Secures breakthrough commercial order from partner

After market close on Monday, Ortoma announced a SEK173m order package for its OTS Hip system from its commercial partner, DePuy Synthes, part of Johnson & Johnson, with delivery planned throughout 2027. The order value is substantially above our current 2027 revenue forecast and represents the largest commercial order received by the company to date. In our view, the strategic significance extends beyond the financial contribution, as the scale of the order suggests a high degree of confidence from DePuy Synthes in the commercial potential of OTS Hip ahead of the broader rollout in Europe and the US, which has been a key point of investor uncertainty. We expect the announcement to be well received by investors when the market opens tomorrow.

What’s new? Ortoma has received orders from its commercial partner, DePuy Synthes, totalling SEK173m, to be delivered evenly throughout 2027. The order covers 125 OTS Hip systems and includes associated hardware, consumables and software packages, primarily intended for the European and US markets.

What does this mean? The orders signal to us a strong commitment from DePuy Synthes as OTS Hip enters its next phase of commercialisation in Europe and the US. Although a meaningful share of the order is likely intended for inventory build-up ahead of the 2027 rollout, we believe the scale of the commitment reflects confidence in the product’s commercial prospects and suggests encouraging early market feedback.

What do we do? Based on our current estimates, the order package alone represents 54% upside potential to our 2027 revenue forecast. However, for now, we leave our estimates and valuation unchanged ahead of next week’s Q3 report.