A quarter with new and strategically important customers and collaborations in the US


  • Net sales amounted to SEK 12.6 (10.9) million, which is an increase of 16.2% compared with the corresponding period last year.
  • Operating profit/loss amounted to SEK 0.5 (1.3) million.
  • Profit/loss after tax amounted to SEK 0.5 (0.3) million, which resulted in earnings per share of SEK 0.03 (0.02).
  • Cash flow from operating activities amounted to SEK -9.3 (1.7) million. Liquid assets as of 31 January 2022 amounted to SEK 93.8 (9.4) million.

Significant events in the third quarter

  • Integrum has been selected as a strategic partner for US Veterans Affairs (VA). This a strategic and long-term partnership for our work in establishing the OPRATM
    Implant System as a standard treatment.
  • During the period, three new centres, two of which are in the US, performed their first OPRATM Implant System operations. The treatment is now offered globally at about 40 centres.
  • The company continue to invest in the business, and as a result of this there is an increased cost basis. The intensified market presence resulted in that the Sales and Marketing costs in the period contributed to 41% of total Other Expenses.
  • The work on the transition to certification according to MDR continues, during the period costs of SEK 10.6 million were capitalized as intangible assets. The cost refers to external costs as well as internally earned time.

Nine months 2021/22 (1 May – 31 Jan)

  • Net sales amounted to SEK 37.4 (30.7) million, an increase of 22% compared with the corresponding period in the previous year.
  • Operating profit amounted to SEK 0.9 (0.0) million.
  • Profit after tax amounted to SEK 16.4 (0.1) million, which resulted in earnings per share of SEK -0.05 (0.02).
  • Cash flow from operating activities amounted to SEK -16.1 (-3.8) million.

Significant events in the period

  • A directed issue was performed in mid-June and the company received a total of SEK 121 million before issue expenses. A number of Swedish and international institutional investors have been added through this issue, including Didner & Gerge Fonder, Stena Finans, Vasastaden Holding and Consensus Fonder.
  • Costs of SEK 16.9 million have been capitalized as intangible assets, the costs are related to the ongoing transition from certification according to MDD (the former European regulations Medical Device Directive) to the more comprehensive MDR (Medical Device Regulation).

CEO’s statement

Integrum is working intensively and systematically to make the OPRATM Implant System the new standard of care for all amputee patients around the world who are medically suitable. We know that patients with our bone-anchored products, which are integrated with the skeleton, enjoy a considerably higher quality of life compared to the classical socket prothesis. It makes a difference to the rest of their lives, and we are firmly resolved to offer all suitable patients a bone-anchored prosthesis system from Integrum.

Reforming healthcare is a substantial task. In this work, news of the kind we were able to communicate on 23 December is very encouraging. We announced then that Integrum had been selected as strategic partner for US Veterans Affairs (VA). In its new programme for osseointegration, the VA will offer patients who currently have a sleeve prosthesis the chance to switch to Integrum’s bone-anchored prosthesis system. The VA, which administers the largest integrated healthcare system in the US, has a clear focus on offering the best possible healthcare and is responsible for almost 1,300 care facilities and more than 9 million active and former military personnel. For Integrum this is a strategic and long-term partnership, and in our work establishing the OPRATM Implant System as the standard of care, collaboration, and recognition such as this are invaluable. The sales volumes, as a direct result of the agreement, are short term expected to be limited, but long term the potential is substantial and we look forward to assisting VA as the new treatment programme is expanded.

During the quarter, Integrum’s sales amounted to SEK 12.6 million, which is an increase of 16 per cent compared with the same period in the previous year. The total sales during the first three quarters of the financial year amounted to SEK 37.4 million, which is 22 per cent more than in the previous year. Sales during a rolling 12-month period are now at SEK 49.8 million. The COVID-19 pandemic continues to affect the businesses in both the US and Europe. Even though the social restrictions are about to be lifted, we still expect some sluggishness for a while due to the remaining lag effects on healthcare. When scheduled operations start to be performed on a major scale once again, healthcare must prioritise postponed operations. There remains therefore a degree of uncertainty as to when the effects of the pandemic on orthopaedic companies such as Integrum will subside.

At the same time, a clear strategy for growth in the US is starting to take shape under the leadership of Thomas Dugan. In order to succeed with the complex sales process for advanced medical technology in the US, we are now organising our work around five key target groups: hospitals, surgeons, prosthetist, insurance companies and patients. By successively increasing awareness of the OPRATM Implant System and establishing the infrastructure that is required, we can gain the momentum needed to fully establish our system in the US market.

In the past few months, several other reputable US clinics have performed their first successful operations with the OPRATM Implant System, among them Eire County Medical Center in New York. The fact that we have managed to add new hospitals during the pandemic is testament to our work and shows the attractiveness of our products. Because Integrum is the only bone-anchoring prosthesis system that is approved in the US, more and more clinics are seeing the competitive advantage in being able to offer our ground-breaking system to their patients.

In Europe the focus is still on increasing awareness of the unique benefits of our products. In Germany, which is an important market in Europe, we are strengthening our collaboration with prosthetist and patient associations, among others, to help patients find the clinics that offer the OPRATM Implant System. Sweden is also an important market in Europe and Integrum continues to strive to offer the treatment at additional well recognized hospital systems. For us at Integrum, it is positive for our international expansion with a strong position in our home market.

We are now recruiting more key people to implement our growth strategy, especially with the US market in mind. At the same time, we are strengthening our resources in research and development, as well as the regulatory area at our headquarters in Mölndal. In addition to supporting the expansion of our existing products, the reinforcements will focus on driving the development of our future products, such as e-OPRATM. The potential of what we can achieve together for patients with our products is enormous.

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 02-03-2022 08:30 CET. Integrum is listed on Nasdaq First North in Stockholm. Erik Penser is the Company's Certified Adviser.

For further information, please contact:
Maria Lopez, CEO
Phone: +46 (0) 708-46 10 69
Email: maria.lopez@integrum.se

Dennis Baecklund, CFO
Phone: +46 (0) 72 556 68 69 
Email: dennis.baecklund@integrum.se

Certified Adviser:
Erik Penser Bank AB
Tel. +46 (0) 8 463 8000
Email: certifiedadviser@penser.se