Ortoma (ORT) Q3 2024 earnings summary

Executive summary

• Achieved significant milestones in Custom OTSTM development, including a milestone payment of $600,000 and a record order of approximately 31.6 MSEK for the US market.

• Net sales for Q3 increased to 9.9 MSEK from 5.7 MSEK year-over-year, driven by both product deliveries and milestone payments.

• Strengthened organization with new management appointments to support expected growth and market expansion.

• Regulatory progress made for FDA and MDR approvals, with processes expected to conclude in 2025.

• Continued positive EBITDA development, reflecting underlying business strength.

Financial highlights

• Q3 net sales: 9,910,267 SEK (5,671,500 SEK in Q3 2023); nine months: 31,861,141 SEK (22,545,615 SEK in 2023).

• Q3 EBITDA: 1,873,461 SEK (-627,013 SEK in Q3 2023); nine months: 7,418,433 SEK (8,706,473 SEK in 2023).

• Q3 net result after financial items: -931,539 SEK (-1,899,562 SEK in Q3 2023); nine months: -1,113,080 SEK (6,823,519 SEK in 2023).

• Cash flow for Q3: 11,768,666 SEK (-7,323,250 SEK in Q3 2023); cash position at period end: 33,230,874 SEK (24,898,350 SEK in 2023).

• Equity ratio at period end: 93.8% (89.7% in 2023); equity per share: 4.65 SEK (8.88 SEK in 2023).

Outlook and guidance

• Deliveries for the record US order are planned for 2024 and 2025, supporting initial market introduction.

• Regulatory approval processes for FDA (US) and MDR (Europe) are ongoing, with completion expected in 2025.

• Continued investments in inventory and delivery capacity align with planned expansion into new markets.

• Management expects continued positive development in Q4, in line with budget and expectations.