Integrum (INTEG) Q1 25/26 earnings summary

Executive summary

• Net sales reached SEK 23.8 million for the quarter, up 28.9% year-over-year, driven by strong US performance.

• U.S. market accounted for 81% of net sales, with organic growth of 41.2% and revenue of SEK 19.3 million.

• Focused on expanding the OPRA Implant System's adoption and increasing the number of S1 surgeries.

• Enhanced commercial footprint through new distribution agreements and increased visibility initiatives.

• Operating loss was SEK 12.4 million, slightly higher than last year; net loss after tax was SEK 10.0 million.

Financial highlights

• Net sales: SEK 23.8 million (SEK 18.5 million last year), up 28.9% year-over-year.

• U.S. sales grew 41.2% in SEK (56% in USD), totaling SEK 19.3 million.

• Gross margin was 67%, down from 81% due to tariffs and product mix.

• EBIT was negative SEK 11.1 million, including a SEK 2.0 million provision related to a public offer.

• Cash flow was minus SEK 12.4 million, compared to plus SEK 29.3 million last year, which included a SEK 50 million share issue.

Outlook and guidance

• No specific guidance on top line or S1 procedure growth, but the organization is structured for continued expansion.

• Focus remains on building product and company awareness, with ongoing data collection to support health economic evidence.

• Cost-efficiency program is 85% implemented, with full effects expected by Q4 and a full-year impact in 2026/27.

• U.S. market expected to remain the primary growth driver, with ongoing efforts to strengthen the sales team.

• Exploring measures to mitigate tariff impacts, including potential U.S. production.