Embla Medical — Oktober 2024
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Q2 2024 Report 2024 (July 23, 2024) https://media.ossur.com/image/upload/v1713851783/documents/corporate/Quarterly Reports/2024/2024 Q1 Company Announcement.pdf
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Why is Embla an attractive case right now?
US Medicare implemented extended coverage in September 2024
Coverage expansion will allow less mobile/low-active amputees (K2 patients) access to advanced bionic devices (previously restricted to K3/K4). The new reform is expected to contribute meaningfully to Embla's organic growth over the next 3-5 years -
Strong growth case with increasing Earnings and solid cash flow generation
Since listing in 1999 the business has grown at ~17% CAGR driven by organic sales and acquisitions ~85% of EBIT converted into FCF in the past decade. For 2024 the Company is guiding 6-8% organic growth and ~20% EBITDA (22% in Q2 2024; up 3pp vs Q3 2023). -
Growth'27: Late March 2023, Embla Medical launched a new five-year growth ambition of 7-10% average growth (organic growth of 5-7% and M&A of 2-3%).
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Innovation agenda
5% of revenue (USD ~30m) is invested in R&D annually with product launches every year. 70-80% of sales in prosthetics is reoccuring as the replacement cyle typically runs for 3-4 years. Two new bionic knee solutions (NAVII and ICON) were launched end of Q2 2024. -
Neuro Orthotics
Back in January this year Embla acquired a German Neuro Orthotic Business Fior & Gentz for EUR 100m. F&G develops and manufacture "technical orthotics" (bionic joints) for patients suffering from disabled mobility following e.g. stroke, MS, CP. Neuro Orthotics is perhaps 10-20 years after prosthetics in terms of awareness and reimbursement but with great growth potential. -
The business recorded USD 23m in sales in 2023 (mainly Germany) and Embla will utilize its commercial footprint to expand the business globally. F&G is accretive.
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Kilde: Klaus Sindahl
Head of Investor RelationsEmbla-Medical
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Webcast på dansk fra Økonomisk Ugebrev
https://vimeo.com/1003812857 -
OBS: Embla Medical har en betalt digital IR-aftale med Proinvestor.com
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Børsen: Embla Medicals ser vækstmulighed i forbedret tilskudssituation i USA. Flere får adgang til avancerede proteser, og det kan sikre Embla Medicals vækst næste år. (Side 10)
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Børsen: Corona satte dybe spor i Demant-ejers islandske børsselskab: Lysning i USA kan vende billedet
Flere får adgang til avancerede proteser i USA. Det kan sikre Embla Medical et løft i væksten næste år https://borsen.dk/nyheder/virksomheder/demant-ejede-embla-klar-til-vaekstloft-i-usa?b_source=seneste-nyt&b_medium=row_1&b_campaign=list_28
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Mon ikke omtalen sætter skub i kursen i dag?
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i dag kl. 08:00 ∙ MarketWire
Proteseselskabet Embla Medicals ser vækstmulighed i forbedret tilskudssituation i USA. Flere får adgang til avancerede proteser, og det kan sikre Embla Medicals vækstløft næste år.
Det skriver Børsen.
For islandske Embla Medical kan der være et vækstløft på vej. En ny tilskudsordning i USA fra det offentlige amerikanske sundhedsprogram Medicare betyder, at flere amerikanere snart kan få tilskud til de mere avancerede bionik-proteser.
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Det må formodes, at Embla Medical i de kommende kvartaler vil nyde godt af denne ændring i adgangen til de mere avancerede og dyre produkter i USA, vurderer Niels Granholm-Leth, der er aktieanalysechef i investeringsbanken Carnegie, over for Børsen
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Bionik-proteser er både dyrere og mere lønsomme end de mekaniske proteser. Hvor en bionik-protese, som har indbygget batteri, computer og en motor, i dag koster omkring 10.000-20.000 dollar, koster en mekanisk knæprotese derimod 2000-4000 dollar.
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Der kommer en opgraderingscyklus, men det kommer til at ske gradvist, siger Sveinn Sölvason, der er administrerende direktør i Embla Medicals, og som indtil videre holder fast i vækstmålene.
Originalartikel: Børsen, 21. oktober, side 10
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