Integrum (INTEG) Q1 26/27 earnings summary

Executive summary

• Achieved strong growth and improved profitability in the first quarter, with S1 surgeries up 17% year-over-year and net sales rising 27% to SEK 30.2 million.

• Strategic shift towards a more commercial and scalable business model is yielding results, with a positive EBITDA of SEK 3.8 million compared to SEK -10.7 million last year.

• Expansion of digital patient platform in the US and ongoing launches in Ukraine and Germany are driving patient flow and operational efficiency.

Financial highlights

• Net sales increased 27% year-over-year to SEK 30.2 million, with US sales up 22% and EMEA up 51%.

• Gross margin reached 102% due to a SEK 6.2 million US customs duty refund; adjusted gross margin was 82% (vs. 80% last year).

• EBITDA was SEK 3.8 million (vs. SEK -10.7 million), or SEK -2.4 million excluding the customs refund.

• Operating profit was SEK 1.3 million (vs. SEK -12.4 million).

• Operating cash flow was SEK -2.2 million (vs. SEK -9.5 million).

Outlook and guidance

• Focus remains on accelerating patient acquisition, improving conversion rates, and expanding S1 surgeries.

• Continued investment in commercial infrastructure and next-generation bionics technology.

• Management targets sustainable, profitable growth and scalability.