Annual Report 2022

Letter From the CEO

Positively Impacting People’s Lives

Another eventful year has passed and while we look back on our accomplishments with pride, we are also looking ahead with optimism and a strong sense of purpose rooted in improving people’s mobility.

The year 2022 has been anything but ordinary with the devastating war in Ukraine, effects of COVID-19 still impacting many parts of the world, supply chain challenges, and subsequent global inflation rates.

In the beginning of the year, all regions were impacted by COVID-19, but as the year progressed, the pandemic’s grip on healthcare systems started to ease in many parts of the world. Although many of our markets have regained ground this year, the pandemic somewhat continued to impact our sales and operations.

Innovation remains a key pillar of our strategy. This year, our Power Knee™, the first motor powered prosthetic knee, was successfully launched in all of our regions. We were very pleased with how positively the Power Knee was received in the market and are excited about the potential of powered prosthetics to improve the mobility of even more people.

In February 2022, Össur suspended sales to Russia due to the war in Ukraine. As limb loss is unfortunately one of the tragic consequences of war, Össur has donated both prosthetic products and clinical expertise to Ukrainian people in need. Through our partnership with non-profit organization Prosthetika and participants in the Ukraine Prosthetic Assistance project, Össur clinical specialists have provided training to Ukrainian prosthetists in Össur technology and treatment protocols. Össur has also donated a significant amount of prosthetic products and Ukrainian prosthetists have fit several individuals with Össur solutions. It is our belief that by empowering Ukrainian clinicians with knowledge and tools to serve the growing amputee population, we are contributing to a sustainable delivery model where patients’ needs are at the forefront.

One of Össur’s key highlights this past year was the acquisition of Naked Prosthetics, a leading provider of prostheses for finger and partial hand amputees. The acquisition strengthened our upper limb offering, allowing us to address the needs of a broader group of individuals.

Our commitment to sustainability remains strong, as we believe sustainable growth builds a successful and responsible business for the benefit of current and future generations. This year, our environmental efforts included introducing new, eco-friendly packaging, in addition to being Carbon Neutral for scope 1 and 2, and selected scope 3 emissions.

In 2022, we had the pleasure of welcoming many new employees and two new members to our executive committee. Gudný Arna Sveinsdóttir joined as Chief Financial Officer and Hildur Einarsdóttir took on a new role as Executive Vice President of R&D. I have the utmost confidence in our team of experienced leaders and dedicated employees throughout our global organization.

Thanks to our valued customers, end-users and other partners, we have a thriving business that employs a diverse group of over 4,000 individuals around the world, and we are committed to creating a lasting positive impact on the communities we serve and do business in. As Össur continues to evolve, we have been sharpening our strategic focus in order to continue our leading role in the development of the O&P industry, and ambitious efforts to reach more people in need of our products and services.

In April, I was honored to take on the role of Össur President and CEO following the impressive and successful 26-year tenure of my predecessor, Jón Sigurdsson. It has been a pleasure interacting with investors, customers, and colleagues around the world in this new capacity. Every day, our talented team inspires me with their dedication and passion to help more people live a Life Without Limitations®.

I would like to sincerely thank our employees, customers, end-users and other stakeholders for their trust and valuable partnership over the past year.

Sveinn Sölvason
President and CEO