Integrum

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:

https://integrum.se/investor-relations/financial-reports-calendar/