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2021-10-26

Össur hf.: Össur hf: Interim report Q3 2021

Announcement no. 17/2021

Interim report Q3 2021

26 October 2021

Jon Sigurdsson, President & CEO, Comments:

"EMEA and APAC continued to perform well, in line with expectations, while the COVID-19 Delta variant primarily impacted sales in Americas, which is our largest market. Although organic growth was impacted by softer sales in Americas, the performance in other key markets strengthens our belief that the long-term prospects and underlying fundamental drivers of the Prosthetics and B&S markets are not expected to change and that we are well on our way. As innovation and technological leadership remain at the forefront of our 50-year history, we celebrated when para-athletes who wear Össur prosthetics, won 28 medals at the 2020 Tokyo Paralympic Games and Team Össur athletes set four new World Records and three new Paralympic records. I am grateful for the continuing efforts of all Össur employees around the world and thankful for our long-standing relationship with our customers and end-users."

Highlights Q3 2021

  • Sales amounted to USD 180 million in Q3 2021. Sales growth was 4% in local currency and increased by 4% organic compared to an increase in local currency of 1% and a decline of 5% organic in Q3 2020.
  • Prosthetics sales grew by 7% organic compared to a 4% decline in Q3 2020. Bracing & Supports (B&S) sales were constant organically compared to a decline of 7% in Q3 2020. Prosthetics sales increased by 13% organic and B&S sales increased by 10% in the first nine months of 2021.
  • In Q3 2021, Össur experienced further supply chain related cost increases on freight and raw material prices. Gross profit margin amounted to 62% in the quarter, compared to 63% in Q3 2020. Gross profit margin was 63% in 9M 2021 compared to 61% in 9M 2020.
  • EBITDA amounted to USD 37 million in Q3 2021 and the EBITDA margin was 21%, the same as the EBITDA margin in Q3 2020.
  • Net profit in Q3 2021 amounted to USD 17 million or 10% of sales compared to USD 15 million in Q3 2020 or 9% of sales. Net profit in 9M 2021 amounted to USD 48 million compared to USD 4 million in 9M 2020.
  • Cash generated by operations amounted to USD 31 million or 17% of sales in Q3 2021 and amounted to USD 89 million or 17% of sales in 9M 2021.
  • NIBD/EBITDA was 2.9x at the end of Q3 2021, within the target level of 2.0x-3.0x, in the Capital Structure and Dividend Policy.
  • The financial guidance for the full year 2021 has been narrowed to the lower end of the organic sales growth guidance range (10-15%), at around 10% organic sales growth and the lower end of the EBITDA margin guidance range (21-23%), at around 21% EBITDA margin before special items. Other items are unchanged, 3-4% CAPEX of sales, and an effective tax rate of 23-24%.

Q3 2021 Conference Call Details

Össur will host a conference call on 26 October 2021 at 9:00 CEST / 7:00 GMT / 3:00 EDT. To participate in the call please dial:

Europe: + 45 35 44 55 77, +44 (0) 333 300 0804 or +46 (0) 8 566 426 51

The United States: + 1 631 913 1422

Iceland: +354 800 7437

The PIN CODE to access the call is 99592602#. A webcast can be followed on the Össur website: www.ossur.com/investors.  

Further Information

Edda Lára Lúðvígsdóttir, Investor Relations Director, eludvigsdottir@ossur.com,+354 844 4759

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About Össur

Össur (Nasdaq Copenhagen: OSSR) is a global leader in non-invasive orthopaedics that helps people live a Life Without Limitations. A recognized "Technology Pioneer" with a rich 50-year history, Össur focuses on improving people's mobility through the delivery of innovative technologies in Prosthetics and Bracing & Supports. Significant investment in research and development have led to over 2,000 patents, award-winning designs, successful clinical outcomes, and consistently strong market positions. Össur is signatory to the UN Global Compact, UN Women's Empowerment Principles, contributes to the UN Sustainable Development Goals and will be carbon neutral in 2021. Össur operates globally and employs around 3,500 employees. www.ossur.com

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