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OssDsign

OssDsign

Regenerative implant technology

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.

SEKm 2020 2021e 2022e
Sales 25 50 108
Sales growth (%) 47,4 102,7 115,1
EBITDA -77 -78 -48
EBITDA margin (%) -311 -154,5 -44,2
EBIT adj -84 -86 -58
EBIT adj margin (%) -337,5 -170,5 -53,1
Pretax profit -85 -87 -59
EPS rep -2,88 -2,96 -2
EPS growth (%) 30 -2,8 32,6
EPS adj -2,77 -2,84 -1,85
DPS 0 0 0
EV/EBITDA (x) -4,1 -2,1 -4,9
EV/EBIT adj (x) -3,8 -1,9 -4,1
P/E (x) -4,2 -3,5 -5,2
P/E adj (x) -4,3 -3,6 -5,6
EV/sales (x) 12,8 3,2 2,2
FCF yield (%) -27,5 -42,3 -26,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,4 1,8 1,4
Lease adj. FCF yield (%) -27,7 -42,5 -26,9
Lease adj. ND/EBITDA 0,6 2 1,7
SEKm 2020 2021e 2022e
Other operating items -93 -109 -122
EBITDA -77 -78 -48
Depreciation on tangibles -1 -2 -2
Depreciation on intangibles 0 0 0
EBITA -81 -82 -53
Goodwill impairment charges 0 0 0
Other impairment and amortisation -3 -4 -4
EBIT -84 -86 -58
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -85 -87 -59
Tax 0 0 0
Net profit -85 -87 -59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -85 -87 -59
EPS -2,88 -2,96 -2
EPS Adj -2,77 -2,84 -1,85
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,1 0 0
Gross margin (%) 64,3 61 68
EBITDA margin (%) -311 -154,5 -44,2
EBITA margin (%) -324,2 -163,3 -49,1
EBIT margin (%) -337,5 -170,5 -53,1
Pretax margin (%) -339,9 -172,5 -54
Net margin (%) -340,1 -172,5 -54
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 47,4 102,7 115,1
EBITDA growth (%) 2,6 -0,7 38,5
EBIT growth (%) -0,5 -2,4 33
Net profit growth (%) -0,4 -2,8 32,6
EPS growth (%) 30 -2,8 32,6
Profitability 2020 2021 2022
ROE (%) -68,4 -46,7 -25,4
ROE Adj (%) -65,7 -44,8 -23,5
ROCE (%) -62,4 -42,3 -23,2
ROCE Adj(%) -59,9 -40,5 -21,5
ROIC (%) -106,4 -57,4 -32,7
ROIC Adj (%) -106,4 -57,4 -32,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj -77 -78 -48
EBITDA Adj margin (%) -311 -154,5 -44,2
EBITA Adj -81 -82 -53
EBITA Adj margin (%) -324,2 -163,3 -49,1
EBIT Adj -84 -86 -58
EBIT Adj margin (%) -337,5 -170,5 -53,1
Pretax profit Adj -81 -83 -54
Net profit Adj -81 -83 -54
Net profit to shareholders Adj -81 -83 -54
Net Adj margin (%) -326,9 -165,3 -50
Sales 25 50 108
COGS -9 -20 -35
Gross profit 16 31 74
Depreciation and amortisation -3 -4 -5
Of which leasing depreciation -2 -3 -3
EO items 0 0 0
Impairment and PPA amortisation -3 -4 -4
EBITDA lease Adj -78 -79 -49
EBITDA lease Adj margin (%) -313,4 -155,9 -45,6
Leasing payments -1 -1 -1
SEKm 2020 2021e 2022e
EBITDA -77 -78 -48
Net financial items -1 -1 -1
Paid tax 0 0 0
Non-cash items -35 -3 -3
Cash flow before change in WC -113 -82 -52
Change in WC 34 -13 -22
Operating cash flow -79 -95 -74
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets 0 -2 -3
Acquisitions and disposals -15 -30 0
Free cash flow -97 -129 -80
Dividend paid 0 0 0
Share issues and buybacks 65 235 0
Other non cash items -143 6 8
Decrease in net IB debt -77 111 -74
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 166 164 163
Tangible fixed assets 6 36 37
Other fixed assets 0 0 0
Fixed assets 186 216 217
Inventories 2 5 11
Receivables 6 16 34
Other current assets 3 3 3
Cash and liquid assets 49 161 87
Total assets 247 401 352
Shareholders equity 112 260 202
Minority 0 0 0
Total equity 112 260 202
Long-term debt 2 2 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 52 52 52
Short-term debt 1 1 1
Accounts payable 3 9 19
Other current liabilities 63 63 63
Total liabilities and equity 247 401 352
Net IB debt -32 -144 -69
Net IB debt excl. pension debt -32 -144 -69
Capital invested 132 168 184
Working capital -55 -48 -34
EV breakdown 2020 2021 2022
Market cap. diluted (m) 351 304 304
Net IB debt Adj -32 -144 -69
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 319 160 234
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 12,4 15,6 28,8
Capital invested turnover (%) 31,5 33,6 61,6
Capital employed turnover (%) 18,5 24,8 43,7
Inventories / sales (%) 7,6 7,2 7,6
Customer advances / sales (%) 45 27,9 13
Payables / sales (%) 11,6 11,5 12,6
Working capital / sales (%) -117,4 -101,7 -37,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -28,7 -55,2 -34,5
Net debt / market cap (%) -9,6 -47,2 -22,8
Equity ratio (%) 45,4 64,9 57,3
Net IB debt adj. / equity (%) -28,7 -55,2 -34,5
Current ratio (%) 87,7 246,7 158,6
EBITDA / net interest (%) -12722,5 -7821,5 -4811
Net IB debt / EBITDA (%) 41,6 184,3 144,9
Interest cover (%) -13263,7 -8266,8 -5344,6
Lease liability amortisation -1 -1 -1
Other intangible assets 166 164 163
Right-of-use asset 15 16 17
Total other fixed assets 0 0 0
Leasing liability 15 15 15
Total other long-term liabilities 52 52 52
Net IB debt excl. leasing -47 -158 -84
Net IB debt / EBITDA lease Adj (%) 60 201,3 170,2
SEKm 2020 2021e 2022e
Shares outstanding adj. 29 29 29
Fully diluted shares Adj 29 29 29
EPS -2,88 -2,96 -2
Dividend per share Adj 0 0 0
EPS Adj -2,77 -2,84 -1,85
BVPS 3,82 8,87 6,87
BVPS Adj -1,83 3,27 1,31
Net IB debt / share -1,1 -4,9 -2,4
Share price 11,39 10,36 10,36
Market cap. (m) 334 304 304
Valuation 2020 2021 2022
P/E -4,2 -3,5 -5,2
EV/sales 12,83 3,18 2,16
EV/EBITDA -4,1 -2,1 -4,9
EV/EBITA -4 -1,9 -4,4
EV/EBIT -3,8 -1,9 -4,1
Dividend yield (%) 0 0 0
FCF yield (%) -27,5 -42,3 -26,4
P/BVPS 3,14 1,17 1,51
P/BVPS Adj -6,54 3,17 7,9
P/E Adj -4,3 -3,6 -5,6
EV/EBITDA Adj -4,1 -2,1 -4,9
EV/EBITA Adj -4 -1,9 -4,4
EV/EBIT Adj -3,8 -1,9 -4,1
EV/cap. employed 2,5 0,6 1,1
Investment ratios 2020 2021 2022
Capex / sales 10 8 6
Capex / depreciation 189,7 250 336,6
Capex tangibles / tangible fixed assets 43,3 5,6 8,7
Capex intangibles / definite intangibles 0 1,2 2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,8 4,5 5,2
Lease adj. FCF yield (%) -27,7 -42,5 -26,9

Equity research

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Media

OssDsign - Interview with new CEO Morten Henneveld
OssDsign - Company Presentation with new CEO Morten Henneveld

Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
SEB Venture Capital 12.4 % 12.4 % 31 Dec 2020
Karolinska Development 11.8 % 11.8 % 31 Dec 2020
Fouriertransform AB 9.8 % 9.8 % 31 Dec 2020
Nordic Cross Asset Management 5.3 % 5.3 % 31 Mar 2021
Avanza Pension 4.0 % 4.0 % 31 Dec 2020
T J Junior AB 3.5 % 3.5 % 31 Dec 2020
Lancelot Asset Management AB 3.1 % 3.1 % 31 Dec 2020
Eiffel Investment Group SAS 3.0 % 3.0 % 30 Sep 2020
Nordnet Pensionsförsäkring 2.2 % 2.2 % 31 Dec 2020
Futur Pension 1.5 % 1.5 % 31 Dec 2020
Source: Holdings by Modular Finance AB