Össur, Reykjavik, Iceland, has reported its interim financial report for the third quarter (3Q) and the first nine months (9M) of 2022.
Highlights include:
- Sales amounted to $177 million, sales growth was 6 percent and increased by 4 percent organic. 9M sales amounted to $528 million, sales growth was 6 percent in local currency and increased by 3 percent organic.
- Prosthetics grew by 4 percent organic and bracing and supports (B&S) grew by 2 percent organic in 3Q. Prosthetics grew by 3 percent through 9M 2022 and B&S by 2 percent.
- Gross profit margin was 61 percent in 3Q compared to 62 percent in 3Q 2021. Gross profit was 61 percent through 9M or 62 percent excluding special items, compared to 63 percent through the same period a year ago.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) before special items totaled $35 million. The EBITDA margin was 20 percent compared to 21 percent in 3Q 2021.
- Net profit totaled $7 million or 4 percent of sales compared to $17 million or 10 percent of sales during 3Q 2021, also affected by the before mentioned special items. Net profit for 9M 2022 was $30 million compared to $48 million in 9M 2021.
- Cash generated by operations totaled $21 million or 12 percent of sales in 3Q 2022 and totaled $53 million or 10 percent of sales in 9M 2022.
- Össur acquired Naked Prosthetics during the third quarter of 2022, with sales totaling $9 million in 2021.
“Sales amounted to $177 million, and EBITDA margin before special items was 20 percent in 3Q 2022. Growth was very strong in [Asia-Pacific countries] as both China and Australia are regaining ground and sales were stronger in Americas this quarter. We continue to face supply chain challenges and emphasize delivering our products and solutions to patients. Interest in the Power Knee remains high, and patient and provider satisfaction fuels our ongoing dedication to improving people’s mobility. We have made organizational changes and initiated cost savings as we remain focused on future growth and profitability,” said Sveinn Sölvason, Össur president and CEO.
