The Q4
Ossur delivered very healthy 9% organic growth in Q4 for revenues of USD 210m (-3% vs. ABGSC; +5% vs. Cons). Gross margin was bang in line with our estimate, but undershot consensus by 120bp as Ossur continues to struggle rightsizing its production unit costs. EBITDA (pre-items) came in at USD 37m (-16% vs. ABGSC; +6% vs. Cons). Growth was driven by the "right" segment i.e. the Prosthetics business (9% organic) with Ossur benefiting from strong volume growth, positive product mix and price hikes. Bionics was 24% of Prosthetics sales (FY'23 25%). Ossur ended the year with a strong USD 46m in cash flow from operations as inventories have finally started to move positively. Net debt was USD 395m for 2.8x net debt/EBITDA.
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