Reported Earnings • Jun 04
Full year 2026 earnings released: kr1.98 loss per share (vs kr1.52 loss in FY 2025) Full year 2026 results: kr1.98 loss per share (further deteriorated from kr1.52 loss in FY 2025). Revenue: kr96.1m (down 1.4% from FY 2025). Net loss: kr46.3m (loss widened 50% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 06
Third quarter 2026 earnings released: kr0.47 loss per share (vs kr0.18 loss in 3Q 2025) Third quarter 2026 results: kr0.47 loss per share (further deteriorated from kr0.18 loss in 3Q 2025). Revenue: kr21.3m (down 17% from 3Q 2025). Net loss: kr11.5m (loss widened 229% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. New Risk • Mar 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr50m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr50m free cash flow). Earnings have declined by 56% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (kr196.5m market cap, or US$21.2m). New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings have declined by 49% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 49% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (kr232.3m market cap, or US$25.6m). Announcement • Feb 12
Integrum AB (publ) Announces Executive Changes Integrum AB (publ) announced that Jeff Zanni, President US, is leaving the company. Dr. Rickard Brånemark takes on the role as Chief Medical and Scientific Officer on a consulting basis, with responsibility for leading the training of surgeons in the use of the company's implant system both in the US and other parts of the world. On March 16, Per Nilsson, with extensive experience in production and supply chain management within the MedTech sector, will join as Chief Supply Chain Officer. Following the organizational changes, Integrum's management team consists of Martin Hillsten, Chief Executive Officer, Louise Wåhlin, Chief Financial Officer, Dr. Annika Fahlén, Director of Quality Assurance and Regulatory affairs, Dr. Rickard Brånemark, Chief Medical and Scientific Officer, and Per Nilsson, Chief Supply Chain Officer (assuming the role on March 16). New Risk • Dec 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr278.4m market cap, or US$29.6m). Reported Earnings • Nov 23
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: kr0.35 loss per share (improved from kr0.46 loss in 2Q 2025). Revenue: kr23.6m (flat on 2Q 2025). Net loss: kr7.44m (loss narrowed 17% from 2Q 2025). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Announcement • Oct 31
Integrum AB (publ), Annual General Meeting, Oct 29, 2025 Integrum AB (publ), Annual General Meeting, Oct 29, 2025. Price Target Changed • Oct 16
Price target decreased by 9.0% to kr33.00 Down from kr36.25, the current price target is provided by 1 analyst. New target price is 294% above last closing price of kr8.38. The company is forecast to post a net loss per share of kr1.06 next year compared to a net loss per share of kr1.52 last year. Announcement • Oct 16
Integrum AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 42.668656 million. Integrum AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 42.668656 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 5,333,582
Price\Range: SEK 8
Transaction Features: Rights Offering Major Estimate Revision • Sep 08
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr131.6m to kr110.9m. Forecast losses increased from -kr0.56 to -kr2.00 per share. Medical Equipment industry in Sweden expected to see average net income growth of 46% next year. Consensus price target of kr36.50 unchanged from last update. Share price was steady at kr42.30 over the past week. New Risk • Sep 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr46m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr46m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risk Market cap is less than US$100m (kr902.4m market cap, or US$96.1m). Announcement • Sep 01
Integrum AB (publ) to Report Q4, 2026 Results on Jun 04, 2026 Integrum AB (publ) announced that they will report Q4, 2026 results on Jun 04, 2026 Reported Earnings • Aug 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: kr1.52 loss per share (down from kr0.23 profit in FY 2024). Revenue: kr97.5m (down 12% from FY 2024). Net loss: kr30.8m (down kr35.0m from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 33% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (33% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr51m). Market cap is less than US$100m (kr879.0m market cap, or US$92.4m). New Risk • Jun 04
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr51m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr51m). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (kr458.7m market cap, or US$47.6m). Reported Earnings • Jun 04
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: kr1.45 loss per share (down from kr0.23 profit in FY 2024). Revenue: kr97.5m (down 12% from FY 2024). Net loss: kr30.9m (down kr35.0m from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (kr364.8m market cap, or US$38.0m). Price Target Changed • May 20
Price target decreased by 7.1% to kr36.25 Down from kr39.00, the current price target is an average from 2 analysts. New target price is 113% above last closing price of kr16.98. Stock is down 68% over the past year. The company is forecast to post a net loss per share of kr1.57 compared to earnings per share of kr0.23 last year. Announcement • May 06
Integrum AB (Publ) Announces CEO Changes Integrum AB (publ) announced the appointment of Martin Hillsten as the new CEO, effective immediately. He succeeds acting CEO Scott Flora, who will continue to support US marketing activities in an advisory capacity and remain on the company's Board of Directors. Martin Hillsten most recently served as CEO of Integration Diagnostics and has extensive experience in the sales and marketing of advanced medical devices in the US and other parts of the world. Integrum is implementing a strategic shift to accelerate market penetration of the OPRA® Implant System, concentrating on the US and prioritized European countries. The strategy includes a focus on selected Centers of Excellence, a strengthened aftermarket approach, and an optimization of operations that is expected to generate cost savings of up to SEK 20 million annually when fully implemented in early 2026. Martin Hillsten, born in 1978, holds a Bachelor of Business Administration from the University of Lincoln, UK, and has 20 years of experience in the life sciences industry with an emphasis on implant products and diagnostic imaging. He most recently served as CEO of Integration Diagnostics, a company that develops, manufactures and markets products to measure the stability of an implant and its ability to integrate with bone tissue (osseointegration). In addition, Martin Hillsten has held senior sales and marketing positions at Bracco Diagnostics. He currently owns 42,000 shares in Integrum. Scott Flora will continue to support the implementation of Integrum's marketing strategy in the US in an advisory role and will remain on the company's Board of Directors. New Risk • Apr 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (kr344.5m market cap, or US$35.2m). Announcement • Mar 18
Integrum AB (publ) Announces Newly Published Independent Study from the Walter Reed National Military Medical Center in Bethesda, Maryland, U.S Integrum AB (publ) announced that a newly published independent study from the Walter Reed National Military Medical Center in Bethesda, Maryland, U.S., provides compelling evidence of OPRATM Implant System's treatment effectiveness in transfemoral amputees. The study demonstrates significant functional improvements over traditional socket prostheses, an important validation of Integrum's innovative technology and its clinical benefit in patients who have undergone amputation. The two-year follow-up study (Level II Evidence) includes the latest and most advanced version of the OPRATM Implant system, which was introduced in 2017. The study results highlight several key benefits for patients using the implant system, including increased prosthetic use, improved mobility, and enhanced quality of life. Importantly, the study reveals improved outcomes compared to previously published data, including fewer infections and complications, and a 100% implant survival rate. Collectively, the insights gathered from this study will be useful in driving further adoption of the technology by US health providers, as well as to increase the awareness of the OPRATMImplant System among health professionals and potential patients. The study was authored by Benjamin K. Potter, MD, Jonathan A. Forsberg, MD, PhD, LCDR Ashley B. Anderson, MD, MD, MD, MD., Jason M. Souza, MD, and Julio Rivera, PhD, and recently published in Clinical Orthopaedics and Related Research (CORR). Major Estimate Revision • Mar 10
Consensus EPS estimates upgraded to kr1.54 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from kr93.8m to kr91.8m. 2025 losses expected to reduce from -kr1.72 to -kr1.54 per share. Medical Equipment industry in Sweden expected to see average net income growth of 44% next year. Consensus price target broadly unchanged at kr39.00. Share price fell 5.8% to kr15.35 over the past week. Reported Earnings • Mar 06
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: kr0.18 loss per share (down from kr0.046 profit in 3Q 2024). Revenue: kr28.9m (down 12% from 3Q 2024). Net loss: kr3.49m (down kr4.34m from profit in 3Q 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 54%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Mar 03
Integrum AB (publ) to Report Q1, 2026 Results on Sep 01, 2025 Integrum AB (publ) announced that they will report Q1, 2026 results on Sep 01, 2025 Announcement • Feb 19
Integrum AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 31 million. Integrum AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 31 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 1,937,500
Price\Range: SEK 16
Transaction Features: Subsequent Direct Listing Announcement • Jan 22
Integrum AB (Publ) Announces Board Appointments Integrum AB (publ) announced the new board members Kristofer Westergren and Anette Lindqvist elected on the Extra General Meeting. Kristofer Westergren represents a group of major private shareholders in Integrum AB. He has followed the company closely for several years and thus has extensive knowledge of the business. Kristofer Westergren has extensive experience from the stock market as an investor and financial advisor to company managements in listed companies. He has founded and invested in several growth companies, and he has worked on the board of directors with operational improvements, value-creating acquisitions and company sales such as Sharkmob AB, KitchenTime Group AB and Corpura Fondkommission AB. Anette Lindqvist holds a degree in Business Administration from the Gothenburg School of Economics and Executive Independent Courses from Harvard Business School in Boston and the Indian Institute of Management in Bangalore. With over 30 years of experience in the life science sector, she has held several senior positions in business development and senior positions in finance at companies such as AstraZeneca Plc., SOBI, Getinge and Mölnlycke Healthcare. She has also been active in GU Ventures and Chalmers. Anette is the founder of Lynton Management AB. Currently, she is the Deputy CEO and Chairman of the Board of both Lynton Management AB and Bueneman Medic AB. She is also the CFO at Xbrane Biopharma.After the Extra General Meeting the Board of Directors in Integrum consists of the Chairman of the Board Bengt Sjöholm and the board members Rickard Brånemark, Karin Wingstrand, Cecilia Wikström, Andrew Christensen, Scott Flora, Anette Lindqvist and Kristofer Westergren. Announcement • Dec 20
Integrum AB (Publ) Announces Board Changes Integrum AB (publ) announced that the election committee of Integrum plans to propose the election of Anette Lindqvist as board member at an extra general meeting. Board member Patric Lindgren has informed the election committee that he has resigned from the board on December 18. Notice of the extraordinary general meeting will be issued shortly. Anette Lindqvist has a degree in business administration from Gothenburg School of Economics and executive independent courses from Harvard Business School in Boston and the Indian Institute of Management in Bangalore. With over 30 years of experience in the Life Science sector, she has held several leading positions in business development and senior positions in finance at companies such as AstraZeneca Plc., SOBI, Getinge and Mölnlycke Healthcare. She has also worked within GU Ventures and Chalmers. Anette is the founder and chairman of the board of Lynton Management AB. Currently, she is deputy managing director and chairman of the board for both Lynton Management AB and Bueneman Medic AB. Major Estimate Revision • Dec 11
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr112.5m to kr93.6m. Forecast losses increased from -kr1.02 to -kr1.79 per share. Medical Equipment industry in Sweden expected to see average net income growth of 46% next year. Consensus price target down from kr62.50 to kr40.25. Share price fell 5.9% to kr19.00 over the past week. Reported Earnings • Dec 06
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: kr0.46 loss per share (down from kr0.22 profit in 2Q 2024). Revenue: kr23.6m (down 31% from 2Q 2024). Net loss: kr8.95m (down 331% from profit in 2Q 2024). Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Sep 18
Inger Rydin Announces Executive Changes Integrum AB (publ) announces that Inger Rydin has been appointed interim COO and will be responsible for operations at the office in Mölndal, Sweden. Inger, who served as interim COO at Integrum from 2021 to 2023, will be part of the management team. She takes office immediately. Inger Rydin served as acting COO at Integrum from 2021 to 2023. She built a career in various leading strategic and operational positions at Essity, Mölnlycke Healthcare and Coloplast. Inger has also been CEO of fast-growing owner-managed companies and has served on the boards of companies listed in Oslo and Stockholm. Reported Earnings • Sep 03
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr19.8m (down 4.6% from 1Q 2024). Net loss: kr9.41m (loss widened 229% from 1Q 2024). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Medical Equipment industry in Sweden. Major Estimate Revision • Sep 01
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr141.3m to kr115.8m. Forecast loss of -kr1.01, down from profit of kr0.27 per share profit previously. Medical Equipment industry in Sweden expected to see average net income growth of 36% next year. Consensus price target down from kr76.75 to kr62.50. Share price fell 38% to kr31.60 over the past week. Price Target Changed • Aug 30
Price target decreased by 19% to kr62.50 Down from kr77.25, the current price target is an average from 2 analysts. New target price is 95% above last closing price of kr32.00. Stock is up 64% over the past year. The company is forecast to post a net loss per share of kr1.01 compared to earnings per share of kr0.23 last year. New Risk • Aug 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risks Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Market cap is less than US$100m (kr620.7m market cap, or US$60.7m). Announcement • Aug 29
Integrum AB (publ), Annual General Meeting, Sep 25, 2024 Integrum AB (publ), Annual General Meeting, Sep 25, 2024, at 16:00 W. Europe Standard Time. Location: goco health innovation city, gemenskapens g 9, 431 53, molndal Sweden Major Estimate Revision • Jun 18
Consensus EPS estimates fall by 37%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr140.3m to kr141.8m. EPS estimate fell from kr0.453 to kr0.285 per share. Net income forecast to grow 20% next year vs 32% growth forecast for Medical Equipment industry in Sweden. Consensus price target of kr76.75 unchanged from last update. Share price fell 8.4% to kr52.40 over the past week. Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: kr0.23 (vs kr0.88 loss in FY 2023) Full year 2024 results: EPS: kr0.23 (up from kr0.88 loss in FY 2023). Revenue: kr116.3m (up 50% from FY 2023). Net income: kr4.17m (up kr20.4m from FY 2023). Profit margin: 3.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 05
Price target increased by 7.3% to kr77.25 Up from kr72.00, the current price target is an average from 2 analysts. New target price is 46% above last closing price of kr53.00. Stock is up 135% over the past year. The company is forecast to post earnings per share of kr0.073 next year compared to a net loss per share of kr0.88 last year. Announcement • May 16
Integrum Announces It Has Been Granted A Registered Trademark for OPRA® Implant System in the Eu Integrum (publ) announced that the European Union Intellectual Property Office, EUIPO, has approved Integrum's product registration application for the OPRA® Implant System. Until now, the OPRA® Implant system has been an unregistered mark without legal protection. As it is granted a registered trademark, Integrum now obtains unitary immaterial protection for the product in the entire territory of the EU. Board Change • Apr 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Patric Lindgren was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 04
Third quarter 2024 earnings released: EPS: kr0.05 (vs kr0.74 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.05 (up from kr0.74 loss in 3Q 2023). Revenue: kr32.9m (up 68% from 3Q 2023). Net income: kr846.0k (up kr14.4m from 3Q 2023). Profit margin: 2.6% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Feb 24
Integrum AB (publ) to Report Q3, 2024 Results on Feb 29, 2024 Integrum AB (publ) announced that they will report Q3, 2024 results on Feb 29, 2024 Reported Earnings • Dec 07
Second quarter 2024 earnings released: EPS: kr0.21 (vs kr0.21 in 2Q 2023) Second quarter 2024 results: EPS: kr0.21 (down from kr0.21 in 2Q 2023). Revenue: kr36.3m (up 69% from 2Q 2023). Net income: kr3.88m (down 3.8% from 2Q 2023). Profit margin: 11% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 06
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr92.2m to kr105.6m. EPS estimate unchanged from -kr1.00 at last update. Medical Equipment industry in Sweden expected to see average net income growth of 66% next year. Consensus price target down from kr72.00 to kr67.00. Share price was steady at kr38.95 over the past week. New Risk • Dec 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr17m net loss next year). Market cap is less than US$100m (kr727.0m market cap, or US$69.2m). Announcement • Nov 15
Integrum AB (publ) Plans to Submit a PMA Application to the FDA for the Use of OPRA in Transhumeral Implantations Based on Existing Clinical Data Integrum (publ) announced that the company has held a pre-submission meeting with the US Food and Drug Administration (FDA) to discuss the regulatory pathway for the use of Integrum's OPRA Implant System in transhumeral amputations. Based on the conclusions from the meeting, Integrum plans to submit a Pre-Market Approval (PMA) application based on existing clinical data. Since December 2020, the OPRATM Implant System holds a PMA for the treatment of transfemoral (above-knee) amputations. As the OPRATM Implant System is equally functional in transhumeral (above-elbow) amputations, Integrum aims to broaden the regulatory approval in the US. After a recent pre-submission meeting held with the FDA and additional internal analysis and dialogue with the FDA, Integrum has reason to believe that existing clinical data on the transhumeral (above elbow) amputation level may be sufficient to qualify for a PMA. Integrum will therefore intensify the work to compile and submit a PMA application within the first half of 2024. Announcement • Nov 13
Integrum AB (Publ) Provides Earnings Guidance for the Second Quarter of 2023 Integrum AB (publ) provided earnings guidance for the second quarter of 2023. The revenue for second quarter is expected to be at SEK 27.5 million (SEK 20.2 million), which corresponds to an increase of 36.2% in comparison to last year. The operating profit for second quarter is expected to be at SEK 6.4 million (SEK 0.9 million). Excluding direct currency effects, the operating profit is expected to be at SEK 4.1 million (loss of SEK 5.2 million). The increase in operating profit can be attributed to both the increase in activity but also an improved cost structure for operating costs. Announcement • Nov 11
Integrum AB (publ) to Report Q2, 2024 Results on Dec 04, 2023 Integrum AB (publ) announced that they will report Q2, 2024 results on Dec 04, 2023 Announcement • Nov 10
Integrum (Publ) Announces US Department of Defense Decided to Fully Fund a Clinical Study of OPRA(TM) Implant System on Up to 30 Patients with Transtibial (Below-Knee) Amputations Integrum (publ) announced that the US Department of Defense has decided to fully fund a clinical study of OPRA(TM) Implant System on up to 30 patients with transtibial (below-knee) amputations. As previously announced, the study will be performed by the Walter Reed National Military Medical Center in Bethesda, Maryland. Integrum will supply OPRA(TM) Implant Systems to Walter Reed on commercial terms. The OPRA(TM) Implant System clinical study on the below-knee amputation level recently received FDA approval, and recruitment to the study will start as soon as the protocol is approved by the Investigational Research Board (IRB). Once the study is finalized, Integrum will be able to use the data in any future regulatory process. Announcement • Oct 31
Integrum's Opra™? Implant System Gets Fda Approval for Clinical Study on Below-Knee Amutationations Integrum (publ) announced that the company's OPRA Implant system is approved by FDA to be used in a clinical study on below-knee amputations in the US. The clinical study will be important for the future approval of the OPRA™? Implant System on the below-knee amputations level, which is the most frequent amputation level. The study will be performed by the Walter Reed National Military Medical Center. New Risk • Oct 18
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr6.0m Forecast net loss in 1 year: kr7.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr7.2m net loss next year). Market cap is less than US$100m (kr569.5m market cap, or US$51.6m). Announcement • Oct 13
Integrum (Publ) Announces Long-Term Follow-Up Patient Who Received A Human-Machine Bionic Hand Prosthesis, Utilizing Integrum (publ) announced that the long-term follow-up of a patient who received a human-machine bionic hand prosthesis, utilizing the company's innovative implantable solution, has shown successful results. The groundbreaking system represents a future standard of advanced prosthetic solutions. The patient case involves a Swedish woman who lost her right hand in a tragic accident over 20 years ago. Following reconstructive surgery, the woman received a below-elbow prosthesis based on Integrum's OPRATM Implant System solution. The system was further refined advanced e-OPRATM system with implanted electrodes, connected to a sophisticated AI system with the capability of relaying impulses, both to and from, a bionic hand equipped with heat and touch sensors. Announcement • Oct 12
Integrum Announces Long-Term Integrated Bionic Hand Enriched with Motor and Sensory AI Integrum (publ) announced that the long-term follow-up of a patient who received a human-machine bionic hand prosthesis, utilizing the company's innovative implantable solution, has shown successful results. The system represents a future standard of advanced prosthetic solutions. The patient case involves a Swedish woman who lost her right hand in a tragic accident over 20 years ago. Following reconstructive surgery, the woman received a below-elbow prosthesis based on Integrum's OPRATM Implant System solution. The system was further refined advanced e-OPRATM system with implanted electrodes, connected to a sophisticated AI system with the capability of relaying impulses, both to and from, a bionic hand equipped with heat and touch sensors. The complete system has been used at home, allowing the carrier to perform simple and motorically complex everyday tasks. This is the first time clinicians and researchers have been able to achieve a long-term human-machine interface, connecting residual bones, nerves, and muscles into an electronic system to regain mobility. Announcement • Oct 11
Integrum Receives Unitary Patent for Neuromotus in the EU Integrum (publ) announced that the company has received a Unitary Patent approval pertaining to NeuromotusTM - a clinical innovation aimed at treating patients suffering from Phantom Limb Pain. The new patent process, which was installed by the EU in June 2023, grants immediate proprietary rights to Integrum in 17 separate European countries. Integrum develops NeuromotusTM, an innovative therapy designed to treat patients suffering from phantom pain. The therapy is based on a non-invasive technology utilizing smart devices to process and decode electrical muscle signals. These are connected to virtual and augmented reality (AR-VR) systems, allowing the patient to control the missing limb in a virtual environment. This form of treatment has been proven effective to combat chronic pain. The current patent will be taken to effect on 23rd of August, 2023, and thus grants Integrum exclusive commercial rights for NeuromotusTM on several European key markets, including Germany, Benelux, France, Italy, and Sweden. The patent will be valid until 19th of December, 2034. Announcement • Oct 10
Integrum AB (Publ) Appoints Scott Flora as Full Board Member Integrum AB (publ) announced that Scott Flora was recently elected as full member of the company's board at the annual general meeting. Mr. Flora was appointed as Adjunct Board Member in May 2023. At the annual general meeting on September 27, he was elected full member of the board together with Rickard Brånemark, Andrew Christensen, Bengt Sjöholm, Karin Wingstrand, Patric Lindgren, and Cecilia Wikström, who were all re-elected. Scott Flora serves concurrently as chairman of the Board at Palliare Ltd. and New View Surgical, and as board member at CytoVeris and Origami Surgical. He has previous experience as board member from Invuity (acquired by Stryker), MAKO Surgical, and Tengion. Mr. Flora is active as Strategic Advisor to CareSyntax, MiCarePath, and Integrum. Furthermore, he has over 40 years of experience from C-suite leadership positions in global companies, including Invuity, Conventus Orthopaedics, OmniGuide Surgical, and Smith & Nephew Orthopedics. Announcement • Sep 14
Integrum Initiates A Strategic Review Process to Accelerate Growth Integrum AB (publ) announces that its Board of Directors has initiated a review and evaluation of strategic alternatives to further accelerate the global roll-out of its unique OPRA™Implant System. Integrum has developed and markets the OPRA™ Implant System, an advanced prosthesis fixation system for individuals with mobility challenges due to limb amputation. Integrum's implant solution is surgically inserted into the patient's skeleton - providing greatly increased functionality and significantly fewer complications than conventional socket prostheses. As a next step in revolutionizing the prosthesis market, Integrum is developing the e-OPRATM Implant System - the world's first mind-controlled robot prosthesis capable of transmitting sensory feedback. Integrum is experiencing rapid growth of its business and recently reported its highest quarterly sales revenue ever. The long-term goal is to establish OPRATM Implant Systems as the worldwide standard of care for individuals with mobility challenges. The strategic review aims to ensure that the global roll-out of Integrum's implant systems is conducted most efficiently, in the interest of both patients and shareholders. As part of the process, the Board will consider a full range of strategic alternatives, including mergers or other business combinations, strategic investments, sale of all or a portion of the company's assets, corporate sale, or other significant transactions. As part of the strategic review process, Integrum has engaged Incentrum - a global merchant bank based in New York City - as its financial advisor to advise the company regarding this broad and comprehensive review and analysis of strategic alternatives. Integrum has not set a timetable for completion of the process and does not plan to provide any updates on developments unless and until the company executes a definitive agreement with respect thereto or the Board determines to conclude the strategic review. While the company intends to evaluate all options fairly to maximize shareholder value, there can be no assurance that the strategic review process will result in any transaction, or if a transaction is undertaken, as to its terms or timing. Announcement • Sep 09
Integrum AB Receives Reimbursement Code for Axor II Integrum (publ) announced that The Centers for Medicare and Medicaid Services (CMS) have granted theosseointegrated external prosthetic connection device Axor II a new reimbursement code. The new code, which is expected to take effect in October, is connected to a set reimbursement that will help to drive growth in the US. The new CMS-specific code is granted based on a preliminary benefit category determination that the Axor(TM) II Ossteointegrated External Prosthetic Connection Device is used in addition to a lower extremity prosthesis and, therefore, falls under the Medicare benefit for artificial legs (prosthetics). Since the Axor(TM)II utilizes a standard 4-hole male/female mounting system, the OPRA(TM) Implant System can be connected to commercially available prosthetic systems that utilize this standardized connection method. The Axor(TM) II acts like aski-binding and releases the prosthesis if overload occurs, reducing the risk of damage to the implant and the skeleton. Axor(TM) II was first approved under a Premarket Approval (PMA) application by the Food and Drug Administration (FDA) on December 18, 2020. Announcement • Jul 14
Integrum (Publ) Announces First Case Study of A Person with Above-Elbow Implantation Obtains Unprecedented Control of Every Finger in A Bionic Hand Integrum (publ) announced that the first case study of a person with above-elbow amputation obtaining unprecedented control of every finger in a bionic hand has been published in Science Translational Medicine. By combining Integrum's OPRA™? Implant System and e-OPRA™? Implant System with revolutionary surgical and engineering advancements and AI algorithms, the user's intentions were translated into the movement of the bionic fingers. The scientific paper illustrates how Integrum's technology combined with advanced reconstructive surgery and AI for the first time, made it possible for an above-elbow amputee patient to control every finger of a prosthetic hand as if it were his own. The surgery took place at the Sahlgrenska University Hospital and combined new microsurgical techniques with sophisticated implanted electrodes that provide single-finger control of a prosthetic arm as well as sensory feedback. The embedded neuromuscular sensors were connected to an electronic system via Integrum's bone-anchored interface (OPRA(TM) Im plant System and e-OPRA(TM) Implant System), and AI algorithms in the electronic system translated the user's intentions into prosthetic finger movements. Announcement • Jun 17
Integrum AB (Publ) Announces Management Changes Integrum (publ) announced that the company has appointed Jeffrey Zanni as President, U.S., succeeding Thomas Dugan, who has decided to resign from his position. Jeffrey Zanni joins Integrum from Conventus Flower Orthopedics, where he has been Chief Commercial Officer. He 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. Jeffrey Zanni has previously held several executive positions at companies like Vyaire Medical, Tornier Orthopedics Stryker Orthopedics, and Pfizer. Jeffrey Zanni has experience launching new products and developing effective clinician and patient support programs from his previous positions. He has a deep understanding of how to partner with key stakeholders within the U.S. Jeffrey Zanni will join Integrum on 2023-07-03. Major Estimate Revision • Jun 15
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr113.4m to kr99.3m. EPS estimate unchanged from -kr1.00 per share at last update. Medical Equipment industry in Sweden expected to see average net income growth of 65% next year. Consensus price target down from kr99.00 to kr72.00. Share price rose 12% to kr19.46 over the past week. Price Target Changed • Jun 12
Price target decreased by 31% to kr72.00 Down from kr104, the current price target is provided by 1 analyst. New target price is 272% above last closing price of kr19.38. Stock is down 50% over the past year. New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr315.1m market cap, or US$29.0m). Reported Earnings • Jun 09
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: kr98.5m (up 62% from FY 2022). Net loss: kr3.72m (down 118% from profit in FY 2022). Revenue missed analyst estimates by 4.2%. Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Integrum Announces the Appointment of Scott Flora as Adjunct Board Member Integrum (publ) announced that Scott Flora has been appointed as an adjunct board member effective immediately. Scott Flora brings vast and extensive competence to the company as Integrum is reinforcing the company's position as a leader of osseointegrated implant systems. Scott Flora has over 40 years of experience in strategic and leadership roles in the healthcare sector, particularly in surgical devices, and has held prominent leadership positions at companies including Covidien and Smith & Nephew. He is currently Chairman of the Board at Palliare Ltd. and a board member at CytoVeris and New View Surgical. Scott Flora also serves as Strategic Advisor to CareSyntax, MiCarePath, and Integrum. He has previously held several leading positions roles as President and CEO of Invuity (acquired by Stryker), Executive Director of Conventus Orthopaedics, President and CEO of OmniGuide Surgical, President of Covidien's Surgical Device Group, President of Smith& Nephew Orthopedic Reconstruction and General Manager at Smith&Nephew Trauma. Scott Flora has also served on the company boards of Invuity (acquired by Stryker), MAKO Surgical, and Tengion. Major Estimate Revision • Mar 14
Consensus revenue estimates decrease by 40% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr129.1m to kr77.5m. EPS estimate unchanged from -kr1.00 per share at last update. Medical Equipment industry in Sweden expected to see average net income growth of 85% next year. Consensus price target of kr99.00 unchanged from last update. Share price was steady at kr28.95 over the past week. Reported Earnings • Mar 04
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr22.1m (up 58% from 3Q 2022). Net loss: kr13.6m (down kr14.1m from profit in 3Q 2022). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jan 21
Integrum (publ) Appoints Annika Fahlén as Director of Quality Assurance and Regulatory Affairs, Effective 1 April 2023 Integrum (publ) announced that the company has appointed Annika Fahlén as Director of Quality Assurance and Regulatory Affairs, QARA. Annika Fahlén will join the company on 1 April 2023 and will be part of the management team. Annika Fahlén has vast experience in the field of Quality Assurance and Regulatory Affairs working at Mölnlycke, Getinge, Qing and Abigo. She will join Integrum from a position as Regulatory Affairs Quality Assurance Director at Essity. Announcement • Jan 20
Integrum AB (Publ) Announces Dennis Baecklund to Leave the Company as CFO Integrum AB (publ) announces that the company's CFO Dennis Baecklund has decided to leave the company. He will remain in his position until the end of March 2023 and the recruitment of a successor will begin immediately. Dennis Baecklund joined Integrum as Chief Financial Officer in October 2019. Major Estimate Revision • Dec 08
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from kr110.0m to kr129.1m. EPS estimate unchanged from kr0 at last update. Medical Equipment industry in Sweden expected to see average net income growth of 26% next year. Consensus price target down from kr104 to kr99.00. Share price rose 2.9% to kr37.00 over the past week. Reported Earnings • Dec 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr32.4m (up 173% from 2Q 2022). Net income: kr2.32m (down 86% from 2Q 2022). Profit margin: 7.2% (down from 136% in 2Q 2022). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Patric Lindgren was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 20% share price gain to kr29.35, the stock trades at a trailing P/E ratio of 27.5x. Average forward P/E is 23x in the Medical Equipment industry in Sweden. Total returns to shareholders of 276% over the past three years. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr25.00, the stock trades at a trailing P/E ratio of 23.4x. Average forward P/E is 21x in the Medical Equipment industry in Sweden. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr32.60, the stock trades at a trailing P/E ratio of 30.5x. Average forward P/E is 18x in the Medical Equipment industry in Sweden. Total returns to shareholders of 327% over the past three years. Reported Earnings • Sep 01
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr25.2m (up 95% from 1Q 2022). Net loss: kr550.0k (down 145% from profit in 1Q 2022). Over the next year, revenue is forecast to grow 76%, compared to a 146% growth forecast for the Medical Equipment industry in Sweden. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment deteriorated over the past week After last week's 20% share price decline to kr40.05, the stock trades at a trailing P/E ratio of 34.3x. Average forward P/E is 17x in the Medical Equipment industry in Sweden. Total returns to shareholders of 377% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improved over the past week After last week's 21% share price gain to kr46.80, the stock trades at a trailing P/E ratio of 39.7x. Average forward P/E is 20x in the Medical Equipment industry in Sweden. Total returns to shareholders of 534% over the past three years. 