Ortoma (ORT) Q1 2026 earnings summary

Executive summary

• Transitioned to a more commercial and execution-focused phase, emphasizing market presence and growth, especially in Europe and Japan.

• Achieved regulatory registrations for OTS™ Hip in Australia and the UK, triggering milestone payments and expanding addressable markets.

• Delivered 15 systems in Q1, in line with the annual target of 100 systems, with expectations for increased deliveries in H2 2026.

• Strengthened financial position through a directed share issue and an oversubscribed rights issue, raising a net total of approximately 61.2 MSEK.

Financial highlights

• Net revenue for Q1 2026 was 15.8 MSEK, down from 38.7 MSEK in Q1 2025, mainly due to lower milestone payments.

• EBITDA was -4.7 MSEK, compared to 19.5 MSEK in Q1 2025.

• Result after financial items was -8.1 MSEK, versus 16.3 MSEK in Q1 2025.

• Earnings per share were -0.22 SEK (0.44 SEK in Q1 2025).

• Cash and cash equivalents at period end were 31.9 MSEK, up from 20.8 MSEK at the start of the quarter.

Outlook and guidance

• Targeting sales of 100 systems and operating revenue of approximately 80 MSEK for 2026, including 10 MSEK in milestone payments.

• Aims for positive cash flow in H2 2027 and operating revenue exceeding 220 MSEK in 2028.

• Commercial launches planned for the US, EU, and India in the coming years.