Mölndal, Sweden, September 3, 2026 - Integrum AB (publ) today publishes its interim report for the first quarter of 2026/27. The quarter showed continued growth and improved results. The number of S1 surgeries increased by 17 percent and net sales by 27 percent compared with the corresponding quarter last year.
FIRST QUARTER, MAY 1-JULY 31, 2026
- The number of S1 surgeries was 48 (41)
- Net sales increased by 27.0 percent to SEK 30.2 million (23.8)
- Gross margin was 102 percent* (80 percent)
- EBITDA was SEK 3.8 million (-10.7)
- Operating profit was SEK 1.3 million (-12.4)
- Operating cash flow was SEK -2.2 million (-9.5)
*Gross margin exceeded 100 percent in the quarter due to a SEK 6.2 million refund of previously paid U.S. customs duties recognized in cost of goods sold. Adjusted for this item, the gross margin was 82 percent.
QUARTER HIGHLIGHTS
Higher S1 volumes in both market regions
48 S1 procedures (41) were performed during the quarter, up 17 percent. The U.S. accounted for 32 (27) and EMEA for 16 (14).
Revenue growth across both market regions
Net sales increased 27 percent to SEK 30.2 million (23.8). The U.S. grew 22 percent to SEK 23.5 million (19.3) and EMEA 51 percent to SEK 6.7 million (4.4).
Higher margins and lower cost levels
Excluding SEK 6.2 million in customs duty refunds, gross margin was 82 percent (80 percent). Lower external and personnel expenses contributed to EBITDA of SEK 3.8 million (-10.7), or SEK -2.4 million excluding the refunds.
CEO MARTIN HILLSTEN COMMENTS ON THE QUARTER
From transformation to acceleration
The first quarter of our new financial year clearly shows that Integrum continues to develop in the right direction. After a year marked by extensive changes, we now see how our strategic shift is starting to take effect. The number of S1 surgeries continues to grow, revenue is increasing, and we report a positive EBITDA for the quarter.
The development during the quarter shows that our strategic shift is starting to yield clear results. Through an increased commercial focus, a more efficient organization, and a lower cost base, we have created better conditions for both growth and profitability. We have laid the foundation for building a scalable business where continued growth can be converted into long-term sustainable profitability.
More S1 operations drive our growth
A total of 48 S1 surgeries were performed during the quarter, versus 41 in the same period last year - an increase of 17 percent and one of the highest levels in the history of the company. Net sales increased by 27 percent to SEK 30.2 million, compared with SEK 23.8 million in the same period last year.
S1 is our most important operational metric. Every S1 surgery performed represents a new patient starting treatment with the OPRA Implant System, and lays the groundwork for revenue in the periods that follow. The continued positive development in S1 volumes, after a strong closing quarter last financial year, is therefore particularly significant.
The performance of the result during the quarter also shows clear improvement. We report a positive EBITDA of SEK 3.8 million, compared to SEK -10.7 million in the corresponding quarter last year, an improvement of SEK 14.5 million. EBITDA was positively affected by SEK 6.2 million from the refund of US customs duties previously paid. Excluding the refund, EBITDA amounted to SEK -2.4 million, which also represents a clear improvement compared to the previous year. At the same time, we are seeing a higher gross margin and a lower cost level. Excluding the customs refund, the gross margin was 82 percent, compared with 80 percent last year.
Overall, the development in S1, sales and result shows that the underlying business has strengthened. The combination of higher sales, a more focused organization and the lower cost base we have established over the past year means that continued growth is having an increasingly visible impact on the result. We are not there yet, but the progress shows that we are taking clear steps towards our goal of building a sustainably profitable Integrum.
The commercial platform is in place
Over the past year we have changed the way Integrum works commercially. We have moved from an approach that depended largely on patients finding their way to our clinics, to a model where we actively create demand, identify potential patients and support them all the way through to treatment.
The digital platform we launched in the US in May is now established, and for the first time it allows us to work in a structured, data-driven way across the entire commercial funnel - from digital activity and patient interest through to qualified leads and, ultimately, S1 surgery.
The next phase is therefore less about building the infrastructure and more about getting the maximum return out of it. Our focus is on driving relevant traffic, improving lead quality and, most importantly, raising conversion throughout the patient journey. Following the launches in the US and Ukraine, work is now under way with Germany, where we plan to launch the platform in the beginning of the second quarter.
Stronger commercial organization
We are also continuing to strengthen our commercial organization. The US remains our largest and strategically most important market, and building patient flow to our Centers of Excellence is central to our growth.
At the same time, we see real opportunities in Europe. We are strengthening our presence in the DACH region and working more closely with clinics and partners to increase the number of patients who gain access to the OPRA Implant System.
In Ukraine, we are working towards a more long-term and structured establishment of osseointegration within the country's healthcare system. We have gradually built our local presence and our collaboration with clinics and other relevant partners. Our ambition is to create a lasting structure that can give considerably more patients access to treatment.
Innovation creates the next growth platform
While we accelerate the commercialization of the OPRA Implant System, we are also continuing to develop the next generation of technology for people living with amputation.
Our work in bionics and neural control is of strategic importance to Integrum's long-term development. Through Afyri, we are establishing a clearer structure for advancing this technology and its commercial potential alongside our core business.
This gives us a clear dual focus: accelerating the commercial potential of the OPRA Implant System today, while building the technology that can define the next generation of advanced prosthetic solutions.
We continue as planned
The first quarter confirms that our strategic shift is delivering. S1 volumes are growing, our digital commercial platform is established, our cost base is lower, and we report positive EBITDA for the quarter. After a year of transformation, we have built a stronger and more scalable business, with better conditions for continued growth and improved profitability.
The task now is to keep driving that development with the same focus and high pace. We will reach more patients, improve conversion and drive more S1 surgeries. We have a clear plan, the results confirm it is working, and we are continuing to execute it with our full attention on building a growing and sustainably profitable Integrum.
/ Martin Hillsten, CEO
SIGNIFICANT EVENTS DURING THE PERIOD
- In May, Integrum launched a new digital patient portal in the US with the aim of increasing patient flow and awareness of the OPRA Implant System. The platform is intended to provide better support to patients and their families, as well as enable more structured follow-up and guidance of potential patients to the right care unit.
- In June, Integrum announced that the company intends to gather all its activities in bionics, including e-OPRA, into a new wholly-owned subsidiary under the name Afyri. The purpose is to create better conditions for continued development and commercialization, as well as enable new financing and collaboration opportunities.
- In June, Integrum received a refund of approximately SEK 2.6 million from the US customs authorities regarding previously paid customs duties that, after administrative review, were deemed not applicable to parts of the company's imports.
- In June, Integrum announced that Ukraine's Ministry of Health had completed the preparatory work on the proposal to introduce osseointegration as part of the national healthcare for individuals with amputations and submitted the proposal to the country's government for decision.
- In July, Integrum received an additional refund of approximately SEK 3.6 million regarding previously paid US customs duties. Together with the refund in June, the received refunds during the quarter amounted to approximately SEK 6.2 million.
SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE
- In August, the Election Committee was appointed ahead of Integrum AB's Annual General Meeting on September 29, 2026. The Election Committee consists of Jakob Have, appointed by Nordic Compound Invest A/S and Chairman of the Election Committee, Rickard Brånemark, appointed by Pericardium AB, and Kristofer Westergren, appointed in his capacity as a shareholder.
PRESENTATION FOR INVESTORS, ANALYSTS AND THE MEDIA
The interim report for May-July 2026 will be presented in a digital webcast on September 3 at 10:00 a.m. CEST. President and CEO Martin Hillsten and CFO Louise Wåhlin will present the report and comment on the Group's performance during the period. The presentation will be held in Swedish and will be followed by a Q&A session.
To participate in the presentation, please follow the link below:
https://www.finwire.tv/webcast/integrum/q1-2026/
THE REPORT
The interim report is attached to this press release and is available in full at
https://reports.integrum.se/en/interim-report-may-july-2026/
This interim report has not been reviewed by the company's auditor. The interim report has been prepared in Swedish and translated into English. In the event of any discrepancies between the language versions, the Swedish version shall prevail.
For further information, please contact:
Martin Hillsten, CEO
Tel: +46 733 55 28 32
Email: martin.hillsten@integrum.se
Louise Wåhlin, CFO
Tel: +46 734 63 73 03
Email: louise.wahlin@integrum.se
Certified Adviser
DNB Carnegie Investment Bank AB (publ)
+46 8-588 685 70
certifiedadviser@dnbcarnegie.se
About Us
Integrum AB is a publicly traded company (INTEG B: Nasdaq First North Growth Market) based outside of Gothenburg, Sweden. Since 1990, its OPRA Implant System has helped improve the quality of life for hundreds of people who are amputees by directly attaching a prosthesis to the bone and musculoskeletal system, therefore eliminating the need for a socket. Based on osseointegration, the bone-anchored implant system offers a range of benefits, including improved mobility and function, enhanced comfort, reduced pressure, a stable attachment and more. The OPRA Implant System was approved by the U.S. Food and Drug Administration (FDA) in 2020 and is the only FDA-approved bone-anchored implant system specifically designed for use in amputees available in the U.S. Today, Integrum continues to perform research and develop custom-made medical device solutions in close collaboration with scientists and clinicians. To learn more, please visit https://integrum.se/.
This information is information that Integrum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-09-03 07:15 CEST.
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