* We expect soft sales momentum for Q3e
* Negative earnings revisions on lower sales
* Q3'26 results due 3 November
Q3'26 expectations
We do not expect to see any major change in OssDsign's sales development in Q3e, compared with previous quarters during '26. Q3 is seasonally a small quarter and the company is still going through a transition of its US operations. For Q3e, we forecast sales of SEK 36.7m, equal to USD 3.8m,which is marginally down compared with Q1'26 and Q2'26, but down 18% y-o-y organically from Q3'25. We have assumed a 93% gross margin and a small sequential decrease in opex compared with Q2, resulting in EBIT for Q3e of SEK -11.4m. In terms of cash flow generation, we do not expect to see any major changes compared with the most recent quarters. We forecast OCF of SEK -12m, and for OssDsign to have a cash position of SEK 134m at the end of Q3e.
Estimate changes
We cut our EBIT forecasts by 6.5%/27.5%/64.6% for '26e/'27e/'28e, or by SEK 3m in '26e and around SEK 9m for '27e-'28e, mainly due to lower sales assumptions.
Fair value range cut to SEK 3.2-5.4 (3.8-6.2)
We cut our DCF-based fair value range to SEK 3.2-5.4 (3.8-6.2) on the back of our updated forecast. The near-term sales and earnings momentum remains soft, impacted by a lack of sales channel expansion and turnover of certain sales reps. We continue to see potential for a turn-around in sales momentum, however, driven by improved adoption of Catalyst in the US. Given the high gross margins, and potential for improved operating leverage as the sales base scales, we see potential for OssDsign to reach profitability.