2020 in brief


Össur is a global leader in non-invasive orthopaedics.

Financial highlights

Organic Growth

Organic decline

10%

ebida margin

EBITDA margin

15%

Net Profit Growth

Cash generated by operations

19%

nibd

NIBD/EBITDA

4.1x

Sustainability and CSR highlights

Female_leader

Recycled and recovered waste

65%

Female_leader

Gender ratio

54% male
46% female

Female_leader

Management

36%

Female in management positions

Incident_rate

Incident Rate

0.7

Incident rate per 100 employees

employee_satisfaction

Global Employee
Satisfaction

4.4 of 5.0

Americas
49%

as % of sales

USD 307 million

Organic growth: -14%

FTEs: ~1,300

EMEA
42%

as % of sales

USD 267 million

Organic growth: -9%

FTEs: ~1,500

APAC
9%

as % of sales

USD 55 million

Organic growth: 2%

FTEs: ~200

HQ FTEs: ~500

Sales by segments

Revenue split by Segments

Business Segments

Prosthetics sales in 2020 amounted to USD 372 million and declined by 7% organic. Sales of bionic products accounted for 20% of prosthetics component sales in 2020. Bracing and supports (B&S) sales in 2020 amounted to USD 257 million and declined by 15% organic.

In Americas and key European markets, sales have gradually recovered from a low point in April. Average sales during the year compared to the same period last year were as follows: January and February 2020 were around 100% of last year’s sales, March 80-90%, April 60-70%, May 70-80%, June 80-90%, and through the remainder of the year between 90-100%.

The COVID-19 pandemic has impacted prosthetics and B&S differently. Throughout the COVID-19 pandemic prosthetics sales have been more resilient than B&S. The demand for prosthetic solutions is, for the markets that Össur generates the majority of sales, mostly driven by servicing the existing amputee population with maintenance, renewals, and upgrades of their prosthesis. Sale of mechanical prosthetic products is stable in 2020 compared to 2019, while bionics, which require more time for fitting and training have declined in sales more than the average for prosthetics. It is expected that there will be some pent-up demand in prosthetics for both mechanical and bionic products. The demand for B&S products is largely driven by injuries, surgeries, and prevalence of osteoarthritis (OA). The COVID-19 pandemic and the associated lockdowns have had a significant impact on amateur sports and activity levels that have resulted in fewer injuries. Recent data from hospital systems in Europe show double-digit declines for various types of injuries to joints and ligaments. It is not expected that there will be pent-up demand for injury solutions. COVID-19 has impacted volumes of elective surgeries such as knee replacement surgeries, that drive demand for post-operative bracing solutions. OA bracing sales have also been impacted, primarily due to limitations to physician access. Some pent-up demand is expected for post-op and OA bracing.

Year in review

A historic year on many fronts, Össur had many memorable moments in 2020. At the forefront was the close partnership and commitment we enjoy with our customers and end-users around the world.

January

RHEO KNEE XC wins the 2019 GOOD DESIGN Award

Össur Ambassador Hunter Woodhall on The Ellen Show

Team Össur member Stefanie Reid speaks at TEDx London Women – ´Why accessible design is for everyone´

Next

February

New Rebound® ACL, Balance™ Foot S / Balance™ Foot S Torsion and Unloader One® X Custom fully launched

Team Össur athletes featured in Nike‘s 2020 team uniform unveiling for the Tokyo Paralympics

Interview with Hugh Gill in O&P Almanac‘s feature on upper limb prosthetics

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Nike‘s 2020 team uniform unveiling for the Tokyo Paralympics

March

Össur Ambassador Hilmar Snær Örvarsson wins alpine skiing European Cup

Össur Ambassador Hunter Woodhall interviewed by ESPN i-Limb on Swiss TV

IPC President Andrew Parsons visits Össur Head Office

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IPC President Andrew Parsons visits Össur Head Office

April

Össur Mexico recognized as „one of the best places to work for“ during Covid-19

Össur acquires Scanning and Design Technology from Standard Cyborg

Össur donates work and components to the Icelandic health authorities by custom manufacturing few Mobile Patient Isolation Units which are used to transport infected patients during Covid-19

Commissioner of the King, Wim van de Donk with a Deputy of Economy Martijn van Gruijthuijsen and Machiel van der Kuijl, President of the Entrepreneurs Organisation visit the Össur Eindhoven office

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Össur donates work and components to the Icelandic health authorities

May

Össur Ambassador Rudy Garcia-Tolson featured in NY Times article

OT Magazine interview with Össur CEO, Jon Sigurdsson

Össur in How Stuff Works – How Prosthetic Limbs Work.

Unloader One X ft. in Physical Therapy Products magazine and Rehab Management

Össur article in Jyllands-Posten

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Össur Ambassador Rudy Garcia-Tolson featured in NY times

June

Össur and Nike sign new agreement regarding the co-development of the next generation of Nike Soles for the new sports feet, Cheetah Xceed, Cheetah Xcel & Cheetah Xpanse

Össur acquisition of College Park Industries completed

Össur Ambassador Mike Coots featured as Ralph Lauren's FIRST amputee model in their "The Beach House" collection!

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Össur Ambassador Mike Coots featured as Ralph Lauren's First amputee model

July

Össur Ambassador Paola Antonini featured in AMPLITUDE

Össur Ambassador NaoNao in China participates in an ADIDAS Ad

Össur CEO Jon Sigurdsson interview in Newsweek, in a special country report on Iceland

Team Össur member Femita Ayanbeku ft. in Runner’s World

Team Össur member Daniel Wagner ft. in The Danish National Broadcaster article

Össur's Dr. Anton Johannesson honored by AOPA with Thranhardt Award

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Team Össur member Femita Ayanbeku ft. in Runner World

August

Össur Ambassador Andrea Lanfri and his friend Massimo Coda on the summit of Mont Blanc

American actor David Duchovny lends his pool to Paralympic swimmer and Össur Ambassador Rudy Garcia-Tolson to train during COVID-19 shutdowns

Team Össur members featured in Rising Phoenix , a ground-breaking movie about the Paralympic Movement, premiered in over 190 countries worldwide on Netflix

Össur named one of the top 10 orthopedic device firms by ODT Magazine

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Rising Pheonix

September

Össur's new e-commerce store for bracing launched in the US

Össur announces establishment of Össur Japan

Össur completes divestment of Gibaud SAS in France

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US ecommerce Store

October

Össur recognized as one of the financially Strongest Companies in Iceland, for the eleventh consecutive year in a row

KUSI’s Good Morning San Diego: Challenged Athlete Foundation (CAF) surprises five amputees in five days with life-changing Össur running prosthetics

Össur Ambassador Andrea Lanfri from Italy reached the top of the volcano Etna

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Össur strong in Iceland

November

Team Össur member Markus Rehm who has been named Germany's Paraathlete of the Decade

Össur Ambassador Sandro Borges featured on the cover of the November edition of OT magazine

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Össur Ambassador Sandro Borges featured on the cover of the November edition of OT magazine

December

Össur Cheetah blades featured in Triathlete article

Össur featured in Dutch How it’s Done TV Program

Össur named a Top Workplace of 2020 by The Orange County Register

Össur completed the divestment of entities focused on B&S sales in the US

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Letter from the CEO


The year 2020 will be remembered as no other. A year when words such as unprecedented, self-isolation and social distancing were spoken daily, and the world was impacted in ways that were unimaginable only a year ago.

Our focus throughout the year as been to ensure business continuity and the safety of our employees and customers. Our manufacturing and distribution employees, as well as the front-line employees in our clinics, have done an incredible job of keeping up service levels on site while office-based employees picked up and moved their desks to makeshift home offices. We were all required to think and act in new ways with our IT infrastructure proving solid, and digital solutions used to their utmost for service, collaboration, and training purposes.

While sales were negatively impacted as social distancing and lockdown measures were implemented in all our major markets, we saw a gradual recovery towards the latter part of the year. Our cost reduction initiatives enabled us to maintain a strong operating profit considering the impact on sales, which underlines that profitability will return to normalized levels as sales continue to recover. We remain confident that there will be no long-term change in the demand for our products and services.

We were able to overcome numerous challenges during the year and are proud of the new products we brought to market which include the Balance™ Foot S and Connect™ TF Socket, both ideal for the low active population as well as the CTi® Mission ligament knee brace. Product development continues strong and we are excited about our healthy product pipeline. We were also pleased to close the acquisition of College Park Industries as well as the divestment of both Gibaud and entities focused on B&S sales in the US.

Our employees are our most valuable asset, and we were proud to yet again be voted one of Orange County’s Best Workplaces and our annual Workplace Survey confirmed a high employee satisfaction score once again. Certainly not something we take for granted, particularly during such challenging circumstances. We know the added personal and professional pressures have taken their toll this year and couldn’t be prouder of the strength and resilience our team has shown.

My sincere thanks to our employees, customers, end-users, and shareholders for their partnership and support during this unprecedented year. Our shared passion for improving people’s mobility will ensure continued success as we embark on what will be Össur’s 50th anniversary year. A year where we can celebrate past achievements and make ambitious plans for the future. I’m proud to say that our 50th anniversary year will also be marked by our commitment to sustainable development. Össur will be carbon neutral in 2021. Not a small endeavour and one of hopefully many more milestones that we can celebrate during the year. It’s time for a new chapter and the future is bright.

Jon Sigurdsson

President and CEO

User Stories

Rudy Garcia-Tolson

“A brave heart is a powerful weapon, and people should never let their challenges define who they are”

At an age when most children must be reminded to brush their teeth or take out the trash, Rudy Garcia-Tolson was charting his course to Ironman® Triathlon victory and Paralympic gold. Born with multiple birth defects, Rudy endured 15 surgeries by the age of five before telling his parents he would prefer a double leg amputation. Soon after, Rudy began to swim and run, participating in his first triathlon at age 8, as the swimmer in a winning relay team. By age 10, on a visit to Össur in Iceland, he provided product input which became key in the development of the Flex-Run™ prosthetic. Shortly thereafter, Rudy completed the first of many individual triathlons.

Today he is a multi-hyphenate. Rudy is a swimmer, runner, cyclist, triathlete, ESPN's ARETE Courage in Sports Award Winner, ESPY nominee, motivational speaker and four-time paralympian.

On a day-to-day basis, Rudy uses Össur’s Rheo Knee® and Pro-Flex® XC. For athletics, he uses Össur’s Flex-Run. As a four-time Paralympian (2004, 2008, 2012, 2016) and five-time medalist, Rudy devotes himself to inspiring the younger generation of challenged athletes. Today, he is training in hopes of competing at his fifth Paralympics in Tokyo next year.

“Never let people tell you that you can’t do something. Prove them wrong. The only disability in life is a negative attitude.”

Össur at a glance


We improve people’s mobility

Össur is a global leader in non-invasive orthopaedics; innovating, producing, and providing advanced technological solutions within the prosthetics and bracing & supports market. Our mission is to improve the mobility of our users, so they can live their Life Without Limitations®.

Össur was founded in 1971 and has since grown through a healthy combination of organic development and acquisitions in both prosthetics and bracing & supports. Today, Össur has a strong global position in the industry and key markets and in a good position to leverage future growth opportunities. Össur has been listed since 1999, has operations in over 27 countries and more than 3,500 FTEs.

Our users are at the core of everything we do

Individuals can be living with limb loss or limb difference for a variety of reasons. Vascular disease, diabetes, trauma, and congenital defects are some of the more common reasons. There are also individuals who develop knee pain, are diagnosed with osteoarthritis in their joints, incur fractures to their ligaments or injure themselves resulting in movement impairment. For years Össur has helped these individuals focus on new goals rather than limitations by offering comprehensive solutions that are designed with the needs of the user top of mind.

World class innovation capabilities

Össur is a pioneer of advanced technology where our brand recognition is based on innovative and scientifically proven solutions that deliver effective clinical outcomes. By listening to and understanding people’s needs and pushing the boundaries of technology, we continue to create some of the best products and services available in the fields of prosthetics and bracing & supports. Every year Össur invests the equivalent of 5% of sales in R&D efforts to work on new innovative products for the benefit of our users. In 2020 we introduced more than 20 new products to the market.

Our Segments

Prosthetics

59%

of total sales


Sub-segment User Profile Improving Mobility
Mechanical Products People living with lower extremity amputation Broad product offering for lower extremity prosthesis
Bionic Products People living with lower and upper extremity amputation Advanced microprocessor controlled feet, knees, hands and fingers

Bracing & Supports

41%

of total sales


Sub-segment User Profile Improving Mobility
Injury Solutions People recovering from fractures, ligament injuries or need a post operative treatment Products stabilizing joints and improving healing
OA Solutions People living with Osteoarthritis (OA) Non surgical treatment by unloading affected joint with braces

Our Segments

Prosthetics

52%

of total sales


Mechanical Products

User Profile

People living with lower extremity amputation

Improving Mobility

Broad product offering for lower extremity prosthesis

Bionic Products

User Profile

People living with lower and upper extremity amputation

Improving Mobility

Advanced microprocessor controlled feet, knees, hands and fingers

Bracing & Supports

48%

of total sales


Injury Solutions

User Profile

People recovering from fractures, ligament injuries or need a post operative treatment

Improving Mobility

Products stabilizing joints and improving healing

OA Solutionss

User Profile

People living with Osteoarthritis (OA)

Improving Mobility

Non surgical treatment by unloading affected joint with braces

Our products

Prosthetic solutions

Össur’s prosthetics portfolio includes a full spectrum of premium lower and upper limb prosthetic components. The portfolio ranges from solutions to support low active individuals who may struggle to maintain the ideal balance of safety, comfort, and mobility all the way to solutions designed to enable especially active people to engage in high-impact endeavors.

Bracing & supports

OA solutions

Össur’s osteoarthritis (OA) solutions are designed to enhance quality of life, reduce pain, and improve mobility for people living with osteoarthritis. Össur offers the Unloader One® range of knee braces that relieve pain from knee osteoarthritis, as well as the Unloader® Hip which is designed to reduce pain by optimizing load dispersion for patients suffering from mild and moderate osteoarthritis of the hip.

Injury Solutions

Össur’s injury solutions are designed for people recovering from fractures, ligament injuries or for those in need of post-operative treatment solutions. These solutions are designed to support the healing process of bone and soft tissue injuries. Several of these products come with the Functional Healing seal that signifies a clinically validated healing solution that helps enhance the body’s natural healing process while maximizing mobility.

Who are the users that benefit from our solutions?

Prosthetic Solutions

  • High and low active lower-limb amputees
  • Upper-limb amputees
  • Children living with limb loss
  • Athletes living with limb loss

Bracing & Supports

  • People that require post-operative treatment
  • People in rehabilitation for PCL ruptures
  • People requiring protection and joint stabilization
  • People with foot and ankle injuries that require immobilization
  • People with mild to severe osteoarthritis
  • People seeking treatment for venous ulcers and swelling

Össur 2020 Annual Report