2 -12,1
EBITA adj. -44 -43 -29
EBITA adj. margin (%) -24,4 -25,3 -12,2
EBIT adj. -47 -45 -32
EBIT adj. margin (%) -26 -27 -13,4
Pretax profit Adj. -47 -43 -29
Net profit Adj. -48 -43 -30
Net profit to shareholders adj. -48 -43 -30
Net adj. margin (%) -26,8 -25,7 -12,6
SEKm 2025 2026e 2027e
EBITDA -43 -42 -28
Goodwill 0 0 0
Net financial items -3 0 0
Other intangible assets 150 171 176
Paid tax -1 -1 -1
Tangible fixed assets 2 2 2
Non-cash items -7 2 0
Right-of-use asset 0 0 0
Cash flow before change in WC -54 -40 -29
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 0 0 0
Change in working capital -10 -7 -15
Fixed assets 152 173 178
Operating cash flow -64 -47 -44
Inventories 23 20 28
Capex tangible fixed assets -1 0 0
Receivables 26 25 35
Capex intangible fixed assets -7 -24 -7
Other current assets 6 7 7
Acquisitions and Disposals 0 0 0
Cash and liquid assets 191 119 67
Free cash flow -71 -72 -51
Total assets 398 345 315
Dividend paid N/A N/A N/A
Shareholders equity 310 266 234
Share issues and buybacks 164 0 0
Minority N/A N/A N/A
Leasing liability amortisation -1 -1 -1
Total equity 310 266 234
Other non-cash items N/A N/A N/A
Other changes in net debt 5 1 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 1 1 1
Total other long-term liabilities 52 52 52
Short-term debt 0 0 0
Accounts payable 5 6 9
Other current liabilities 29 19 19
Total liabilities and equity 398 345 315
Net IB debt -190 -118 -66
Net IB debt excl. pension debt -190 -118 -66
Net IB debt excl. leasing -191 -119 -67
Capital employed 311 267 235
Capital invested 120 148 168
Working capital 20 27 42
Market cap. diluted (m) 444 444 444
Net IB debt adj. -190 -118 -66
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 254 326 379
Total assets turnover (%) 51,1 45,3 71,6
Working capital/sales (%) 8,3 14,1 14,7
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -61,3 -44,3 -28,1
Net debt / market cap (%) -42,8 -26,5 -14,8
Equity ratio (%) 77,9 77,2 74,1
Net IB debt adj. / equity (%) -61,3 -44,3 -28,1
Current ratio 7,17 6,8 4,83
EBITDA/net interest 12,6 N/A N/A
Net IB debt/EBITDA (x) 4,4 2,8 2,4
Net IB debt/EBITDA lease adj. (x) 4,4 2,8 2,3
Interest coverage 12,9 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 109 109 109
Diluted shares adj. 109 109 109
EPS -0,47 -0,42 -0,3
Dividend per share 0 0 N/A
EPS adj. -0,44 -0,4 -0,27
BVPS 2,84 2,44 2,14
BVPS adj. 1,47 0,87 0,53
Net IB debt/share -1,74 -1,08 -0,6
Share price 4,07 4,07 4,07
Market cap. (m) 444 444 444
P/E (x) N/A N/A N/A
EV/sales (x) 1,41 1,94 1,6
EV/EBITDA (x) -5,9 -7,9 -13,7
EV/EBITA (x) -5,8 -7,7 -13,2
EV/EBIT (x) -5,4 -7,2 -12
Dividend yield (%) 0 0 0
FCF yield (%) -16,1 -16,1 -11,6
Le. adj. FCF yld. (%) -16,3 -16,3 -11,8
P/BVPS (x) 1,43 1,67 1,9
P/BVPS adj. (x) 2,78 4,68 7,65
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -5,9 -7,9 -13,7
EV/EBITA adj. (x) -5,8 -7,7 -13,2
EV/EBIT adj. (x) -5,4 -7,2 -12
EV/CE (x) 0,8 1,2 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -4,1 -14,4 -3,2
Capex/depreciation 51,4 168,1 50,9
Capex tangibles / tangible fixed assets 35,5 14,3 21,9
Capex intangibles / definite intangibles 4,5 14 4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 7,56 7,85 6,87

Equity research

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Media

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

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Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 10.6 % 10.6 % 27 Mar 2026
Linc AB 10.0 % 10.0 % 27 Mar 2026
Theodor Jeansson Jr. 8.1 % 8.1 % 27 Mar 2026
Fåhraeus Startup & Growth 7.2 % 7.2 % 31 Dec 2025
La Financière de l'Echiquier 6.0 % 6.0 % 31 Dec 2025
Nordea Liv & Pension 3.6 % 3.6 % 27 Mar 2026
Protean Funds Scandinavia 3.3 % 3.3 % 31 Mar 2026
Anders Böös 2.7 % 2.7 % 27 Mar 2026
Thomas Olausson 2.2 % 2.2 % 27 Mar 2026
Nordnet Pensionsförsäkring 2.0 % 2.0 % 27 Mar 2026
Source: Holdings by Modular Finance AB