OssDsign is a Swedish medtech company that offers novel regenerative implants for improved healing of bone defects. The current product portfolio targets cranial and facial reconstruction and has regulatory approvals and reimbursement in place across its target markets in Europe, the US and Japan. With >800 patients treated successfully to date, we conclude that OssDsign’s technology platform is not only clinically validated, but also shows significant commercial promise. OssDsign is based in Uppsala, Sweden and had 34 employees in 2019.
OssDsign has made significant commercial progress since its IPO in mid-2019. With improved market access, commercial infrastructure, and broadened product portfolio, the company targets rolling 12-month sales to exceed SEK 200m in early 2023 (sales CAGR >75% Q1’20-Q1’23). The US and Japan will be key growth drivers, as OssDsign’s best-in-class implants are the catalyst behind continuously taking market share from existing alternatives. We note that the company’s USD 565m addressable market excludes sales potential from defects relating to congenital diseases.
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.