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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Hälsovård |
| Industri | Medicinteknik |
Fourth quarter 2024/25
(February - April)
- Net sales amounted to SEK 27.1 m (26.1)
- Operating result amounted to SEK -11.7 m (2.6)
- Profit/loss after tax amounted to SEK -9.0 m (2.3)
- Earnings per share of SEK -0.42 (0.13).
- Cash flow for the quarter amounted to SEK 25.0 m (-11.5)
Full Year
May 2024 - April 2025
- Net sales amounted to SEK 91.1 m (104.1)
- Operating result amounted to SEK -42.4 m (6.5) .
- Profit after tax amounted to SEK -30.9 m (4.2)
- Earnings per share was SEK -1.45 (0.23).
- Cash flow for the period amounted to SEK 22.7 m (-25.0)
Significant events during the fourth quarter
- In February, the company announced a strategic shift to accelerate the commercialization of OPRA® Implant System and generate cost efficiencies up to SEK 20 m annually.
- Similarly in February, Integrum carried out a directed new issue of 1,937,500 series B shares, raising proceeds of approximately SEK 31 million.
- In March, the company announced that a newly published independent study from the Walter Reed National Military Medical Center in Bethesda, Maryland, U.S., provides compelling evidence of OPRA® Implant System's treatment effectiveness in transfemoral amputees.
Significant events after the quarter
- After the quarter, the company appointed Martin Hillsten as the new CEO. He succeeds acting CEO Scott Flora, who will continue to support US marketing activities in an advisory capacity and remain on the company's Board of Directors.
CEO's letter
After years of following Integrum's journey closely, it was with great enthusiasm that I assumed the CEO role on May 5th, taking over the leadership of an organization with a proven life-changing product. With the strategic shift and consequential organizational changes already initiated by the board earlier this year, I am convinced Integrum is entering a new era with clear commercial focus that will help more amputees regain active lives.
Record number of S1 procedures
During the period, we performed 45 S1 procedures, representing a 10% increase compared to the same period last year. The US market accounted for 34 of these procedures - the highest number of S1 procedures we've ever performed in the US during a single quarter and an increase of 48% compared to the same period last year. Notably, 80% of the S1 procedures in the US were performed in just a few focused hospitals, emphasizing the potential in our strategy to concentrate on centers of excellence. Particularly encouraging is our four consecutive months of growth in S1 procedures in the US.
The OPRA® Implant System revenue model is typically based on a two-stage surgical procedure followed by the integration of a safety device (Axor II) that connects the system to customized prosthetics. The first stage of the surgical procedure (S1) generates more than 50% of the total system revenue for this quarter. The second stage (S2), generally performed one to two quarters after S1, together with the Axor II safety device and other sales, comprises the remaining revenue streams.
Considerably improved cash flow
Revenues were SEK 27.1 m in the fourth quarter, a growth of 4,2% compared to last year. US sales exceeded expectations and delivered an organic growth of 33%, SEK 21.7 m (16.3). Cash flow for the quarter excluding the share issue amounted to SEK -3.5 million, a significant improvement compared to SEK -19.5 million for the previous quarter.
Building momentum in the US
The strong US performance reflects significant organizational improvements. Following a comprehensive review, we've strengthened and refocused our sales force with one clear objective: increasing S1 procedures. Combined with improved management structures and consistent progress monitoring, we're now delivering on this goal.
As mentioned above, our strategic focus on centers of excellence has been crucial, enabling us to handle the increased patient demand generated by successful social media campaigns. This combination ensures that heightened patient interest quickly translates into actual procedures being performed. During my recent visit to the US office, I was impressed by the robust processes now in place - it's encouraging to see such rapid results from changes implemented over the past six months. I look forward to supporting the team as they accelerate this positive momentum.
Adding new distribution agreements in Europe
In parallel to our US focus, we remain committed to establish OPRA® Implant System in prioritized markets in Europe. We recently signed a distribution agreement with Bionics Group Ukraine. Since Integrum established a center of excellence for trauma care in Kyiv in December 2023, approximately 80 patients have been treated with the implant system at the center. As the medical need remains high, with approximately 100,000 Ukrainians requiring treatments due to limb loss, our focus is on targeting critical bottlenecks by training medical personnel to enable a wider use of our implants. The newly signed distribution agreement formalizes our distribution processes throughout Ukraine and lays the foundation for a potential scale-up.
Another new commercial distribution agreement was signed with Labormed for the Slovenian market. The initial order will be used in reconstructive surgeries in patients who have suffered limb loss at the thumb joint, and we foresee the clinics in Slovenia to initially specialize particularly on upper extremity amputees.
Implementing the strategic shift
Before I took on the role as CEO of Integrum, I had a close dialogue with the board, and it is reassuring that there is a clear consensus regarding the strategic shift that was initiated earlier this year. I will continue the work to optimize operations to deliver cost efficiencies generating up to SEK 20 million annually when fully implemented, a process proceeding well according to plan. I look forward to continuing to support the US organization in maintaining the rapid positive turnaround that has already started, while also bringing together the entire strategy with our other priority markets. The US will continue to be the engine of our growth, and I will personally maintain a strong presence there. Still, I also see great potential in gradually establishing Integrum in other markets and eventually becoming a truly global player.
Mölndal, June 3rd, 2025
Martin Hillsten
Chief Executive Officer
The interim report can be found here:
https://integrum.se/investor-relations/financial-reports-calendar/
This disclosure contains information that Integrum AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 03-06-2025 07:00 CET.