Announcement no. 02/2023
Interim report Q4 & FY 2022
Sveinn Sölvason, President and CEO, Comments:
"Sales amounted to 191 million and the EBITDA margin before special items was 18% in Q4 2022. Despite a challenging external environment, we have grown the business in all regions and business segments in 2022. We ended the year with a strong quarter of growth driven by prosthetics sales in
Highlights Q4 and FY 2022
- Sales amounted to
USD 191 million in Q4 2022. Sales growth was 9% in local currency and increased by 6% organic compared to 11% in local currency and 5% organic in Q4 2021. Sales amounted toUSD 719 million in FY 2022, sales growth was 7% in local currency and increased by 4% organic, in line with the guidance for FY 2022. - Prosthetics sales grew by 7% organic and Bracing & Supports (B&S) sales increased by 5% organic in Q4 2022 compared to 6% and 3% respectively, in Q4 2021. Prosthetics grew by 4% in FY 2022 and B&S by 3%.
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Due to the strengthening of the USD against the EUR and other key currencies, reported sales were negatively impacted by
USD 14 million in Q4 2022 compared to Q4 2021, which corresponds to about an 8%-point negative effect on the reported growth rate. The adverse FX effect on reported sales in FY 2022 amounted toUSD 47 million . - Gross profit margin was 61% in Q4 2022 compared to 64% in Q4 2021. Gross profit was 61% in FY 2022 or 62% excluding special items mainly in connection to the cost saving initiatives announced last quarter, compared to 63% in FY 2021.
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EBITDA before special items amounted to
USD 34 million in Q4 2022, and the EBITDA margin before special items was 18% compared to 22% in Q4 2021. In FY 2022, EBITDA before special items amounted toUSD 128 million and the EBITDA margin before special items was 18% in line with guidance for FY 2022, compared toUSD 149 million and 21% in FY 2021. The EBITDA margin before special items in 2022 was mainly affected by temporary high supply chain and manufacturing cost. -
Net profit in Q4 2022 amounted to
USD 13 million or 7% of sales compared toUSD 18 million or 9% of sales in Q4 2021. Net profit in FY 2022 amounted toUSD 43 million compared toUSD 66 million in FY 2021. -
Cash generated by operations amounted to
USD 39 million or 21% of sales in Q4 2022 and amounted toUSD 92 million or 13% of sales in FY 2022. - NIBD/EBITDA before special items was 3.2x at the end of Q4 2022, above the target ratio of 2.0-3.0x due to higher net debt in connection to renewals of lease agreements, lower cash generated by operations and adverse FX impact. In line with Össur's Capital Structure and Capital Allocation Policy, Össur continues to temporarily pause share buybacks as NIBD/EBITDA before special items is above the target leverage range.
- The financial guidance for the full year 2023 is 4-8% organic sales growth, 17-20% EBITDA margin before special items, 3-4% CAPEX of sales, and an effective tax rate of 23-24%.
Q4 and FY 2022 conference call details
Össur will host a conference call on
A webcast can be followed on the Össur website: http://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 leading global provider of innovative mobility solutions that help people live a Life Without Limitations®. For over 50 years, Össur has had a strong purpose rooted in positively impacting people's health and well-being. A recognized "Technology Pioneer", Össur focuses on improving people's mobility through the delivery of solutions that advance patient care. Significant investment in research and development has led to over 2,000 patents, award-winning designs, successful clinical outcomes, and steady growth. Össur is committed to sustainable business practices and is signatory to the
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