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OssDsign Q1: 177% organic growth y/y - SEB

OssDsign reported strong organic growth of 177%, driven by both Catalyst and Cranial PSI. Cranial PSI doubled sales y/y thanks to strong development in France and Germany. Sales was SEK 21.5m (1.1% vs SEB 21.2m) but EBIT was well below our expectations. Cash burn increased to SEK 29m due to larger than normal working capital affects. US sales were up 399% y/y which shows the continued acceleration of Catalyst. We reiterate our mid-point valuation of SEK 11 per share.

OssDsign reported strong organic growth of 177%, driven by both Catalyst and Cranial PSI. Cranial PSI doubled sales y/y thanks to strong development in France and Germany. Sales was SEK 21.5m (1.1% vs SEB 21.2m) but EBIT was well below our expectations. Cash burn increased to SEK 29m due to larger than normal working capital affects. US sales were up 399% y/y which shows the continued acceleration of Catalyst. We reiterate our mid-point valuation of SEK 11 per share.
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