Ottobock grows by around 12 percent in 2022 – another year of profitable growth
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Ottobock grows by around 12 percent in 2022 – another year of profitable growth
Ottobock has continued its sustainable growth trajectory across all business areas and regions thanks to innovative product portfolio
- Revenue growth of 12.4 percent to EUR 1.3 billion in 2022
- Innovative products such as the high-tech “Kenevo” knee joint, the “C-Brace” leg orthosis and the neuromodulation suit “Exopulse Mollii Suit” drive growth
- Company increases adjusted EBITDA to EUR 238 million despite inflationary market environment
- Ottobock expects to continue growth trajectory in 2023
Ottobock, the global healthtech company and market leader for prosthetic mobility solutions, successfully continued its growth trajectory in the 2022 financial year. Based on preliminary results the company increased its revenue by 12.4 percent year-on-year to around EUR 1.3 billion (previous year: EUR 1.2 billion). Thanks to market-leading innovations such as the high-tech “Kenevo” knee joint, the “C-Brace” leg orthosis and the “Exopulse Mollii Suit”, significant growth was achieved across all regions and business areas. In a challenging market environment, the company further improved its earnings (adjusted EBITDA) to EUR 238 million (previous year: EUR 234 million). This translates to an operating EBITDA margin of around 18 percent.
“We continue to grow successfully despite the coronavirus pandemic, the energy crisis, rising inflation and an unstable economic environment,” said Oliver Jakobi, CEO of Ottobock. "This proves that our business model is resilient even in a challenging market environment and delivers sustainable growth thanks to our strong innovation capabilities.”
Long-term growth trajectory continued together with EQT
In partnership with minority shareholder EQT, which has held a 20 percent stake in Ottobock since 2017, the company has thus continued its long-term growth trajectory. Since EQT's entry, Ottobock has increased its sales by more than 7 percent annually compared to the 2016 financial year. In the same period, the company has increased its adjusted EBITDA by around 9 percent per year. Thanks to continued investments in innovation, growth and digitalization, Ottobock has continuously expanded its market-leading position and its global care network. For example, the number of Patient Care Centers has increased significantly since 2016 to a total of over 400. The average number of employees (FTE) increased by around 30 percent during this period to around 8,700.
Growth across all regions and business areas
In the past year, Ottobock increased its revenue across all regions and business areas. In Western Europe, revenue grew by 10.8 percent to EUR 664 million (previous year: EUR 599 million). Sales in North America increased by 16.9 percent from EUR 316 million to EUR 370 million while the Rest of the World, including Asia and South America, was 10.6 percent up from the previous year (EUR 271 million) at EUR 300 million. Excluding acquisitions and adjusted for foreign exchange, total revenues of the company increased by 3.6 percent compared to the previous year.
As the global market leader, Ottobock continued its steady growth in its largest segment, Prosthetics, and achieved a revenue of EUR 750 million (2021: EUR 667 million) – an increase of around 12.4 percent. In the Others segment, consisting of Digital, NeuroMobility and Bionic Exoskeletons as well as Planning, Equipment and Materials, Ottobock increased its revenue by 12.3 percent to a total of EUR 584 million (2021: EUR 520 million). In the promising field of exoskeletons, revenue was increased by more than half compared to the previous year 2021.
Innovations drive sustainable growth
Its innovative product portfolio is a key growth driver for Ottobock. In the 2022 financial year, the company continued to consistently expand its own research & development activities and once again invested around 7.1 percent of its total revenue in the development of future innovations. In 2022, Ottobock was granted more than 200 new patents, bringing the total volume of active patents to around 2,000.
In 2022, great progress was again made in product commercialisation: With the computer-controlled leg orthosis “C-Brace” and the “Exopulse Mollii Suit”, a full-body neuromodulation suit for people with neurological disorders, Ottobock has created two globally groundbreaking treatment solutions. Both received approvals in key sales markets in fiscal year 2022. In addition to the core area of prosthetics and orthotics as well as bionic exoskeletons, they will contribute significantly to the future growth of Ottobock.
Optimistic outlook for 2023
For 2023, Ottobock expects growth in the global market for prostheses and orthoses to continue. The company anticipates a double-digit percentage increase in revenue. Oliver Jakobi said: “In the past financial year, we once again demonstrated the resilience of our business model and its dynamic growth. Therefore, we are optimistic about the current financial year.”
Contact person Merle Florstedt Head of Corporate Communications Ottobock SE & Co. KGaA Phone: +49 151 4416 1625 E-Mail: Merle.Florstedt@ottobock.com
About Ottobock For more than 100 years, Ottobock has been developing innovative fitting solutions for people with reduced mobility. As a Human Empowerment Company, Ottobock promotes freedom of movement, quality for life and independence. This is supported by more than 9,000 employees. With innovative power, outstanding technical solutions and services in the fields of Prosthetics, Orthotics, NeuroMobility and Patient Care, they enable people in more than 130 countries to live their lives the best possible way they want to. As the world market leader in wearable human bionics, the company founded in 1919 is constantly setting new standards and pushing ahead with the digitalisation of the industry – together with its partners, the medical supply companies and international research institutions. Since 2018, Ottobock has been transferring its expertise in biomechanics to exoskeletons for ergonomic workplaces. The international activities of the company are coordinated from the head office in Duderstadt (state of Lower Saxony). Ottobock has been supporting the Paralympic Games with its technical expertise since 1988.