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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 39 95
Sales growth (%) 47,4 56,8 144,5
EBITDA -77 -91 -65
EBITDA margin (%) -311 -232,1 -68
EBIT adj -84 -102 -79
EBIT adj margin (%) -337,5 -261,6 -83,1
Pretax profit -85 -103 -80
EPS rep -3,82 -1,8 -1,4
EPS growth (%) 30 52,9 22,1
EPS adj -3,67 -1,71 -1,29
DPS 0 0 0
EV/EBITDA (x) -3 -4,1 -7,2
EV/EBIT adj (x) -2,8 -3,7 -5,9
P/E (x) -3,1 -5,3 -6,8
P/E adj (x) -3,3 -5,6 -7,4
EV/sales (x) 9,4 9,6 4,9
FCF yield (%) -36,5 -25,3 -17,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,4 1,9 1,2
Lease adj. FCF yield (%) -36,7 -25,5 -18,1
Lease adj. ND/EBITDA 0,6 2 1,4
SEKm 2020 2021e 2022e
Other operating items -93 -115 -131
EBITDA -77 -91 -65
Depreciation on tangibles -1 -2 -2
Depreciation on intangibles 0 0 0
EBITA -81 -97 -73
Goodwill impairment charges 0 0 0
Other impairment and amortisation -3 -4 -4
EBIT -84 -102 -79
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 -103 -80
Tax 0 0 0
Net profit -85 -103 -80
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -85 -103 -80
EPS -3,82 -1,8 -1,4
EPS Adj -3,67 -1,71 -1,29
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,1 -0,1 0
Gross margin (%) 64,3 62 69,1
EBITDA margin (%) -311 -232,1 -68
EBITA margin (%) -324,2 -248,3 -76,3
EBIT margin (%) -337,5 -261,6 -83,1
Pretax margin (%) -339,9 -263,2 -83,7
Net margin (%) -340,1 -262,9 -83,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 47,4 56,8 144,5
EBITDA growth (%) 2,6 -17 28,4
EBIT growth (%) -0,5 -21,6 22,4
Net profit growth (%) -0,4 -21,2 22,1
EPS growth (%) 30 52,9 22,1
Profitability 2020 2021 2022
ROE (%) -68,4 -52,3 -33,2
ROE Adj (%) -65,7 -49,7 -30,6
ROCE (%) -62,4 -47,8 -30,7
ROCE Adj(%) -59,9 -45,3 -28,1
ROIC (%) -106,4 -69,4 -47,2
ROIC Adj (%) -106,4 -69,4 -47,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj -77 -91 -65
EBITDA Adj margin (%) -311 -232,1 -68
EBITA Adj -81 -97 -73
EBITA Adj margin (%) -324,2 -248,3 -76,3
EBIT Adj -84 -102 -79
EBIT Adj margin (%) -337,5 -261,6 -83,1
Pretax profit Adj -81 -97 -73
Net profit Adj -81 -97 -73
Net profit to shareholders Adj -81 -97 -73
Net Adj margin (%) -326,9 -249,6 -77
Sales 25 39 95
COGS -9 -15 -29
Gross profit 16 24 66
Depreciation and amortisation -3 -6 -8
Of which leasing depreciation -2 -4 -5
EO items 0 0 0
Impairment and PPA amortisation -3 -5 -6
EBITDA lease Adj -78 -92 -67
EBITDA lease Adj margin (%) -313,4 -234,9 -70
Leasing payments -1 -1 -2
SEKm 2020 2021e 2022e
EBITDA -77 -91 -65
Net financial items -1 -1 -1
Paid tax 0 0 0
Non-cash items -35 -6 -7
Cash flow before change in WC -113 -97 -73
Change in WC 34 -8 -18
Operating cash flow -79 -105 -90
CAPEX tangible fixed assets -2 -2 -3
CAPEX intangible fixed assets 0 -2 -3
Acquisitions and disposals -15 -30 0
Free cash flow -97 -138 -96
Dividend paid 0 0 0
Share issues and buybacks 65 271 0
Other non cash items -143 5 7
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 35 35
Other fixed assets 0 0 0
Fixed assets 186 215 216
Inventories 2 3 8
Receivables 6 8 20
Other current assets 3 3 3
Cash and liquid assets 49 187 97
Total assets 247 417 344
Shareholders equity 112 280 200
Minority 0 0 0
Total equity 112 280 200
Long-term debt 2 2 3
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 4 11
Other current liabilities 63 63 63
Total liabilities and equity 247 417 344
Net IB debt -32 -169 -79
Net IB debt excl. pension debt -32 -169 -79
Capital invested 132 162 173
Working capital -55 -53 -43
EV breakdown 2020 2021 2022
Market cap. diluted (m) 265 543 543
Net IB debt Adj -32 -169 -79
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 233 374 465
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 12,4 11,8 25,1
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 -138,2 -50,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -28,7 -60,5 -39,3
Net debt / market cap (%) -12,7 -31,2 -14,5
Equity ratio (%) 45,4 67,2 58,2
Net IB debt adj. / equity (%) -28,7 -60,5 -39,3
Current ratio (%) 87,7 285,6 166
EBITDA / net interest (%) -12722,5 -14671,4 -10257,9
Net IB debt / EBITDA (%) 41,6 187,2 121,3
Interest cover (%) -13263,7 -15696,9 -11509,7
Lease liability amortisation -1 -1 -2
Other intangible assets 166 162 159
Right-of-use asset 15 18 23
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 -184 -93
Net IB debt / EBITDA lease Adj (%) 60 201 139,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 22 57 57
Fully diluted shares Adj 22 57 57
EPS -3,82 -1,8 -1,4
Dividend per share Adj 0 0 0
EPS Adj -3,67 -1,71 -1,29
BVPS 5,06 4,91 3,51
BVPS Adj -2,42 2,07 0,73
Net IB debt / share -1,5 -3 -1,4
Share price 11,39 9,52 9,52
Market cap. (m) 252 543 543
Valuation 2020 2021 2022
P/E -3,1 -5,3 -6,8
EV/sales 9,38 9,59 4,87
EV/EBITDA -3 -4,1 -7,2
EV/EBITA -2,9 -3,9 -6,4
EV/EBIT -2,8 -3,7 -5,9
Dividend yield (%) 0 0 0
FCF yield (%) -36,5 -25,3 -17,7
P/BVPS 2,37 1,94 2,71
P/BVPS Adj -4,94 4,61 13,04
P/E Adj -3,3 -5,6 -7,4
EV/EBITDA Adj -3 -4,1 -7,2
EV/EBITA Adj -2,9 -3,9 -6,4
EV/EBIT Adj -2,8 -3,7 -5,9
EV/cap. employed 1,8 1,3 2,1
Investment ratios 2020 2021 2022
Capex / sales 10 8 6
Capex / depreciation 189,7 135,6 198,9
Capex tangibles / tangible fixed assets 43,3 4,5 8,2
Capex intangibles / definite intangibles 0 1 1,8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,8 6,6 8,3
Lease adj. FCF yield (%) -36,7 -25,5 -18,1

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Media

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

Main shareholders - OssDsign

Main shareholders Share capital % Voting shares % Verified
SEB Venture Capital 12.4 % 12.4 % 31 Mar 2021
Karolinska Development 11.0 % 11.0 % 30 Jun 2021
Nordic Cross Asset Management 6.1 % 6.1 % 31 Aug 2021
Lancelot Asset Management AB 5.7 % 5.7 % 30 Jun 2021
Avanza Pension 5.7 % 5.7 % 30 Jun 2021
Fouriertransform AB 5.6 % 5.6 % 30 Jun 2021
Linc AB 5.4 % 5.4 % 31 Aug 2021
Nordnet Pensionsförsäkring 3.0 % 3.0 % 30 Jun 2021
Theodor Jeansson 2.9 % 2.9 % 30 Jun 2021
Fredrik Lundgren 1.6 % 1.6 % 30 Jun 2021
Source: Holdings by Modular Finance AB