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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 129 174 218
Sales growth (%) 15 35 25
EBITDA -47 -36 -21
EBITDA margin (%) -36,2 -20,9 -9,8
EBIT adj. -50 -40 -25
EBIT adj. margin (%) -39,1 -23 -11,5
Pretax profit -50 -40 -25
EPS -0,52 -0,42 -0,27
EPS growth (%) -59,6 -18,5 -36,7
EPS adj. -0,5 -0,4 -0,24
DPS 0 0 0
EV/EBITDA (x) -13 -18 -32,2
EV/EBIT adj. (x) -12 -16,3 -27,4
P/E (x) -14 -17,1 -27,1
P/E adj. (x) -14,5 -18 -29,4
EV/sales (x) 4,7 3,76 3,14
FCF yield (%) -9,3 -6,6 -4,2
Le. adj. FCF yld. (%) -9,5 -6,7 -4,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,1 1,4 0,9
Le. adj. ND/EBITDA (x) 2,1 1,4 0,9
SEKm 2024 2025e 2026e
Sales 129 174 218
COGS -7 -11 -14
Gross profit 122 163 204
Other operating items -168 -199 -225
EBITDA -47 -36 -21
Depreciation and amortisation -2 -2 -2
of which leasing depreciation -1 -1 -1
EBITA -48 -38 -23
EO Items 0 0 0
Impairment and PPA amortisation -2 -2 -2
EBIT -50 -40 -25
Net financial items 1 0 0
Pretax profit -50 -40 -25
Tax -1 -1 -1
Net profit -50 -41 -26
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -50 -41 -26
EPS -0,52 -0,42 -0,27
EPS adj. -0,5 -0,4 -0,24
Total extraordinary items after tax 0 0 0
Leasing payments -1 -1 -1
Tax rate (%) -1,4 -2,5 -4
Gross margin (%) 94,4 93,5 93,5
EBITDA margin (%) -36,2 -20,9 -9,8
EBITA margin (%) -37,5 -21,8 -10,5
EBIT margin (%) -39,1 -23 -11,5
Pre-tax margin (%) -38,5 -23 -11,5
Net margin (%) -39,1 -23,6 -11,9
Sales growth (%) 15 35 25
EBITDA growth (%) -60,8 -22,2 -41,5
EBITA growth (%) -60,9 -21,4 -39,6
EBIT growth (%) -60,5 -20,5 -37,7
Net profit growth (%) -61,4 -18,5 -36,7
EPS growth (%) -59,6 -18,5 -36,7
Profitability N/A N/A N/A
ROE (%) -23,1 -22,8 -17,7
ROE adj. (%) -22,2 -21,7 -16,3
ROCE (%) -22,2 -21,9 -16,7
ROCE adj. (%) -21,9 -20,8 -15,4
ROIC (%) -55,6 -36,3 -21,2
ROIC adj. (%) -55,6 -36,3 -21,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -47 -36 -21
EBITDA adj. margin (%) -36,2 -20,9 -9,8
EBITDA lease adj. -48 -37 -22
EBITDA lease adj. margin (%) -36,9 -21,4 -10,2
EBITA adj. -48 -38 -23
EBITA adj. margin (%) -37,5 -21,8 -10,5
EBIT adj. -50 -40 -25
EBIT adj. margin (%) -39,1 -23 -11,5
Pretax profit Adj. -48 -38 -23
Net profit Adj. -48 -39 -24
Net profit to shareholders adj. -48 -39 -24
Net adj. margin (%) -37,5 -22,4 -11
SEKm 2024 2025e 2026e
EBITDA -47 -36 -21
Goodwill 0 0 0
Net financial items 1 0 0
Other intangible assets 149 147 146
Paid tax -1 -1 -1
Tangible fixed assets 2 2 2
Non-cash items 2 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -44 -37 -22
Total other fixed assets 0 0 0
Change in working capital -20 -8 -6
Fixed assets 151 149 148
Operating cash flow -65 -45 -28
Inventories 12 16 17
Capex tangible fixed assets 0 -1 -1
Receivables 21 30 37
Capex intangible fixed assets -1 0 -1
Other current assets 4 4 4
Acquisitions and Disposals 0 0 0
Cash and liquid assets 99 51 21
Free cash flow -66 -47 -30
Total assets 285 250 227
Dividend paid N/A N/A N/A
Shareholders equity 201 160 134
Share issues and buybacks 0 0 0
Minority N/A N/A N/A
Leasing liability amortisation -1 -1 -1
Total equity 201 160 134
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 2 2
Total other long-term liabilities 56 56 56
Short-term debt 0 0 0
Accounts payable 9 14 17
Other current liabilities 18 18 18
Total liabilities and equity 285 250 227
Net IB debt -97 -49 -19
Net IB debt excl. pension debt -97 -49 -19
Net IB debt excl. leasing -98 -51 -21
Capital employed 203 162 136
Capital invested 104 111 115
Working capital 9 17 23
Market cap. diluted (m) 703 703 703
Net IB debt adj. -97 -49 -19
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 607 654 684
Total assets turnover (%) 41,2 65,1 91,4
Working capital/sales (%) -0,6 7,6 9,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -48,1 -30,8 -14
Net debt / market cap (%) -13,7 -7 -2,7
Equity ratio (%) 70,4 64,1 59
Net IB debt adj. / equity (%) -48,1 -30,8 -14
Current ratio 4,99 3,12 2,22
EBITDA/net interest 69,7 1063,5 621,9
Net IB debt/EBITDA (x) 2,1 1,4 0,9
Net IB debt/EBITDA lease adj. (x) 2,1 1,4 0,9
Interest coverage 72,1 1112,2 671,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 98 98 98
Diluted shares adj. 98 98 98
EPS -0,52 -0,42 -0,27
Dividend per share 0 0 0
EPS adj. -0,5 -0,4 -0,24
BVPS 2,06 1,64 1,37
BVPS adj. 0,54 0,13 -0,12
Net IB debt/share -0,99 -0,5 -0,19
Share price 7,2 7,2 7,2
Market cap. (m) 703 703 703
P/E (x) -14 -17,1 -27,1
EV/sales (x) 4,7 3,76 3,14
EV/EBITDA (x) -13 -18 -32,2
EV/EBITA (x) -12,5 -17,2 -29,8
EV/EBIT (x) -12 -16,3 -27,4
Dividend yield (%) 0 0 0
FCF yield (%) -9,3 -6,6 -4,2
Le. adj. FCF yld. (%) -9,5 -6,7 -4,3
P/BVPS (x) 3,5 4,4 5,25
P/BVPS adj. (x) 13,42 54,61 -60,16
P/E adj. (x) -14,5 -18 -29,4
EV/EBITDA adj. (x) -13 -18 -32,2
EV/EBITA adj. (x) -12,5 -17,2 -29,8
EV/EBIT adj. (x) -12 -16,3 -27,4
EV/CE (x) 3 4 5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 0,7 0,7
Capex/depreciation 1,2 1,6 1,9
Capex tangibles / tangible fixed assets 18,4 45,4 51,1
Capex intangibles / definite intangibles 0,4 0,3 0,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 43,53 44,39 41,19

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Media

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

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Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
Theodor Jeansson Jr. 10.1 % 10.1 % 23 Dec 2024
Linc AB 9.9 % 9.9 % 23 Dec 2024
Avanza Pension 8.4 % 8.4 % 23 Dec 2024
Fåhraeus Startup & Growth 6.1 % 6.1 % 22 Nov 2023
Karolinska Development 5.3 % 5.3 % 23 Dec 2024
Adrigo Asset Management 3.9 % 3.9 % 30 Jun 2024
Nordea Liv & Pension 3.6 % 3.6 % 23 Dec 2024
Anders Böös 2.6 % 2.6 % 23 Dec 2024
Amundi 2.5 % 2.5 % 30 Nov 2024
Lancelot Asset Management AB 1.8 % 1.8 % 31 Dec 2024
Source: Holdings by Modular Finance AB