OssDsign (OSSD) Q2 2025 earnings summary

Executive summary

• Launched the Scale to Profit growth strategy and raised nearly SEK 160 million, ensuring sufficient capitalization for growth and positive cash flow execution.

• Achieved significant clinical milestones, including treating over 10,000 patients and publishing strong clinical evidence supporting product efficacy, with 100% spinal fusion at 24 months in the TOP FUSION study and 88.4% real-world fusion rate in complex patients.

• Net sales for Q2 2025 reached SEK 46.5 million, up 73% year-over-year at constant exchange rates and 16% sequentially from Q1, driven by strong sales momentum and last-day orders.

• Gross margin improved to 96.8% in Q2, reflecting operational efficiency and product scalability.

• Adjusted EBIT loss narrowed to SEK -6.2 million in Q2, showing improved operating leverage.

Financial highlights

• Q2 net sales: SEK 46.5 million, 73% growth at constant FX, 56% reported.

• Gross margin: 96.8% in Q2, 96.6% for H1 2025, both significantly above guidance.

• LTM (last twelve months) revenue up 68% year-over-year.

• Adjusted EBIT: SEK -6.2 million in Q2; H1 2025: SEK -11.8 million.

• Q2 sales slightly inflated by SEK 1.5 million due to early customer orders, potentially impacting Q3.

Outlook and guidance

• Targeting sales over SEK 400 million by 2028, with profitable operating results and positive cash flow in the latter half of the strategy period.

• Plans to double the U.S. sales force by 2026 and expand market access to 30% by 2028, covering 35 states.

• Two new product launches expected: MIS Solution in 2026 and hydrophilic strip between 2027–2028.

• Large randomized controlled trial (RCT) to start in 2026, expected to run for about five years with 200–400 patients.

• Strategic investments in marketing, manufacturing, and clinical trials to drive long-term growth and profitability.