OssDsign (OSSD) Q2 2024 earnings summary

Executive summary

• Achieved SEK 100 million in rolling 12-month orthobiologics sales, just two years after first meaningful sales in Q2 2022.

• Treated over 5,000 patients with OssDsign Catalyst in the U.S. by end of Q2 2024.

• Transitioned to a pure-play, U.S.-focused orthobiologics company, exiting the cranial space.

• U.S. business delivered nine consecutive quarters of triple-digit growth, with all sales now from orthobiologics in the U.S.

• Strategic focus on scalability and high margins in the large U.S. market.

Financial highlights

• Q2 2024 net sales: SEK 29.7m, up 143% year-over-year; H1 2024 net sales: SEK 56.8m, up 170% year-over-year.

• Gross margin reached 93.2% in Q2 2024 (up 18.6 percentage points); H1 gross margin 93.4% (up nearly 21 percentage points year-over-year).

• Q2 operating loss: SEK -15.3m (improved from -21.3m); H1 operating loss: SEK -27.3m (improved from -44.9m).

• Q2 loss after taxes: SEK -15.7m (improved from -20.4m); H1 loss after taxes: SEK -26.8m (improved from -43.5m).

• Q2 cash flow from operations: SEK -18.4m (improved from -23.1m); H1: SEK -46.7m (improved from -49.8m).

Outlook and guidance

• Expectation to maintain gross margin at or above 90% as a pure-play orthobiologics company.

• Continued focus on expanding U.S. market access, accelerating new product development, and investing in clinical programs.

• Broader regulatory clearance enables entry into new orthopedic segments beyond spine, with initial steps into extremities.

• Early commercialization stage with significant untapped growth potential; over 90% of the market remains unaddressed.

• Board deems current liquidity sufficient for at least the next twelve months and is confident in mid- to long-term profitability and cash flow positivity.