OssDsign: Operational development in the right direction - ABG
59% y-o-y sales growth for Catalyst in Q1'25e Lower our EBIT forecasts by 12-23% for '25e-'27e Q1'25 results due 6 May
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Q1'25 expectations
We expect OssDsign to continue to improve its market access by driving growth through new hospitals and more surgeons using the product. All in all, we forecast Q1 sales of SEK 43m, which corresponds to growth of 59% y-o-y, and +4% q-o-q compared to Q4'24. While sales can be lumpy between quarters, we forecast a positive sales trend on a trailing 12-month basis in the coming years. For Q1, we continue to expect opex to be at a fairly similar levels as in Q4'24, and we pencil in SEK 51m (vs. SEK 50m in Q4'24). On earnings, we forecast EBIT of SEK -17m in Q1'25e, driven by a gross margin of 95%. For the quarter we also include an NRI of SEK 7m related to the incentive programme.
