Ortoma (ORT) Q2 2026 earnings summary

Executive summary

• Achieved record sales of 21 systems in Q2 2026, totaling 36 systems for H1, surpassing full-year 2025 sales.

• Largest order in company history received post-period, valued at 32 MSEK for Europe, USA, and Japan.

• Focused on disciplined execution of commercialization plan for OTS™ Hip, with ongoing international rollout.

• Strengthened financial position through successful rights and directed issues, raising approximately 68 MSEK before costs.

Financial highlights

• Q2 2026 net revenue: 10.4 MSEK (vs. 18.8 MSEK Q2 2025); H1 2026 net revenue: 26.2 MSEK (vs. 57.5 MSEK H1 2025).

• Q2 2026 EBITDA: -18.1 MSEK (vs. 4.5 MSEK Q2 2025); H1 2026 EBITDA: -22.8 MSEK (vs. 24.1 MSEK H1 2025).

• Q2 2026 net result: -21.1 MSEK (vs. 1.3 MSEK Q2 2025); H1 2026 net result: -29.2 MSEK (vs. 17.6 MSEK H1 2025).

• Cash flow from operations H1 2026: -18.6 MSEK (vs. 34.1 MSEK H1 2025); cash at period end: 62.7 MSEK.

• Equity ratio at period end: 88.7% (vs. 91.6% prior year).

Outlook and guidance

• Order book and revenues now total approximately 60 MSEK, below the previously communicated 80 MSEK full-year target.

• Management acknowledges difficulty in reaching the 80 MSEK target but continues efforts to achieve it.

• 2026 goal: 100 systems sold and 80 MSEK in operating revenue, including 10 MSEK in milestone payments.

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