Interim report May – Jul 2022: Steady sales growth fuelled by increased market penetration in the US
The period May 1st 2022 – JUl 31st 2022
- Net sales amounted TSEK 17 235 (12 882), which is an increase of 34% compared with the corresponding period last year. Strong growth of 45% in the US market, compared with the corresponding period last year.
- Operating profit amounted to TSEK 366 (1 247)
- Net profit amounted to TSEK -550 (1 282)
- Cashflow from operating activities amounted to TSEK -13 030 (-8 553),
-4.8 MDR project and -12.8 Accounts Receivables, respectively. - Earnings per share amounted to -0.03 SEK (0.08)
Significant events in the period
- The number of centers that offers the treatment continues to grow. In the period three new centers in the US treated their first patients. And in Europe at the
Karolinska University Hospital treated its first patient. - To streamline the market outreach, the marketing organization will be consolidated to the US subsidiary, which will oversee the company’s marketing efforts in the US and globally. To lead this updated organization Ian Dawson has been recruited.
He has held senior global marketing positions and brings over 25 years of experience in the marketing of orthopaedic implant systems. - Integrum will move its headquarter to the GoCo House, in the center of Health Innovation City. This new life science district in Gothenburg, is set to cover over 200 000 square meters of newly developed offices and facilities.
- The board appointed Rickard Brånemark as the company’s new CEO. In connection with this, Rickard Brånemark resigned as Chair of the Board, and Bengt Sjöholm was appointed Chair of the Board.
- The ongoing MDR project has entered into a less intensive phase, with a lower cost level than previous periods. In the period 4.8 MSEK have been invested in the project and we expect the costs to remain on or below this level through the coming quarter.
CEO comment
Integrum continues to deliver steady sales growth. During the past quarter, Integrums’ revenues amounted to SEK 17.2 million, representing a growth of 34 percent compared to the corresponding quarter last year. This marks a solid start for a new financial year and strengthens us in our endeavor for further growth.
In our most important market – the US – we are proud to announce a growth of 45 percent. During the quarter, three new centers in the US performed their first surgeries. Also, the structure of the new treatment program within the US Department of Veterans Affairs (VA) is now in place, the first patients are being recruited and treated.
To strengthen the support to customers and deepen our relations with payers, we have initiated a comprehensive reimbursement project that will further elucidate the long-term benefits and value added by the use of our products.
For continued growth, we need to constantly expand our patient base. Most amputees suffering from a bad functioning socket prosthesis are still unaware that our OPRATM Implant System may offer a considerably higher quality of life, much of our untapped potential lies in increased awareness among patients. We are in the US launching an extensive social media campaign and other PR activities to help increase awareness around the OPRATM Implant System as a better alternative for transfemoral amputees. We also hosting an increasing number of OPRATM Insight Forum where we gathered professionals and patients to educate them about the benefits of our treatment.
Successful marketing is increasingly important in this phase of the company’s development. To streamline our market outreach, we have started to consolidate our marketing organization to our US subsidiary, which will oversee the company’s marketing efforts in the US and globally. To lead this updated organization we have recruited Ian Dawson, who has held senior global marketing positions in several leading medical device companies and brings over 25 years of experience in the marketing of orthopaedic implant systems. In his most recent role, he was leading the launch of the Zimmer Biomet orthopaedic robotic platform in the US, and we are very pleased to have managed to attract Ian to Integrum. This organizational update will help us in establishing the infrastructure needed to drive further growth.
The list of top-performing and reputable medical institutions around the globe using our solution is growing. During the quarter, Karolinska University Hospital in Solna, Sweden, performed its first surgeries with Integrum OPRATM Implant System and is now offering our innovative bone anchored prosthesis technology to patients.
Integrum is not just growing in terms of sales, we are expanding our business and have decided to relocate to new premises. In the spring of 2023, Integrum will move headquarter to the GoCo House, in the center of Health Innovation City. This new life science district in Mölndal, Gothenburg, is set to cover over 200 000 square meters of newly developed offices and facilities, with the aim of promoting knowledge exchange, business collaboration, and world-class innovation in life science and health care.
We are convinced that the move will not only bring us both more space for our ongoing expansion but also make us an even more attractive employer to those who want to join our journey to change amputee care forever.
In close collaboration with health providers, leading surgeons, and rehabilitation professionals, and prosthetists, we are now even more forcefully continuing our efforts to improve access to our unique implant system with the aim of improving the quality of life for patients all over the world.
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 31-08-2022 08:30 CET.
For more information please contact:
Rickard Brånemark, CEO. Phone: +46 70 846 10 61, E-mail: rickard.branemark@integrum.se
Dennis Baecklund, CFO. Phone: +46 72 556 68 69, E-mail: dennis.baecklund@integrum.se
Certified Adviser
Erik Penser Bank is Certified Adviser and can be reached at +46 (0) 8-463 8000.