OssDsign (OSSD) Q1 2025 earnings summary

Executive summary

• Achieved record net sales of SEK 44.5 million in Q1 2025, up 65% year-over-year, maintaining strong growth and positive trajectory.

• Demonstrated increased operating leverage and delivered the best underlying result in company history, with adjusted EBIT at SEK -5.6 million, excluding one-off LTIP costs.

• Expanded U.S. market access, with more approvals and increased usage of Catalyst among existing and new accounts.

• Published two new studies post-quarter: a preclinical study showing best-in-class potency and a long-term follow-up with a 100% fusion rate.

• CEO transition planned for H2 2025 to strengthen US market focus.

Financial highlights

• Net sales: SEK 44.5 million in Q1 2025, up 65% year-over-year; organic growth at 60% on a constant currency basis.

• Gross margin reached 96.4%, up from 93.7% in Q1 2024.

• Adjusted EBIT at SEK -5.6 million, best in company history; reported EBIT at SEK -12.7 million.

• Cash and cash equivalents at period end: SEK 77.5 million.

• Q1 operating cash flow was impacted by annual bonus and extraordinary costs; underlying cash outflow estimated at SEK 8–8.9 million, similar to prior quarters.

Outlook and guidance

• Confident in current cash position to support operations for many quarters; liquidity sufficient for at least 12 months.

• Continued focus on U.S. market, with 90% of the addressable market still untapped.

• Preparing for future expansion into adjacent orthopedic segments, but timing remains undetermined.

• Key upcoming milestone: publication of the first 100-patient cohort from the PROPEL registry, reflecting real-world outcomes.

• Board and management confident in mid- to long-term profitability and cash flow positivity based on current sales trajectory.