Össur, Reykjavik, Iceland, reported its financial results for the fourth quarter (4Q) and fiscal year (FY) ending December 31, 2021.
Highlights included:
- Sales amounted to $188 million in 4Q, 11 percent in local currency, and increased by 5 percent organic compared to a decline in local currency of 8 percent and a decline of 4 percent organic in 4Q 2020. Sales amounted to $719 million for 2021 and increased by 11 percent in local currency and by 10 percent organic, compared to a decline in local currency of 8 percent and a decline of 10 percent organic for FY 2020.
- Prosthetics sales grew by 6 percent organic compared to a 1 percent growth in 4Q 2020. Bracing and supports (B&S) sales increased by 3 percent organically compared to a decline of 12 percent from the same period a year ago. Prosthetics sales increased by 11 percent organic, and B&S sales increased by 8 percent organic in 2021.
- In 2021, Össur continued to invest in growing the infrastructure in new and emerging markets and went direct in seven new markets in Eastern Europe. Össur now has operations in 35 countries.
- Gross profit margin totaled 64 percent in 4Q, the same as in 4Q 2020. Gross profit margin was 63 percent in 2021 compared to 62 percent in 2020.
- Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $41 million in 4Q, and the EBITDA margin was 22 percent compared to 14 percent EBITDA margin for the same period a year ago that was affected by extraordinary costs related to divestments. The EBITDA margin for 2021 was 21 percent in line with guidance compared to an EBITDA margin of 15 percent for 2020.
- Net profit in 4Q 2021 amounted to $18 million or 9 percent of sales compared to $4 million in 4Q 2020 or 2 percent of sales. Net profit in 2021 totaled $66 million compared to $8 million in 2020.
- Cash generated by operations amounted to $39 million or 21 percent of sales in 4Q 2021 and amounted to $128 million or 18 percent of sales in 2021.
- Össur completed acquisitions of entities with combined annual sales of $4 million in 4Q 2021.
“The results for the fourth quarter were solid with especially strong growth in [Europe, Middle East, and Africa] and [Asia-Pacific countries]. Prosthetics growth was strong in all regions, including bionics, which has been more affected in prior quarters,” said Jon Sigurdsson, president and CEO. “We have taken on challenges presented by the COVID-19 pandemic throughout the year and managed to maintain our product supply and continued our investments in our global growth platform as well as in research and development.”
