Ortoma (ORT) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached SEK 17.5 million, up from SEK 16.9 million year-over-year; H1 net sales totaled SEK 22.0 million, up from SEK 16.9 million.

• Q2 EBITDA was SEK 8.2 million (down from SEK 13.1 million); H1 EBITDA was SEK 5.5 million (down from SEK 13.1 million).

• Q2 net income after financial items was SEK 5.4 million (down from SEK 13.1 million); H1 net income was SEK -0.2 million (down from SEK 8.7 million).

• Milestone payments totaling USD 1.5 million in Q2 and USD 0.6 million after the period were received under a development and distribution agreement.

• Focus on commercial activities, organizational strengthening, and product development, including regulatory progress for OTSTM Hip.

Financial highlights

• Q2 net sales: SEK 17.5 million, with SEK 16.1 million from milestone payments.

• H1 net sales: SEK 22.0 million, with SEK 16.1 million from milestone payments.

• Q2 net income: SEK 5.4 million; H1 net income: SEK -0.2 million.

• Q2 EBITDA: SEK 8.2 million; H1 EBITDA: SEK 5.5 million.

• Cash flow for Q2: SEK -19.6 million, mainly due to inventory build-up and investments.

• Cash and cash equivalents at June 30, 2024: SEK 21.5 million.

Outlook and guidance

• Continued quarterly fluctuations expected due to project deliveries and product shipment timing.

• Ongoing investments in inventory to reduce lead times and support future growth.

• Focus on regulatory approval for OTSTM Hip in Japan and other markets.