Solid Q3
Ossur had a solid Q3 with sales of USD 192.9m (1-2% below expectations) on 7% organic and 9% reported growth. The Prosthetics business delivered a very healthy 12% organic growth, as new products continuing to be well-received. By contrast, the Bracing & Support segment fell short with a meagre 1% organic growth. The gross margin was 30-120bp below expectations, while unchanged Q3 opex at $95m year-on year drove EBITDA (pre-items) to $36.3m, 1-8% better than expectated, for a margin 40-180bp ahead of ABGSCe. Net Profit was $13.9m (8-9% below expectations) on higher interest rates and adverse FX impact. Ossur generated healthy cash flow at $17m, for 2.9x Net Debt/EBITDA, but did not restart its share buyback programme despite being inside the targeted 2.0-3.0x range.
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