OssDsign (OSSD) Q2 2026 earnings summary

Executive summary

• Q2 2026 sales reached SEK 37.8 million ($4 million), flat sequentially but down 16% year-over-year in constant currency due to tough comparables from large prior-year orders and currency headwinds.

• Significant commercial team restructuring, with over 50% turnover since January and new leadership appointments, aimed at improving execution and growth.

• Continued investment in clinical evidence and product innovation, including progress on the MIS Catalyst, hydrophilic strip line extensions, and publication of studies showing superior performance in trauma.

• Ongoing contract renegotiations with major customers, with one three-year agreement secured and another still in progress.

• Adjusted EBIT for Q2 was SEK -12.0 million, a slight improvement from Q1, with cost controls partially offsetting lower sales.

Financial highlights

• Q2 sales of SEK 37.8 million, an 18.7% decrease from SEK 46.5 million in Q2 2025, with about half the decline attributed to last-day bulk orders in the prior year.

• Q2 gross margin improved to 92.1% from 91.6% in Q1, but below the 96.8% margin in Q2 2025, mainly due to product and customer mix.

• Q2 adjusted EBIT: SEK -11,975k (Q2 2025: SEK -6,203k); Q2 net result: SEK -11,408k (Q2 2025: SEK -8,340k).

• Cash flow from operating activities for H1: SEK -26,677k, improved from SEK -37,769k last year due to favorable working capital.

• Last twelve months (LTM) sales up 7% compared to the prior LTM period, though growth has plateaued.

Outlook and guidance

• Q3 expected to face seasonal headwinds due to U.S. holidays, but management remains confident in the foundation for future growth and a return to growth later in 2026.

• No immediate ceiling on sales team expansion; hiring will continue as long as it supports growth.

• Commercial incentive structure now tied to growth metrics; continued investment in sales team expansion and clinical evidence.

• Anticipated improvements in commercial momentum later in the year as sales reorganization takes effect.