OssDsign

* Limited revenue diversification with only one product in one market
* Currently unprofitable with negative cash flow
* Not yet positioned to capture the greatest value in its large target market (more clinical data to support value proposition is needed)
* Dependent on key individuals for success at current stage of development

* High gross margins and scalable business model with minimal reinvestment needed for growth
* Benefits from secular tailwinds in spinal fusion market with products lasting over a decade
* Strong intellectual property and value proposition in a slow-moving, conservative industry (which acts in favour once established)
* Products contribute to greater good by improving patient outcomes in spinal fusion procedures

* Limited insider ownership, with management and board members not holding significant personal stakes in the company.
* Absence of a controlling owner with a long-term commitment, which could provide additional stability and strategic influence.

* Strong, visionary CEO with deep industry knowledge and commitment to long-term value creation, challenging conventional practices in the conservative orthopaedic industry.
* Clear strategic plan (ASCENT26) with consistent delivery on promises, particularly in sales growth and successful capital allocation through the Sirakoss acquisition.
* Transparent and effective investor communication, focusing on long-term business value drivers like GPO contracts, clinical data, and geographic sales diversification.
* Founder involvement from Sirakoss acquisition, bringing commercial expertise and incentivized by royalty and milestone payments related to Catalyst sales.

Can you summarize the company you are acquiring, the terms of the acquisition and the directed share issue to finance it? 
So Tuesday was a very big day in the history of OssDsign, we took the very transformative first step of becoming a broader orthopedic player by entering the four billion dollar bone graft market. And we acquired a company called Sirakoss. It&#8217;s a Scottish based company. It&#8217;s coming out of collaboration with the University of Aberdeen. And the main product is called Osteo3 ZP Putty. It has a 510 (k) clearance. So it&#8217;s FDA approved for the for the US market and has demonstrated some very strong preclinical results so far. So it&#8217;s a product we feel will be very, very helpful on that journey in the bone graft market. 
And to finance this acquisition, you conducted a directed share issue. Could you give us the details on that? 
Yeah, that&#8217;s correct. So, as part of the acquisition we agreed on an 11 million USD cash component. We have to pay the five million dollars now and there will be two three million USD installments at the end of Q2 and Q4 next year. So as part of financing the first part of the payment we did a a directed share issue, extremely positive, heavily oversubscribed, and we raised the 65 million SEK to finance that. 
And the acquired company focuses on spinal orthopedics and you have a background in this as well. How will your past experiences help in broadening your new product offering? 
Yeah, that was a very healthy coincidence. No, of course it&#8217;s extremely handy. It&#8217;s a market that of course I know well, I&#8217;ve worked in orthopedics also broader than spine, but also specifically with spine. But I think it&#8217;s also much more broader than just me. If you look at the OssDsign organization, there are people in the board, a big part of our US sales organization, our global lead of sales, all have past experiences in bone graft and spine. So it&#8217;s a market we know extremely well, and it&#8217;s also a market where we have relationships to customers already. 
And the addressable market for OssDsign has now increased significantly. Will there be any particular shift in focus from your core business with cranial implants? 
I think naturally when you enter a new space, of course your focus will shift. But I think it&#8217;s important to stress that this is another leg in the company. We are still very committed to CMF. We think it&#8217;s a very attractive business to be in. We have very strong clinical results and we have high level of credibility. We&#8217;ve built a high level of credibility in the CMF business. So it&#8217;s an addition that we, of course, also need to focus on to make that a success. 
And the product acquired is already FDA approved, as you mentioned. Do you intend to widen its regulatory approvals also in the European Union? 
Yeah, I think longer term, we clearly see that this is a global product, we know there is a big need for improved bone healing in, you know, bone regeneration in Europe. We also know it is in Japan. So we do see it as a global product. But, of course, that requires regulatory approvals to make that happen. I think right now what we see is a very big opportunity. As I said, about 70 percent of the spine opportunity does exist in the US. So that is where we will focus. But of course, we will work simultaneously and also broaden out the product to the rest of the world. 
And you&#8217;ve said that you expect sales from this new product to begin in the second half of next year. When do you expect the new product to make up a significant portion of sales?
So at this point in time, we are not guiding any specific sales numbers so far, the way we think about it is that 2021 will be the launch year, where we get a lot of the launch approvals, the VAC approvals in the hospitals. And as we said, we are expecting sales to come in, in the second half. My expectation is that already from 2022, we will start to see very meaningful sales. 
Thank you, Morten.