A Record Year in Sales


  • Net sales amount to 26.1 (18.1) MSEK, which is an increase of 43.7% compared with the corresponding period last year. The growth in the US market and in Rest of the World is 15.1% and 147 % compared with the corresponding period last year, respectively.
  • Operating result amounts to 2.6 (-7.2) MSEK (EBIT 10.1%). The operating result amounted to -1.8 MSEK (EBIT -7.0%) excluding currency effects of 4.5 MSEK, most of which are unrealized internal accounts receivables.
  • Profit/loss after tax amounted to 2.3 (-6.1) MSEK, which resulted in earnings per share of SEK 0.1 (-0.33).
  • Cash flow from operating activities amounts to 2.8 MSEK (-6.4), change in working capital was -10.2 MSEK (3.8) and investing activities -3.7 (-1.7). Total cash flow was -11.5 (-4.4) MSEK. Liquid assets as of 2024-04-30 amount to 16.9 (41.9) MSEK, not including 33.6 MSEK in accounts receivables.  

Significant events in the quarter

  • Independent researchers published an article showing that costs associated with maintaining functional socket prosthesis usage exceed those of using osseointegration alternatives several times while simultaneously improving quality of life.
  • Integrum also announced that the company has entered distribution agreements in Israel and in the UK.

Significant events after the quarter

  • The company has extended its credit facility and is finalizing a factoring setup, which together will make another 30 MSEK available to support expansion.


1 MAY 2023 – 30 APRIL 2024 (12 MONTHS)

  • Net sales amounted to 104.1 (74.3) MSEK, an increase of 40.2% compared with the corresponding period in the previous year. The growth in the US market and in Rest of the World is 25% and 95% compared with the corresponding period last year, respectively.
  • Operating result amounted to 6.5 (-19.7) MSEK. The operating result amounted to 0.7 MSEK (EBIT 0.7%) excluding currency effects of 5.8 MSEK, most of which are unrealized internal accounts receivables.
  • Profit after tax amounted to 4.2 (-16.2) MSEK, which resulted in earnings per share of SEK 0.2 (-0.9).
  • Cash flow from operating activities amounts to 8.0 (-20.6) MSEK. Total cash flow was -25.0 (-33.4) MSEK.

Significant events in the year

  • Integrum appointed Jeffrey Zanni as President, U.S., succeeding Thomas Dugan. Jeff has more than 20 years of success in the surgical and medical device   industry and has a proven track record of successfully developing and leading highly effective sales teams.
  • In Q2, The Centers for Medicare and Medicaid Services (CMS) granted the external prosthetic connection device Axor II™ a new reimbursement code. The new code is connected to a set reimbursement that will help to drive growth in the US.
  • The company established a Center of Excellence at the Center for Complex Endoprosthetics, Osseointegration and Bionics in Kyiv, with the intention to spearhead orthopedic treatment using OPRA™ Implant System in individuals who have suffered limb loss.
  • Also during the year, the company entered into the Turkish market with the OPRA™ Implant system in collaboration with the distributor Medikon.

CEO’s statement

Our growth journey continues and in summarizing our fiscal year 2023/2024, we can see how this year’s successful outcome has been driven by dual actions: a strong expansion into new geographical markets and our continued progress to establish OPRA® Implant system broadly among surgeons in the US. Revenues were 26.1 MSEK in the fourth quarter, corresponding to an increase of 43.7 percent compared to the same period last year. Our yearly revenue amounted to 104.1 MSEK, equivalent to an increase of 40.2 percent compared to the previous year.

A shift from the establishment phase to revenue generation boosts US figures
We have now successfully made an important shift in the US market, from focusing on the establishment of our product portfolio to growing the company’s revenue based on executing our field sales strategy. We continually evaluate viable partnerships that help us promote our groundbreaking innovation to as many eligible amputees as possible.

New markets put the spotlight on our revolutionary technology
Over the last year, we have been successful in swiftly entering new valuable geographical markets and showcasing the immense value of our osseointegration technology. Since the summer, we have entered four new markets where the need for innovative reconstructive treatments is large – Ukraine, Turkey, United Kingdom, and Israel.

Due to the Russian invasion of Ukraine, the demand for our reconstructive implant technology remains high and Ukraine is becoming our fastest-growing market outside of the US. In December last year, we inaugurated our Center of Excellence in Kyiv, aimed at spearheading advanced amputee care in the region. Today, the center operates independently and performs surgeries regularly with very limited oversight. The fast adaptation of the OPRA® Implant System points toward the possibilities to spreading our product widely. Our treatment solution has generated international attention, and at the end of April, we received visits from delegations with Swedish and Ukrainian politicians representing the highest governmental level. In close connection to these visits, I was awarded the title of Honorary Military Surgeon by the Ukrainian government, a title I carry with pride.

Our strategic investments in MDR are paying off
After the end of the quarter, we announced that we had signed a distribution agreement in the UK, thus entering a new high-value market. The expansion to the UK is made possible due to the country’s decision to adhere to the European Union’s new regulatory policy MDR (Medtech Device Regulation). Thanks to our early investments to validate the OPRA® Implant System according to the MDR, we are now taking advantage of our regulatory marking and making fast moves to establish collaborations with the country’s leading orthopaedic surgeons. Based on our current timelines, we expect that the first surgeries using OPRA® Implant System will be performed already in the first quarter of our fiscal year.

Moving forward
We can now summarize yet another eventful quarter and a record year in sales reaching above 100 MSEK. Our focus lies on further expansion. This will be achieved both by our own efforts and through strategic partnerships in the US, as well as in new attractive geographical markets. Step by step, we are increasing our market share, with the ultimate goal of restoring freedom of mobility to all who have suffered limb loss.

Mölndal, 30 May 2024

Rickard Brånemark

Chief Executive Officer

The interim report can be found here:


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 30-05-2024 07:00 CET.

For more information please contact:

Rickard Brånemark, CEO. Phone: +46 70 846 10 61, E-mail: rickard.branemark@integrum.se

Jörgen Svanström, CFO. Phone: +46 70 734 96 60, E-mail: jorgen.svanstrom@integrum.se

Certified Adviser:

The Company’s Certified Adviser is Carnegie Investment Bank AB (publ).