Ending 2024 with strong sales and higher gross margin
OssDsign delivered better-than-expected sales and gross margin in Q4, leading to a 7% beat (less negative) on EBIT. Q4 sales came in at SEK 41.4m (+12% vs. ABGSCe at SEK 37.0m), corresponding to a y-o-y growth rate of 54% vs. the relevant Q4'23 comparison. Looking at the gross margin of 96.8% (vs. ABGSCe at 94.0%), it continues to stay strong driven by continued efficiency improvements in production and favourable FX. Management reiterates that it expects the gross margin to remain above 93% going forward, which is encouraging. We also see signs of improved operational leverage in Q4, with the level of opex (excl. other operating items) to sales coming down as a percentage of sales to 121% (compared to our forecast of 130%). Cash flow from operating activities was above expectations at SEK -7.0m in Q4 (vs. ABGSCe at SEK -9.4m), marking an improvement from SEK -25.6m in Q4'23. At the end of Q4'24, OssDsign had SEK 100.9m available in cash and cash equivalents.
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