Integrum reported its earnings for the 2023/2024 second quarter (2Q), which runs May through July.
Highlights included:
- Net sales amounted to SEK 27.6 (20.2) million, an increase of 36 percent compared with the corresponding period last year. The growth in the US market was 27 percent compared to the corresponding period last year.
- Operating profit was SEK 6.5 (0.9) million. Excluding direct currency effects, the operating profit was at 3.8 million SEK (-5.2).
- Profit/loss after tax was SEK 3.9 (2.3) million, which resulted in earnings per share of SEK 0.21 (0.13).
- Cash flow from operating activities was SEK 6.8 million (-5.3). Liquid assets as of October 31 was SEK 33.3 (53.4) million.
The company reported several significant events in the quarter:
- The Centers for Medicare & Medicaid Services (CMS) granted the osseointegrated external prosthetic connection device Axor II a new reimbursement code that the company expects to help to drive growth in the US.
- Integrum appointed Alex Winber as vice president of Sales and Marketing with full focus on the US. The appointment is part of restructuring the company’s sales and marketing organization, focusing on executing growth in the US.
- The board of directors initiated a review and evaluation of strategic alternatives to further accelerate the global roll-out of its OPRA Implant System.
- The company received a Unitary Patent approval pertaining to Neuromotus. The patent grants immediate proprietary rights to Integrum in 17 European countries.
- Integrum entered into the Turkish market with the OPRA Implant system in collaboration with the distributor Medikon.
- Scott Flora was elected as full member of the company’s board at the annual general meeting.
- CEO Rickard Brånemark moderated a workshop in Ukraine focusing on war-related care for people with amputations and visited Kyiv, Ukraine, to treat wounded soldiers and train Ukrainian orthopedic surgeons.
