Ortoma (ORT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose to SEK 4.8M from SEK 2.4M YoY, while EBITDA loss widened to SEK 15.9M from SEK 11.3M; 9M revenue fell due to lower milestone income.

• Commercial momentum strengthened with 42 systems sold in 9M versus 20 a year earlier and a post-quarter order for 125 systems worth ~SEK 173M for delivery in 2027.

Financial highlights

• Q3 net sales were SEK 4.84M versus SEK 2.43M; excluding SEK 0.98M of license-revenue timing correction and SEK 0.87M invoice adjustment, sales were ~SEK 6.7M.

• 9M net sales were SEK 31.1M versus SEK 59.9M; milestone revenue was SEK 9.2M versus SEK 38.7M, while sales excluding milestones increased 3% YoY.

• Q3 net loss was SEK 18.8M versus SEK 14.6M and EBITDA was negative SEK 15.9M versus negative SEK 11.3M; 9M net loss was SEK 48.0M versus net income of SEK 3.0M.

• 9M operating loss was SEK 48.4M versus operating income of SEK 3.0M; SEK 29.5M of the deterioration reflected lower milestone revenue.

Outlook and guidance

• The 2026 targets are 100 systems sold and ~SEK 80M operating revenue; management said reaching the revenue target looks difficult, while 42 systems had sold through September.

• A post-quarter order for 125 OTS Hip systems and components totals ~SEK 173M, with deliveries scheduled through 2027; the orders follow a ~SEK 32M summer order.

• The 2027 ambition is positive cash flow in H2, with India expected among launch markets; the 2028 revenue target is above SEK 220M.

• Management expects revenue and margins to improve gradually with geographic expansion and scale, including planned launches in priority markets in Q4 2026.