Ortoma (ORT) Q4 2025 earnings summary

Executive summary

• Transitioned from development to commercialization, focusing on OTS™ Hip system and international scalability.

• Achieved full-year net sales of 64.6 MSEK, up from 49.1 MSEK year-over-year, driven by milestone payments.

• Fourth quarter net sales were 4.7 MSEK, down from 17.3 MSEK due to absence of milestone payments.

• Ended 2025 with 20.8 MSEK in cash and a strong equity ratio of 88.5%.

• Commercial rollout in Japan ongoing; preparations for US and EU launches in 2026.

Financial highlights

• Full-year EBITDA was -4.7 MSEK (vs. -0.6 MSEK prior year); Q4 EBITDA -17.4 MSEK (vs. -2.3 MSEK).

• Net income for 2025 was -19.2 MSEK (vs. -11.6 MSEK prior year); Q4 net income -22.2 MSEK (vs. -4.8 MSEK).

• Earnings per share for 2025: -0.52 SEK (vs. -0.31 SEK); Q4: -0.60 SEK (vs. -0.13 SEK).

• Cash flow from operations positive for the year, mainly due to reduced accounts receivable.

• No dividend proposed for 2025.

Outlook and guidance

• Targeting sales of 100 systems and 80 MSEK in revenue for 2026, with 10 MSEK from milestones.

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

• Commercial launches in US and EU planned for 2026; India expected to be added in 2027.