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OssDsign: Start believing this growth journey - SEB

OssDsign reported 177% organic growth y/y in Q1, with another quarter of the US leading the way where sales grew 399% y/y. Sales were in line with our estimate, but operating profit was well below due to an incorrect assumption from our side on the FX hedge that has been yielding high returns throughout 2022. We now reset our profitability expectations for 2023-25 but raise sales 6% for 2023E. We reiterate our mid-point value of SEK 11.

OssDsign reported 177% organic growth y/y in Q1, with another quarter of the US leading the way where sales grew 399% y/y. Sales were in line with our estimate, but operating profit was well below due to an incorrect assumption from our side on the FX hedge that has been yielding high returns throughout 2022. We now reset our profitability expectations for 2023-25 but raise sales 6% for 2023E. We reiterate our mid-point value of SEK 11.
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