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Össur

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Össur hf.
Company typeHlutafélag
Nasdaq Copenhagen:OSSR
IndustryHealth care
Founded1971
Headquarters
Reykjavík
,
Iceland
Area served
Global
Key people
Sveinn Solvason
(President andCEO)
Niels Jacobsen
(Chairman)
Gudný Arna Sveinsdóttir
(CFO)
ProductsNon-invasiveorthopaedicbracingand support,compression therapy,prosthetics
RevenueIncreaseUS $719 million(2022)[1]
IncreaseUS $114 million(2022)[1]
IncreaseUS $43 million(2022)[1]
Total assetsIncreaseUS $1091 million(2019)[2]
Total equityIncreaseUS $569 million(2019)[2]
Number of employees
4000(average, 2020)[3]
Websiteossur

Össur hf.is a company based in Iceland that develops, manufactures and sellsnon-invasiveequipment fororthopaedics,includingbracingand support products, compression therapy, andprosthetics.The company is headquartered inReykjavík,with offices in the Americas, Europe, and Asia, and distributors in other markets.

History

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Össur was founded in Iceland in 1971 by Össur Kristinsson, aprosthetist.His family owned the company until 1999, when itwent publicand was listed on theIceland Stock Exchange.Initially, the company served only the domestic Icelandic market, and then began to export in 1986 and expanded rapidly through a series of strategic acquisitions. Össur has been listed on theNASDAQ CopenhagenStock Exchange since 2009 and celebrated 20 years as apublicly traded companyin 2019,[4]by ringing the closing bell at theNasdaq MarketSitein New York'sTimes Square.As of 2019 it employs more than 3,500 people in over 25 locations.[5]

In 2006, the company was named as a "technology pioneer" by theWorld Economic Forum.[6]

Acquisitions

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Since 2000, Össur has acquired over 20 companies:

  • 2000 – Skóstofan[7]
  • 2000 – Flex-Foot, Inc.
  • 2000 – PI Medical AB.[8]
  • 2000 – Karlsson & Bergstrom AB.[8]
  • 2000 – Century XXII Innovations, Inc
  • 2003 – Linea Orthopedics AB.
  • 2003 – Generation II Group, Inc.[9]
  • 2005 – Advanced Prosthetic Components
  • 2005 – Royce Medical, Inc.
  • 2005 – Innovative Medical Products, Ltd.
  • 2005 – GBM Medical AB.
  • 2006 – Innovation Sports, Inc.
  • 2006 – Gibaud Group[10]
  • 2007 – SOMAS
  • 2010 – Orthopaedic Partner Africa[11]
  • 2012 – Evolution Industries
  • 2013 – TeamOlmed[12]
  • 2016 – Touch Bionics[13][14]
  • 2017 – Medi Prosthetics
  • 2019 – College Park Industries[15]
  • 2023 - Naked Prosthetics
  • 2024 - FIOR & GENTZ[16]

Operations

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Research and development

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Össur operates fiveresearch and development(R&D) departments in four countries, employing 76 people. In-house R&D also partners with third parties, including universities and research companies[which?].In 2007, R&D investment amounted to 6 percent of the company's total sales[citation needed].The same year, 22 US patents were granted to Össur and 37 new applications filed[citation needed].At the end of the year, Össur had 218 US, 26 European, and 103 granted internationalpatentsin its portfolio, together with 119 US and 239 pending applications world.[citation needed]

Products

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The company operates in three markets: bracing & support, compression therapy, and prosthetics includingbionicstechnology. It manufactures a range ofbracesand support products for arms, legs, andtorso.Products include Unloader One, a brace that provides mechanical support to reduce the kneepaincaused byosteoarthritis.It's designed to separate bones whenligamentsandcartilageare damaged, and to prevent further damage to thejoint.The firm also makes the CTi (formerly sold as the CTi2), a ligament brace for knees used for both rehabilitation and for injury prevention, as well ascervical collars.[citation needed]

Össur entered thecompression therapysegment with the acquisition of the French company Gibaud. Products includebandages,tights,stockings,knee highsand stump socks.[citation needed]

Prosthetics

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Össur manufactures prostheticlimbsand joints, liners, sockets, locks and sleeves. Its products include Flex-Foot, a prosthetic foot made fromcarbon fiber,a material used in theaerospaceindustry for its strength and flexibility. The Flex-Foot Cheetah developed by medical engineerVan Phillipsand worn byAlan Oliveira,Markus Rehm,and other amputee athletes is a derivative of this product line.[citation needed]Össur also produces the Total Knee prosthetic, which possesses a "locking moment" which keeps thekneefrom collapsing when it is in full extension, Mauch Knee, which has ahydraulic systemfor fluid and naturalgait,and Icerosssiliconeprosthetic liners, which provide an interface between theskinand the socket.[citation needed]

The company's bionic technology platform is designed to restoreanatomicalfunction displaced byamputationby using intelligent structures in products that can respond in a human-like way. The division's products are Rheo Knee, amicroprocessorswing and stancekneesystem which utilizesartificial intelligence,Power Knee, which works as an integrated extension of its user, synchronizing motion with that of the sound leg using motor power, and Proprio Foot, an intelligent and motor-powered foot module.[citation needed]

Össur has been developing a bionic limb controlled using implantedmyoelectric sensorsdeveloped by theAlfred MannFoundation.[17]One patient has used the limb for over a year, and reports a positive experience. Össur says that the implantable control sensors will be a technology upgrade for its prosthetics in three to five years. In 2019, Össur and Alfred Mann Foundation signed new agreement to extend exploration of mind-controlled prosthetics.[18]

Team Össur

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Team Össur is a group of international para-athletes sponsored by Össur. Sponsees includeSarah Reinertsen,Markus Rehm,Jody CundyandRudy Garcia-Tolson.

See also

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References

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  1. ^abc"Annual Report 2022".Össur.Retrieved31 December2022.
  2. ^ab"Annual Report 2019"(PDF).Össur.Retrieved31 December2019.
  3. ^"About Ossur".Ossur.RetrievedNovember 1,2013.
  4. ^"Össur Celebrates 20 Years as a Publicly Traded Company".nasdaq.Retrieved2020-09-23.
  5. ^2019Annual Report.
  6. ^"The New Edge of Technology".World Economic Forum.
  7. ^"Össur hf. kaupir Skóstofuna".
  8. ^abFlex-Foot Parent Buys Two Swedish ProstheticFirms.[dead link]
  9. ^Ossur Reorganizes in US.Archived2011-09-27 at theWayback Machine
  10. ^"Össur hf. acquires the Gibaud Group in France".22 December 2006.
  11. ^"Össur expands global network with new base in South Africa".
  12. ^"Össur Signs Agreement to Acquire TeamOlmed in Sweden - OPEDGE.COM".opedge.Retrieved2020-09-23.
  13. ^"Össur acquires Touch Bionics".finance.yahoo.11 April 2016.Retrieved2020-09-23.
  14. ^"Össur Acquires Touch Bionics - OPEDGE.COM".opedge.Retrieved2020-09-23.
  15. ^"Össur Acquires College Park - OPEDGE.COM".opedge.Retrieved2020-09-23.
  16. ^"Össur hf: Össur acquires FIOR & GENTZ".view.news.eu.nasdaq.Retrieved2024-01-17.
  17. ^"Amputees control bionic legs with their thoughts".Reuters. 20 May 2015.
  18. ^"Össur and Alfred Mann Foundation Sign New Agreement to Extend Exploration of Mind-Controlled Prosthetics".News Powered by Cision.4 November 2019.Retrieved2020-09-23.
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