OssDsign AB (OSSD) AI Stock Analysis

• Market Cap: kr720.17M
• Dividend Yield: N/A
• Average Volume (3M): 297.02K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.32
• Revenue Growth: 38.43%
• EPS Growth: 57.76%
• Country: SE
• Employees: 32
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.20
• Shares Outstanding: 110,625,916
• 10 Day Avg. Volume: 325,245
• 30 Day Avg. Volume: 297,022
• PEG Ratio: 3.07
• Price to Book (P/B): 4.04
• Price to Sales (P/S): 6.95
• P/FCF Ratio: -17.53
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.29
• Revenue Forecast (FY): kr225.79M

• Rating: 47 Neutral
• Price Target: kr6.00 ▼(-46.90% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is primarily held back by persistent losses and ongoing cash burn despite strong revenue growth and very high gross margins, while technicals indicate a pronounced downtrend with weak momentum. Valuation is also constrained by negative earnings and no provided dividend yield.

Positive Factors

Revenue Growth

Rapid, sustained top-line expansion indicates clear product-market fit and successful commercial scaling. Accelerating revenue provides a runway to absorb fixed costs, enables operating leverage as sales grow, and supports a durable path to profitability if spending growth is controlled.

Very High Gross Margin

Exceptionally high and rising gross margins reflect strong unit economics and pricing power. Durable product-level profitability gives flexibility to invest in R&D and sales, cushions against input-cost shocks, and makes eventual operating leverage more achievable as revenue scales.

Conservative Leverage

Very low leverage reduces financial risk and preserves strategic optionality while the business matures. A stronger equity cushion supports continued investment during loss-making growth phases and lowers bankruptcy risk versus highly leveraged peers.

Negative Factors

Persistent Cash Burn

Ongoing negative operating and free cash flow require continual external financing, which can dilute shareholders and constrain strategic choices. Structural cash burn reduces runway and forces management to either slow growth or raise capital, limiting long-term independence.

Sustained Operating & Net Losses

Even with strong revenue and margins, persistent operating and net losses mean the company hasn't translated product economics into overall profitability. This undermines retained-earnings funding for growth and necessitates a clear path to break-even to avoid structural value erosion.

Negative Return on Equity

Negative ROE indicates the company is currently destroying shareholder value despite equity growth. If losses persist, the equity base may be pressured over time, necessitating improvement in operating profitability to preserve investor capital and justify continued funding.

OssDsign AB Business Overview & Revenue Model

Company Description

OssDsign AB (publ) designs, manufactures, and sells implants and material technology for bone regeneration in Sweden, Germany, the United States, the United Kingdom, rest of Europe, and internationally. The company's products include OSSDSIGN cranial, an implant solution and related accessories for skull defect reconstruction in cranioplasty patients; and OSSDSIGN facial to treat post-traumatic skeletal deformities and congenital skeletal defects. It also offers OSSDSIGN Cranioplug for bone flap fixation and burr hole coverage; and OssDsign Catalyst, a nanosynthetic bone graft substitute that stimulates the formation of healthy bone tissue. The company was incorporated in 2011 and is headquartered in Uppsala, Sweden.

How the Company Makes Money

OssDsign AB generates revenue through the sale of its proprietary biomaterial implants and related products in the medical field. The company primarily earns income from hospitals and surgical centers that purchase its custom implants for use in surgical procedures. Key revenue streams include direct sales of their products, which are often billed to healthcare providers or insurance companies, as well as potential royalties from partnerships with larger medical device companies that may license OssDsign's technology. Additionally, the company may benefit from collaborations with research institutions and participation in clinical trials, which can enhance its market presence and drive further sales.

OssDsign AB Financial Statement Overview

Summary

Revenue growth and exceptionally high/improving gross margins are major positives, and the balance sheet is conservatively financed with minimal leverage. However, operating and net losses persist and cash burn remains significant with negative operating and free cash flow, keeping overall financial performance below average.

Income Statement

Top-line momentum is strong, with revenue scaling materially over the period and accelerating in 2025 (annual revenue growth of ~208% vs ~19% in 2024). Gross margin is exceptionally high and improving (about 96% in 2025 vs ~75% in 2023), indicating attractive unit economics. However, profitability remains a key weakness: operating losses persist (EBIT margin around -26% in 2025), and the company is still reporting net losses despite improvement versus earlier years (net margin improved from deeply negative levels in 2020–2022 to roughly -28% in 2025). Overall, the business shows strong product-level economics and rapid growth, but has not yet translated this into sustainable profitability.

Balance Sheet

The balance sheet appears conservatively financed with very low leverage, as debt is minimal relative to equity (debt-to-equity roughly 0.6% in 2025, down from ~15% in 2020). Equity has also expanded meaningfully versus earlier years, supporting a stronger capital cushion. The primary concern is that returns on equity remain negative due to ongoing losses (ROE about -16% in 2025, though improved from more negative levels previously), which can pressure equity over time if losses persist. Net-net, financial risk from leverage looks low, but earnings quality must improve to protect the equity base.

Cash Flow

Cash generation remains the biggest weak spot: operating cash flow is consistently negative and worsened in 2025 (about -64m), with free cash flow also negative (about -71m). While the magnitude of cash burn improved versus 2023, the company is still funding operations with external capital rather than internally generated cash. Free cash flow is negative but broadly tracks net losses (free cash flow to net income slightly above 1x in 2024–2025), implying losses are not heavily inflated by non-cash items—yet the core issue remains persistent cash outflows. The setup improves if revenue growth continues while operating spend scales more slowly.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	180.16M	133.94M	112.16M	56.98M	31.73M
Gross Profit	173.47M	127.75M	83.64M	45.13M	20.84M
EBITDA	-46.76M	-45.31M	-122.02M	-89.41M	-79.97M
Net Income	-50.99M	-49.66M	-130.49M	-99.39M	-93.92M
Balance Sheet
Total Assets	397.87M	307.42M	356.39M	339.50M	343.99M
Cash, Cash Equivalents and Short-Term Investments	191.35M	100.86M	165.94M	124.65M	151.37M
Total Debt	1.77M	1.97M	3.15M	13.60M	14.13M
Total Liabilities	87.84M	93.36M	105.26M	91.39M	81.26M
Stockholders Equity	310.03M	214.06M	251.13M	248.11M	262.72M
Cash Flow
Free Cash Flow	-71.43M	-63.04M	-94.03M	-89.36M	-89.84M
Operating Cash Flow	-64.03M	-62.38M	-93.91M	-89.23M	-89.78M
Investing Cash Flow	-7.40M	-657.00K	-124.00K	-129.00K	-51.85M
Financing Cash Flow	163.18M	-2.46M	135.40M	61.84M	243.43M

OssDsign AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:OSSD, the sentiment is Negative. The current price of 11.3 is above the 20-day moving average (MA) of 6.81, above the 50-day MA of 9.29, and below the 200-day MA of 12.57, indicating a bearish trend. The MACD of -0.86 indicates Negative momentum. The RSI at 38.22 is Neutral, neither overbought nor oversold. The STOCH value of 69.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:OSSD.

OssDsign AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRAD.B	55 Neutral	kr933.66M	89.29	6.93%	―	-5.80%	-65.99%
PAX	52 Neutral	kr1.18B	187.98	1.41%	―	21.71%	-80.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr744.41M	-5.10	-36.55%	―	62.24%	21.16%
OSSD	47 Neutral	kr720.17M	-13.95	―	―	38.43%	57.76%
BACTI.B	44 Neutral	kr536.17M	-72.24	-6.81%	―	-8.10%	62.08%
SEDANA	44 Neutral	kr900.99M	-14.84	-4.42%	―	13.48%	28.98%