OSSUR Annual Report 2022

 
Annual
Report
2022

Annual 
Report 
2022
The Big Picture
Letter From the CEO
2022 in Brief
Year in Review
Össur at a Glance
3
5
7
9
Financial Performance
Five-Year Overview
Performance in 2022
Outlook for 2023
13
14
18
Our Business
Markets
Business Model
Strategy
Innovation
People
Risk Management
20
24
30
34
40
45
Corporate Matters
Shareholder Information
Sustainability
Corporate Governance
Board of Directors
Executive Management
48
53
60
66
68
Consolidated Financial 
Statements

 
 
 
 
The Big 
Picture
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
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ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
The Big 
Picture
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.
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.
“Every day, our talented team 
inspires me with their dedication 
and passion to help more people
live a Life Without Limitations.”
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.
Sveinn Sölvason
President and 
CEO
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ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
The Big 
Picture
2022 in Brief
Össur 
is 
a 
global 
leader 
in 
non-invasive 
orthopaedics; 
innovating, 
producing 
and 
providing 
advanced 
technological 
solutions 
to 
improve 
people’s 
mobility 
so 
they 
can 
live 
their 
Life 
Without Limitations
®
.
Product 
Segments
Sales in 2022 by 
Product Segment
Prosthetics 
63%
Bracing & Supports 
37%
USD 
719
million
Regional 
Overview
HQ 
FTEs: 
~700
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ÖSSUR ANNUAL 
REPORT 2022
APAC
9%
of 
sales
USD 
62 
million
Organic growth: 4% 
FTEs: ~200
EMEA
42%
of 
sales
USD 
306 
million
Organic growth: 5% 
FTEs: ~1,500
Americas
49%
of 
sales
USD 
351 
million
Organic growth: 2% 
FTEs: ~1,500

 
 
The Big 
Picture
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ÖSSUR ANNUAL 
REPORT 2022

 
 
 
The Big 
Picture
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ÖSSUR ANNUAL 
REPORT 2022

 
 
The Big 
Picture
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ÖSSUR ANNUAL 
REPORT 2022
Photo
Credit:
Survivor
CBS
Photo
Credit:
Dancing
on
Ice
Photo
Credit:
Ariel
Oscar
Greith

 
 
 
The Big 
Picture
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 
people’s mobility so they can live their Life Without 
Limitations
®
.
Since the foundation of Össur in 1971, we have grown 
through a healthy combination of organic development 
and acquisitions, both in Prosthetics and Bracing & 
Supports. Össur has a strong presence in its industries 
and key markets and is well positioned 
to leverage 
future growth opportunities. Össur 
is listed on Nasdaq
Copenhagen, has operations in 36 countries and has 
around 4,000 employees worldwide. Össur is 
signatory 
to the UN Global Compact, 
UN Women’s Empowerment 
Principles, contributes to the UN Sustainable 
Development Goals and has since 2021, been Carbon 
Neutral for scope 1 and 2, and selected scope 3 
emissions.
Life Without Limitations
®
We strive to create a Life Without Limitations for the 
many people who use our products and solutions. They 
are at the core of everything we do, and 
we specialize in 
providing qualitative and comprehensive solutions 
to a 
wide range of individual needs.
9
ÖSSUR ANNUAL 
REPORT 2022

 
 
The Big 
Picture
Our End-Users
We help individuals to advance their everyday life and 
pursue their goals. Prosthetics are used by people who 
were born with limb loss or limb difference, or who 
have had limbs amputated for a variety of reasons.
Vascular diseases including diabetes as well as cancer, 
trauma, and congenital defects are some of the more 
common reasons. The users of our prosthetic products 
and solutions range from children to 
the elderly, and 
from low to high active people and successful athletes. 
Bracing & Supports are used by individuals 
who 
develop knee pain, are diagnosed with osteoarthritis in 
their joints, incur fractures to their ligaments or injure 
themselves causing movement impairment.
World Class Innovation Capabilities
Significant investment in research and development has 
resulted in over 2,000 patents, award-winning 
designs, 
successful clinical outcomes, and consistently strong 
market positions. Every year, we invest around 5% of 
sales in research and development 
to progress and 
enhance our product portfolio for the benefit of our 
end-users. Össur is a pioneer of advanced technology 
with top tier brand recognition based on quality and 
high reliability, providing 
scientifically proven solutions 
that deliver effective clinical outcomes. We emphasize 
listening to and learning from our end-users to develop 
successful products and solutions. By understanding 
their needs, through continuous development and 
pushing the boundaries of technology, we continue 
to 
create some of the best products and services available 
in Prosthetics and Bracing & Supports. In 2022, we 
introduced 15 new products to 
the market.
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ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Big 
Picture
Our Product Segments
Össur operates within two market segments of the orthopaedic market; Prosthetics and Bracing & Supports. 
Prosthetic products include artificial limbs and related 
products for people with limb loss or limb difference 
while bracing & supports products are used 
to support joints and other body parts, both for preventive and 
therapeutic purposes.
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ÖSSUR ANNUAL 
REPORT 2022
Sub-Segment 
End-User 
Improving
Profile 
Mobility
Injury Solutions
People 
Products
recovering 
stabilizing 
from fractures, 
joints and 
ligament injuries 
improving 
or need a 
healing 
post operative
treatment
OA Solutions 
People 
Non-surgical
living with 
treatment 
Osteoarthritis 
by unloading 
(OA) 
affected joint
with braces
Sub-Segment 
End-User 
Improving
Profile 
Mobility
Mechanical 
People living 
Broad product
Products 
with lower and 
offering of
upper limb 
lower limb
loss or limb 
prosthetics
difference 
and finger 
prostheses
Bionic 
People living 
Advanced
Products 
with lower and 
microprocessor
upper limb 
controlled feet,
loss or limb 
knees, hands
difference 
and fingers

 
 
 
The Big 
Picture
Our Products
Prosthetics
Össur’s prosthetics product portfolio includes a 
range of 
premium lower and upper limb prosthetic components. 
The portfolio ranges from solutions to support low 
active individuals who may be challenged to maintain 
the ideal balance of safety, comfort, and mobility, 
to 
solutions designed to enable especially active people to 
excel and engage in high-impact activities.
Mechanical Products
Össur’s mechanical product portfolio includes 
lower 
limb prosthetics and finger prostheses.
Bionic Products
Össur’s bionic product portfolio includes advanced 
microprocessor-controlled feet, knees, hands, 
and 
fingers. The bionic products include integrated 
sensors, 
computing power, internal intelligence and actuators 
that help the individual to move more naturally. 
Sales 
of bionic products accounted for 21% of prosthetics 
component sales in 2022.
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.
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ÖSSUR ANNUAL 
REPORT 2022
Who are the 
end-users 
that benefit from our 
solutions?
Prosthetics
•
People of all 
ages living with 
lower limb 
loss or limb difference
•
People of all 
ages living with 
upper 
limb loss or limb difference
Bracing & Supports
•
People that 
require post-operative 
treatment
•
People in 
rehabilitation for 
PCL 
ruptures
•
People requiring 
protection and 
joint 
stabilization
•
People with joint 
injuries that 
require 
immobilization
•
People with 
mild to 
severe 
osteoarthritis
•
People seeking 
treatment for 
venous 
ulcers and swelling

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial 
Performance
Five-Year 
Overview
Five-Year Overview
USD million
2022
2021
2020
2019
2018
Net sales
719
719
630
686
613
Gross profit
440
455
391
439
387
Operating expenses 
(excl. other income)
373
360
338
341
304
EBITDA
114
149
93
141
107
EBITDA before special items
128
149
93
150
115
EBIT
65
97
28
98
79
Net profit
43
66
8
69
80
Sales growth
Sales growth USD %
0
14
(8)
12
8
- Organic growth %
4
10
(10)
5
5
- Currency effect %
(7)
3
0
(4)
1
- Acquired/divested business %
3
1
2
11
2
Balance Sheet
Total assets
1,325
1,247
1,214
1,091
914
Equity
636
627
577
569
538
Net interest-bearing debt (NIBD)
404
363
381
302
180
Cash Flow
Cash generated by operations
92
128
119
120
92
Free cash flow
35
74
68
63
39
Key ratios
Gross profit margin %
61
63
62
64
63
EBIT margin %
9
14
4
14
13
EBITDA margin %
16
21
15
21
18
EBITDA margin before special items %
18
21
15
22
19
Equity ratio %
48
50
48
52
59
NIBD to EBITDA
3.2
2.4
4.1
2.0
1.6
Effective tax rate %
23
24
38
24
18
Return on equity %
7
11
1
12
15
CAPEX to net sales %
3.6
3.7
3.8
4.6
5.0
Full time employees at period end
3,892
3,761
3,385
3,449
3,147
Full time employees on average
3,866
3,688
3,505
3,382
2,775
Market
Market value of equity
2,035
2,724
3,380
3,340
2,055
Number of shares in millions
423
423
423
425
431
EPS in US cents
10.3
15.6
1.9
16.3
18.8
Diluted EPS in US cents
10.3
15.5
1.9
16.2
18.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial 
Performance
Performance in 2022
Financial Performance in 2022
•
Sales amounted to USD 719 million in 2022. Sales increased by 7% in local currency and by 4% organic, in line with 
the guidance for 2022.
•
Prosthetics sales increased by 4% organic and Bracing & Supports sales 
increased by 3% organic in 2022.
•
Due to the strengthening of the USD against the EUR and other key currencies, reported sales were negatively 
impacted by USD 47 million in 2022 compared to 2021.
•
Gross profit margin was 61% in 2022 or 62% excluding special items, mainly in connection to cost saving initiatives 
announced in Q3 2022, compared to 63% in 2021.
•
The EBITDA margin before special items in 2022 was 18%, in line with guidance, compared to an EBITDA margin 
before special items of 21% in 2021. The EBITDA margin 
before special items in 2022 was mainly affected by 
temporary high supply chain and manufacturing cost.
•
Net profit in 2022 amounted to USD 43 million compared to USD 66 million in 2021.
•
Cash generated by operations amounted to USD 92 million or 13% of sales in 2022.
•
NIBD/EBITDA before special items was 3.2x at the end of 2022, above the target level of 2.0-3.0x due to higher net 
debt in connection to renewals of lease agreements, 
lower cash generated by operations 
and adverse FX impact. 
In line with Össur’s Capital Structure and Capital Allocation Policy, 
Össur continues to temporarily pause share 
buybacks as NIBD/EBITDA before special items is 
above the target leverage range.
•
The financial guidance for the full year 2023 is 4-8% organic sales growth, 17-20% EBITDA margin before special 
items, 3-4% CAPEX of sales, and an effective tax rate of 23-24%.
14
ÖSSUR ANNUAL 
REPORT 2022
Key Financials and Guidance
USD million
FY 2022
FY 2021
FY Guidance 2023
Net sales
719
719
Sales growth, organic
4%
10%
4-8%
Gross profit margin
61%
63%
EBITDA
114
149
EBITDA margin
16%
21%
EBITDA before special items
128
149
EBITDA margin before special items
18%
21%
17-20%
CAPEX as % of sales
4%
4%
3-4%
Effective tax rate
23%
24%
23-24%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial 
Performance
Financial Performance
Sales Performance
Sales amounted to USD 719 million in 2022, compared to USD 719 million in 2021, corresponding to a 4% increase 
organic, a 7% increase including acquisitions (local currency 
growth) and a flat reported growth 
(USD growth).
Currency movements in 2022 impacted sales growth negatively by USD 47 million, which corresponds to about a 
7%-point negative effect on the reported growth 
rate.
In 2022, Össur completed 
acquisitions of entities 
with combined annual sales 
of USD 19 million, 
including the 
acquisition of Naked Prosthetics, a leading provider 
of functional finger prostheses for finger and partial 
hand 
amputees.
* growth/(decline)
* growth/(decline)
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ÖSSUR ANNUAL 
REPORT 2022
Sales by Product Segment (USD million)
FY 2022
Organic 
growth*
Δ Acq. / div.
Δ Curr. Effect
USD growth*
Prosthetics
456
4%
3%
-6%
1%
Bracing & Supports
263
3%
4%
-8%
(1%)
Total
719
4%
3%
-7%
0%
Sales by Geographical Segment (USD million)
FY 2022
Organic 
growth*
Δ Acq. / div.
Δ Curr. Effect
USD growth*
Americas
351
2%
2%
0%
4%
EMEA
306
5%
5%
-13%
(3%)
APAC
62
4%
0%
-9%
(4%)
Total
719
4%
3%
-7%
0%

 
 
 
 
 
 
 
 
Financial 
Performance
Product Segments
digital initiatives. One-time implementation cost of 
USD 
15 million in connection to the organizational changes 
and cost savings initiatives were a substantial part of 
higher OPEX for the year. Excluding special items, OPEX 
was 51% of sales in 2022.
Management remains focused on managing cost 
with the ultimate objective to maintain 
and increase 
profitability as sales continue to normalize.
Operating Profit
In 2022, EBITDA before special items amounted to USD 
128 million or 18% of sales compared to EBITDA before 
special items of USD 149 million or 21% of 
sales in 2021. 
The EBITDA margin before special items in 
2022 was 
below a normalized level, both due to adverse impact 
on sales as well as higher supply chain related cost and 
OPEX. COVID-19 impacted sales in China and sales to 
Russia have been suspended from 24 February 2022 
due to the ongoing war in Ukraine. In addition, shortage 
of certain raw materials and components, primarily
for the new Power Knee, adversely affected sales. In 
addition, higher freight cost and raw material 
inflation 
increased cost of goods sold affecting profitability.
Prosthetics sales in 2022 amounted to USD 456 
million 
and increased by 4% organic. Sales of bionic products 
accounted for 21% of prosthetics component sales
in 2022. Bionic sales growth was strong 
towards the 
end of the year, accounting for 25% of prosthetics 
component sales in Q4 2022, mainly driven by Power 
Knee sales. Going into 2023, the demand for this first 
motor powered prosthetic knee continues 
to be high. 
Bracing & Supports sales in 2022 amounted to USD 
263 
million and increased by 3% organic.
Operations
Gross profit in 2022 amounted to USD 440 million or 
61% of sales compared to USD 455 million or 63% of 
sales in 2021. Gross profit margin in 2022 was 62% 
excluding special items, mainly in connection to cost 
saving initiatives announced in Q3 2022. Supply chain 
challenges, including sourcing of raw materials and 
components, continued to have a short-term negative 
effect on productivity. In addition, supply chain 
cost 
increases adversely affected cost of goods sold by 
USD 
13 million in 2022 from pre-pandemic levels 
in 2019.
Operating expenses (OPEX) amounted to USD 375 
million or 52% of sales in 2022. 
In Q3 2022, Össur made 
organizational changes and initiated cost savings to 
support further growth and profitability, 
and simplified 
operations to better leverage key 
strategic locations.
Total annual cost savings amount to USD 15 million and 
are expected to materialize from the beginning of 2023. 
Össur plans to reinvest around one third of 
the cost 
savings into Össur’s Emerging Markets platform and
16
ÖSSUR ANNUAL 
REPORT 2022
Sales in 2022 by Product 
Segment
USD 719 
Prosthetics 
63% 
million
Bracing & Supports 
37%

 
 
Financial 
Performance
Financial Items, 
Income Tax and Net 
Profit
Net financial expenses in 2022 amounted to 
USD 9 
million, compared to USD 11 million in 2021.
Income tax amounted to USD 13 
million in 2022, 
corresponding to a 23% effective tax rate.
Net profit in 2022 amounted to USD 43 million, 
compared to USD 66 million profit in 2021. Diluted 
earnings per share in 2022 amounted to 10.3 US 
cents 
compared to 15.5 US cents in 2021.
Cash Flow
Cash generated by operations amounted 
to USD 92 
million or 13% of sales in 2022 compared to USD 
128 million or 18% of sales in 2020. Cash generated 
by operations was adversely affected by 
receivables 
inventory buildup, largely as safety stock due 
to long 
lead times and uncertainty in the supply chain.
Capital expenditures amounted to USD 26 million 
in 
2022 or 4% of sales, in 
line with guidance, compared to 
USD 27 million, also 4% of sales in 2021.
Bank balances and cash equivalents amounted to USD 
77 million at the end of 2022 and USD 56 million of 
existing facilities 
were undrawn. 
Bank balances 
and cash 
equivalents in 
addition to 
undrawn credit facilities 
at the 
end of 2022, therefore, amounted to USD 133 million.
Capital Structure
Net Interest-Bearing Debt
Net interest-bearing debt, including lease liabilities, 
at year-end 2022 amounted to USD 404 million 
compared to USD 363 million at year-end 2021. Net 
interest-bearing debt to EBITDA before special 
items 
corresponded to 3.2x at year-end 2022, above the 
target range in Össur’s Capital Structure and Capital 
Allocation Policy (2.0x-3.0x NIBD/EBITDA before
special items), due to higher net debt in connection to 
renewals of lease agreements, lower cash generated by 
operations and adverse FX impact.
Share Buybacks and Dividends
On 6 October 2022, Össur completed a share buyback 
program that was initiated on 14 February 2022, and 
on 10 October, Össur initiated a new share buyback 
program. The purpose of the program 
is to reduce 
Össur’s share capital and adjust the capital structure 
with a desired capital level of 2.0-3.0x net interest- 
bearing debt to EBITDA, by distributing capital to 
shareholders in line with Össur’s Capital Structure and 
Capital Allocation Policy. As the leverage was 2.8x at the 
end of Q3 2022, at the upper end of the desired level, 
Össur decided to temporarily pause share buybacks 
from 25 October 2022. Össur continues to pause the 
share buybacks as the leverage was 3.2x, above 
the 
target level, at year-end 2022.
At year-end 2022, treasury shares totaled 2,711,302.
17
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
 
 
 
 
 
 
 
Financial 
Performance
Outlook for 2023
Financial Guidance for 2023
18
ÖSSUR ANNUAL 
REPORT 2022
Guidance
Guidance FY 2023
Actual FY 2022
Sales growth, organic
4-8%
4%
EBITDA margin before special items
17-20%
18%
CAPEX as % of sales
3-4%
4%
Effective tax rate
23-24%
23%

 
 
Össur 
Stories
Extraordinary 
Mountaineer 
Andrea Lanfri
Photo Credit: Ilaria Cariello
Össur Ambassador, Andrea 
Lanfri, 
successfully climbed 
Mount Everest and 
reached its highest peak on May 13, 
2022.
Italian born Andrea, lost both of his lower legs and 
seven fingers due to meningitis in 2015. As a child, he 
always loved the mountains and often went trekking 
and climbing. While battling his illness in hospital, 
Andrea was determined to go back to the things he 
loved, and only one year later, he was on the track 
competing in sprinting and breaking 
Italian records. He 
subsequently won silver medals at the European and 
World Championships in Para Athletics.
Andrea soon turned his attention back to his passion 
for mountain climbing and seven years after his illness, 
he stood on the top of Mount Everest with his climbing 
partner Luca Montanari. Andrea is the first Italian with 
multiple amputations to reach the summit of Mount 
Everest and he completed his mission on the Össur 
Pro- 
Flex
® 
LP Align and Pro-Flex
® 
XC feet and Iceross
® 
liners.
Andrea is an accomplished mountaineer and 
through 
his #My7Summits project, his goal is to reach the 
seven highest peaks on each continent of the world. 
In addition to Mount Everest, he has also summited
Mont Blanc, Mount Kilimanjaro, Mount Kenya and most
recently Mount Aconcagua. More peaks are planned in 
2023, including a project he calls “Tutto Climb” 
which 
consists of climbing the three most difficult ice walls in 
North Europe.
During his Mount Everest expedition, Andrea also 
took 
on the challenge of running the world’s highest mile. 
At an elevation of 5,160 meters, he ran a mile 
on his 
Össur Cheetah
® 
Xtreme blades in just 9 minutes 48
seconds, and this achievement has been confirmed 
as a 
Guinness World Record.
Andrea is an incredible individual and will certainly 
continue to reach the highest peak of any goal he sets 
for himself. He says, “Nothing is impossible, 
it could just 
be we are not fully prepared in some 
moments of our 
life. But with training and hard work, everyone 
can go 
beyond any limitations!”
Photo Credit: Ilaria Cariello
19
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our Business
Markets
Össur operates within the global non-invasive orthopaedic industry, delivering advanced and innovative solutions 
within the prosthetics and bracing & supports markets.
Medical Devices Market
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Cardio- 
vascular
Ophthal- 
mology
General 
Surgery
Neurological 
Products
Orthopaedics
Diagnostics
Imaging 
& Other
Urology
Commodity 
Supplies
Arthroscopy
Reconstructive
Spinal
Trauma
Bracing & 
Supports
Prosthetics
Pain 
Management
Ancillary 
Products
Bone 
Growth

 
 
 
 
 
 
 
 
Our Business
The Prosthetics Market
Prosthetics include artificial limbs and related products 
for people who were born with limb loss or limb 
difference, or who have had limbs amputated. Össur 
provides a full range of premium lower and upper limb 
prosthetics, including feet, knees, hands, fingers, 
liners, 
and other components.
The size of the global prosthetics component market 
is estimated to be approximately USD 1.4-1.5 billion. 
Össur is the second largest company operating in 
Prosthetics with a market share estimated at 23-24%.
The growth rate of the prosthetics market is estimated 
to be 3-5%.
Growth in the prosthetics market 
is mainly due to 
volume and product mix. The growth is 
driven by the 
renewal and maintenance cycle as well as 
better access 
to prosthetic solutions and reimbursement for higher 
quality Prosthetics.
Volume growth in the market 
is estimated to be 
moderate. Volume growth is determined by 
a relatively 
stable global amputee population and a moderate 
increase in the number of new amputees that get fitted 
with a prosthesis every year.
Pricing in the prosthetics market is on average 
relatively 
stable. However, due to global inflation rates, 
we 
estimate that various reimbursement systems are more
likely to increase reimbursement price points in 
the 
short to medium term than in previous years.
Growth in the prosthetics industry 
is mostly driven 
by increased utilization of higher quality 
prosthetics 
that lead to increased mobility and quality of life for
individuals, as well as growth in emerging markets due 
to increased utilization of prosthetic solutions in the 
markets, better healthcare coverage 
and increasing 
disposable income.
Prosthetics Market
Source: Össur Management estimates
Note: Estimates only 
account for component 
sales from providers to suppliers, 
i.e. not clinical services
* Increased penetration of high-end innovative products
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Market Share
23-24%
Primary 
Sales 
Channels
Orthotic & 
Prosthetic 
clinics (O&P)
Market Growth
3-5%
Moderate volume 
growth 
Relatively stable pricing 
Positive product mix*
Market Size
USD billion 
1.4-1.5

 
 
 
 
 
 
 
 
 
Our Business
The Bracing & Supports Market
Bracing & Supports include products used to provide 
support for therapeutic and preventative purposes. 
Össur offers a comprehensive line of products with 
primary focus on osteoarthritis and injury solutions 
including devices supporting the spine, 
knee, hip, foot, 
ankle, and hands.
The size of the global bracing & supports product 
market that Össur operates in is estimated to 
be 
approximately USD 2.7-3.0 billion and Össur’s 
market 
share is estimated at 5-7%.
The growth rate of the bracing & supports market is 
estimated to be 2-3%.
Market growth is driven by 
a healthy volume growth, 
supported by global healthcare trends such as an aging 
and more active population.
Price levels are relatively stable as bracing 
& supports 
products are reimbursed in most of the 
markets that 
Össur operates in. For some markets, there is moderate 
price pressure for selected product categories, mainly 
products of a lower innovation level. 
In addition, 
measures such as competitive bidding for off-the-shelf 
spinal and back braces in the US which came into effect 
in January 2021, puts further pressure on pricing for 
certain products.
Increased amateur sports and activity levels, increased 
volumes of elective surgeries such as 
knee replacement 
surgeries, that drive demand for post-operative bracing 
solutions, and the utilization of high-end innovative 
products such as the Unloader
® 
OA bracing products, 
support market growth in Bracing 
& Supports.
Bracing & Supports Market
Source: Össur Management estimates
Note: Estimates only 
account for component 
sales from providers to suppliers, 
i.e. not clinical services
* Increased penetration of high-end innovative products
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Market Share
5-7%
Primary 
Sales 
Channels
Orthotic & 
Prosthetic 
clinics (O&P) 
Hospitals 
Orthopaedic clinics
Market Growth
2-3%
Moderate volume 
growth 
Relatively stable pricing 
Positive product mix*
Market Size
USD billion 
2.7-3.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our Business
Orthopaedic Industry 
Stakeholders
In the orthopaedic industry, many stakeholders and decision makers are involved in the purchasing decision. The 
stakeholders can be categorized into five groups.
Industry Trends Create Opportunities
Economic development around the world and global macrotrends create demand and opportunities for growth. We 
have selected six trends that have a positive impact on demand for Össur’s products 
and services.
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Improved treatment options
•
Increasing healthcare coverage and 
better access 
to patients.
•
People with limb loss 
and limb difference more 
often 
get fitted with a prosthesis.
•
Innovative products creating more 
benefits for 
prosthetic users.
Increased pressure on healthcare budgets
•
Healthcare providers increasing efforts to manage cost.
•
Demand for cost 
effective solutions without 
compromising quality.
•
Consolidation in patient care.
Increasing regulatory requirements
•
Investment in people and 
processes to adapt to 
changing healthcare requirements.
•
Product development to 
meet prevailing regulatory 
requirements.
•
Increasing importance of 
digital and personal 
data 
security.
Access to healthcare 
improving in emerging 
markets
•
Global economic 
growth will 
be powered 
by emerging 
markets.
•
Disposable income increasing in 
emerging markets and 
willingness to pay out-of-pocket.
•
Increasing healthcare coverage in emerging markets.
Increased penetration of new technologies 
and high-end 
products
•
New innovative technologies being 
accepted for 
reimbursement.
•
Gradual transition from volume 
to value-based 
payment in healthcare.
•
Increased acknowledgment of 
total healthcare 
economic benefits of Bionics and OA bracing.
An aging and more active population
•
The global population of 
65 and older is increasing and 
so is the amputee population.
•
A growing number of people 
afflicted by vascular 
diseases, the leading cause of amputation.
•
An increased number of fractures, 
joint instability, and 
joint afflictions.
End-Users 
Prescribers 
Providers 
Payers 
Influencers
People who use 
Healthcare 
Healthcare 
Public 
and 
Healthcare
our products and 
professionals 
professionals 
private insurance 
systems, insurance 
service solutions. 
who prescribe the 
who provide 
companies. Around 
companies, 
medical
products, based 
end-users with 
90% of Össur 
associations, 
end- 
on the condition/ 
products, such as 
product sales 
users and their 
clinical indication 
CPO’s, doctors, 
and services are 
families.
of the end-user. 
podiatrists. 
reimbursed by a
third 
party.

 
 
 
Our Business
Business Model
Össur develops, manufactures, and brings to 
market 
a wide range of prosthetics and bracing 
& supports 
solutions with high standards of quality. 
Every year, 
Össur makes a significant investment in research 
and development to further advance products and 
technologies for the benefit of all stakeholders.
These high-end products are developed with the 
objective to improve people’s mobility. The products 
are delivered to users of our products and solutions
through healthcare providers who specialize in assisting 
individuals who suffer from impaired mobility. 
Össur’s 
main sales channels for both Prosthetics and Bracing 
& 
Supports are O&P clinics which provide end-users 
with 
solutions and subsequently claim reimbursement from 
private or public insurance as Össur’s products and 
services are in most cases reimbursed. Össur has also 
expanded in the value chain and selectively acquired 
O&P clinics which Össur operates.
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Our Business
Business Model
The End-Users
The end-users we serve include people with lower 
and upper limb loss due to, for example, vascular 
diseases including diabetes, as well as 
cancer, trauma 
and congenital defects. They also include individuals 
who require support as they may have, 
for example, 
developed osteoarthritis in knee or hip ligaments,
or require enhanced healing post-surgery or 
due to 
injuries.
By collaborating closely with O&P professionals 
and the users of our products, Össur gains a better 
understanding of their needs and challenges. In 
turn, Össur improves their mobility by 
providing 
new technologically advanced products and 
service 
solutions.
*Orthotic & Prosthetic clinics
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Our Business
Prosthetics End-Users
Source: Össur Management estimates
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Thousands
1,000 
1%
>3%
800
600 
400
200
0
2000 
2005 
2010 
2015 
2020
New amputees fitted 
with a prosthesis 
New major lower 
limb amputations
>750,000 
65-70
New 
major 
lower 
limb 
is 
the 
average 
age 
of 
the
amputees 
per 
year 
amputee 
population
>25,000 
30-40%
New 
upper 
limb 
of 
new 
amputees 
are 
fitted
amputees 
per 
year 
with 
prosthetic 
solutions
Causes for Lower Limb 
Causes for Upper Limb
Amputations 
Amputations
Vascular related 
diseases 
70% 
Trauma 
70%
Trauma 
20% 
Other 
30%
Other 
10%

 
 
 
 
 
 
Our Business
Manufacturing Locations
Research and Development
Össur develops Prosthetics and Bracing 
& Supports, 
from an idea to a finished product. With every 
product, 
the aim is to deliver 
cost effective medical solutions that 
provide value for end-users and the healthcare 
system. 
To obtain independent clinical 
evidence for product 
outcomes as well as health economic data, Össur 
initiates and promotes clinical studies in cooperation 
with leading scientists, institutions, and healthcare 
professionals in the field.
As part of our ambition to be at the forefront of 
innovation and new technology, Össur R&D participates 
in externally funded projects, collaborating 
with 
partners from industry and academia alike. We 
take 
part in various projects where world class scientists 
are 
involved in cutting edge research. This enables us 
to 
join forces in shaping the technology of the future with 
the mission of improving people's 
mobility.
Manufacturing and Quality
Össur maintains a strong global manufacturing 
function. At Össur, there is a continuous strive for 
efficiency, which includes finding ways to 
optimize 
the manufacturing process. Most of our products 
are manufactured in Iceland, Mexico and China.
Manufacturing of advanced prosthetic solutions, 
including bionics, takes place in Iceland and Scotland. 
Manufacturing of most other prosthetics solutions, 
components and premium bracing solutions 
takes place 
in Mexico. Finally, Össur outsources 
the manufacturing 
of soft goods to China. In addition, Össur has smaller 
specialized manufacturing facilities in four locations in 
the US and one in France.
Great emphasis is placed on quality, and it is an intrinsic 
part of our processes. Össur has had a certified Quality 
Management system in place since 1993 which is based 
on ISO management standards and complies with the 
applicable medical device regulations in the countries 
that Össur operates in. Össur is certified to the global 
ISO 13485:2016 Medical Device Standard and the 
Medical Device Single Audit Program 
(MDSAP).
For the past years, multiple changes emphasizing 
safety have been implemented to 
the global regulatory 
framework for medical devices. We 
have successfully 
transformed our quality management system to 
ensure compliance with those changes emphasizing 
patient safety. Our extensive globally aligned quality 
management system is regularly audited by Össur’s 
notified body BSI.
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Reykjavik, Iceland
Livingston, Scotland
Olympia, WA, US
Warren, MI, US 
Saint-Nazaire-en-Royans, France 
Newburgh, NY, US
Orlando, FL, US 
China
Tijuana, Mexico

 
 
Our Business
Sales and Marketing
Össur operates within a highly specialized industry 
where the primary customers are specialized 
healthcare providers who provide 
and fit individuals 
with Össur products and solutions. In 
Prosthetics, these 
customers are O&P clinics and in Bracing & Supports, it 
is a combination of O&P clinics, hospitals, and surgery 
centers. In a few selected markets in Americas and 
EMEA, Össur operates its own O&P clinics.
Össur has operations in 36 countries and 
largely sells its 
products through its own direct 
sales network.
Prescribers, Providers and Payers
Prescribers include healthcare professionals 
who 
prescribe products and services based on the clinical 
indication of the end-users. 
These include orthopaedic 
surgeons, non-surgical physicians, rehabilitation 
and 
emergency physicians as well as other professionals 
providing medical diagnosis.
Össur’s customers are mostly the providers of products 
and service solutions to end-users. Providers are 
healthcare professionals who provide 
end-users with
prosthetic and bracing & supports products, 
and 
related services. These include certified prosthetists 
and orthotists (CPOs) working at O&P clinics, durable 
medical equipment (DME) clinics, orthopaedic clinics, 
and hospitals. Many providers not only recommend 
specific products but also fit and tailor-make certain 
products. For non-reimbursed products, a provider can 
be a pharmacy or a sports store.
Payers include healthcare systems, insurance 
companies and individuals. In most 
cases, when an 
individual has been fitted with a product, Össur’s 
customers claim reimbursement from the relevant 
public institutions or private insurance companies. 
Around 90% of Össur’s product sales and services 
are estimated to be reimbursed by a third 
party.
However, reimbursement systems 
vary substantially 
between countries. In other cases, the end-user of the 
products pays out-of-pocket for the solution provided. 
Overall, Össur’s sales in the Western world are mostly 
reimbursed while sales in emerging markets are 
mostly 
paid out-of-pocket.
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Össur 
Stories
Jenni Urivez is an active mother of two, 
grandmother of five and 
great 
grandmother of two.
Having survived breast cancer five years ago, Jenni 
underwent numerous surgeries and further health 
complications which subsequently led to 
having her leg 
amputated above the knee.
As she recovered from 
the amputation, Jenni felt she 
had two choices, she could sit in a wheelchair for the 
rest of her life, or she could walk. So, she said to her 
prosthetist, “Give me a leg – I’m going to walk!” 
Jenni did 
not want to be slow. She wanted and needed 
to move.
Jenni says that she looks at her Össur Power Knee™ as 
her graduation present. “It’s awesome. It reads my 
body 
and my movements. It doesn’t let me fall. And if I were 
to have a fall, I know it would pick me up. It’s amazing.”
Jenni enjoys walking to stay healthy and also gets 
her 
steps in at work. She works night shifts at a casino 
resort and is constantly on the go. Jenni’s activity
monitor has counted more than one million steps over 
the past year, steps that she would 
likely not have made 
without her Power Knee.
Jenni’s determination and positive mindset is captured 
in her own words: “Don’t ever put boundaries 
or 
limitations on yourself because then you’re not going to 
be able to do what you really wanted to do.”
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Our Business
Strategy
Össur’s mission is to improve people’s mobility and 
our 
vision is to enable Life Without Limitations
®
. Össur is a 
technology pioneer and by listening to our end-users 
and understanding their needs, as well as continuously 
improving and pushing the boundaries, we continue to 
create advanced mobility products and services.
Össur fosters an inclusive and innovative culture with 
its diverse workforce. Össur continues to generate 
value for individuals and healthcare systems by 
focusing our business strategy on 
innovative solutions, 
delivering profitable and sustainable growth, and 
efficiency.
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Our Business
In 2022, Össur continued to invest 
around 5% of sales 
in research and development, amounting 
to USD 34 
million, and launched 15 prosthetic and bracing & 
supports products to the market. Össur has a strong 
IP portfolio, with more than 2,000 patents and patent 
applications and the Össur brand is protected by 
around 650 trademark registrations.
Following a limited launch in 2021, Össur’s next 
generation Power Knee™ was fully launched in 
Americas in February 2022, EMEA in March and APAC 
in April. The introduction of the new Power Knee marks 
a new era in powered prosthetics 
and is the result of 
years of research and development expertise 
as well 
as end-user and clinician feedback. The favorable 
reception for this first actively powered prosthetic 
knee, has more than met expectations as numerous 
successful fittings have been conducted among 
amputees of all ages and abilities. Both patient and 
provider reception of the product 
are very positive 
which fuels our ongoing dedication to improving 
people’s mobility.
Össur successfully launched two new waterproof 
prosthetic feet for low to high active individuals, 
the 
Pro-Flex
® 
ST and Pro-Flex
® 
Modular. Waterproof 
features in devices are important 
for people living
with limb loss or limb difference as the enhance 
usability and further enable them to live a 
Life Without 
Limitations.
Össur is also creating solutions to facilitate ease of 
doing business for our customers, such as the Össur 
Portal as well as applying innovative technology to 
enhance processes. We continued with our Össur Legs 
service for O&P clinics in the US where Össur offers 
complete prosthetic leg solutions, fabrication expertise, 
skilled design, a streamlined ordering process, and 
leg 
maintenance services. With Össur Legs and our broad 
prosthetic solutions offering, consisting of a wide range 
of feet, knees, sockets, liners and components, we are 
in a unique position to enable CPOs to dedicate more 
time to patients’ needs and optimize the productivity 
and value chain of O&P clinics. To 
support this growing 
offering, we have continued to invest in 
digital initiatives 
and provide the Össur Portal that contains 
a leg 
configurator catered to CPOs’ needs and simplifying the 
ordering process.
Within the 
Bracing & Supports 
segment, Össur 
launched 
5 new products in 2022, such as the CTi
®
3 knee brace 
which provides stabilization of the knee joint during 
sporting 
activities 
or daily 
wear. It 
is the 
latest addition 
to 
our ligament knee bracing flagship CTi
® 
product family.
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Innovation
We execute ideas that add value
We embrace innovation in all our 
actions by creating value for our customers through 
functional trade-up and ease of doing business to ensure our consistently strong position 
in the market.

 
 
 
 
 
 
Our Business
Organic sales growth was 4% in 2022 in line with 
the guidance for the 
year. Despite various external 
challenges in 2022 such as shortage of certain raw
materials and components, COVID-19 impact in China 
and the continuous suspension of sales to Russia due 
to the ongoing war in Ukraine, the 
business grew across 
all markets and business segments in 2022. We ended 
the year with a strong quarter of growth 
driven by 
prosthetics sales in Americas and EMEA, whereas bionic 
sales were particularly strong.
Össur has grown through a combination 
of organic 
and acquisitive growth with a Compounded Average 
Sales Growth rate of 17% since the Company was listed 
in 1999. Össur’s main growth priorities are functional 
trade-up, emerging markets, expanding in the 
value 
chain, and acquisitions.
Emerging markets offer a 
significant growth opportunity 
as penetration of prosthetics and bracing 
& supports
products is still relatively low. 
We continued to invest 
in growing our Emerging Markets platform and further 
strengthened our direct sales and infrastructure.
Össur’s strategy includes exploring growth 
opportunities through acquisitions that support our 
vision of enabling Life Without Limitations. In past 
years, Össur has both acquired and divested part of 
the business to strengthen the focus and support 
future growth of Prosthetics and Bracing & Supports.
In 2022, Össur acquired Naked Prosthetics, 
a leading 
provider of functional finger prostheses. The acquisition 
addresses a critical need for people with finger and 
partial hand loss, traditionally an underserved yet 
growing population. It is a welcome addition to the 
Össur product portfolio as it strengthens Össur’s upper 
limb product offering globally and allows us to address 
a broader group of individuals.
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Growth
We deliver profitable and sustainable growth
We will achieve profitable and sustainable growth by generating value for individuals, 
customers and healthcare systems.

 
 
 
 
 
 
Our Business
Gross profit in 2022 amounted to 61% of sales, or 
62% 
excluding special items mainly in connection to cost 
saving initiatives announced in Q3 2022, compared
to 63% of sales in 2021. The gross profit margin 
was 
affected by temporary supply chain 
challenges including 
variable cost increases and related adverse impact on 
productivity.
The EBITDA margin before special items in 
2022 was 
18%, in line with the guidance for the 
year. The EBITDA 
margin before special items was below a normalized 
level, both due to adverse impact on sales as well as 
higher supply chain related cost and OPEX.
Össur has been investing in an increasingly scalable
infrastructure. As an example, the global 
manufacturing 
platform is consolidating with about 12 fewer locations 
since the year 2009. Investments have been made
in centralized procurement (strategic 
sourcing) and 
implementation of a new CRM platform. The shared 
service center in Poland supports around 71% of 
Össur’s entities and the global IT department is 
supporting the majority of Össur‘s entities. Össur 
emphasizes manufacturing efficiency and a continuous 
improvement culture while protecting the environment. 
Össur has been actively reducing its carbon footprint 
and was Carbon Neutral again in 2022 for scope 1 and 
2, and selected scope 3 emissions.
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Efficiency
We conduct business efficiently
We run efficient operations in the most optimal locations, hire passionate employees and 
deliver strong profit and cash flow 
through manufacturing and operational efficiency.

 
 
 
Our Business
Innovation
Strong Intellectual Property Portfolio
Innovation is one of the three main pillars of our strategy. 
Developing and maintaining a strong intellectual property 
(IP) portfolio is key in sustaining our position 
as an innovation leader in the industry. Our IP portfolio 
consists of 
various types of IP rights, strategically developed, and registered 
to protect our products and technologies, as well as 
the Össur brand. At year-end 2022, the IP portfolio consisted of, inter alia, over 2,000 patents and patent applications 
and around 650 trademarks.
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Our Business
Patent Portfolio
Prosthetics
To sustain a successful 
innovation level and improve 
people’s mobility, we utilize 
the vast knowledge and 
expertise accumulated over the years at Össur in 
diverse technology platforms. We are focused on 
functional trade-up which entails providing people with 
more advanced mobility solutions. The products that 
we introduce to the market are a result 
of our R&D 
processes and are deeply rooted in 
understanding
and addressing the needs of people with limb 
loss and 
limb difference. In 2022, 10 prosthetic products 
were 
launched to the market.
Following the introduction of the new generation Power 
Knee™ in 2021, the bionic product was successfully 
launched in all major markets at the beginning of 2022 
and continues to receive excellent feedback. This 
first 
motor powered prosthetic knee, is 
ideal for individuals 
seeking increased assistance from their prosthetic 
device and those who require better symmetry 
and 
more natural gait.
Our broad selection of waterproof products is 
another 
example of our efforts to enable people to utilize
their prosthetic devices to the fullest in diverse types
of environments. The use of 
first-rate materials such 
as carbon fiber, titanium and high-grade aluminum
provides permanent protection against harmful ingress 
of water. Even after submersion in freshwater, salt 
water and chlorinated water, the parts maintain their 
integrity and continue to provide full support, function, 
and durability.
Two new waterproof prosthetic feet were launched into 
the Pro-Flex
® 
family during the year: Pro-Flex
® 
ST and 
Pro-Flex
® 
Modular which are both designed for low to 
high active amputees.
Pro-Flex
® 
ST provides a smooth rollover and controlled 
push off. Pro-Flex
® 
Modular is a lightweight shank 
height adjustable prosthetic foot, minimizing the
need for additional components 
between the socket 
and foot. Both feet make it easy for amputees to go 
through the full stride on different terrains due to 
its multifunctional design, combining dynamics and 
ground compliance.
We now have 20 
waterproof prosthetic feet in 
our product 
portfolio along with a 
selection of adapters 
and locks.
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2,000
1,500
1,000
500
0
2012 
2013 
2014 
2015 
2016 
2017 
2018 
2019 
2020 
2021 
2022
Granted 
Pending

 
 
Our Business
The acquisition of Naked 
Prosthetics, a leading provider 
of durable, custom, and functional prostheses 
for finger 
and partial hand amputees, is a welcome addition
to our product portfolio. It is complementary to our 
product range, and strengthens our upper limb product 
offering globally, allowing us to cater to 
a broader 
group of individuals.
Össur Legs
Making use of macro trends within healthcare and the 
O&P industry, we have identified an opportunity 
and 
pursued our Össur Legs strategy. Increased 
time and 
cost per patient due to regulatory and 
reimbursement 
obligations call for improved efficiencies, and a 
shortage of qualified prosthetists and technicians 
calls 
for optimizing workflows in O&P clinics. In addition, a 
new generation of CPOs is more focused on 
patient 
interaction and less on prosthetic fabrication which 
creates a demand for alternative solutions. Össur 
Legs is a service for O&P clinics where Össur offers
complete prosthetic leg solutions, fabrication expertise, 
skilled design, a streamlined ordering process, and 
leg 
maintenance services. In essence, as Össur offers a 
complete portfolio of all the product components that 
are needed to assemble a full leg solution for patients, 
we can provide complete solutions as well as 
associated 
services to O&P clinics.
Over the last 100 years, a prosthetic leg has changed 
from being fully fabricated in the O&P clinic to being 
assembled from advanced product components 
such 
as the Pro-Flex
® 
foot and the Power Knee™. Only the 
socket, the device that goes over the 
residual limb 
and joins it with the rest of the prosthesis, is 
still 
most often made in an O&P clinic. Creating a socket 
is traditionally done by taking measurements 
of the
residual limb by scanning, or using plaster casting, 
and 
then fabricating the socket and adjusting it until it fits 
the patient. The process is both labor intensive and 
time consuming, while consistent results depend on 
the CPO's experience and craftsmanship. 
Also, due to 
the complexity of socket fabrication and lack of socket 
adjustability, some people with above knee 
limb loss 
may never receive a prosthesis. This is now 
beginning 
to change as more advanced technology and standard 
processes are adopted within O&P clinics.
Össur has developed a holistic product portfolio that 
can be configured and customized for a wide range 
of patients. We also offer a range of socket solutions,
including new innovative solutions as well as 
traditional 
socket fabrication outsourcing. The Össur Direct
Socket and Connect
® 
TF products are designed to give 
more people the possibility to use a prosthesis. The 
Direct Socket offering enables CPOs to fabricate 
and 
fit patients with a high quality, good fitting socket 
in
one session. While not an “off-the-shelf 
ready product,” 
the Direct Socket is a set of materials, tools, and 
standardized fabrication process, designed to increase 
patient satisfaction. Connect
® 
TF is an adjustable socket 
that addresses some of the struggles people face
with putting on, taking off, and adjusting conventional 
sockets. Connect
® 
TF offers a solution that is easy 
to put 
on while sitting and is comfortable to wear while sitting, 
standing, and walking. Along with the unique design 
that allows for adjustment to limb changes, it is an ideal 
alternative to conventional sockets. In addition, our 
facility in Orlando in the US, offers quality socket design 
and fabrication based on 3D scans and measurements 
of the residual limb.
With Össur Legs and our broad prosthetic solutions 
offering, consisting of a wide range of feet, knees, 
sockets, liners and componentry, we are in 
a unique 
position to enable CPOs to dedicate more time to 
patients' needs and optimize the productivity and 
value 
chain of O&P clinics. To 
support this growing offering, 
we have invested in digital initiatives such as the Össur 
Portal that contains a leg configurator catered to CPOs' 
needs and simplifying the ordering process.
Össur Legs are well established in Americas and 
further 
market reach is under way. 
O&P clinics see value in 
adopting Össur Legs and customer loyalty for the 
offering is high. In 2022, we launched the Össur Portal 
in Americas to support the Össur Leg offering with an 
impressive adoption rate. We will continue 
to develop 
Össur Legs and the Össur Portal in close collaboration 
with O&P clinics, focusing on adding value and 
optimizing the O&P value chain.
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ÖSSUR ANNUAL 
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Our Business
Össur Leg
*
37
ÖSSUR ANNUAL 
REPORT 2022

 
 
Our Business
Bracing & Supports
We launched five bracing & supports products in 2022. 
The CTi
®
3 knee brace is the newest addition to our 
ligament knee bracing flagship CTi
® 
product family 
and was launched mid-year 2022. Using the latest in
design, materials, and manufacturing methods, CTi
®
3 is 
built to deliver exceptional value with its simplicity 
and 
durability. It is an off-the-shelf option for post-operative 
use or to provide support for ligament instabilities 
during sporting activities or daily wear.
We aim to minimize our negative environmental impact 
by preventing, reducing, and 
controlling waste and 
pollution from all our operations. In 2022, we 
continued 
our journey of reducing environmental 
impact from 
product packaging. As an example, we implemented
packaging improvements for all OA 
and ligament 
knee braces shipped from our 
manufacturing facility 
in Mexico by removing 
plastic bags and reducing 
dimensions, material content and ink used on boxes
of selected products. Furthermore, the new cardboard 
used is of certified origin (FSC) with a minimum of 30% 
recycled content and easily recyclable after use. Besides 
the significant reduction of plastic, the change resulted 
in an average of 60% reduction in cardboard weight and 
13% reduction in box volume, which results 
in reduced 
emissions during transport.
38
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
 
 
Össur 
Stories
Össur 
Provides 
Humanitarian 
Aid to 
Ukraine
Össur suspended its sales to Russia in February 
2022. Limb loss is, unfortunately, one of the 
tragic 
consequences of armed conflict. The number of 
civilians and military personnel who have been
amputated due to the ongoing war 
in Ukraine increases 
daily. We immediately pledged to donate prosthetic 
products and clinical expertise to Ukrainian 
people
who suffer amputation because of the war. We focus 
on working directly with prosthetic clinicians and 
healthcare providers in Ukraine to ensure sustainable 
rehabilitation care.
To initiate our support, Össur 
partnered with the 
non-profit organization Prosthetika and 
Ukrainian
CPOs, participants of the Ukraine Prosthetic Assistance 
Project. Both groups have experience working in 
Ukraine since 2014. Our partnership ensures that new 
amputees needing limbs are matched with Ukrainian 
CPOs and rehabilitation personnel who can carry out 
their treatment.
In June 2022, Össur received a grant from 
the Icelandic 
Ministry for Foreign Affairs’ SDG Partnership Fund to 
support clinical education efforts for Ukrainian medical 
professionals who are fitting new amputees with Össur 
donated products.
During 2022, Össur conducted training courses in 
Amsterdam, Oslo, and Lviv, for more than 20 Ukrainian
CPOs, technicians, and physiotherapists, who work 
at 
clinics all over Ukraine. The training courses 
covered 
more than 12 days in total and focused on our Direct 
Socket fitting method, which is very well suited to the 
circumstances in Ukraine as it is fast and efficient.
Össur subsequently provided products 
for new 
amputees who were treated in Ukraine by the newly 
trained clinicians.
In 2022, more than 20 individuals in Ukraine received 
Össur donated prosthetic solutions for upper and 
lower limb amputations. Össur has also donated 
tools, prosthetic components, and materials to 
clinics 
in Ukraine to ensure necessary product availability. 
The clinicians have been working in challenging 
circumstances, sometimes without water or power 
for days, relying on generators or flashlights while 
conducting the fittings.
We are proud of the assistance we have 
provided and 
believe our initiative will bring much-needed prosthetic 
components to those in need and a 
new, more effective 
socket fabrication technology to the people of Ukraine. 
This will increase the level of clinical knowledge among 
Ukrainian medical professionals, supporting the 
healthcare infrastructure and sustainable rehabilitation 
care that amputees need for the longer term.
39
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
Our Business
People
At Össur, we nurture a spirit of innovation. We offer an 
environment where each employee can 
achieve their 
full potential and has a sense of belonging. We live by 
a set of values that are the foundation for our strategy 
and success. Our core values are Honesty, 
Frugality, 
and Courage, and these values guide our 
decisions. We 
live these values every day in everything we do—in our 
interactions with colleagues and customers, and in our 
work efforts.
We have around 4,000 employees working 
in 36 
countries. While we are a diverse company, we work
as one to improve people’s 
mobility. Different ideas 
and points of view are beneficial to our business, and 
we believe in creating an environment 
where diversity, 
knowledge, skills, and strengths are fully utilized. 
As 
individuals, our employees can expect fair and 
equal 
treatment and equal opportunities for growth 
within 
Össur. Our employees take responsibility, both for their 
job and for their career advancement. We offer various 
learning opportunities, so employees can build 
a lasting 
and rewarding career with 
us.
40
ÖSSUR ANNUAL 
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Our Business
We measure our employees’ engagement at least 
once 
a year and we are proud that our engagement and 
employee satisfaction is high. Our greatest assets are 
our employees’ passion, drive, and capabilities to help 
our customers and end-users.
We have a Competency Framework within 
Össur that 
allows us to identify the behaviors that drive 
successful 
performance and supports our business strategy.
Our competencies are 
collaboration, communication, 
driving results, customer focus and change. We
have annual performance reviews, where 
we review 
the performance of the past year and plan for the 
performance of the coming year. Regular check-ins 
are encouraged between employees 
and managers 
to discuss both the performance and development 
of our competencies which are 
supported by Össur‘s
Development Guide that lists training and 
development 
opportunities for each competency. All employees, 
regardless of their role or location, have 
access to 
thousands of online and virtual courses to learn from 
and grow. All leaders go through 
our LEAD program,
a global leadership development program. 
We also 
offer mentoring, 360° assessments, and 
1:1 coaching to 
support the development efforts and to further grow 
our talented employees.
Össur recruits competent and ambitious individuals 
who can work on demanding projects. Our hiring 
decisions are based on the skills and abilities we need 
to grow the business and our global team of 
talented 
professionals is passionate about helping people live 
a 
Life Without Limitations
®
.
If you are interested in joining our team, you can 
view 
and apply for an open position on 
Össur’s applicant 
portal
.
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ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Our Business
Diversity, Equity 
and Inclusion
Every day, we interact with people from 
a wide 
range of cultures and backgrounds. We do business 
in numerous locations around the world, working 
and communicating with many 
different colleagues, 
customers and other stakeholders in our industry.
Diversity, equity and inclusion are extremely important 
to us. At Össur, we have a passion for helping people 
pursue a Life Without Limitations. We celebrate 
different ideas, perspectives and backgrounds. We
are committed to creating a culture of acceptance and 
belonging, while proudly serving as a diverse, global 
community. To 
make a difference in this world, we 
embrace differences within the world.
We monitor and measure diversity, 
equity and 
inclusivity on a continuous basis, making sure it is 
part of our company culture. Therefore, we include 
questions on diversity and inclusion in our annual 
workplace survey. We have increased 
training 
opportunities on diversity, equity and inclusion in 
our online learning system and we have a diversity 
dashboard available for our leaders so they can 
monitor the diversity of their teams. 
We offer flexible 
work arrangements for positions that can be done
remotely, so employees can more flexibly manage how 
and where they work.
Diversity, Equity and Inclusion
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ÖSSUR ANNUAL 
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Gender Ratio 
Female in
Male 
51% 
Management
Positions
Female 
49% 
38%
Education 
Age
University Degree 
43% 
16-25 
11%
Other 
45% 
26-35 
25%
Vocational or 
36-45 
28%
Technical Training 
12% 
46-55 
20%
55+ 
16%

 
 
 
 
 
 
Our Business
Össur Give Back Program
Össur has long placed emphasis on making a positive 
contribution 
to the 
local communities 
where we do 
business.
The Össur Give Back Program offers all employees 
globally, one 
volunteer 
day per 
year with 
pay to 
give back 
to their 
communities. 
We encourage our 
team members around 
the world 
to work 
with 
local causes and charities to make a difference. The Give Back 
Program has been very well received by 
Össur employees who 
actively participate in volunteer activities in their communities.
GIVE 
BACK
43
ÖSSUR ANNUAL 
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Diverse causes and charities benefited 
from donated working hours in 2022, 
such 
as the following:
•
March Against 
Loneliness 
in Denmark
•
Ronald McDonald House in Southern 
New Jersey, US
•
South Jersey 
Food Bank 
in New 
Jersey, US
•
River Kids 
Charity in 
Scotland
•
West Lothian 
Food Bank 
in Livingston, 
UK
•
Beach clean-up 
in the 
Netherlands
•
Adaptive 
Sports 
Connection 
in Ohio, 
US
•
Project Hope 
Alliance 
in Orange 
County, 
California, US
•
Woodbank 
Community 
Food 
Hub in 
Stockport, UK
•
Beach 
clean-up 
on the 
Southern 
Coast 
of 
Iceland
•
Bannerman Island Historical Castle 
restoration in New York, 
US
•
Tree planting 
with the 
Icelandic 
Forestry 
Association in Iceland
•
Oertijdmuseum Garden clean-up in the 
Netherlands
•
Ukrainian 
House, 
a Center 
for Ukrainian 
Culture in Szczecin, Poland
•
Forest clean-up 
in Stockholm, 
Sweden
•
Christmas gifts preparation for seniors 
living 
in social 
welfare homes 
in Szczecin, 
Poland

 
 
 
 
 
 
 
 
 
 
Our Business
Ramp Up Iceland
Ramp Up Iceland was originally initiated in Reykjavik in March 
2021 with the goal of helping local businesses in the 
capital city to install wheelchair ramps to improve 
accessibility for people with mobility challenges. The project was 
very successful and was expanded to other towns and communities in Iceland this year. Össur is one of the founding 
members of the project, spearheaded by entrepreneur 
Halli Thorleifsson. The original goal of Ramp Up Iceland was 
to complete 1,000 ramps around Iceland by 
the end of 2025 but the project has progressed so well that 
the goal has 
been increased to 1,500 ramps within the same 
timeframe. The project is supported by the President 
of Iceland, 
Gudni Th. Jóhannesson, and the Icelandic Government.
Össur Mobility Clinics
For nearly 30 years, Össur has partnered with the Challenged Athletes Foundation 
(CAF) to host running and mobility 
clinics in the US. Held at various locations throughout the year, these free clinics provide opportunities for people with 
limb loss and limb difference to learn useful techniques and gait training 
from elite faculty. Össur athletes 
and CAF 
mentors participate in the clinics with the goal of helping individuals move 
better and more confidently with
their prosthesis.
Össur Mobility Clinics have also been held in Australia, France, 
South Africa and other countries over the years. In 
2022, Össur Australia held specialized mobility clinics focused on individuals participating in golf, skiing and surfing, 
and Össur France held a Junior Day which was dedicated to children.
44
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
Our Business
Risk Management
Four Key Risks
An investment in Össur involves various risks as the 
business, financial conditions, and operational results 
rest upon certain assumptions and could be 
negatively 
affected if any of the factors described in this chapter 
occur. Even though the long-term prospects and 
underlying fundamental drivers of our markets are 
not expected to change, Össur highlights four key risks 
which are currently considered the most 
relevant. In 
addition to these risks, Össur faces a range of other 
risks described on our corporate website.
Össur cannot ensure that the given assumptions 
for the 
description of any of these risks are correct. Additional 
risks and uncertainties, as well as risks that Össur 
currently deems immaterial or are not presently 
known 
to us, may adversely affect our business, financial 
conditions, and operational results.
45
ÖSSUR ANNUAL 
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Our Business
46
ÖSSUR ANNUAL 
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II. Regulatory Requirements
Description
Össur’s products and services are subject to global and local regulations. Such regulations can restrict practically 
all aspects of a medical device’s design and 
testing, manufacturing, safety, labeling, storage, record 
-keeping, 
reporting, clearance and approval, 
promotion, distribution, and services. In our interactions 
with government 
officials, healthcare professionals, and business partners, we must 
comply with relevant third-party regulatory 
requirements. Finally, 
our footprint is growing in new emerging markets 
which are characterized by complex 
regulations, business volatility and unpredictability.
Potential Impact
Failure to comply with the regulatory requirements 
of the applicable authority may subject Össur to fines, 
penalties, sanctions, or product withdrawals. If we would fail to receive regulatory clearance and approval for our 
products and services it could adversely affect our sales and potential for 
future growth, threaten our 
license to 
operate in the respective market, and affect 
our brand and reputation.
Mitigative Actions
Össur maintains 
a robust 
global 
quality 
system 
that complies 
with international 
medical 
device standards, 
and which 
forms an intrinsic 
part of 
internal processes. Össur 
also has 
a global 
regulatory compliance program, 
including a 
Code of 
Conduct, 
in which 
our employees 
identify, 
assess, manage, 
and report 
potential 
risks from 
international 
and 
local regulations 
in the 
countries 
where we 
market and 
sell our 
products 
and services. 
Finally, tracking 
and analyzing 
regulatory requirements of new markets forms a 
part of our 
market access strategy.
I. Reimbursement Landscape
Description
Most of Össur’s products and services are reimbursed by 
third-party payers, including both government 
healthcare programs and private health 
insurance plans. Third-party payers continue to develop 
methods of 
controlling healthcare costs, including reviews 
of claims, selective contracting, and competitive bidding. Our 
business depends on understanding and adapting to reimbursement and insurance plans in all markets where we 
conduct our business.
Potential Impact
These cost-control methods may limit or even eliminate the 
coverage and the amount of payment for which 
third-party payers may be willing to pay for Össur products 
and services. As a result, customers may reduce or 
eliminate purchases and sales may decline significantly. Reviews of claims may lead to repayment of prior sales. 
Finally, failing to understand and adapt to changes 
in reimbursement systems, may affect Össur’s license to 
operate and thus affect our sales.
Mitigative Actions
Össur only brings products and services to the market that 
address medical indications, and which are clinically 
validated. In addition, we apply our reimbursement knowledge from the earliest stages of product development to 
the post-sale education of customers. Finally, we monitor and analyze changes to the reimbursement landscape in 
the markets where we operate, and adapt our reimbursement 
strategy accordingly.

 
 
 
 
 
 
 
 
 
 
 
Our Business
47
ÖSSUR ANNUAL 
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Other Risks
Össur is exposed to a range of other risks, a list of which is available on 
our website
.
IV. 
Industry Consolidation and Forward Integration
Description
Major shifts in 
Össur’s marketplace include 
the consolidation of 
orthotics and prosthetics 
(O&P) manufacturers 
and forward integration, 
which involves acquiring service 
providers in the 
O&P industry. It 
remains uncertain to 
what degree we will be able to 
participate in further consolidation and forward 
integration and how it 
will affect 
our operations. Industry consolidation and forward integration 
can lead to increased challenges and complexity 
and our success depends in part on our ability to effectively operate in this 
changing marketplace.
Potential Impact
The consolidation has been a material contributor to the external growth of Össur in the past. If we were not 
to participate in further consolidation or forward integration, 
it might limit our potential for future growth.
In addition, these market trends may impact the competitive landscape 
of the industries and the associated 
market shares. Finally, these changes in the marketplace may impact our customers, CPOs and end-users, and 
interactions with them.
Mitigative Actions
It is at the core of our strategy to operate effectively in 
this changing marketplace. Össur continuously reviews 
value enhancing acquisitions and investment opportunities in our business segments 
and keeps a good 
relationship with the relevant stakeholders in the industry. We operate our own 
clinics in certain regions and have 
partnership programs in place with healthcare 
providers to offer customers quality products and services 
in the 
interest of our end-users.
III. New Technologies
Description
Össur operates in markets that are characterized 
by rapid technological change, driven by 
extensive research that 
is conducted by market participants. Technological 
innovation takes place at various stages in 
our value chain and 
may include individual components, design, and functionalities of our products 
and services.
Potential Impact
The development by suppliers or competitors of substitute products 
or components that better satisfy market 
demands could have a material adverse effect on Össur’s business and results of operations. A failure to develop 
new products or enhance existing products 
could also have a material adverse effect on our operations and 
potential for future growth.
Mitigative Actions
Össur’s significant investment in research and development and constant strive to finding innovative technologies, 
has resulted in a vast IP portfolio and a strong position to 
compete with potential new entries. External 
connections with universities, research institutes 
and investors, provide us with the opportunity to stay informed 
and review emerging innovation 
as part of acquisitions or research cooperation 
initiatives.

 
 
 
 
 
 
 
Corporate 
Matters
Shareholder Information
Össur’s shares are listed on Nasdaq Copenhagen. Össur was the 65th largest company of 125 companies listed on 
Nasdaq Copenhagen when measured in terms of market value 
at year-end 2022.
Össur's share price decreased by 21% in 2022, compared to a 12% decline of the OMXC25GI index, a leading index for 
the Danish equity market.
The share capital of Össur is ISK 423,000,000 nominal value, divided into the same number of shares. There is only 
one class of shares, and all shares carry one vote, besides treasury 
shares that do not carry voting rights.
Key Information Table
48
ÖSSUR ANNUAL 
REPORT 2022
Market 
ISIN 
Ticker 
Industry 
No. of Shares
CPH (DKK) 
IS0000000040 
OSSR 
Healthcare 
423,000,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Ownership Structure
Össur’s largest shareholder is William Demant Invest 
A/S (WDI) which held 52% of the total shares and 52% 
of the voting rights at year-end 2022. WDI has been a 
shareholder in Össur since 2004. 
In an announcement 
from WDI on 4 January 2018, when their ownership
in Össur crossed the 50% threshold, it was 
stated 
that the intention was to hold 50-60% of Össur’s
shares going forward. Apart from Össur, the 
fund’s 
investment activities include holdings in Demant, a 
leading provider of hearing aids, as well as Vision 
RT, 
Vitrolife, CellaVision, Revenio, Jeudan, INVISIO, GN Store 
Nord and Pleo. In addition, ATP 
Pension Fund and the 
Pension Fund of Commerce had announced holdings 
above 5% in Össur at year-end 2022.
49
ÖSSUR ANNUAL 
REPORT 2022
Grant
William Demant Foundation 
Activities
100%
William Demant Invest
Strategic Long-Term 
Investments
55-60% 
52% 
89% 
42%
29% 
20% 
15% 
17%
Other Investments
>10%
8%

 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Shareholders
Share Performance
Össur’s share price decreased by 21% in 2022, from 
DKK 42.3 per share at year-end 2021 to DKK 33.6 per share at 
year-end 2022. Össur’s market capitalization was DKK 14.2 billion (USD 2.0 billion) at year-end 2022 compared to DKK
17.9 billion (USD 2.7 billion) at year-end 2021.
Share Performance (Indexed)
50
ÖSSUR ANNUAL 
REPORT 2022
150
100
50
Jan 
Feb 
Mar 
Apr 
May 
June 
July 
Aug 
Sep 
Oct 
Nov 
Dec
Össur 
OMXC25GI
Scandinavia 
85%
Other 
15%
At year-end 2022, about 85% of Össur’s 
shareholders were located in Scandinavia. 
The remaining 15% of the shares are held 
by 
investors residing in other countries.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Capital Allocation
With emphasis on growth opportunities, value-adding 
investment opportunities and acquisitions, Össur 
decided to discontinue dividend payments and focus 
on 
returning excess capital to shareholders via purchase of 
own shares. This is in accordance with 
Össur's updated 
Capital Structure and Capital Allocation Policy approved 
by the Board of Directors in 2022. Accordingly, 
the 
Board of Directors will not propose to the 
Annual 
General Meeting in 2023 to pay a cash dividend.
Össur commenced a new share buyback program 
in 
February which was completed in October. Össur then 
initiated a new share buyback program 
which has been 
paused temporarily from 25 October as the net interest 
bearing debt to EBITDA corresponded to 2.8x at the end
of Q3 2022, at the upper end of the target range of 
2.0 - 
3.0x NIBD/EBITDA, 
and the net 
interest-bearing debt 
to 
EBITDA was above the target range at year-end 2022, at
3.2x. The purpose of the share buyback program 
is to 
adjust the capital structure in line with 
the desired level 
of net debt to EBITDA.
At year-end 2022, treasury shares totaled 2,711,302. 
The Board of Directors will propose to the 
Annual 
General Meeting in 2023 to reduce the share 
capital 
by way of cancelling 2,000,000 
shares. The remaining 
shareholding may be utilized to meet share option 
obligations.
Share Buybacks and Dividends
51
ÖSSUR ANNUAL 
REPORT 2022
USD 
million
50
45
40 
 
39 
35
30
25
20
15
10
5
0
2018 
2019 
2020 
2021 
2022
Dividends 
Share buybacks
Over the last five years, Össur has paid out USD 103 million to its shareholders
35
30
26
18
9
10
10
9
9
9
0

 
 
 
 
 
 
 
Corporate 
Matters
Annual General Meeting
According to the Articles 
of Association, the 
Annual General Meeting 
(AGM) shall be held 
before the end 
of April. Össur’s 
AGM will be 
held on 10 
March 2023. The 
meeting is convened 
with at least 
three weeks’ notice. 
The AGM results are 
sent 
to the news system of Nasdaq immediately following the meeting 
and are also made available on
Össur’s website
.
Financial Calendar
Capital Markets Day in 2023
Össur invites shareholders, financial analysts, investors, lenders and financial 
media to a Capital Markets Day in 
Copenhagen on 30 March 2023. The Capital Markets Day is hosted by Sveinn Sölvason, President and CEO, along with 
key members of our Össur Executive Management 
team. Further details on the Capital Markets Day, 
including the 
agenda and location, will be available on 
Össur's website
.
Investor Relations
Össur’s policy is to disclose financial and corporate information 
to provide investors, analysts, and other stakeholders 
with comprehensive and accurate information 
to help them understand Össur’s current and expected 
developments. 
Six sell-side equity analysts currently cover Össur.
Financial reports, announcements, presentations, the financial calendar, upcoming events, share information, and 
other information is available on 
Össur’s website
.
Contact Investor Relations
Edda Lára Lúðvígsdóttir, Investor Relations 
Director 
E-mail: eludvigsdottir@ossur.com
Tel.: +354 844 4759
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ÖSSUR ANNUAL 
REPORT 2022
Annual General 
Meeting 2024
13 March 2024
Q4 2023
Interim Report 
Q4 and 
Annual Report 2023
30 January 2024
Q3 2023
Interim Report 
Q3 
24 October 2023
Q2 2023
Interim Report 
Q2 
25 July 2023
Q1 2023
Annual General Meeting 
10 March 2023
Capital Markets Day 
30 March 2023
Interim Report 
Q1 
25 April 2023

 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Sustainability
Our People
We improve 
people’s mobility 
so they can live 
a 
Life Without 
Limitations
®
Responsible for 
enhancing the social 
well-being of our
people & communities
Our Environment
Responsible for our
environmental impact
Responsible business 
leading with integrity
and transparency
Our Business
Sustainability is embedded into our strategy and 
throughout our organization. We have 
a robust 
sustainability agenda and capture our commitment 
under the theme of Responsible for Tomorrow 
™. We 
are committed to maintaining high standards of 
ethical, 
environmental, and social responsibility.
Össur joined the UN 
Global Compact in 
2011 and 
signed the UN Women’s 
Empowerment Principles 
in 2014. Össur has chosen six UN Sustainable
Development Goals (SDGs) to contribute to, based on 
our sustainability commitment.
Our Sustainability Commitment
We provide products and 
services that contribute to 
good health, using responsible production methods 
and supporting climate action, while being 
a sponsor 
for inclusivity and transparency.
We believe that sustainable growth is the only way to 
build a successful and responsible business for the 
benefit of future generations.
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Corporate 
Matters
Our Operations
We are Carbon Neutral for scope 1 and 2, and 
selected 
scope 3 emissions, and are actively working towards 
Net Zero operations.
Our Products
We are reducing the environmental impact of our 
products and services.
Our Supply Chain
We collaborate with our key suppliers in reducing their 
environmental impact.
Our Environment
Responsible for our 
environmental 
impact
Our Customers
We develop quality products and services that improve 
people’s mobility.
Our Employees
We nurture the well-being and development of 
our employees within an inclusive and 
safe work 
environment.
Our Suppliers
We partner with suppliers who 
respect human rights 
and participate in social development.
Our Communities
We create a lasting positive impact on our 
communities, 
helping more people to live a Life Without Limitations
®
.
Our People
Responsible for enhancing the 
social well-being of our 
people & 
communities
Our Governance Practices
We practice sound governance in all our activities.
Our Business Integrity
We set high ethical standards and act with honesty and 
integrity.
Our Reporting Transparency
We ensure transparent reporting of our business 
practices.
Our Business
Responsible business leading 
with 
integrity and transparency
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Corporate 
Matters
Össur’s Key Performance Indicators
Össur’s Key Performance Indicators (KPI’s) are monitored and reported to the Executive Management. The KPI’s reflect 
Össur’s commitment to the UN Global Compact and the UN Sustainable Development 
Goals.
*
**
***
UN Global Compact 
(UNGC) and 
UN Sustainable 
Development 
Goals (SDGs)
Össur was 
Carbon Neutral, 
for Scope 
1 and 2, and 
selected Scope 
3 emissions, 
following the 
Greenhouse Gas 
Protocol 
Recordable Incidents per 100 FTE’s
Össur‘s Contribution to the UN 
Sustainable Development Goals
Össur’s largest impact on society 
is through innovative 
products, research activities and expertise 
in the field 
of Prosthetics and Bracing & Supports. Össur works 
with individuals, clinicians, and diverse communities 
around the world to support a better quality of life 
and to increase the mobility of millions of people.
Consequently, our greatest impact 
is on Goal 3, Good 
Health and Well-Being. Additionally, Össur contributes 
to Goal 5 on Gender Equality, Goal 8 on Decent
Work and Economic Growth, Goal 12 on 
Responsible 
Consumption and Production, Goal 13 on Climate 
Action, and Goal 16 on Peace, Justice and Strong 
Institutions.
55
ÖSSUR ANNUAL 
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Össur 
Sustainability 
Report
The Össur Sustainability 
Report contains detailed 
information on our 
sustainability priorities 
and progress and is 
available on 
our website
.
The ESG data in the 2022 
report, has received a 
limited assurance by Deloitte.
Priority Goals / KPIs
2022
2021
Chapter
Contribution to 
UNGC and SDGs*
Gender Split Among Employees
M51% / F49%
M53% / F47%
Our People
Principle 6
SDG 5
Female Managers as % 
of Total Number 
of Managers
38%
38%
Code of Conduct Training
73%
n/a
Our 
Business
Principle 10
SDG 16
Carbon Neutral for Selected Emissions 
**
Yes
Yes
Our 
Environment
Principle 7, 8, 9
SDG 12, 13
Electricity Purchased From 
Renewable 
Energy Sources
99%
99%
Total Recordable Incident Rate, TRIR 
***
0.8
0.5
Our People
SDG 3
SDG 8
New Products Specially Designed 
for 
Elderly End-Users
3
3
Ongoing Prosthetic Studies Which 
Will 
Inform Developers About the Elderly 
Customer Group
46%
21%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Össur‘s Contribution to the UN Sustainable Development Goals
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ÖSSUR ANNUAL 
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SDG 16: Peace, 
Justice and 
Strong Institutions
Össur is committed to
responsible business practices 
and making a meaningful 
contribution to peaceful and
inclusive societies. We have a zero-tolerance 
policy when it comes to corruption and bribery, 
and we respect and support the rule of law. 
Our 
reporting is transparent, and we believe business 
ethics are fundamental for a global society to 
achieve sustainable development.
SDG 13: Climate Action 
Össur takes responsibility for 
our environmental impact 
and we are continually 
improving our environmental 
management performance.
We have committed to setting
science-based emissions reduction targets.
SDG 12: Responsible 
Consumption and Production 
Össur is actively working on 
reducing the environmental
impact of our products.
Analyzing the product lifecycle,
from development, through 
production, use and 
disposal, enables us to make informed decisions 
on where to prioritize our efforts.
SDG 8: Decent 
Work and 
Economic Growth
Össur is committed 
to offering
attractive job opportunities 
and good working conditions 
worldwide, 
thereby stimulating
the economy. We protect 
labor rights and 
emphasize safety in all our operations. For 
decades, 
we have 
promoted learning 
opportunities 
for our own employees as well as the larger O&P 
community, through the Össur 
Academy.
SDG 5: Gender Equality 
Össur believes in the 
importance of diversity in 
its broadest sense. Gender 
equality is not only fair, it 
also makes economic sense 
to utilize the 
skills, strengths
and knowledge of all Össur employees equally. 
Össur will continue to support and implement 
policies and practices that prevent gender-based 
discrimination.
SDG 3: Good 
Health and 
Well-Being
Össur is committed to
designing a 
product portfolio 
focused on the needs of 
amputees over the age of
65. Supporting this group of individuals will 
benefit society in multiple ways, as improved 
mobility allows for more 
independence, improved 
quality of life and likely reduces pressure 
on 
healthcare systems.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Environmental Metrics
The below reporting on environmental metrics is in accordance with the Nasdaq ESG reporting guide. Further details 
on environmental initiatives are discussed in Össur’s Sustainability 
Report.
*
**
According to the GHG Protocol 
Scope 2 Guidance, 
for the market-based 
method, all electricity 
purchased with canceled 
Energy Attribute Certificates 
(EACs) have an emission 
factor of 0 
Össur purchased Energy 
Attribute Certificates 
(EACs) for the electricity 
used in the production of Össur 
purchased finished 
goods under the Össur brand. 
This use of renewable energy 
from purchased products is accounted 
for following the hybrid 
method in "Purchased goods 
and services" category 
in the GHG Protocol 
Scope 3 Guidance
All electricity 
consumed 
(except Clinics 
Australia), 
backed up 
with Energy 
Attribute 
Certificates 
(EACs) for 
the first 
time According 
to the GHG 
Protocol Scope 
2 Guidance, all 
electricity purchases with cancelled EACs have an emission factor of 0
***
Environmental Metrics
Contribution to 
UNGC and SDGs
2022
2021
2020
E - 1
GHG Emissions 
in tonnes 
CO2 equivalents 
(tCO2e)
UNGC P7
1.1
Scope 1 
- Direct emissions, 
tCO2e
2,170
1,800
1,800
Stationary 
Combustion
570
550
500
Mobile Combustion
1,600
1,200
1,300
1.2
Scope 2 
- Indirect 
emissions, 
tCO2e - Market 
based*
220
250
5,200
Purchased 
electricity 
and heat 
- Location-based
4,780
5,130
5,200
Purchased 
electricity 
and heat 
- Market-based*
220
250
5,200
1.3
Scope 3 
- Other relevant 
indirect emissions, 
tCO2e
10,830
9,780
9,330
Finished 
Goods Suppliers 
electricity 
consumption**
150
290
2,200
Transportation 
and Distribution
7,330
7,740
4,700
Waste Generated 
in Operations
170
150
130
Business 
travel (Air, 
hotels, trains)
3,180
1,600
2,300
Total emission 
- Scope 1, 
2, 3, (Market 
based), 
tCO2e
13,220
11,830
16,330
Retired Carbon 
Credits from 
emission 
reduction projects, 
tCO2e
13,220
11,830
E - 2
Emissions 
Intensity
SDG 13, 
UNGC P7, 
P8
2.1
Total GHG emissions 
per revenue, 
tCO2e/USD million
18
16
26
Revenues (USD 
million)
719
719
630
E - 3
Energy Usage
SDG 12, 
UNGC P7, 
P8
3.1
Total energy 
directly consumed 
(MWh)
9,360
7,100
7,030
Stationary 
Combustion
2,850
2,300
2,230
Mobile Combustion
6,510
4,800
4,800
3.2
Total electricity 
consumed 
(MWh)
17,770
17,980
18,330
E - 4
Energy Intensity
SDG 12, 
UNGC P7, 
P8
Total energy directly 
consumed 
per revenue, 
MWh/USD million
13
10
11
E - 5
Energy Mix
% electricity 
from renewable 
energy sources ***
99%
99%
24%
% electricity 
from other 
energy sources
1%
1%
76%
E - 6
Water Usage
6.1
Total amount 
of cold water 
consumed 
(m3)
124,000
92,000
89,700
E - 7
Environmental 
operations
7.1
Does Össur 
follow a formal 
Environmental 
Policy?
Yes
Yes
Yes
7.2
Does Össur 
follow specific 
waste, water, 
energy, and/or 
recycling polices?
Yes
Yes
Yes
7.3
Does Össur 
use a recognized 
energy management 
system?
Yes
Yes
Yes
E - 8
Climate 
Oversight 
/ Board
Does Össur 
Board of 
Directors 
oversee and/or 
manage 
climate-related 
risks?
No
No
No
E - 9
Climate Oversight / Management
Does Senior 
Management 
Team oversee 
and/or manage 
climate-related 
risks?
Yes
Yes
No
E - 10
Climate Risk 
Mitigation
UNGC P9
Total amount 
invested, 
annually, 
in climate-related 
infrastructure, 
resilience, and product development
n/a
n/a
n/a

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Social Metrics
The below reporting on social metrics is in accordance with the Nasdaq ESG reporting guide. Further details on social 
initiatives are discussed in Össur’s Sustainability Report.
* Össur Iceland 
is audited 
in accordance 
with IST 85:201
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ÖSSUR ANNUAL 
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Social Metrics
Contribution to 
UNGC and SDGs
2022
2021
2020
S - 1
CEO Pay Ratio
UNGC: Principle 6
1)
CEO total compensation to median 
FTE total compensation
17
37
23
2)
Does your company 
report this metric 
in regulatory filings? 
Yes/No
Yes
Yes
Yes
S - 2
Gender Pay Ratio
UNGC: Principle 6
Equal pay audit
*
Yes
Yes
Yes
S - 3
Employee Turnover
UNGC: Principle 6
1)
Year-over-year change for full-time employees
22%
19%
17%
2)
Year-over-year change for part-time employees
n/a
n/a
n/a
3)
Year-over-year change for contractors and/or 
consultants
n/a
n/a
n/a
S - 4
Gender Diversity
UNGC: Principle 6
SDG 5
1)
Total enterprise headcount held by men and women
M 51%/ 
F 49%
M 53%/ 
F 47%
M 54%/ 
F 46%
2)
Entry- and mid-level positions held 
by men and women
M 49%/ 
F 51%
M 52%/ 
F 48%
M 52%/ 
F 48%
3)
Senior- and executive-level positions held by men 
and women
M 59%/ 
F 41%
M 64%/ 
F 36%
M 66%/ 
F 34%
S - 5
Temporary Worker Ratio
UNGC: Principle 6
1)
Total enterprise headcount held by part-time employees
9%
8%
9%
2)
Total enterprise headcount held 
by contractors and/or 
consultants
199
107
144
S - 6
Non-Discrimination
UNGC: Principle 6
SDG 16
1)
Does your company 
follow a sexual harassment 
and/or non- 
discrimination policy? Yes/No
Yes
Yes
Yes
S - 7
Injury Rate
SDG 8
1)
Total Recordable Incident Rate per 100 employees
0.8
0.5
0.7
S - 8
Global Health and Safety
SDG 8
1)
Does your company 
follow an occupational 
health and/or 
global health & safety policy? Yes/No
Yes
Yes
Yes
S - 9
Child & Forced Labor
UNGC: Principle 4, 5
SDG 16
1)
Does your company follow 
a child and/or forced 
labor policy? 
Yes/No
Yes
Yes
Yes
2)
If yes, does your 
child and/or forced labor 
policy cover 
suppliers and vendors? Yes/No
Yes
Yes
Yes
S - 10
Human Rights
UNGC: Principle 1, 2
SDG 16
1)
Does your company follow a human 
rights policy? Yes/No
Yes
Yes
Yes
2)
If yes, does your 
human rights policy cover 
suppliers and 
vendors? Yes/No
Yes
Yes
Yes

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Governance Metrics
The below reporting 
on governance metrics 
is in accordance with 
the Nasdaq ESG reporting 
guide. Further details on 
Governance related initiatives are discussed 
in Össur’s Sustainability Report. Össur’s Corporate Governance 
reporting 
complies with the Danish Recommendations on Corporate Governance. 
Further details on the Corporate Governance 
Reporting can be found in Össur’s Corporate Governance Report.
*
2020 numbers: 
percentage of 
suppliers 
categorized 
as critical 
suppliers. 
2021/22 comparable 
numbers not 
available due 
to changes 
of the process 
in relation 
to new 
screening procedures. Will be implemented in 2023.
Numbers not comparable. 
2020 numbers: 
training based 
on previous 
policy and selected 
key employees. 
2022 numbers: 
training on a 
revised Code of 
Conduct
launched in December 
2021 and training 
rolled out to 
all employees 
in 2022.
Limited Assurance 
by Deloitte 
in 2022. For 
2020 and 2021 
third party 
audits were 
perfomed on some 
of the data 
in the relevant 
reports.
**
***
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ÖSSUR ANNUAL 
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Governance Metrics
Contribution to 
UNGC and SDGs
2022
2021
2020
G - 1
Board Diversity
1)
Percentage: 
Total board 
seats occupied 
by women 
(as compared to men)
M 60% /
F 40%
M 60% /
F 40%
M 60% /
F 40%
2)
Percentage: 
Committee 
chairs 
occupied 
by women 
(as compared to men)
M 100% /
F 0%
M 100% /
F 0%
M 100% /
F 0%
G - 2
Board Independence
1)
Does company 
prohibit CEO 
from serving 
as board chair? 
Yes/No
Yes
Yes
Yes
2)
Percentage: 
Total board seats 
occupied 
by independents
D 60% /
I 40%
D 60% /
I 40%
D 60% /
I 40%
G - 3
Incentivized Pay
1)
Are executives 
formally 
incentivized 
to perform 
on sustainability? 
Yes/No
No
No
No
G - 4
Collective Bargaining
UNGC: Principle 
3
1)
Total enterprise 
headcount 
covered by 
collective 
bargaining 
agreement(s)
29%
29%
39%
G - 5
Supplier 
Code of Conduct
SDG 12, 16
UNGC: Principle 
1, 2
1)
Are your 
vendors or 
suppliers required 
to follow a 
Code of 
Conduct? 
Yes/ No
Yes
Yes
Yes
2)
If yes, what percentage of your 
suppliers have formally certified their 
compliance with the code?*
n/a
n/a
76%
G - 6
Ethics & Anti-Corruption
UNGC: Principle 10
1)
Does your 
company 
follow an 
Ethics and/or 
Anti-Corruption 
policy? 
Yes/No
Yes
Yes
Yes
2)
If yes, what 
percentage 
of your 
workforce 
has formally 
certified 
its 
compliance with the policy?**
73%
n/a
91%
G - 7
Data Privacy
1)
Does your 
company follow 
a Data Privacy 
policy? 
Yes/No
Yes
Yes
Yes
2)
Has your 
company taken 
steps to 
comply with 
GDPR rules? 
Yes/No
Yes
Yes
Yes
G - 8
ESG Reporting
UNGC: Principle 8
SDG 16
1)
Does your 
company publish 
a sustainability 
report? Yes/No
Yes
Yes
Yes
2)
Is sustainability 
data included 
in your regulatory 
filings? 
Yes/No
Yes
Yes
Yes
G - 9
Disclosure 
Practices
UNGC: Principle 8
SDG 16
1)
Does your 
company 
provide sustainability 
data to 
sustainability 
reporting frameworks? Yes/No
Yes
Yes
Yes
2)
Does your 
company 
focus on 
specific 
UN Sustainable 
Development 
Goals (SDGs)? Yes/No
Yes
Yes
Yes
3)
Does your 
company set 
targets and 
report progress on 
the UN 
SDGs? Yes/No
Yes
Yes
Yes
G - 10
External 
Assurance
UNGC: Principle 8
SDG 16
Are your 
sustainability 
disclosures 
assured or 
validated 
by a third 
party? Yes/No
Yes
Partly
***
Partly
***

 
 
 
 
 
 
 
Corporate 
Matters
Corporate Governance
Organizational Structure
According to the Articles of Association, Össur is 
managed by Shareholders’ Meetings, the Board of 
Directors (the Board), and the Chief Executive Officer 
(CEO). Their roles and responsibilities are 
described 
below.
Shareholders’ Meetings
The supreme authority in Össur’s affairs is in 
the hands 
of lawful Shareholders’ Meetings, within the limits 
provided for in the Articles of Association and law.
Resolutions at Shareholders’ Meetings generally 
require 
a simple majority. However, 
resolutions to amend the 
Articles of Association generally require two-thirds 
of 
the votes cast and capital represented.
Minutes of Shareholders’ Meetings are available 
on 
Össur’s website
.
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ÖSSUR ANNUAL 
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At each Annual General Meeting 
the 
shareholders:
•
Confirm the consolidated financial 
statements and decide on 
the distribution 
of the net profit.
•
Approve the Remuneration Policy.
•
Decide on the remuneration for the 
Board 
of Directors.
•
Elect the Board of Directors.
•
Elect an auditor.
Other resolutions are made on an 
ad-hoc 
basis, such as:
•
Amendments to the Articles of Association.
-
Capital reductions.
-
Authorizations for the Board 
of Directors 
to increase the share capital.
•
Authorizations to the Board of Directors.
-
Purchase own shares.
-
Initiate share buyback programs.

 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Board of Directors
The Board of Directors is the supreme authority 
in 
Össur’s affairs between Shareholders’ Meetings. The 
Board shall operate in accordance with the Articles of 
Association and the Board’s Rules of Procedure.
The Board of Directors’ work, role and 
responsibilities 
are further described in the Board’s Rules of Procedure, 
which are reviewed annually by 
the Board and updated 
as necessary.
The Board’s Rules of Procedure are available on
Össur’s 
website
.
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ÖSSUR ANNUAL 
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The Board of Directors’ Annual Schedule
Quarter 1 
Quarter 2 
Quarter 3 
Quarter 4
January Meeting 
April Meeting 
July Meeting 
October Meeting
•
Full-year results 
Quarterly results 
•
Half-year results 
•
Quarterly results
•
Corporate Governance 
September Meeting 
December Meeting
Statement
•
Capital Structure and 
•
Strategy 
• 
Strategy and forecast
Capital Allocation Policy 
• 
Performance evaluation
•
Agenda for the 
Annual 
General Meeting
Annual General Meeting 
March Meeting
•
Election of Chairman 
and 
Vice Chairman
•
Appointment of the 
Audit 
Committee
•
Review of Internal Rules
The Board has 
various roles and 
responsibilities
•
Establish goals for Össur and 
formulate the 
policy and strategy to achieve those goals.
•
Hire a CEO to manage the daily operations, 
supervise activities and ensure that 
Össur’s 
organization and operations are in proper 
order.
•
Ensure adequate surveillance of the 
accounting and financial 
management.
•
Evaluate the capital structure.
•
Evaluate the performance of the 
Board and 
the CEO.

 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
The Board of Directors is composed of five members, 
all elected by the shareholders at the Annual General 
Meeting for a term of one year. The Board shall be 
represented by at least 40% of each gender. 
Currently, 
there are three men and two women on the Board. All 
Board members, except one, have served for 
several 
years, which ensures consistency and good insights 
into Össur’s business and markets. Two of the Board 
members are considered independent in accordance 
with the Danish Recommendations on Corporate 
Governance.
The Chairman and the Vice Chairman of the 
Board of 
Directors are elected each year following the 
Annual 
General Meeting. The Chairman’s main responsibility 
is to ensure that the Board performs its duties in 
an 
orderly and efficient manner. In the absence of the
Chairman, the Vice Chairman performs his 
duties. Niels 
Jacobsen has served as the Chairman since 2006 and 
Svafa Grönfeldt as the Vice Chairman since 2021.
Further information on the Board 
of Directors is 
available on 
Össur’s website
.
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ÖSSUR ANNUAL 
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Board Member 
Independent 
Nationality 
Gender 
Board Tenure 
Board Meetings
Attended
Niels Jacobsen, Chairman 
No 
Danish 
Male 
17 years 
Svafa Grönfeldt, Vice Chairman 
No 
Icelandic 
Female 
14 years 
Arne Boye Nielsen 
No 
Danish 
Male 
13 years 
Alberto Esquenazi 
Yes 
American 
Male 
2 years 
Gudbjörg Edda Eggertsdóttir 
Yes 
Icelandic 
Female 
9 years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate 
Matters
Audit Committee
The Audit Committee’s main objective is 
to ensure 
a competent and 
independent audit of 
Össur and 
supervise the internal control system and risk
management. The Audit Committee’s responsibilities 
are further described in the Audit Committee’s 
Terms 
of Reference, which are reviewed 
annually by the 
Board of Directors and updated as necessary. 
The 
Audit Committee’s Terms of Reference are available on 
Össur’s website
.
The Audit Committee is composed of three Board 
members. The majority of the Audit 
Committee shall be 
independent of Össur, the CEO and the Auditor.
Audit Committee members shall possess the 
knowledge 
and expertise needed to perform the tasks of the Audit 
Committee. At least one Audit Committee member shall 
have solid knowledge and experience in the field of 
financial statements or auditing. Arne Boye Nielsen has 
served as the Chairman of the Audit Committee since 
2012.
Further information on the Audit 
Committee is available 
on 
Össur’s website
.
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ÖSSUR ANNUAL 
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Audit Committee Member* 
Meetings Attended
Arne Boye Nielsen, 
Chairman 
Alberto Esquenazi
Guðbjörg Edda Eggertsdóttir
*The 
Chairman 
of 
the 
Board 
and 
the 
Vice 
Chairman 
of 
the 
Board 
also 
attended 
all 
the 
Audit 
Committee 
meetings 
except 
one
The Audit Committee’s Annual Schedule
Quarter 1 
Quarter 2 
Quarter 3 
Quarter 4
January Meeting 
April Meeting 
July Meeting 
October Meeting
•
Report on prior year audit 
• 
Election of Chairman 
• 
Audit plan for the coming 
• 
Company’s report on 
(presented by the Auditor) 
• 
Compliance & 
year (presented by the 
internal controls
•
Audit Committee report to 
Security update 
Auditor) 
• 
Assessment of the 
need 
the Board on prior year 
• 
Company’s report on 
for an internal audit
•
Compliance & Security 
various accounting and 
•
Compliance &
update 
control 
items 
Security update
•
Compliance & Security 
December Meeting
update 
•
Meeting with the Auditors
•
Internal Control update
The Audit 
Committee 
has various 
roles and 
responsibilities
•
Ensure a competent and independent audit.
•
Submit proposals to the Board on the 
nomination of an auditor candidate 
at the 
Annual General Meeting.
•
Submit proposals to the Board on an agreement 
with the Auditor, containing e.g. provisions on 
the audit fees as well as 
the general scope of the 
Auditor’s non-audit services.
•
Monitor and evaluate the Auditor’s work, 
including the audit of the 
consolidated financial 
statements.
•
Monitor the preparation of financial statements 
and report to the Board on significant 
accounting policies, significant accounting 
estimates, related party transactions and 
uncertainties and risks, including in relation to 
the outlook, prior to the Board’s approval 
of 
financial statements.
•
Monitor and assess Össur’s internal control 
systems and its risk management 
and perform 
other related tasks and duties.
•
Monitor and assess Össur’s 
management of 
compliance and security risks.
•
Assess the need for an internal audit function 
taking into consideration the scale and 
complexity of Össur’s activities, risk 
factors and 
cost / benefit considerations.

 
 
Corporate 
Matters
Nomination Committee
A Nomination Committee was established in 2022. 
The Nomination Committee’s main objective is to 
prepare recommendations to the Board in relation to 
the composition, development, and succession of the
Board. The Nomination Committee’s responsibilities are 
further described in the 
Nomination Committee’s Terms 
of Reference, which are reviewed 
annually by the Board 
of Directors and updated as necessary. The Nomination 
Committee’s Terms 
of Reference are available on 
Össur’s website
.
The Nomination Committee is composed of the 
Chairman 
of the Board, the Chairman of the 
Audit 
Committee and the CEO.
Remuneration Committee
A Remuneration Committee was established 
in 2022. 
The Remuneration Committee’s main objective 
is to 
prepare recommendations to the 
Board in relation 
to the remuneration policy and remuneration for the 
Board, the CEO, and the Executive Management. The
Remuneration Committee’s responsibilities 
are further 
described in the Remuneration Committee’s Terms 
of 
Reference, which are reviewed annually by the Board of 
Directors and updated as necessary. The Remuneration 
Committee’s Terms 
of Reference are available on 
Össur’s website
.
The Remuneration Committee is composed of the 
Chairman of the Board and the Chairman of the 
Audit 
Committee.
Board Performance Evaluation
The Board of Directors conducts a performance 
evaluation each year, which includes an evaluation 
of individual contribution, co-operation within the 
Board and with the CEO, the 
Chairman’s leadership, 
committee structure and committee work, setup of
meetings and quality of board material, 
etc. The Board 
also evaluates its composition each year to ensure 
that the Board members have the relevant 
knowledge 
between them, professional experience, expertise, 
and skills required to perform the Board’s 
tasks in the 
best interest of Össur. The Chairman oversees the
evaluation process and proposes 
actions to be taken, 
if any. The Chairman shall 
seek external assistance at 
least every three years.
The Board performance evaluation for 2022 was carried 
out internally and discussed by the Board in December 
2022. The general conclusions of the evaluation were 
the following:
•
The Board members agreed that the Board size was 
right, and that the composition provided a good 
mix of different backgrounds and nationalities, 
international business experience, specific 
competencies, and gender diversity.
•
The Board discussed how the Board could 
assist 
management in driving the 
strategy providing more 
feedback on the process during the year.
•
The Board discussed 
the mandate of the 
committees 
and agreed that the current committee setup 
worked 
well.
•
The Board agreed that the material provided to the 
Board was very good and received in good time. 
Consequently, the Board members had been able 
to prepare well for the Board meetings 
and have 
meaningful discussions with the management.
Chief Executive Officer
The CEO is responsible for Össur’s daily 
operations and 
is obliged to follow the Board of Directors’ policy 
and 
directions, within the limits provided for by 
the Articles 
of Association and law. The daily operations 
do not 
include measures that are unusual or extraordinary, 
which may generally only be taken if specially 
authorized by the Board. The CEO is not a Board 
member, but shall attend Board meetings and has
the right to participate in discussions 
and put forward 
proposals, unless otherwise decided by the Board in 
specific instances.
The Board of Directors evaluates the 
CEO’s 
performance each year. Subsequently, the Chairman of 
the Board and the CEO have a meeting to discuss the 
results of the evaluation and the actions to be taken,
if any.
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Corporate 
Matters
Executive Management
Össur also has a wider Executive Management 
consisting of the CEO, the CFO and Executive 
Vice 
Presidents. The Executive Management generally meets 
every week and collectively prepares and 
implements 
Össur’s strategic plans. The CEO is responsible for the 
work and results of the Executive Management.
The CEO evaluates the performance of other members 
of the Executive Management each year and discusses 
the results of the evaluation with each member and the 
actions to be taken, if any.
Further information on the 
Executive Management is 
available on 
Össur’s website
.
Remuneration of the Board 
of 
Directors and the Executive 
Management
At Össur’s Annual General Meeting on 8 March 
2022, 
the shareholders approved a Remuneration 
Policy, 
which applies to the Board of Directors, the CEO and 
other members of the Executive Management. The 
Remuneration Policy was prepared by 
the Board of 
Directors and was approved without 
any amendments. 
The Remuneration Policy is 
available on 
Össur’s website
.
Information on the remuneration of the Board 
of 
Directors, the CEO and other members of the Executive 
Management can be found in 
the Remuneration Report, 
available on 
Össur’s website
.
Recommendations on 
Corporate 
Governance
Össur follows the Danish Recommendations on 
Corporate Governance issued on 2 December 2020 
by the Danish Committee on Corporate Governance, 
which are available on the 
Committee's website
. The 
Recommendations are the best practice guidelines 
for 
companies admitted to trading on a regulated market 
in Denmark.
Each year, the Board of Directors evaluates 
and 
decides to what extent Össur should comply with the 
Recommendations and consequently, whether 
relevant 
rules, policies and processes should be adopted or 
updated.
In general, the Board of Directors shares 
the 
Committee’s views on corporate 
governance and, 
accordingly, Össur complies with 
most of the 
recommendations. In the few cases where Össur 
deviates from the Recommendations, the “comply 
or explain” principle is applied, and well-founded 
explanations are provided 
on why the relevant 
recommendation is not considered appropriate 
or 
desirable for Össur.
Össur’s Corporate Governance Report is approved 
by 
the Board of Directors. The Report includes both the 
statutory statement on corporate governance as well 
as comments and information on each item in the 
Recommendations. The Corporate 
Governance Report 
is available on 
Össur’s website
.
65
ÖSSUR ANNUAL 
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Corporate 
Matters
Board of Directors
Niels Jacobsen
Chairman of the Board of Directors
Dr. Svafa 
Grönfeldt
Vice Chairman of the Board of Directors
Arne Boye Nielsen
Member of the Board of Directors
Born in 1968
Member of the Board of Directors since 2009
Education
Master’s degree in Business Administration from 
Copenhagen Business School
Board positions
•
Epos A/S, Chairman
•
Revenio Group Oyj, Chairman
•
Interacoustics A/S, President
Additional duties 
related to William 
Demant 
Invest 
A/S
•
Demant A/S, member of Executive Board
Experience
Arne has spent his entire career 
with Demant 
A/S in various and expanding roles 
throughout 
the world. After working as an interim General 
Manager of Oticon Australia Pty Ltd, Arne 
assumed, in 1996, his current position as 
President of Diagnostics and Communications in 
Demant, which has operations worldwide.
Shares held in Össur
Arne holds no shares nor share options in Össur.
Other
Arne has no interest links with 
Össur’s main 
clients or competitors. Arne is a dependent 
member of the Board as he represents 
the 
interest of Össur’s controlling shareholder, 
William Demant Invest A/S.
Born in 1957
Member of the Board of Directors since 2005
Education
Master’s degree in Business Administration from 
the University of Aarhus
Board positions
•
Nissens A/S, Board member
•
Thomas B. Thrige Foundation, Chairman
•
ABOUT YOU Holding GmbH, Deputy Chairman
•
ATP Langsigtet Dansk Kapital, member of 
Advisory Board
•
Central Board of the Confederation of Danish 
Industry, member
Additional duties 
related to William 
Demant 
Invest 
A/S
•
Demant A/S, Deputy Chairman
•
Jeudan A/S, Chairman
•
Vision RT Ltd., Chairman
Experience
Niels has extensive leadership experience 
from 
major international companies. His 
competencies 
include business management and in-depth 
knowledge of financial matters, accounting, 
risk 
management and M&A. He has broad experience 
from the global healthcare industry.
He is currently CEO of William Demant Invest 
A/S and prior to that, he was President & 
CEO of 
Demant A/S (formerly William Demant Holding 
A/S).
Shares held in Össur
203,330 (incl. related parties)
Niels holds no share options in Össur.
Other
Niels has no interest links with 
Össur’s main 
clients or competitors. Niels is a dependent 
member of the Board as he represents 
the 
interest of Össur’s controlling shareholder, 
William Demant Invest A/S.
Born in 1965
Member of the Board of Directors since 2008
Education
Doctorate in Industrial Relations from the London 
School of Economics
Board positions
•
Icelandair hf., Board member
•
Marel hf., Board member
Experience
Dr. Svafa Grönfeldt is a Professor 
of Practice at 
the Massachusetts Institute of Technology. She is 
a founding member of MIT’s newest 
innovation 
accelerator DesignX focused on developing
new ventures created 
at MIT. Svafa is the co- 
founder of The MET fund, a Cambridge based 
seed investment fund. Previous positions include 
executive leadership positions at two 
global life 
science companies where she served as Chief 
Organizational Development Officer of Alvogen 
and Deputy to the CEO of Actavis Group. Svafa is 
a former President of Reykjavik University.
Shares held in Össur
Svafa holds no shares nor share options in Össur.
Other
Svafa has no interest links with Össur’s main 
clients, competitors, or major 
shareholders. Svafa 
is considered a dependent member of the 
Board 
due to her long tenure on the Board.
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Corporate 
Matters
Board of Directors
Dr. Alberto Esquenazi
Member of the Board of Directors
Gudbjörg Edda Eggertsdóttir
Member of the Board of Directors
Born in 1957
Member of the Board of Directors since 2021
Education
Medical degree in Medicine and Surgery 
from 
Universidad Nacional Autonoma de Mexico
Board positions
•
AMRPA and Einstein Healthcare Network, Board 
member
•
Jefferson Health at Home, Board member
Experience
Dr. Alberto Esquenazi, MD, serves as 
the John 
Otto Haas Chair of the Department of Physical 
Medicine and Rehabilitation at MossRehab in 
Philadelphia and is the Chief Medical Officer 
as well as Director of the Gait and Motion 
Analysis Laboratory and Clinical Director of the 
Regional Amputee Center. He is Professor of 
PM&R at Jefferson School of Medicine and the 
SVP, Enterprise 
Rehabilitation and Postacute 
Care Network. Alberto is the past president
of the American Academy of PM&R. He has 
published widely and is a member of national 
and international professional, educational, and 
research societies.
Shares held in Össur
Alberto holds no shares nor share options in 
Össur.
Other
Alberto has no interest links with Össur’s main 
clients, competitors, or major shareholders. 
Alberto is an independent member of 
the Board.
Born in 1951
Member of the Board of Directors since 2013
Education
Master’s degree (Pharm.) from 
Copenhagen 
University
Board positions
•
Brunnur Investment Fund, Chairman
•
Coripharma Holding ehf., Vice Chairman
•
Florealis ehf., Chairman
•
Orf Genetics hf., Board member
•
Bioeffect hf., Board member
•
Saga Natura ehf., Chairman
•
Pretium ehf., Chairman
•
Reykjavik University, Chairman of RU Council 
and Chairman of the Board of Directors
Experience
Guðbjörg Edda’s previous 
positions include 
President & EVP Strategic Projects 
of Actavis 
Plc in Iceland, a global integrated specialty 
pharmaceutical company. She was Deputy CEO
and EVP of Third Party Sales at Actavis Group 
hf., 
Deputy CEO, Head of R&D, Assistant 
Managing 
Director, Development Manager, Regulatory 
Manager and Marketing Manager at Delta hf. 
and 
Medical Representative at Pharmaco hf. She 
was 
the President of the European Generic Medicines 
Association from 2011-2013.
Shares held in Össur
26,318 (incl. related parties)
Gudbjörg Edda holds no share options in Össur.
Other
Gudbjörg Edda has no interest links with 
Össur’s 
main clients, competitors, or major 
shareholders. 
Gudbjörg Edda is an independent member of the 
Board.
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Corporate 
Matters
Executive Management
Sveinn Sölvason
President and CEO
Gudný Arna Sveinsdóttir
Chief Financial Officer
Christian Robinson
EVP of Americas and Global 
Bracing
Born in 1978
With Össur since 2009
Education
Master’s degree in Finance and 
Accounting (Cand. 
Merc.FIR) from Copenhagen Business School
Bachelor’s degree in International Business from 
Copenhagen Business School
Board positions
•
Icelandic-American Chamber of Commerce, 
Board member
Experience
Sveinn has been with Össur since 2009, as the 
Chief Financial Officer since 2013 
and previously 
as the Director of Treasury 
and Corporate 
Development. Prior to joining Össur, he worked 
at Marel, Kaupthing Bank, Goldman Sachs 
and 
HSH Nordbank.
Shares held in Össur
68,342
Born in 1966
With Össur since 2022
Education
Master’s degree in Accounting and Finance 
from 
the University of Uppsala
Cand.oecon. degree from the University of 
Iceland
Experience
Before joining Össur, Gudný Arna held finance 
roles at Kvika Bank and subsidiaries and prior to 
that, she was at Teva Pharmaceuticals/Actavis 
for ten years, including as the CFO of Teva 
Pharmaceutical Generic R&D. During 
her time 
at Teva, she worked 
and lived in Switzerland 
and in the US. Gudný Arna was an independent 
consultant to financial institutions in Iceland
before joining Teva and worked in various finance 
roles at Kaupthing Bank 2001-2008, including 
as 
the CFO. Prior to that, she worked 
at Eimskip in 
Iceland and PWC in Stockholm.
Shares held in Össur
Gudný Arna holds no shares in Össur.
Born in 1982
With Össur since 2012
Education
Juris Doctorate from Harvard Law School
Bachelor’s degree in English Literature from 
Brigham Young University
Board positions
•
National Association for the Advancement 
of Orthotics and Prosthetics (NAAOP), 
Board 
member
Experience
Since joining Össur in 2012, Christian has served 
in several roles including 
as General Counsel 
Americas, VP of Finance Americas, and as 
Managing Director Americas. Prior to joining 
Össur, he practiced corporate 
and transactional 
law with international law firm 
Paul Hastings LLP 
with a focus on M&A and capital markets.
Shares held in Össur
13,207
68
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
 
Corporate 
Matters
Executive Management
Egill Jónsson
EVP of Operations
Gudjón G. Kárason
EVP of EMEA & APAC
Hildur Einarsdóttir
EVP of Research and Development
Born in 1957
With Össur since 1996
Education
Master’s degree in Mechanical Engineering from 
the Technical University 
of Denmark (DTU)
Bachelor’s degree in Engineering from 
the 
University of Iceland
Board positions
•
Federation of Icelandic Industries, 
Board member
•
Technical College Reykjavik, Chairman
Experience
Egill has led the M&O function 
since he joined in 
1996. He was formerly a Project Manager 
at VGK 
hf., an Engineering firm in Reykjavik, 1985-1996.
Shares held in Össur
839,545 (incl. related parties)
Born in 1969
With Össur since 1998
Education
Master’s degree in Engineering from 
the 
University of Iceland
CS degree in Mechanical Engineering from 
the 
University of Iceland
Board positions
•
Iðunn framtakssjóður slhf., Board member
Experience
Gudjón has been with Össur since 1998, and 
has since then worked in R&D, Marketing,
Sales, and Clinics in multiple positions. Prior to 
joining Össur, Gudjón worked as 
a Development 
Manager for a couple of smaller industrial 
companies in Iceland.
Shares held in Össur
98,059
Born in 1982
With Össur since 2009
Education
Master’s degree in Biomedical Engineering with 
focus on Computational Neuroscience from 
Imperial College London
Bachelor’s degree in Electrical Engineering from 
the University of Iceland
Board positions
•
Industrial Advisory Board, Imperial 
College 
London, Board member
Experience
Hildur has been with Össur since 2009 in various 
roles within R&D and Global Marketing. She 
first 
joined as an Engineer for the Bionic portfolio, 
was 
the Global Product Manager for Bionics followed 
by several years as the Director of Global Product 
Management for Prosthetics. Hildur was VP of 
Global Marketing before rejoining 
the R&D team 
in 2018, taking on the role of VP of Strategy 
& 
Operations, and became EVP of R&D in 
2022.
Prior to joining Össur, she worked for a 
biotech 
company, deltaDOT in the 
UK.
Shares held in Össur
600
69
ÖSSUR ANNUAL 
REPORT 2022

 
 
 
 
Corporate 
Matters
Executive Management
Ólafur Gylfason
Chief Commercial Officer
Margrét Lára Fridriksdóttir
EVP of People, Strategy & Sustainability
Born in 1969
With Össur since 1997
Education
Master’s degree in International 
Business 
Economics from Alborg University
Bachelor’s degree in Business 
Administration 
from Bifrost School of Business
Experience
Ólafur joined Össur in 1997 as the sales 
manager for emerging markets. He moved to 
the 
Netherlands in 2000 to establish and lead the 
European region as part of the 
executive team 
and then shifted his role over 
to the Americas 
region in 2013. Prior to his appointment 
as CCO
of Össur in 2022, Ólafur was EVP of 
global Sales & 
Marketing and Prosthetics for 
six years.
Shares held in Össur
12,808
Born in 1978
With Össur since 2000
Education
Master’s degree in Management and 
Strategy 
from the University of Iceland
Bachelor’s degree in Business 
Administration 
from the University of Iceland
Board positions
•
Investment committee of VEX I, Board member
•
Icelandic Chamber of Commerce, 
Board member
Experience
Margrét has been with Össur since 
2000 in 
various roles in Finance, Corporate Strategy and 
Human Resources.
Shares held in Össur
30,719
70
ÖSSUR ANNUAL 
REPORT 2022

 
© 
ÖSSUR, 01. 2023

Össur hf. 
Consolidated Financial Statements 
31.12.2022 
 
Table of Contents 
Statement by the Board of Directors and President and CEO 
1 
Independent Auditor’s Report 
6 
Financial Highlights and Key Ratios (unaudited) 
12 
Consolidated Income Statement 
13 
Consolidated Statement of Comprehensive Income 
14 
Consolidated Balance Sheet 
15 
Consolidated Statement of Cash Flow 
17 
Consolidated Statement of Changes in Equity 
18 
Notes to the Consolidated Financial Statements 
19 

 
 
Össur Consolidated Financial Statements 2022 
1
Statement by the Board of Directors and President and CEO 
0
Össur 
is 
a 
global 
leader 
in 
non-invasive 
orthopaedics; 
innovating, 
producing, 
and 
providing 
advanced 
and 
innovative 
technological solutions within 
the prosthetics and 
bracing & supports 
market. Össur’s 
mission is to improve 
the mobility of our 
end-users 
so they 
can live 
their Life 
Without Limitations®. 
The Company 
is headquartered 
in Iceland 
and owns 
and operates 
subsidiaries in multiple countries around the 
world. The Company sells its 
products worldwide, but its principal 
market are North 
America and 
Europe. The 
Consolidated Financial 
Statements 
of the 
Company as 
at and 
for the 
year ended 
31 December 
2022 
comprise the Company and its subsidiaries (toge 
ther referred to as 
"the Company" or "Össur”). 
Össur’s 
Consolidated Financial 
Statements 
are prepared 
in accordance 
with International 
Financial Reporting 
Standards 
(IFRS) 
as adopted by the European Union and additional 
requirements in the Icelandic Financial Statement 
Act no. 3/2006. 
Operations in 2022 
The 
total 
Net 
sales 
of 
the 
Company 
amounted 
to 
USD 
718.6 
million 
(2021: 
USD 
718.7 
million). 
Organic 
local 
currency 
sales 
increase was 4%. Net profit amounted to 
USD 43.2 million (2021: USD 65.7 million). Diluted earnings per share 
amounted to US 
cents 10.3 (2021: 
US cents 15.5). 
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 
USD 114.2 
million and 16% of sales (2021: USD 149.0 million, 21%) and EBITDA before special 
items amounted to 128.2 million and 18% of 
sales (2021: USD 149.0 million, 21%). 
The total assets of 
the Company amounted 
to USD 1,325.4 million at year 
end (2021: USD 1,246.9 million), 
total liabilities were 
USD 689.9 million (2021: 
USD 620.3 million) and 
total equity was 
USD 635.5 million (2021: 
USD 626.6 million). The 
equity ratio 
at year end was 48%, (2021: 50%). 
The Company employed an average 
of 3,866 employees in 2022 (2021: 3,668) and 3,892 at year 
end (2021: 3,761). Information 
regarding salaries and salary related 
expenses can be found in note 
6. 
Despite various 
challenges in 
2022, Össur 
managed to 
grow the 
business across 
all markets 
and business 
segments. The 
USD 
strengthened 
considerably 
during the 
year against 
most currenc 
ies and 
affected 
reported 
sales negatively 
in 2022 
by USD 
47 
Million or 7% compared 
to prior year. 
Sales growth in 
Americas and EMEA 
were particularly affected 
by the discontinuation 
of 
the outsourcing contract with the Department of Defense (DOD) in the US and the continuous 
suspension of sales to Russia due 
to the ongoing 
war. 
Sales to Russia amounted 
to around 1% 
of total sales 
in FY 2021. Össur 
continues to provide 
humanitarian 
aid in the form of donated products and clinical 
expertise to medical professionals 
in Ukraine. Supply chain challenges continue 
to have 
a short-term 
negative 
effect 
on productivity 
but sourcing 
of raw 
materials 
and components 
has improved 
during the 
year. 
Higher freight 
cost and 
inflation in 
raw material 
prices increased 
cost of 
goods sold 
by USD 
13 million 
in 2022 
from pre-
pandemic levels in 2019 and USD 4 million from 2021. Management estimates 
that most of this increase in cost of goods sold is 
temporary in 
nature. In 
Q3 2022, Össur 
made organizational 
changes and 
initiated cost 
savings to 
support further growth 
and 
profitability 
and identified 
opportunities 
to increase 
efficiency 
by consolidating 
and simplifying 
operations 
to better 
leverage 
key strategic 
locations. Total 
annual cost savings 
amount to USD 15 million 
and are expected to 
materialize from the 
beginning 
of 2023. One-time 
restructuring cost 
in connection to 
organizational 
changes and cost 
savings initiatives 
were a large 
driver of 
higher OPEX in the year. 
 

 
 
Össur Consolidated Financial Statements 2022 
2
Statement by the Board of Directors and President and CEO 
0
Shareholders and share price 
Össur’s shares 
are admitted 
to trading 
on the 
Nasdaq Copenhagen 
stock exchange. 
The market 
value of 
the Company 
at year 
end was 
USD 2,035 million 
(2021: USD 
2,724 million). 
The share 
price in 
DKK amounted 
to 33,55 
at year 
end (2021: 42,3) 
and 
decreased 
by 
20.7% 
during 
the 
year. 
At 
year 
end, 
registered 
shareholders 
in 
Össur 
were 
4,736 
compared 
to 
4,540 
at 
the 
beginning of the year. 
It should be noted 
that due to the 
concentration of 
trading in Nasdaq 
Copenhagen in 2017, 
about 1,600 
shareholders that held shares listed in Iceland were consolidated into a few nominee accounts. The ten largest shareholders and 
their 
ownership 
percentage 
(net 
of 
treasury 
shares) 
are: 
William 
Demant 
Invest 
A/S 
- 
52.2%, 
Islandsbanki 
Bank 
– 
14.6%, 
Arbejdsmarkedets 
Tillægspension 
(ATP) 
- 5.2%, 
Citibank 
Europe – 
4.3%, State 
Street 
Bank – 
2.4%, SEB 
Sverigefond 
Smabolag 
Chans/Risk - 2.0%, Landsbankinn Bank – 2.0%, Lannebo Fonder – 1.8%, SEB Sverigefond 
Smabol – 1.5% and Clearstream – 1.4%. 
William Demant Invest 
A/S (WDI) ownership in Össur 
exceeded 50% in January 
2018. According to WDI's 
announcement at the 
time, their intention is to hold 50-60% 
of Össur’s shares going forward and WDI has no intention of taking over Össur 
or delisting 
Össur’s 
shares 
from 
Nasdaq 
Copenhagen. 
Furthermore, 
WDI 
has 
no 
intention 
of 
making 
changes 
to 
Össur’s 
strategy, 
management or operations. 
Össur shares and stock options 
Össur has 
issued 423 
million shares 
with a 
nominal value 
ISK 1 krona. 
The Board 
of Directors 
has not 
utilized its 
authorization 
approved on the Annual 
General meeting dated 8 
March 2021 to increase 
the share capital of 
the Company in connection 
with 
acquisitions by an amount up to ISK 67 million in nominal value. 
At the Company’s 2021 Annual general 
meeting on 8 March 2022 the Board of Directors was authorized, 
at any time in the next 
30 months, 
to purchase 
own shares 
of up 
to 10% 
of the 
Company’s 
share capital. 
This authorization 
is granted 
in accordance 
with Article 55 of the Icelandic 
Act No. 2/1995 on Limited 
Liability Companies. During the 
year 2.1 million treasury 
shares were 
purchased by the 
Company through share buyback 
programs and 130 
thousand treasury shares were 
used to settle 
share options 
contracts. 
At 25 
October 2022 
Össur decided 
to temporarily 
pause share 
buybacks as 
the net 
interest-bearing 
debt to 
EBITDA 
was at the upper end of the target range of 2.0 - 3.0x NIBD/EBITDA. At year end 2022 Össur held 2.7 million treasury shares that 
equals to 0.6% 
of issued shares. Össur 
will propose to reduce 
the share capital at 
the Annual General Meeting by 
2 million shares. 
The remaining treasury shares 
held will be used to fulfill obligations 
under share option agreements 
that have vested 
or will be 
vesting in 2023. Share 
options are granted to management 
and selected employees. Total granted and unexercised share options 
at year 
end 2022 
were 5.8 
million shares 
(2021: 5.9 million 
shares), of 
which 2.3 
million are 
exercisable 
before 
year end 
2023 
and the remainder between 2024 - 2026. 
Dividend proposal 
In line 
with the 
Company‘s 
Capital 
Structure 
and Capital 
Allocation 
Policy, 
the Board 
of Directors 
will propose 
to 
the 
Annual 
General Meeting in 2023 
not to pay 
a cash dividend. With emphasis 
on prioritizing investments 
in growth opportunities, 
value-
adding investment 
opportunities and acquisitions, Össur has 
decided to discontinue dividend 
payments and focus 
on returning 
excess capital 
to shareholders 
via purchase 
of treasury shares 
in accordance 
with the Company’s 
Capital Structure 
and Capital 
Allocation Policy. 
 

 
 
 
Össur Consolidated Financial Statements 2022 
3
Statement by the Board of Directors and President and CEO 
0
Corporate governance 
and risk management
The Company 
follows the 
Danish Recommendations 
for Corporate 
Governance issued 
by the Danish 
Committee on 
Corporate 
Governance, available 
at: 
https://corporategovernance.dk/.
 
The Board of Directors 
complies with applicable Icelandic laws 
and 
regulations, 
the Articles 
of Association 
of the 
Company 
and the 
Board 
of Directors' 
Rules of 
Procedure, 
which addresses 
the 
Board’s 
role and 
responsibilities. 
The Company’s 
management structure 
consists 
of the 
Board of 
Directors 
and the 
Executive 
Management, led by the President and CEO. The two bodies are 
separate, and no person serves as a member 
of both. The Board 
of Directors is composed of five members elected at 
each Annual General Meeting for a term 
of one year. The Board of Directors 
consists of 
two women 
and three 
men and 
is in 
compliance with 
Icelandic law 
on gender 
ratio. The 
members of 
the Board 
of 
Directors are elected by shareholders 
at the Annual General Meeting for a one-year 
term. No Össur employee sits on the Board 
of Directors. The President and 
CEO manages the Company’s 
daily operations. 
The 
Board 
of 
Directors 
has 
established 
three 
committees, 
the 
Audit 
Committee, 
the 
Nomination 
Committee 
and 
the 
Remuneration 
Committee. 
The 
Audit 
Committee 
has 
three 
members 
from 
the 
Board, 
who 
are 
appointed 
by 
the 
Board 
of 
Directors for 
a term of 
one year. 
The Chairman 
of the Board 
and the Chairman 
of the Audit 
Committee sit 
on the Nomination 
Committee with the President and CEO 
and the Remuneration Committee. The committees 
comply with their respective Terms 
of Reference, which address 
their role and responsibilities etc. 
An 
investment 
in 
Össur 
involves 
various 
risks 
as the 
business, 
financial 
conditions, 
and operational 
results 
rest 
upon certain 
assumptions and 
could have 
negative affe 
ct the 
Company. 
Even though 
the long-term 
prospects 
and underlying 
fundamental 
drivers 
of 
our 
markets 
are 
not 
expected 
to 
change, 
Össur 
highlights 
four 
key 
risks 
which 
are 
currently 
considered 
the 
most 
relevant. 
The 
four 
key 
risks 
identified 
are: 
reimbursement 
landscape, 
regulatory 
requirements, 
new 
technologies, 
industry 
consolidation and forward integration. Further description of the risks can 
be found in the 
Annual report and Company’s website 
and information about financial instruments 
and financial risk management can be found in note 
31. 
The Board 
of Directors 
has an 
ongoing dialogue 
with the 
President 
and CEO 
on the 
identification, description 
and handling 
of 
the business risks to which the Company may be exposed. 
The Company’s risk management and 
internal controls, in relation to 
financial processes, 
are designed 
to control 
the risk 
of material 
misstatements. 
The Company 
designs its 
processes 
to ensure 
there are no material weaknesses with internal controls that could lead to a material misstatement in its financial reporting. The 
external Auditor’s role in these 
processes is included in the Auditor’s 
Report. 
Sustainability at Össur 
Össur is guided by three 
pillars of responsibility: Our Environment, 
Our People and Our 
Business. Each is equally important 
and 
guides decision-making processes 
at all levels. 
Össur commits to 
provide products 
and services that contribute 
to good health, 
using responsible production methods and supporting 
climate action, while being a sponsor for inclusivity 
and transparency. 
Our 
Environment. 
We 
take 
responsibility 
for 
our 
environmental 
impact. 
Key 
pillars 
in 
our 
environmental 
focus 
are 
on 
our 
operations, 
our products 
and our 
supply 
chain. We 
have 
committed 
to being 
carbon neutral 
for scope 
1 and 
2, and 
selected 
scope 3 
emissions and 
we are 
actively working 
towards 
Net Zero 
operations. 
We 
are focused 
on reducing 
the environmental 
impact of our products and collaborate 
with our suppliers to reduce their environmental 
impact. 
Our People. 
We take 
responsibility for 
enhancing the 
well-being of 
our people 
and communities. 
We believe 
that sustainable 
growth is the only way to build a successful and responsible business for the benefit of future generations. We nurture 
the well-
being of our employees, customers, and 
the communities we operate in and are focused 
on providing a safe and inclusive work 
environment. 
Multiple 
policies 
have 
been 
approved 
and 
implemented 
to 
support 
and 
guide 
our 
employees 
and 
other 
stakeholders. 
Our 
policies 
are 
available 
on 
the 
Company’s 
website: 
https://www.ossur.com/global/our -responsibility/our-
commitments/policies.
 

 
 
 
Össur Consolidated Financial Statements 2022 
4
Statement by the Board of Directors and President and CEO 
0
Our Business. We lead our business 
with integrity and transparency, 
promoting sound governance practices 
in all our activities. 
In accordance with 
our values, we 
set high ethical 
standards and 
we have a 
zero-tolerance policy 
when it comes 
to Corruption 
and bribery. We guide our employees through our Code 
of Conduct and offer platforms for them 
and other stakeholders to voice 
any potential concerns through 
the Össur Speak-Up line. 
The Board approves 
a Corporate Governance 
report that includes 
all the information to 
be included in the statutory 
statement 
referred 
to 
in 
Article 
66 
(c) 
of 
the 
Icelandic 
Financial 
Statement 
Act 
no. 
3/2006, 
as 
well 
as 
explanations, 
comments 
and 
information on each recommendation in the Danish Recommendation 
for Corporate Governance. The report 
is available on the 
Company’s website: 
h
ttps://www.ossur.com/global/investor -relations/corporate/reports
.
A 
requirement 
to 
conclude 
on 
non-financial 
information 
has 
been 
made 
part 
of 
Icelandic 
law 
from 
2016 
as 
part 
of 
the 
implementation of EU directive 
2013/34/EU that became effective for 
Member States in 2017. 
It is the 
Board of Directors opinion 
that 
necessary 
information 
to 
analyze 
the 
environmental, 
social 
and 
employee 
aspects 
of 
the 
business 
can 
be 
obtained 
by 
reviewing 
information 
in 
the 
Annual 
Report 
and 
in 
the 
Corporate 
Sustainability 
Report 
to 
help 
provide 
fundamental 
understanding 
of the 
Company’s 
development, 
performance 
and position 
on non-financial 
matters. 
Össur 
acquired a 
limited 
assurance on the 2022 Sustainability Report 
from external experts. 
Össur joined the 
UN Global Compact in 
2011 and signed the 
UN Women’s 
Empowerment Principles 
in 2014. In addition, 
Össur 
has chosen six UN Sustainable Development 
Goals (SDGs) based on our sustainability 
commitment. Annually, 
Össur publishes a 
report on the progress of key projects and focus areas as well as our contribution to the UN Global Compact and the Sustainable 
Development Goals. Further 
information about Össur’s 
corporate sustainability 
and social responsibility activities 
can be found 
in the Annual Report and 2022 Sustainability 
Report , available on the Company’s 
website: 
https://www.ossur.com/global/our-
responsibility/our-commitments/csr -reports
.
 

 
Össur Consolidated Financial Statements 2022 
5
Statement by the Board of Directors and President and CEO 
0
Statement by the Board 
of Directors and the President and CEO 
According to 
our best 
knowledge, it 
is our 
opinion that 
the Consolidated 
Financial Statements 
give a 
true and 
fair view 
of the 
consolidated 
financial performance 
of the 
Company for 
the year 
2022, its 
assets, liabilities 
and consolidated 
financial position 
as 
at 
31 December 
2022 and 
its 
consolidated 
cash 
flows 
for 
the 
year 
2022. 
Furthermore, 
it 
is 
our 
opinion 
that 
the financial 
statements and 
the report of 
the Board of 
Directors and 
the President and 
CEO contain 
a clear overview 
of developments 
and 
results in the Company's operations, 
its position and describe the main risk factors and 
uncertainties facing the Company. 
In our opinion, 
the Consolidated Financial Statements of 
Össur hf. for the financial 
year 2022 
identified as “ossur-2022-12-31.zip” 
are prepared in all material respects, 
in compliance with the ESEF Regulation. 
The Board of 
Directors and 
President and 
CEO of Össur 
hf. 
hereby confirm 
the Consolidated 
Financial Statements 
of Össur 
for 
the year 2022 with their signatures. 
Reykjavík, 31 January 2023 
Board of Directors 
Niels Jacobsen 
Chairman of the Board 
Svafa Grönfeldt 
Alberto Esquenazi 
Vice Chairman of the Board of Directors
 
Member of the Board of Directors 
Arne Boye Nielsen 
Guðbjörg Edda Eggertsdóttir 
Member of the Board of Directors 
Member of the Board of Directors 
President and CEO 
Sveinn Sölvason 

 
Össur Consolidated Financial Statements 2022 
6
Independent auditor’s report 
0
To the 
board of directors and the Shareholders 
of Össur hf. 
Opinion 
We have 
audited the 
accompanying 
consolidated 
financial statements 
of Össur 
hf. 
and its 
subsidiaries (the 
Company) for 
the 
year 2022, excluding the Statement 
by the Board of Directors and 
President and CEO. 
In 
our 
opinion, 
the 
Consolidated 
Financial 
Statements 
give 
a 
true 
and 
fair 
view 
of 
the 
consolidated 
financial 
position 
of 
the 
Company as 
at December 
31, 2022, 
and of 
its consolidated 
financial performance 
and its 
consolidated cash 
flows for 
the year 
then 
ended 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
as 
adopted 
by 
the 
European 
Union 
(EU), 
and 
applicable articles in Icelandic law on annual accounts. 
Our opinion is consistent with our additional 
report to the Audit Committee and board 
of Directors. 
The Consolidated Financial Statements 
comprise: 
 
- The Statement by the Board of Directors 
and President and CEO. 
 
- The Consolidated Income Statement. 
 
- The Consolidated Statement 
of Comprehensive Income. 
 
- The Consolidated Balance Sheet. 
 
- The Consolidated Statement 
of Cash Flows. 
 
- The Consolidated Statement 
of Changes in Equity. 
 
- 
Notes 
to 
the 
Consolidated 
Financial 
Statements, 
which 
include 
significant 
accounting 
policies 
and 
other 
explanatory 
information. 
The Statement by the Board of Directors and President 
and CEO are excluded from the audit, refer to section 
reporting on other 
information. 
Basis for opinion 
We conducted our audit in accordance with International 
Standards on Auditing. Our responsibilities under those standards 
are 
further described in the auditor’s respon 
sibilities for the audit of the consolidated 
financial statements section of our report. 
Independence 
We 
are independent 
of the 
Company 
in accordance 
with Icelandic 
laws on 
auditors 
and auditing 
and the 
code of 
ethics 
that 
apply to 
auditors 
in Iceland 
and relate 
to our 
audit of 
the Company's 
consolidated 
financial statements. 
We have 
fulfilled our 
other ethical responsibilities in accorda 
nce with these requirements. 
To 
the 
best 
of our 
knowledge 
and belief, 
we 
declare 
that 
non-audit 
services 
that 
we 
have 
provided 
to 
the 
Company 
and its 
subsidiaries 
are 
in 
accordance 
with 
the 
applicable 
law 
and 
regulations 
in 
Iceland 
and 
that 
we 
have 
not 
provided 
non-audit 
services that are prohibited under Article 5.1. of Regulation 
(EU) No. 537/2014. 
The non-audit services 
that we 
have provided 
to the 
Company and 
its subsidiaries, 
in the year 
2022 are 
disclosed in 
note 7 
to 
the consolidated financial stat 
ements. 
We believe that the audit evidence we 
have obtained is sufficient 
and appropriate to provide 
a basis for our opinion. 

 
Össur Consolidated Financial Statements 2022 
7
Independent auditor’s report 
0
Key Audit Matters 
Key 
audit 
matters 
are 
those 
matters 
that, 
in 
our 
professional 
judgement, 
were 
of 
most 
significance 
in 
our 
audit 
of 
the 
consolidated 
financial 
statements 
of 
the 
current 
period. 
These 
matters 
were 
addressed 
in 
the 
context 
of 
our 
audit 
of 
the 
consolidated financial statements 
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion 
on 
these matters. 
Revenue recognition
Net sales amounted to USD 718.7 million in the year 
2022. 
Recognition 
of 
net 
sales 
is 
complex 
due 
to 
the 
volume 
of 
transactions 
and 
requires 
significant 
estimation 
by 
Management 
in 
establishing 
an 
appropriate 
provision 
for 
unsettled 
amounts. 
This 
includes 
estimation 
of 
sales 
volumes 
subject 
to 
rebates, 
including 
estimation 
of 
uncollectable revenue. 
There 
is 
a 
risk 
that 
the 
estimates 
including 
methods 
and 
data 
applied 
are 
inaccurate 
or 
the 
assumptions 
made 
by 
Management may not be complete. 
Based 
on 
the 
complexity 
of 
net 
sales 
recognition 
and 
the 
assumptions required 
in the 
provisioning 
for uncollectable 
net sales and 
rebates, net 
sales recognition is 
considered a 
key audit matter. 
We 
refer 
to notes 
3, 5 
and 36 
that explain 
the Company's 
net 
sale 
and 
revenue 
recognition 
accounting 
policies 
in 
further detail. 
Our audit procedures included: 
- 
Considering 
the 
appropriateness 
of 
the 
net 
sales 
recognition 
accounting 
policies 
and 
assessing 
compliance 
with applicable accounting standards. 
- Obtaining an understanding 
of the net sales and 
accounts 
receivable accounting process. 
- Evaluation of the appropriateness of the 
methodology and 
key assumptions 
applied to net sales 
recognition, including 
the provision for rebates 
and uncollectable net sales. 
- 
Substantive 
procedures 
over 
invoicing 
and 
net 
sales 
recognition, 
including 
rebates 
and 
uncollectable 
net 
sales 
for consistency with terms and conditions of the underlying 
sales contracts. 
- 
Evaluation 
of 
Management´s 
calculations 
for 
provisions 
for 
rebates 
and 
uncollectable 
net 
sales, 
including 
the 
evaluation 
of 
the 
accuracy 
of 
estimates 
made 
by 
management 
with 
reference 
to 
the 
Company´s 
historical 
provisions. 
- Evaluation of 
the presentation and 
disclosures of revenue 
and provisions for uncollectible net sales 
and rebates.
 

 
Össur Consolidated Financial Statements 2022 
8
Independent auditor’s report 
0
Impairment of goodwill 
The book 
value of 
goodwill at 
year end 
2022 amounted 
to 
USD 680.4 million. 
The change in goodwill 
consists of additions 
due to current 
year business combinations 
amounting to USD 
54.3 million 
as well 
as exchange 
rate difference 
loss amounting 
to USD 
18 million. 
The carrying 
value of 
goodwill and 
the related 
impairment 
test 
relies 
on 
the 
discounted 
expected 
future 
cash 
flows 
(value in use) 
which are complex 
to determine 
and require 
significant estimation 
by management. 
The estimates 
used 
by 
management 
include the 
determination 
of market 
and 
sales potential, 
timing of 
product launches, 
profit margins, 
discount 
rate 
assumptions 
and 
the 
determination 
of 
appropriate cash generating 
units. 
Due 
to 
the 
relative 
sensitivity 
of 
certain 
inputs 
to 
the 
impairment 
testing 
process, 
and 
in 
particular 
the 
future 
cash 
flows 
of 
the 
cash 
generating 
unit, 
the 
valuation 
of 
goodwill is considered to be a key 
audit matter. 
We 
refer 
to 
note 
36 
that 
explains 
the 
impairment 
and 
Company’s 
accounting 
policies 
in 
further 
detail. 
We 
also 
refer to note no. 13 on 
goodwill and note no. 30 relating 
to 
the change in 
the Company 
due to the 
acquisition of other 
companies.
Our audit procedures included: 
- 
Understanding 
management´s 
process 
for 
assessing 
the 
goodwill 
for 
potential 
impairment, 
including 
discussions 
with 
management 
for 
indications 
of 
impairment 
of 
goodwill. 
- 
Evaluation 
of 
the 
reasonability 
of 
the 
model 
used 
by 
management to 
calculate the 
value in use 
of the individual 
cash 
generation 
units 
and 
if 
it 
complies 
with 
the 
requirements of 
IAS 36 Impairment 
of assets. 
This entailed 
involving 
our 
internal 
specialists 
to 
assist 
with 
the 
audit 
procedures 
carried 
out 
in 
relation 
to 
the 
impairment 
of 
goodwill. 
- 
Understanding 
and 
validation 
of 
assumptions 
used 
to 
calculate 
the 
discount 
rates 
and 
value 
in 
use, 
including 
evaluation of 
price and volume 
forecast, 
long-term growth 
rates, 
and mathematical 
accuracy 
of relevant 
value-in-use 
models prepared by management. 
- Performing 
sensitivity 
analysis 
based 
on activity 
and our 
understanding 
of the 
future prospects 
to identify 
whether 
these scenarios could give rise to an impairment. 
- 
Evaluation 
of 
the 
presentation 
and 
disclosure 
of 
impairment 
testing, 
ensuring 
compliance 
with 
applicable 
accounting standards.
Reporting on other information, including the 
Statement by the Board of Directors 
and President and CEO 
The Board of Directors and President and CEO officer are responsible 
for other information. The other information comprises of 
the Statement by the Board 
of Directors and President and CEO, Financial 
Highlights and Key Ratios, 
Note 2 Quarterly statements 
and the Annual Report, 
which we obtained prior to the date of this auditor’s 
report. 
Our opinion 
on the 
Consolidated 
Financial Statements 
does not 
cover 
the other 
information, 
including the 
Statement 
by the 
Board of Directors and President 
and CEO. 
In 
connection 
with 
our 
audit 
of 
the 
Consolidated 
Financial 
Statements, 
our 
responsibility 
is 
to 
read 
the 
other 
information 
identified 
above 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information 
is 
materially 
inconsistent 
with 
the 
Consolidated 
Financial Statements, 
or our knowledge 
obtained in 
the audit, 
or otherwise appears 
to be materially 
misstated. 
In addition, 
in 
light of the knowledge and understanding of the entity and its environment obtained in the course of the audit, we are required 
to report if we 
have identified 
material misstatements 
in other information 
that we obtained 
prior to the date 
of this auditor’s 
report. We have nothing 
to report in this respect. 
With respect to the Statement 
by the Board of Directors 
and President and CEO we have, 
in accordance with article 104, 
of the 
Icelandic 
law 
on 
annual 
accounts 
reviewed 
that 
to 
the 
best 
of our 
knowledge, 
the 
Statement 
by 
the 
Board 
of Directors 
and 
President 
and 
CEO 
accompanying 
the 
Consolidated 
Financial 
Statements 
includes 
applicable 
information 
in 
accordance 
with 
Icelandic law on annual accounts if not presented 
elsewhere in the Consolidated Financial Statements. 

 
Össur Consolidated Financial Statements 2022 
9
Independent auditor’s report 
0
Responsibilities of the board of directors 
and the chief executive officer 
The Board of Directors and the President and CEO 
are responsible for the preparation 
and fair presentation of the Consolidated 
Financial Statements in accordance with 
International Financial Reporting Standards as adopted by 
the EU and 
applicable articles 
in Icelandic law on annual accounts, and for such internal control as determined necessary to 
enable the preparation of financial 
statements that are 
free from material misstatement, 
whether due to fraud or error. 
In preparing the Consolidated Financial Statements, 
management is responsible for assessing the Company’s 
ability to continue 
as a going 
concern, disclosing, as 
applicable, matters 
related to 
going concern and 
using the going concern 
basis of accounting 
unless management either intends to 
liquidate the Company or to cease operations, 
or has no realistic alternative but to 
do so. 
The 
Company's 
management 
must 
provide 
appropriate 
explanations 
regarding 
its 
ability 
to 
continue 
as 
going 
concern, 
if 
applicable, 
and 
why 
management 
applies 
the 
presumption 
of 
going 
concern 
in 
the 
preparation 
and 
presentation 
of 
the 
Consolidated Financial Statements. 
Those charged with governance are responsible 
for overseeing the Company 
's financial reporting process. 
Auditor’s Responsibilities for 
the Audit of the Consolidated Financial Statements 
Our objectives 
are to 
obtain reasonable 
assurance 
about whether 
the Consolidated 
Financial Statements 
as a 
whole are 
free 
from 
material 
misstatement, 
whether 
due 
to 
fraud 
or 
error, 
and 
to 
issue 
an 
auditor’s 
report 
that 
includes 
our 
opinion. 
Reasonable assurance is a high 
level of assurance but 
is not a 
guarantee that an audit conducted 
in accordance with International 
Standards 
on Auditing 
will always 
detect a 
material misstatement 
when it 
exists. Misstatements 
can arise 
from fraud 
or error 
and are 
considered material 
if, 
individually or 
in the 
aggregate, 
they could 
reasonably be 
expected to 
influence the 
economic 
decisions of users taken 
on the basis of these Consolidated Financial Statements. 
 
As part 
of an 
audit in 
accordance with 
International 
Standards 
on Auditing, 
we exercise 
professional 
judgement and 
maintain 
professional scepticism throughout 
the audit. We also: 
Identify and assess the risks of material 
misstatement of the Consolidated 
Financial Statements, whether 
due to fraud or error, 
design and perform 
audit procedures 
responsive to 
those risks, and 
obtain audit 
evidence that 
is sufficient and 
appropriate to 
provide a 
basis for 
our opinion. 
The risk 
of not 
detecting a 
material misstatement 
resulting 
from fraud 
is higher 
than for 
one 
resulting 
from 
error, 
as 
fraud 
may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, 
or 
the 
override 
of 
internal control. 
Obtain an understanding of internal control relevant 
to the audit in order to design audit procedures that are appropriate in the 
circumstances, but not for 
the purpose of expressing an opinion on the effectiveness 
of the Company’s 
internal control. 
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates 
and 
related 
disclosures made by management. 
Conclude 
on 
the 
appropriateness 
of 
management’s 
use 
of 
the 
going 
concern 
basis 
of 
accounting 
and, 
based 
on 
the 
audit 
evidence obtained, whether a 
material uncertainty exists 
related to events 
or conditions that may 
cast significant doubt on the 
Company’s 
ability to 
continue as 
a going 
concern. If 
we conclude 
that a 
material uncertainty 
exists, 
we are 
required 
to draw 
attention 
in our 
auditor’s report 
to the 
related disclosures 
in the 
Consolidated 
Financial Statements 
or, 
if such disclosures 
are 
inadequate, to 
modify our 
opinion. Our 
conclusions are 
based on 
the audit 
evidence obtained 
up to 
the date 
of our 
auditor’s 
report. However, 
future events or conditions may 
cause the Company to cease to cont 
inue as a going concern. 
Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including the disclosures, and 
whether the Consolidated Financial Statements represent 
the underlying transactions and events in a manner that achieves fair 
presentation. 

 
Össur Consolidated Financial Statements 2022 
10
Independent auditor’s report 
0
Obtain sufficient 
appropriate audit 
evidence regarding 
the financial information 
of the entities or 
business activities within the 
Company to express an opinion on the 
Consolidated Financial Statements. We are responsible for the direction, supervision, and 
performance of the Company audit. We 
remain solely responsible for our audit 
opinion. 
We communicate 
with those 
charged with 
governance regarding, 
among other 
matters, 
the planned 
scope and 
timing of 
the 
audit and significant audit findings, including any 
significant deficiencies in internal control 
that we identify during our audit. 
We also 
provide those 
charged with 
governance 
with a 
statement 
that we 
have complied 
with relevant 
ethical requirements 
regarding independence, and to communicate 
with them all relationships and other matters that may 
reasonably be thought to 
bear on our independence, and where applicable, related 
safeguards. 
From 
the 
matters 
communicated 
with 
those 
charged 
with 
governance, 
we 
determine 
those 
matters 
that 
were 
of 
most 
significance in the audit of the Consolidated Financial Statements of the current period and are therefore 
the key audit matters. 
We describe these matters in our auditor’s report 
unless law or regulation precludes public 
disclosure about the matter or when, 
in extremely 
rare circumstances, 
we determine 
that a 
matter should 
not be communicated 
in our report 
because the 
adverse 
consequences of doing so would reasonably be expected 
to outweigh the public interest 
benefits of such communication. 
REPORT ON OTHER LEGAL AND REGULATORY 
REQUIREMENTS 
Report on European 
single electronic format (ESEF Regulation) 
As part of 
our audit of 
the Consolidated Financial Statements of 
Össur hf. we performed procedures to 
be able to 
issue an opinion 
on 
whether 
the 
Consolidated 
Financial 
Statements 
of Össur 
hf. 
for 
the year 
2022 with 
the 
file name 
ossur-2022-12-31.zip 
is 
prepared, in 
all material 
respects, in 
accordance with 
law no. 20/2021 
Act on securities 
issuer obligations 
to issue information 
and self-report relating to requirements under the European single electronic format regulation EU no. 2019/815, which include 
requirements concerning preparation 
of the Consolidated Financial Statements 
in XHTML format and iXBRL markup. 
The Board of 
Directors and President and CEO are 
responsible for preparing the Consolidated Financial 
Statements in accordance 
with 
law 
no. 
20/2021. 
This 
responsibility 
includes 
preparing 
the 
Consolidated 
Financial 
Statements 
in 
a 
XHTML 
format 
in 
accordance with EU regulation no. 2019/815 on the European 
single electronic format (ESEF regulation). 
Our responsibility 
is to 
obtain reasonable 
assurance, based 
on evidence 
that we 
have obtained, 
on whether 
the Consolidated 
Financial Statements 
are prepared 
in all 
material respects, 
in accordance 
with the 
ESEF Regulation, 
and to 
issue a 
report that 
includes our 
opinion. The 
nature, timing 
and extent 
of procedures 
selected depend 
on the 
auditor's judgement, 
including the 
assessment of 
the risks 
of material 
departures from 
the requirements 
set out 
in the ESEF 
regulation, whether 
due to 
fraud or 
error. 
In our opinion, 
the Consolidated Financial 
Statements of 
Össur hf. 
for the year 
2022 with the file name 
ossur-2022-12-31.zip is 
prepared, in all material respects, 
in accordance with the European single electronic 
format regulation EU no. 2019/815. 

 
Össur Consolidated Financial Statements 2022 
11
Independent auditor’s report 
0
Appointment 
We were 
first appointed 
as auditors 
at the company's 
annual general 
meeting on 8 
March 2022. 
Consequently, 
we have 
been 
the auditors for one year. 
Reykjavík, 31 January 2023 
PricewaterhouseCoopers ehf. 
Vignir Rafn Gíslason 
Ljósbrá Baldursdóttir 
State Authorized Public Accountant 
State Authorized Public Accountant 

 
 
Össur Consolidated Financial Statements 2022 
12
Financial Highlights and Key Ratios (unaudited)
USD millions
2022
2021
2020
2019
2018
Income Statement
Net sales
719 
719 
630
686 
613 
Gross profit
440 
455 
391
439 
387 
Operating expenses (excl. 
other income / exp.)
373 
360 
338
341 
304 
EBITDA
114 
149 
93
141 
107 
EBITDA before special items
128 
149 
93
150 
115 
EBIT
65 
97 
28
98 
79 
Net profit
43 
66 
8
69 
80 
Sales growth
Sales growth USD
%
0
14
(8)
12 
8 
Growth breakdown:
 
Organic growth
%
4 
10
(10)
5 
5 
 
Currency effect
%
(7)
3 
0
(4)
1 
 
Acquired/divested business
%
3 
1
2 
11 
2 
Balance Sheet
Total 
assets
1,325 
1,247 
1,214 
1,091 
914 
Total 
Equity
636 
627 
577
569 
538 
Net interest-bearing debt (NIBD)
404 
363 
381
302 
180 
Cash Flow
Cash generated by operations
92 
128 
119
120 
92 
Free cash flow
35 
74 
68
63 
39 
Key ratios
Gross profit margin
%
61 
63 
62
64 
63 
EBIT margin
%
9 
14 
4
14 
13 
EBITDA margin
%
16 
21 
15
21 
18 
EBITDA margin before special 
items
%
18 
21 
15
22 
19 
Equity ratio
%
48 
50 
48
52 
59 
Net debt to EBITDA before 
special items
3.2 
2.4 
4.1
2.0 
1.6 
Effective tax 
rate
%
23 
24 
38
24 
18 
Return on equity
%
7 
11 
1
12 
15 
CAPEX to net sales
%
3.6 
3.7 
3.8
4.6 
5.0 
Full time employees at period end
3,892 
3,761 
3,385 
3,449 
3,147 
Full time employees on average
3,866 
3,668 
3,505 
3,382 
2,775 
Market
Market value of equity
2,035 
2,724 
3,380 
3,340 
2,055 
Number of shares in millions
423 
423 
423 
425 
431 
EPS in US cents
10.3 
15.6 
1.9 
16.3 
18.8 
Diluted EPS in US cents
10.3 
15.5 
1.9 
16.2 
18.7 
*Refer to note 37 for definitions 
of key ratios and terms

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
13
Consolidated Income Statement
All amounts in USD '000
Notes
2022
2021
Net sales
3
718,650
718,669
Cost of goods sold
(278,902)
(263,282)
Gross profit
439,748
455,387
Other income / (expenses)
(2,296)
1,687
Sales and marketing expenses
(266,056)
(253,885)
Research and development expenses
(34,024)
(31,735)
General and administrative 
expenses
(72,529)
(74,143)
Earnings before interest 
and tax (EBIT)
64,844
97,311
Financial income
1,663
984
Financial expenses
(12,947)
(12,774)
Net exchange rate 
difference
2,612
1,119
Net financial expenses
8
(8,672)
(10,671)
Earnings before tax (EBT)
56,172
86,640
Income tax
9
(12,962)
(20,984)
Net profit
43,210
65,656
Attributable to:
Owners of the Company
42,513
63,994
Non-controlling interests
697
1,662
Net profit
43,210
65,656
Earnings per share
10
Earnings per share (US cent)
10.3
15.6
Diluted earnings per share (US cent)
10.3
15.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
14
Consolidated Statement of Comprehensive Income
All amounts in USD '000
2022
2021
Net profit
43,210
65,656
Items that may be reclassified subsequently 
to profit or loss:
Change in cash flow hedges 
22
(1,431)
(13)
Exchange differences 
on translating foreign operations
(23,968)
(14,098)
Income tax relating to components 
of other comprehensive income
(208)
(1,878)
Other comprehensive income, net of income 
tax
(25,607)
(15,989)
Total comprehensive 
income
17,603
49,667
Attributable to:
Owners of the Company
16,906
48,005
Non-controlling interests
697
1,662
Total comprehensive 
income
17,603
49,667

 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
15
Consolidated Balance Sheet 
Assets
All amounts in USD '000
Notes
31.12.2022 
31.12.2021 
Property, 
plant and equipment
11
54,189
55,349
Right of use assets
12
125,131
126,731
Goodwill
13
680,400
644,153
Other intangible assets
14
62,003
58,836
Investment in associates
15
13,751
13,647
Other financial assets
16
3,719
2,924
Deferred tax assets
24
37,320
27,044
Non-current assets
976,514
928,684
Inventories
17
132,127
103,985
Accounts receivable
18
112,372
102,768
Other assets
19
27,717
26,281
Bank balances and cash equivalents
76,631
85,197
Current assets
348,847
318,231
Total assets
1,325,361
1,246,915

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
16
Consolidated Balance Sheet 
Equity and liabilities
All amounts in USD '000
Notes
31.12.2022
31.12.2021
Issued capital and share premium
20
66,211
75,571
Reserves
(70,467)
(45,917)
Retained earnings
639,961
591,932
Equity attributable to owners 
of the Company
635,704
621,586
Non-controlling interest
(194)
5,009
Total equity
635,510
626,595
Borrowings
23
277,709
262,190
Lease liabilities
12
116,376
118,674
Deferred tax liabilities
24
29,596
29,027
Provisions
25
5,808
4,629
Deferred income
26
6,042
6,250
Other financial liabilities
27
17,314
13,094
Non-current liabilities
452,844
433,864
Borrowings
23
62,068
46,043
Lease liabilities
12
24,770
21,244
Accounts payable
28,653
26,720
Income tax payable
11,012
7,350
Provisions
25
19,325
8,970
Accrued salaries and related expenses 
42,005
42,341
Other financial liabilites 
27
18,524
5,151
Other liabilities
29
30,651
28,637
Current liabilities
237,007
186,456
Total equity 
and liabilities
1,325,361
1,246,915

 
 
 
 
 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
17
Consolidated Statement of Cash Flow 
All amounts in USD '000
Notes
2022
2021
Earnings before interests 
and tax (EBIT)
64,844
97,311
Depreciation and amortization
11, 12, 14
49,365
51,643
Change in inventories
(28,620)
(15,783)
Change in receivables
(13,457)
(13,184)
Change in payables
10,942
7,758
Change in provisions
11,583
(402)
Other operating activities
(2,692)
755
Cash generated from 
operations
91,965
128,098
Interest received
1,581
880
Interest paid
(13,112)
(12,150)
Income tax paid
(19,663)
(16,298)
Net cash generated 
from operating activities
60,771
100,530
Purchase of fixed and intangible 
assets
11, 14
(25,942)
(26,688)
Acquisition of subsidiaries, net of cash in acquired 
entities
30
(41,784)
(33,940)
Other investing activities
1,465
1,181
Cash flows to investing activities
(66,261)
(59,447)
Proceeds from long-term borrowings
23
52,833
1,693
Repayments of long-term borrowings
23
(65,797)
(17,352)
Changes in revolving credit facility
23
48,588
(14,038)
Payments of lease liabilities
12
(21,264)
(20,046)
Dividends from subsidiaries paid to non-controlling 
interests
(630)
(1,330)
Purchased treasury shares
(9,941)
0
Cash flows from / (to) financing activities
3,789
(51,073)
Net change in cash
(1,702)
(9,990)
Exchange rate effects 
on cash held in foreign currencies
(6,864)
(7,176)
Cash at beginning of period
85,197
102,363
Cash at end of period
76,631
85,197

 
 
 
 
 
 
 
 
 
 
 
Össur Consolidated Financial Statements 2022 
18
Consolidated Statement of Changes in Equity
Share
Attributable to
Non-
Share
Share
Statutory
option
Hedging
Translation
Accumulated
owners of
controlling
Total
All amounts in USD '000
capital
premium
reserve
reserve
reserve
reserve
profits
the Company
interests
equity
Balance at 1 January 2021
4,794
70,077
1,267
2,507
196
(35,484)
529,155
572,512
4,678
577,190
Net profit
63,994
63,994
1,662
65,656
Change in cash flow hedges 
(83)
(83)
(83)
Transl. diff. 
of shares in subsidiaries
(15,906)
(15,906)
(15,906)
Total 
comprehensive income
0
0
0
0
(83)
(15,906)
63,994
48,005
1,662
49,667
Payment of dividends
0
0
(1,330)
(1,330)
Share option charge for the period
2,268
2,268
2,268
Share option vested during the period
1
699
(682)
(1,217)
(1,199)
(1,199)
Balance at 31 December 2021
4,795
70,776
1,267
4,093
113
(51,390)
591,932
621,586
5,009
626,595
Net profit
42,513
42,513
697
43,210
Change in cash flow hedges
(1,141)
(1,141)
(1,141)
Transl. diff. 
of shares in subsidiaries
(24,466)
(24,466)
0
(24,466)
Total 
comprehensive income
0
0
0
0
(1,141)
(24,466)
42,513
16,906
697
17,603
Payment of dividends
0
(630)
(630)
Share option charge for the period
2,221
2,221
2,221
Share option vested during the period
1
579
(1,164)
245
(338)
(338)
Purchase of treasury shares
(16)
(9,925)
(9,941)
(9,941)
Change in non-controlling interests
5,270
5,270
(5,270)
0
Balance at 31 December 2022
4,781
61,430
1,267
5,150
(1,028)
(75,856)
639,961
635,704
(194)
635,510
In June 2016 the Icelandic Parliament passed a legal reform of the Icelandic Financial Statements Act no. 3/2006 which became effective on January 1, 2016. 
It requires retained earnings to be separated into two categories: restricted and 
unrestricted retained earnings. Profits, net of dividend, received from subsidiaries are classified as restricted retained earnings. The Company could, based on its control as the parent company, decide to let its subsidiaries pay dividends 
that would lower the restricted balance. As the Company has sufficient retained earnings from previous years, this legal act does not prevent the Company from making dividend payments to its shareholders. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
19
1. General information
Össur 
is a 
limited liability 
company 
incorporated 
and domiciled 
in Iceland. 
The address 
of its 
registered 
office 
is Grjothals 
5, 
Reykjavik. Its ultimate controlling party is William Demant Invest 
A/S. The Consolidated Financial Statements of the Company as 
at and for the year ended 31 December 
2022 comprise the Company and its subsidiaries (together referred to as "the Company" 
or "Össur”). 
The Company is a global orthopaedics company, specializing in the design, development, manufacturing and sales of prosthetics 
and bracing 
& supports products. 
The Company 
sells its products 
worldwide, but the 
principal markets 
are North America 
and 
Europe. 
The Consolidated 
Financial Statements 
are presented 
in US 
dollars and 
all values 
are rounded 
to the 
nearest thousand 
(’000), 
except when otherwise indicated. 
In preparing the Consolidated Financial Statements, 
the Company has applied the concept of 
materiality to the presentation and level 
of disclosure. It is 
the opinion of 
management that essential and 
mandatory information 
is disclosed which is relevant to an understanding 
of these Consolidated Financial Statements. 
These Consolidated Financial 
Statements have 
been approved for 
issue by the Board 
of Directors and 
President and CEO 
on 31 
January 2023. The Consolidated 
Financial Statements as 
presented in this report 
are subject to approval 
by the Annual General 
Meeting of Shareholders, to be held on 10 March 
2023. 
The Company is listed on the Nasdaq 
Copenhagen Stock Exchange.
2. Quarterly statements
 
Unaudited
Full year 
Q4 
Q3 
Q2 
Q1 
2022 
2022 
2022 
2022 
2022 
Net sales
718,650
190,944
176,701
180,945
170,060
Cost of goods sold
(278,902)
(75,008)
(68,587)
(69,843)
(65,463)
Gross profit
439,748
115,936
108,114
111,102
104,597
Gross profit margin
61%
61%
61%
61%
62%
Other income / (expenses)
(2,296)
1,252
(3,757)
61
149
Sales and marketing expenses
(266,056)
(68,049)
(66,734)
(65,980)
(65,293)
Research and development expenses
(34,024)
(8,864)
(8,262)
(7,616)
(9,283)
General and administrative expenses
(72,529)
(19,047)
(20,339)
(17,048)
(16,093)
EBIT
64,844
21,228
9,022
20,519
14,077
Net financial expenses
(8,672)
(5,056)
(410)
(1,440)
(1,766)
EBT
56,172
16,172
8,612
19,079
12,310
Income tax
(12,962)
(3,413)
(1,912)
(4,665)
(2,973)
Net profit 
43,210
12,759
6,700
14,414
9,337
EBITDA
114,208
33,609
20,984
32,883
26,732
EBITDA margin
16%
18%
12%
18%
16%
EBITDA before special items
128,165
33,609
34,941
32,883
26,732
EBITDA margin before special items
18%
18%
20%
18%
16%

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
20
3. Net Sales
2022 
2021 
Specified according to geographical segments:
Americas
350,749 
338,882 
EMEA
306,013 
315,173 
APAC
61,888 
64,614 
Total
718,650 
718,669 
Specified according to product lines:
Prosthetics
455,709 
452,772 
Bracing & Supports
262,941 
265,897 
Total
718,650 
718,669
Timing of revenue recognition 
Revenues 
from additional 
sold warranties 
and service 
checks included 
in standard 
warranties 
are released 
over the 
warranty 
period. 
Refer 
to 
note 
36 
for 
accounting 
policy 
on 
revenue 
recognition 
and 
warranty 
provisions 
and 
refer 
to 
note 
26 
for 
breakdown 
of 
revenues 
recognised 
over 
time 
and 
amounts 
deferred 
and 
released 
during 
the 
year. 
All 
other 
revenues 
are 
recognised at point in time.
4. Segment Information
Information reported to the President and CEO for the purposes of resource allocation and assessment of segment performance 
focuses on 
geographical 
markets. 
The geographical 
segments 
are EMEA 
(Europe Middle 
-East 
and Africa), 
Americas and 
APAC 
(Asia-Pacific).
2022
Americas
EMEA
APAC
Eliminations
Consolidated
Sales
External sales
350,749
306,013
61,888
0
718,650
Inter-segment sales
103,506
454,827
13,072
(571,405)
0
Total sales
454,255
760,840
74,960
(571,405)
718,650
Results
Segment results
24,597
34,977
5,270
0
64,844
Net financial expenses
(8,672)
EBT
56,172
Income tax
(12,962)
Net profit
43,210
Balance sheet 31.12.2022
Segment assets
720,938
538,434
65,989
0
1,325,361
Segment liabilities
182,077
487,347
20,427
0
689,851
Other information
Capital additions
6,350
18,350
1,242
0
25,942
Depreciation, impairment and amortization
16,899
28,929
3,537
0
49,365
The majority of inter-segment sale prices are set using 
the Transactional 
Net Margin Method (TNMM). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
21
2021
Americas
EMEA
APAC
Eliminations
Consolidated
Sales
External sales
338,882
315,173
64,614
0
718,669
Inter-segment sales
100,542
418,317
9,630
(528,489)
0
Total sales
439,424
733,490
74,244
(528,489)
718,669
Results
Segment results
38,156
47,206
11,949
0
97,311
Net financial income/(expenses)
(10,671)
EBT
86,640
Income tax
(20,984)
Net profit
65,656
Balance sheet 31.12.2021
Segment assets
649,080
532,865
64,970
0
1,246,915
Segment liabilities
145,873
455,935
18,512
0
620,320
Other information
Capital additions
6,661
18,235
1,792
0
26,688
Depreciation, impairment and amortization
18,553
30,674
2,416
0
51,643
5. Sales and expenses split by main currencies
2022
2021
LCY
USD
%
LCY
USD
%
Sales
USD
320,039 
320,039 
45%
310,130 
310,130 
43%
EUR
154,664 
162,914 
23%
139,681 
165,119 
23%
ISK
337,268 
2,483 
0%
327,759 
2,579 
0%
Nordic curr. (SEK, NOK, 
DKK)
93,413 
13%
102,099 
14%
Other (GBP, 
AUD, CAD & Other)
139,801 
19%
138,742 
19%
Total
718,650 
100%
718,669 
100%
COGS and OPEX
USD
312,567 
312,567 
48%
289,268 
289,268 
47%
EUR
108,448 
114,789 
17%
94,175 
111,274 
18%
ISK
8,787,768 
65,084 
10%
7,476,759 
58,840 
9%
Nordic curr. (SEK, NOK, 
DKK)
84,630 
13%
91,396 
15%
Other (GBP, 
MXN, CAD & Other)
76,736 
12%
70,580 
11%
Total
653,806 
100%
621,358 
100%
Currency split is derived by using best available 
information at each time.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
22
6. Salaries
2022 
2021 
Salaries 
243,112 
239,363 
Salary-related expenses 
55,553 
53,497 
298,665 
292,860 
Full time employees (FTE) on average
3,866 
3,668 
Full time employees at period end
3,892 
3,761
Included in salary-related expense 
are pension related expenses 
amounting to USD 18.5 million (2021: USD 17.6 million). 
Salaries and salary-related expenses, 
classified by functional category:
2022 
2021 
Cost of goods sold 
69,309 
67,199 
Sales and marketing expenses
156,562 
154,998 
Research and development expenses
20,297 
21,746 
General and administrative expenses
52,497 
48,917 
298,665 
292,860 
Management salaries and benefits
Salaries
Shares owned 
(ii)
Board of Directors:
2022
2021
2022
2021
Niels Jacobsen - Chairman of the Board
(i)
103
100
 
219,493,992 
 
219,493,992 
Svafa Grönfeldt - Vice Chairman
62
60
0
0
Alberto Esquenazi
41
40
0
0
Arne Boye Nielsen
41
40
0
0
Guðbjörg Edda Eggertsdóttir
41
40
 
26,318 
 
26,318
(i) 
Shares owned by 
William Demant Invest 
A/S which Niels 
Jacobsen represents on 
the Board. Niels 
and financially related 
parties own 
personally 203,330 
shares (2021: 203,330 shares). 
(ii) Shares owned are displayed in total number of owned shares, not rounded to the nearest thousand. 
The Board of Directors did not 
hold any share option contracts at the 
end of the 
current period nor at the 
end of the comparative 
period.
2022
Fixed base
Cash based
Other 
Share based
Total
salary
incentive
Pension
benefits
incentive
remuneration
Executive Management:
Jón Sigurðsson, President and CEO until 31.3.2022
276 
0
37 
8 
94 
415 
Sveinn Sölvason, President and CEO from 1.4.2022
(i)
409 
50 
63 
31 
91 
644 
Executive management (9 people; 7 FTE)
(ii)
2,302 
214 
305 
25 
815 
3,661 
2,987 
264 
406 
63 
1,000 
4,720 
2021
Fixed base
Cash based 
Other 
Share based
Total
salary
incentive
Pension
benefits
incentive
remuneration
Executive Management:
Jón Sigurðsson President and CEO
1,054 
707 
21 
159 
416 
2,357 
Executive management (7 people; 7 FTE)
(ii)
2,429 
979 
303 
50 
814 
4,576 
3,483 
1,687 
324 
210 
1,230 
6,934
(i) 
Shares owned at year end by Sveinn Sölvason 68,342 (2021: 25,000) 
(ii) Shares owned at year end by executive management at year end 994,938 (2021: 972,462).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
23
7. Fees to Auditors
2022
2021
Audit of Financial Statements
1,400
1,569
Other services
127
215
1,527
1,784
The table shows 
the fees to 
PricewaterhouseCoopers 
(PwC) and other 
component auditors 
attributable to 
the fiscal year 
2022 
and to Deloitte and other component 
auditors for 2021. No fees were 
paid to PwC for other services in the year 2022.
8. Financial Income / Expenses
2022 
2021 
Interests on bank deposits
779
168
Share in profit of associated companies
357
396
Other financial income
527
420
Financial income
1,663
984
Interests on loans
(6,861)
(5,117)
Interest on leases
(4,343)
(4,681)
Other financial expenses
(1,743)
(2,976)
Financial expenses
(12,947)
(12,774)
Net exchange rate differences
2,612
1,119
Net financial expenses
(8,672)
(10,671)
 
9. Income Tax
2022 
2021 
Current tax expenses
(23,956)
(19,487)
Deferred tax expenses
10,994
(1,497)
(12,962)
(20,984)
2022
2021
Amount
%
Amount
%
Earnings before taxes
56,172
86,640
Income tax calculated at 20%
(11,234)
20%
(17,328)
20%
Effect of different 
tax rates of other jurisdictions
(369)
1%
(2,550)
3%
Effect of non-deductible expenses / non-taxable income
(243)
0%
(678)
1%
Effect of change in tax rate
(122)
0%
(3)
0%
Other effects
(994)
2%
(425)
0%
(12,962)
23%
(20,984)
24%
The 20% tax 
rate used for 2022 and 
2021 in the 
above tax rate reconciliation is the statutory corporate income 
tax rate applicable 
to 
entities 
subject 
to 
tax 
in 
Iceland. 
Taxation 
for 
other 
jurisdictions 
is 
calculated 
at 
the 
rates 
prevailing 
in 
the 
respective 
jurisdictions.

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
24
Deferred tax:
2022 
2021 
Origination and reversal of temporary differences
10,872
(1,500)
Effect of changes in tax rate
122
3
10,994
(1,497)
Deferred tax recognized 
in the Consolidated Income Statement:
Recognized in 
Income 
Statement
Recognized 
directly in 
equity
Acquisitions / 
disposals
Exc. rate 
difference
1.1.2022 
31.12.2022 
Goodwill
(11,296)
(2,111)
55
(13,352)
Intangible assets
(7,543)
460
(1,926)
342
(8,667)
Property, plant and equipment
(1,877)
375
(71)
(1)
(1,574)
Tax loss carry forward
2,066
265
(206)
2,125
Inventories
4,349
5,960
(115)
(59)
10,135
Provisions
2,883
4,156
(46)
6,993
Current liabilities
5,139
2,483
45
(29)
7,638
Receivables
758
341
(29)
1,070
Other
3,538
(935)
760
(7)
3,356
Total
(1,983)
10,994
760
(2,067)
20
7,724
Recognized in 
Income 
Statement
Recognized 
directly in 
equity
Acquisitions / 
disposals
Exc. rate 
difference
1.1.2021 
31.12.2021 
Goodwill
(10,122)
(1,215)
41
(11,296)
Intangible assets
(7,910)
178
(38)
227
(7,543)
Property, plant and equipment
(1,979)
100
2
(1,877)
Tax loss carry forward
2,897
(708)
(123)
2,066
Inventories
4,337
8
4
4,349
Provisions
2,151
767
(35)
2,883
Current liabilities
4,814
357
(32)
5,139
Receivables
1,993
(991)
(218)
(26)
758
Other
5,278
7
(1,718)
(29)
3,538
Total
1,459
(1,497)
(1,718)
(256)
29
(1,983)
The Company has unused 
tax losses available 
for which no deferred 
tax asset is recognized. 
At year end 2022 
these unused tax 
losses amounted 
to USD 
16.8 million 
(2021: USD 
15.0 million). 
USD 7.7 
million of 
this amount 
will expire 
in 5-10 
years 
(2021: 
USD 6.4 million). The remaining tax losses 
carry an indefinite term.
In relation to the elimination of intercompany gain in inventories, the Company has recognized a deferred tax benefit of USD 5.9 
million (2021: USD 0.1 million) in the Consolidated Income Statement.

 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
25
10. Earnings per share
2022 
2021 
Net profit
43,210
65,656
Total weighted 
average number of ordinary shares (in '000)
417,758
422,161
Adjustments for calculation of diluted earnings per share:
Options
73
634
Total weighted 
average number of shares including potential shares (in '000)
417,831
422,795
Earnings per share (US cent)
10.3
15.6
Diluted earnings per share (US cent)
10.3
15.5
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
26
11. Property, plant and equipment
Buildings & 
sites
Machinery & 
equipment
Fixtures & 
office equip.
Computer 
equipment
Total
2022
Cost
At 1 January
1,606
72,331
46,081
17,359
137,377
Reclassification 
57
148
1,268
(1,473)
0
Additions
217
7,973
4,402
3,955
16,547
Business combinations
495
1,212
266
4
1,977
Eliminated on disposal
0
(263)
(491)
(263)
(1,017)
Fully depreciated assets
0
(11,078)
(3,412)
(5,139)
(19,629)
Exchange rate differences
(118)
(896)
(1,758)
(515)
(3,287)
At 31 December 2022
2,257
69,427
46,356
13,928
131,968
Depreciation
At 1 January
412
44,326
25,360
11,930
82,028
Charge for the period
201
9,176
5,310
3,035
17,722
Eliminated on disposal
0
(163)
(357)
(229)
(749)
Fully depreciated assets
0
(11,078)
(3,412)
(5,139)
(19,629)
Exchange rate differences
(139)
(361)
(772)
(321)
(1,593)
At 31 December 2022
474
41,900
26,129
9,276
77,779
At 31 December 2022
1,783
27,527
20,227
4,652
54,189
Depreciation classified by functional category:
2022 
2021 
Cost of goods sold 
8,945
8,571
Sales and marketing expenses 
4,866
5,071
Research and development expenses
741
833
General and administrative expenses 
3,170
4,081
Total
17,722
18,556
Buildings & 
sites
Machinery & 
equipment
Fixtures & 
office equip.
Computer 
equipments
2021
Total
Cost
At 1 January
2,251
69,654
45,193
15,701
132,799
Reclassification
(430)
0
331
99
0
Additions
118
8,867
3,912
4,062
16,959
Business combinations
63
519
526
(21)
1,087
Eliminated on disposal/divestment
(260)
(1,575)
(637)
(996)
(3,468)
Fully depreciated assets
0
(4,075)
(1,342)
(1,054)
(6,471)
Exchange rate differences
(136)
(1,059)
(1,902)
(432)
(3,529)
At 31 December 2021
1,606
72,331
46,081
17,359
137,377
Depreciation
At 1 January
233
41,165
22,196
10,739
74,333
Reclassification
0
0
(59)
59
0
Charge for the period
184
9,009
5,865
3,498
18,556
Eliminated on disposal/divestment
0
(1,044)
(349)
(987)
(2,380)
Fully depreciated assets
0
(4,075)
(1,342)
(1,054)
(6,471)
Exchange rate differences
(5)
(729)
(951)
(325)
(2,010)
At 31 December 2021
412
44,326
25,360
11,930
82,028
At 31 December 2021
1,194
28,005
20,721
5,429
55,349
None of the Company's property, plant and equipment are pledged as security. Major divestments are subject to bank approval.

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
27
12. Leases

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
28
Right of use assets
Buildings & 
sites
Machinery & 
equipment
2022
Total
At 1 January
123,992
2,739
126,731
Additions and renewals
27,815
1,770
29,585
Depreciation charge for the period
(19,319)
(1,858)
(21,177)
Eliminated on disposal and termination
(5,477)
0
(5,477)
Exchange rate differences
(4,364)
(167)
(4,531)
At 31 December 2022
122,647
2,484
125,131
Depreciation classified by functional category:
2022 
2021 
Cost of goods sold 
8,471
8,522
Sales and marketing expenses 
4,235
4,261
Research and development expenses
2,541
2,557
General and administrative expenses 
5,930
5,965
Total
21,177
21,305
At 
end 
of 
December 
2022, 
one 
of 
the 
Company's 
main 
location 
was 
moved 
to 
a 
new 
facility 
without 
finalizing 
a 
buyout 
agreement. As a result, the right of use asset for the related lease was terminated to the amount of USD 3.6 million. The 
buyout 
agreement was 
signed in 
January 2023 and 
the remaining 
contractual 
payments paid, 
totaling USD 
5.0 million. 
A non-current 
lease liability at end of the year amounting to USD 3.0 million was reclassified to current Lease liabilities. The total lease liability 
relating to the lease amounts to USD 5.0 
million.
Buildings & 
sites
Machinery & 
equipment
2021
Total
At 1 January
111,174
1,735
112,909
Additions and renewals
36,442
3,107
39,549
Depreciation charge for the period
(19,567)
(1,738)
(21,305)
Eliminated on disposal
(1,009)
(2)
(1,011)
Exchange rate differences
(3,048)
(363)
(3,411)
At 31 December 2021
123,992
2,739
126,731
Lease liabilities
Contractual maturities analysis as follows:
31.12.2022 
31.12.2021 
In 2023 / 2022
29,598
25,403
In 2024 / 2023
22,841
23,555
In 2025 / 2024
19,803
21,048
In 2026 / 2025
16,201
17,376
Later
78,994
76,484
Total
167,436
163,866
Less: Present value discount
(26,290)
(23,948)
Lease liability
141,146
139,918
Lease related expenses recognised in Consolidated Income Statement:
2022 
2021 
Depreciation expense from right of use assets
21,177
21,305
Interest expense on lease liabilities
4,343
4,681
Exchange difference on lease liabilities
(2,974)
(930)
Short-term and low value lease expenses not included in lease liabilities
794
687
Termination on right of use asset
3,582
0
Total
26,922
25,743
Total cash 
outflow for leases
25,607
24,727

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
29
 
13. Goodwill
2022
2021
At 1 January
644,153
612,191
Business combinations
54,229
48,456
Divestment
0
(115)
Exchange rate differences
(17,982)
(16,379)
At 31 December 2022
680,400
644,153
If the 
initial accounting 
for a 
business combination 
is incomplete 
at year 
end, the 
Company 
reports provisional 
amounts. The 
accounting for 
the acquisitions 
in the 
year have 
been provisionally 
finalized. 
The fair 
value adjustment 
of assets 
and liabilities 
provisionally 
determined, based 
on management 
best estimate, 
is USD 
4.8 million 
(2021: USD 
2.5 million). 
Fair value 
changes 
related to prior year acquisitions 
amounted to USD 0.1 million (2021: USD 0.6 million). 
During the year, 
the Company assessed the 
recoverable amount 
of goodwill and determined 
that none of the Company's 
cash-
generating units have suffered 
an impairment loss. 
The carrying amount of goodwill was allocated 
to the following cash-generating 
units:
WACC %
31.12.2022 
31.12.2021 
Americas
10.4 / 8.3
452,451
421,562
EMEA
9.4 / 7.8
211,722
206,046
APAC
9.7 / 8.7
16,227
16,545
Total
680,400
644,153
The recoverable 
amount of 
the cash-generating 
units is 
determined based 
on a 
value in 
use calculation 
which uses 
cash flow 
projections based 
on the financial forecast 
for 2023 approved 
by management and 
the Board of 
Directors. A 
post-tax discount 
rate of 9.4 - 10.4% (2021: 7.8 - 8.7%) per annum was 
used. The pre-tax discount rate 
is 9.7 - 10.7% (2021: 8.3 - 9.3%). 
Cash flow 
projections 
in the 
forecast 
are 
based 
on gradual 
margin 
improvements 
throughout 
the period. 
Cash flows 
beyond 
2027 have been extrapolated using a steady 2.5% (2021: 2.5%) per annum growth rate for all cash-generating 
units. This growth 
rate 
does 
not 
exceed 
the 
long-term 
average 
growth 
rate 
for 
the 
market 
in 
each 
segment. 
Management 
believes 
that 
any 
reasonable change in 
the key 
assumptions on which 
the recoverable 
amount is based 
would not cause 
the carrying amount 
to 
exceed its recoverable 
amount.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
30
14. Other intangible assets
Cust./distrib. 
relationships
Software and 
other
2022
Patents
Trademarks
Total
Cost
At 1 January
38,278
19,460
1,863
48,839
108,440
Additions
158
2,180
98
748
3,184
Additions - internally generated
0
0
0
6,211
6,211
Business combinations
1,040
4,515
750
11
6,316
Eliminated on disposal
0
0
0
(305)
(305)
Fully amortized assets
(822)
(176)
0
(5,144)
(6,142)
Exchange rate differences
(1,715)
(970)
92
(118)
(2,711)
At 31 December 2022
36,939
25,009
2,803
50,242
114,993
Amortization
At 1 January
25,319
5,986
300
17,999
49,604
Charge for the period
3,347
1,160
85
5,874
10,466
Eliminated on disposal
0
0
0
(74)
(74)
Fully amortized assets
(822)
(176)
0
(5,144)
(6,142)
Exchange rate differences
(805)
(113)
116
(62)
(864)
At 31 December 2022
27,039
6,857
501
18,593
52,990
At 31 December 2022
9,900
18,152
2,302
31,649
62,003
Amortization classified by functional category:
2022
2021
Cost of goods sold
143
118
Sales and marketing expenses
6,512
6,632
Research and development expenses
1,365
1,452
General and administrative expenses
2,446
3,465
Total
10,466
11,667
Cust./distrib 
relationships
Software and 
other
2021
Patents
Trademarks
Total
Cost
At 1 January
40,026
18,363
2,576
44,517
105,482
Additions
113
1,251
114
1,139
2,617
Additions - internally generated
0
0
0
7,112
7,112
Business combinations
2,357
283
0
22
2,662
Eliminated on disposal
0
(37)
(407)
(2,068)
(2,512)
Fully amortized assets
(2,831)
(58)
(361)
(1,609)
(4,859)
Exchange rate differences
(1,387)
(342)
(59)
(274)
(2,062)
At 31 December 2021
38,278
19,460
1,863
48,839
108,440
Amortization
At 1 January
24,539
4,918
636
15,887
45,980
Charge for the period
4,442
1,155
81
5,989
11,667
Eliminated on disposal
0
(5)
0
(2,054)
(2,059)
Fully amortized assets
(2,831)
(58)
(361)
(1,609)
(4,859)
Exchange rate differences
(831)
(24)
(56)
(214)
(1,125)
At 31 December 2021
25,319
5,986
300
17,999
49,604
At 31 December 2021
12,959
13,474
1,563
30,840
58,836
 

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
31
15. Investment in associates
2022
2021
At 1 January
13,647
13,352
Additions
0
78
Share in net profit
357
396
Dividend received
(174)
(75)
Exchange rate differences
(79)
(104)
At 31 December
13,751
13,647
 
16. Other financial assets
31.12.2022
31.12.2021
Restricted cash
393
477
Other financial assets
3,326
2,447
3,719
2,924
Other financial assets mainly comprise of held to maturity 
securities.
17. Inventories
31.12.2022
31.12.2021
Raw material
39,179
30,194
Work in progress
17,238
11,443
Finished goods 
75,710
62,348
132,127
103,985
Inventories 
of USD 
7.7 million 
(2021: USD 
8.3 million) 
are 
expected 
to 
be sold 
or used 
in production 
after 
more than 
twelve 
months. 
Inventories recognized 
as an expense during the period amounted to 
USD 226.4 million (2021: USD 216.6 million). Thereof USD 
2.3 million (2021: USD 2.5 million) 
was recognized as 
an expense in respect of 
write-downs of inventory 
to net realizable value. 
There was no reversal of prior write down. Reserve for obsolete 
inventories at year end amounted 
to USD 4.8 million compared 
to USD 4.8 million in 2021.
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
32
18. Accounts Receivable
31.12.2022 
31.12.2021 
Nominal value
117,324
108,041
Allowances for doubtful accounts
(4,952)
(5,273)
112,372
102,768
The average credit period on 
sale of goods are 47.5
days (2021: 44.4 days). An allowance 
has been made for doubtful accounts. 
This allowance has been determined 
by management with reference 
to expected credit 
loss (ECL). Management considers 
that 
the carrying amount of receivables approximates 
their fair value.
Movement in the allowance for doubtful accounts
2022 
2021 
At 1 January
(5,273)
(4,666)
Impairment (losses)/gains recognized on receivables
(145)
(1,978)
Amounts written off as uncollectable
368
1,193
Exchange rate difference
98
178
At 31 December
(4,952)
(5,273)
31.12.2022
Accounts receivable
Gross 
carrying 
amount at 
default
Expected 
credit loss 
rate
Collective 
allowance 
(lifetime ECL)
Individual 
allowance
Net carrying 
amount
Not past due
74,282
0.1%
100
144
74,038
Less than six months past due
35,585
1.7%
603
166
34,816
Six to twelve months past due
3,504
31.6%
1,109
55
2,340
More than twelve months past due
3,953
68.5%
2,709
66
1,178
117,324
4,521
431
112,372
31.12.2021
Accounts receivable
Gross 
carrying 
amount at 
default
Expected 
credit loss 
rate
Collective 
allowance 
(lifetime ECL)
Individual 
allowance
Net carrying 
amount
Not past due
77,340
0.1%
98
364
76,878
Less than six months past due
24,035
4.3%
1,025
570
22,440
Six to twelve months past due
3,055
35.3%
1,077
110
1,868
More than twelve months past due
3,611
51.2%
1,850
179
1,582
108,041
4,050
1,223
102,768
The expected credit loss on accounts receivable is 
estimated using a provision matrix with reference 
to past default experience, 
general 
economic 
conditions 
and 
an 
assessment 
of both 
the 
current 
as 
well 
as 
expected 
conditions, 
including 
time value 
of 
money where 
appropriate. Individual 
allowances 
and adjustments 
to the collective 
bad debt 
provision are 
made based on 
the 
individual assessment of customers' situation 
and probability of incoming payments. 
Refer to note 36 for 
further details. 
The 
Company 
writes 
off 
an 
accounts 
receivable 
when 
there 
is 
information 
indicating 
that 
the 
debtor 
is 
in 
severe 
financial 
difficulty and there 
is no realistic 
prospect of recovery, 
e.g. when the debtor 
has been placed 
under liquidation or 
has entered 
into bankruptcy proceedings.

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
33
19. Other assets
31.12.2022 
31.12.2021 
Prepaid expenses
14,497
14,045
VAT 
refundable
4,364
2,756
Other
8,856
9,480
27,717
26,281
 
20. Issued capital and share premium
Common stock is as follows in thousands 
of shares:
Treasury 
shares
Issued shares
Total
Balance at 1 January 2021
423,000
(902)
422,098
Sold treasury shares
162
162
Balance at 31 December 2021
423,000
(740)
422,260
Sold treasury shares
130
130
Purchased treasury shares
(2,101)
(2,101)
Balance at 31 December 2022
423,000
(2,711)
420,289
Movement in issued capital is as follows 
in USD thousands:
Share
Share
capital
premium
Total
Balance at 1 January 2021
4,794
70,077
74,871
Sold treasury shares
1
699
700
Balance at 31 December 2021
4,795
70,776
75,571
Sold treasury shares
1
579
580
Purchased treasury shares
(16)
(9,925)
(9,941)
Balance at 31 December 2022
4,781
61,430
66,211
Decisions on share buybacks are made in accordance 
with the Company‘s Capital Structure 
and Capital Allocation Policy, 
within 
the authorizations granted 
by the Annual General 
Meeting. The share buyback 
programs are 
managed by Nordea, 
which make 
its trading 
decisions independently 
and without 
influence by the 
Company regarding 
the timing of 
the purchases. 
It should 
be 
noted 
that 
the share 
buyback program 
was 
temporarily 
paused 
on 25 
October 
as the 
net 
interest 
– bearing 
debt to 
EBITDA 
corresponded 
to 
2.8x at 
the end 
of Q3 
2022, at 
the upper 
end of 
the target 
range 
of 2.0 
– 3.0x 
NIBD/EBITDA. 
Share 
option 
contracts amounting to 130.000 Össur 
shares were exercised 
during the year. 

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
34
21. Share option contracts
 
The Company has 
in place a share 
option plan, approved 
by Company's Annual 
General Meetings, 
under which managers 
may 
be granted 
options to purchase 
ordinary shares 
at an exercise 
price, determined by 
the average 
closing price on shares 
traded 
on 
the 
OMX 
Copenhagen 
stock 
exchange 
over 
the 
20 
trading 
days 
prior 
to 
the 
issue 
date. 
The 
employee 
must 
remain 
continuously employed 
with the Company 
until expiring date, 
either as an employee 
or in any 
other way, 
deemed satisfactory 
by the Company. 
Each employee 
share option 
converts into 
one ordinary share 
on exercise. 
No amounts 
are paid or 
payable by 
the recipient to 
the Company on 
receipt of the option. 
The options carry 
neither rights to 
dividends nor voting 
rights. The Company 
allows net 
settlement of 
options 
in which 
an equivelant 
number of shares 
are delivered 
to the 
employee that 
equals to 
the profit 
of the 
exercised 
options. With 
net settlement, 
the Company 
does not 
deliver in 
full the 
number of 
shares at 
exercise 
price. The 
fair 
value 
of 
the 
share 
options 
granted 
are 
valued 
using 
the 
Black-Scholes 
pricing 
model. 
Variables 
used 
in 
the 
Black-Scholes 
calculation are 
the exercise 
price per 
share, expected 
life in 
years, estimated 
volatility, 
annual rate 
of quarterly 
dividends and 
annual discount 
rate. In 
2022, the 
expected volatility 
assumptions used 
to value 
the options 
ranged 
from 28.1% 
to 30.4% 
and 
the annual 
discount 
rate 
ranged 
from 
-0.5% to 
2.4%. Expected 
life 
of options 
are 
three 
years 
and expire 
one year 
after 
the 
vesting date. If 
a share option vests during 
a closed period for insider 
trading the vesting period 
is automatically extended 
until 
the next open window for insider trading. 
The following share option contracts 
are outstanding at balance sheet date:
Number of 
shares
Grant
 
year
Exercise 
year
Exercise price 
(in DKK)
Share price at 
grant date (in 
DKK)
Weighted 
average 
remaining 
contr. life in 
months
Issued to Executive Management:
Sveinn Sölvason President and CEO
400,000 
2019 - 2022
2022 - 2025
29.9 - 44.6
29.1 - 43.5
10 
Executive management (3 persons)
330,000 
2019
2022
32.3 - 45.5
33.5 - 47.9
0
Executive management (3 persons)
256,400 
2020
2023
45.5 - 46.3
45.5 - 47.5
9 
Executive management (6 persons)
686,400 
2021
2024
44.4 - 44.6
43.2 - 43.5
14 
Executive management (6 persons)
500,000 
2022
2025
28.4 - 41.6
29.5 - 44.0
30 
Total
2,172,800 
Issued to Management team:
Nine managers
265,200 
2019
2022
32.3 - 49.8
33.5 - 52.3
0
Twenty managers
1,276,200 
2020
2023
38.5 - 46.3
38.6 - 47.5
4 
Thirty-eight managers
1,450,400 
2021
2024
44.4 - 46.8
43.2 - 47.7
15 
Eighteen managers
625,000 
2022
2025
28.4 - 41.6
29.5 - 44.0
30 
Total
3,616,800 
Total 
5,789,600 
13 
 
Movements in share options during the period:
2022
2021
Number of 
shares
Weighted 
average 
contract rate 
(in DKK)
Number of 
shares
Weighted 
average 
contract rate 
(in DKK)
Outstanding at 1 January
5,908,400
40.5 
4,463,000
36.3 
Granted during period 
1,195,000
34.6 
2,386,800
44.7 
Forfeited during period 
(150,800)
46.3 
(166,400)
46.1 
Exercised during period
(1,163,000)
28.5 
(775,000)
28.2 
Total outstanding 
at 31 December
5,789,600
37.6 
5,908,400
40.5

 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
35
Estimated 
remaining cost 
due to 
the share 
option contracts 
is USD 
2.9 million. 
An expense 
of USD 
2.2 million 
(2021: USD 
2.3 
million) is 
recognized 
in the 
Consolidated 
Income Statement 
for the 
period. Exercise 
period of 
the share 
options 
contracts 
is 
2023-2026.
22. Hedging Reserve
Össur currently 
hedges its 
ISK and 
EUR exposure, 
using a 
twelve month, 
quarterly layered 
hedging strategy. 
This is 
done with 
forward currency contracts 
where Össur sells EUR for ISK. At 
each balance sheet date Össur has outstanding 
contracts covering 
approximately 50% of yearly ISK costs. Due to the layered 
approach, hedge ratio of closed contracts is approximately 
80% of ISK 
costs. Össur applies hedge accounting 
(IFRS 9) to the extent possible. 
Movements in hedge reserve during the period:
2022
2021
At 1 January
113
196
Change in fair value of hedging instrument recognised in OCI
(2,815)
(2,360)
Reclassified to Income Statement
1,384
2,347
Deferred tax
290
(70)
At 31 December
(1,028)
113
At balance 
sheet date 
eleven forward 
contracts are 
open. The fair 
value of 
the contracts 
results in 
a liability of 
USD 1.3 million 
at year 
end 
2022 (2021: USD 0.1 million 
asset). The effects of 
the foreign currency-related 
hedging instruments on the 
Company’s financial position 
and 
performance are as follows:
2022
2021
Carrying amount (current liability)
1,321
(130)
Notional amount
29,885
29,880
Maturity date
Mar-Dec 23
Mar-Dec 22
Hedge ratio
1:1
1:1
Change in discounted spot value of outstanding hedging instruments since inception of the hedge
(2,815)
(2,360)
Weighted average hedged rate 
for outstanding hedging instruments
147.9
150.5
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
36
23. Borrowings
31.12.2022
31.12.2021
Loans in USD
125,025 
112,017 
Loans In EUR
214,751 
196,216 
Total
339,777 
308,233 
Non-Current
277,709 
262,190 
Current
62,068 
46,043 
Total
339,777 
308,233
Aggregated maturities of borrowings 
are as follows:
31.12.2022
31.12.2021
In 2023 / 2022
62,068 
46,043 
In 2024 / 2023
0
129,891 
In 2025 / 2024
149,198 
248 
In 2026 / 2025
53,404 
232 
Later
75,107 
131,819 
339,777 
308,233
The table below shows how cash and non-cash 
changes affect borrowings within the 
Company:
2022
2021
At 1 January
308,233 
357,523 
Cash flows
35,624 
(29,697)
Non-cash changes:
Acquisition related
0
(4,819)
Exchange rate differences
(4,773)
(15,286)
Amortization of transaction costs
693 
512 
At 31 December 2022
339,777 
308,233
On 14 December 
2022, Össur refinanced 
its loan agreement 
with Nordea 
and Danske 
Bank. The new 
loan is a 
EUR 165 million 
term and 
revolving 
credit facility 
on floating 
rates, 
a three 
year tenure 
with two 
one-year 
extension options 
(final maturity 
in 
December 2027 if utilized). 
The weighted 
average interest 
on outstanding 
loans at 31.12.2022 
was 2.9%. The 
following table 
highlights key 
information of 
the Company´s borrowings:
Lender
Type
Currency
Interest type
Outstanding
Available
Nordea, Danske Bank
Term, Bullet
EUR
Floating
53,576 
0
Nordea, Danske Bank
Revolver
EUR
Floating
95,994 
26,665 
European Investment Bank
Term, Bullet
USD
Fixed
75,000 
0
Nordic Investment Bank
Term, Bullet
EUR
Fixed
53,330 
0
Nordic Investment Bank
Term, Amortizing
EUR
Fixed
11,851 
0
Danske Bank
Overdraft
Multicurrency
Floating
50,025 
29,760 
Total
339,777 
56,425
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
37
24. Deferred tax assets / (liabilities)
2022
2021
At beginning of period
(1,983)
1,459
Income tax payable for the period
23,956
19,487
Calculated tax for the period
(12,962)
(20,984)
Arising on acquisition of a subsidiary
(2,067)
(256)
Recognized directly through equity
760
(1,718)
Exchange rate differences
20
29
At 31 December
7,724
(1,983)
Deferred tax in the Balance Sheet:
Deferred tax asset
37,320
27,044
Deferred tax liabilities
(29,596)
(29,027)
7,724
(1,983)
The following are the major deferred 
tax liabilities and assets recognized:
31.12.2022
Assets 
Liabilities 
Net 
Goodwill
5,747
(19,099)
(13,352)
Intangible assets
1,301
(9,968)
(8,667)
Property, plant and equipment
897
(2,471)
(1,574)
Tax loss carry forward
2,125
0
2,125
Inventories
10,960
(825)
10,135
Provisions
6,993
0
6,993
Current liabilities
8,086
(448)
7,638
Receivables
1,222
(152)
1,070
Other
4,638
(1,282)
3,356
Total tax 
assets / (liabilities)
41,969
(34,245)
7,724
Tax asset and liabilities offsetting
(4,649)
4,649
0
37,320
(29,596)
7,724
31.12.2021
Assets 
Liabilities 
Net 
Goodwill
5,747
(17,043)
(11,296)
Intangible assets
2,539
(10,082)
(7,543)
Property, plant and equipment
850
(2,727)
(1,877)
Tax loss carry forward
2,066
0
2,066
Inventories
4,944
(595)
4,349
Provisions
2,444
439
2,883
Current liabilities
5,706
(567)
5,139
Receivables
1,227
(469)
758
Other
4,290
(752)
3,538
Total tax 
assets / (liabilities)
29,813
(31,796)
(1,983)
Tax asset and liabilities offsetting
(2,769)
2,769
0
27,044
(29,027)
(1,983)
The Company has unused 
tax losses available 
for which no deferred 
tax asset is recognized. 
At year end 2022 
these unused tax 
losses amounted 
to USD 
16.8 million 
(2021: USD 
15.0 million). 
USD 7.7 
million of 
this amount 
will expire 
in 5-10 
years 
(2021: 
USD 6.4 million). The remaining tax losses 
carry an indefinite term. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
38
25. Provisions
Warranty
Other
2022
provisions
provisions
Total
At 1 January
7,386
6,213
13,599
Additional provision recognized
7,835
18,321
26,156
Utilization of provision
(5,133)
(9,142)
(14,275)
Exchange rate differences
(166)
(181)
(347)
At 31 December 2022
9,922
15,211
25,133
Non-current
4,497
1,311
5,808
Current
5,425
13,900
19,325
At 31 December 2022
9,922
15,211
25,133
Warranty
Other
2021
provisions
provisions
Total
At 1 January
6,472
12,852
19,324
Additional provision recognized
6,365
4,317
10,682
Utilization of provision
(5,345)
(4,835)
(10,180)
Exchange rate differences
(106)
(258)
(364)
Restatement of comparative 
information*
0
(5,863)
(5,863)
At 31 December 2021
7,386
6,213
13,599
Non-current
3,703
926
4,629
Current
3,683
5,287
8,970
At 31 December 2021
7,386
6,213
13,599
* Estimated payments 
due to earn outs relating 
to acquisitions, previously presented 
in other provisions have 
been reclassified 
to other financial liabilities (note 27). Comparative 
numbers have been adjusted 
accordingly.
The warranty 
provision represents 
management's best 
estimate of 
the Company's 
liability under 
2-5 years 
warranties 
granted 
on prosthetic products, based on 
past experience. Other provisions 
mainly consists of restructuring provisions.
26. Deferred income
2022 
2021 
At 1 January
9,621
9,834
Deferred income
3,472
3,578
Released from deferred income
(3,233)
(3,273)
Exchange rate differences
(501)
(518)
At 31 December
9,359
9,621
Non-current
6,042
6,250
Current
3,317
3,371
At 31 December
9,359
9,621
Deferred income relates to sale of additional warranty for prosthetic products and service checks included in standard warranty. 
Income from additional warranty is deferred 
when sold and released on a straight line basis within the warranty period. Income 
from service checks is 
deferred when sold 
and released when the service has 
been rendered. Additional warranties 
range from 
2-6 years. The current 
deferred income 
are presented 
as part of other liabilities 
in the Consolidated 
Balance Sheet as indicated 
in note 29.

 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
39

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
40
27. Other financial liabilities
31.12.2022
31.12.2021
Deferred payments relating to acquisitions 
23,791
11,166
Earnouts relating to acquisitions
9,520
5,863
Derivatives and other
2,527
1,216
35,838
18,245
Non-current
17,314
13,094
Current
18,524
5,151
35,838
18,245
Earnouts relating 
to acquisitions 
have been 
reclassified from 
provisions 
and acquisition 
related liabilities 
from other 
liabilities 
into Other financial liabilities. Comparatives have been adjusted accordingly. Derivatives consists of fair value of hedge contracts 
and a purchase option of minority shares in subsidiary.
28. Related party transactions
Balances 
and 
transactions 
between 
the 
Company 
and 
its 
subsidiaries, 
which 
are 
related 
parties 
of the 
Company, 
have 
been 
eliminated in consolidation and are 
not disclosed in this note. 
The Company engages in transactions with some of its associated companies and other related 
parties. The transactions consist 
of, among others, 
sale of Össur products where commercial terms 
and market prices apply. 
Transactions 
and balances with related parties:
Associates
2022 
2021 
Sales of products
2,104
2,093
Related party receivables at 31 December
345
376
Other related parties
2022 
2021 
Sales of products
1,187
1,226
Purchases
2,260
2,258
Related party receivables at 31 December
423
410
For disclosures relating to key 
management positions, refer 
to note 6.
29. Other liabilities
31.12.2022 
31.12.2021 
Accrued expenses
17,220
15,540
Sales tax and VAT
4,121
4,610
Deferred income
3,317
3,371
Sales return accrual
1,849
1,904
Other
4,144
3,212
30,651
28,637
 
 

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
41
30. Business combinations
Acquisition of subsidiaries
Össur made acquisitions during 2022 to strengthen the Company's sales channels. In the Consolidated Income Statement 
of the 
year 2022, sales amounting to USD 11.1 million (2021: USD 15.4 
million) and net profit of USD 0.3 million (2021: USD 
2.5 million) 
were related to these acquisitions. 
Full year sales in acquired entities amounted 
to USD 18.3 million in 2022. 
One of the 
acquisitions during the year 
was a 100% 
share in Naked Prosthetics, a leading 
provider of mechanical finger 
prosthesis 
for finger 
and partial 
hand amputees. 
Naked Prosthetics 
has around 
70 employees 
and is 
located in 
Olympia, Washington 
US. 
Their full year sales amounted to USD 9 million. 
The 
total 
purchase 
price 
allocation 
(PPA) 
amounted 
to 
USD 
4.7 
million 
(2021: 
USD 
1.9 
million), 
mainly 
related 
to 
intangible 
assets. The 
PPA 
for assets 
and liabilities acquired 
in 2021 
was finalized 
during 2022, 
resulting in 
fair value 
changes of 
USD 0.1 
million (2021: USD 0.6 million), 
mainly relating to fair 
value recognition of other intangible 
assets. The initial accounting 
for the 
acquisitions in 2022 
has been provisionally 
determined at balance 
sheet date. The 
PPA 
will be finalized 
within 12 months 
from 
the acquisition date. 
Amortization of 
intangibles relating 
to the 
provisional 
PPA 
was recognized 
in the 
Consolidated 
Income Statement 
for USD 
0.2 
million (2021: USD 0.4 million) during 2022.
2022
Fair value changes
of net identifiable 
assets
Assets acquired and liabilities recognized at the 
date of acquisition:
Book value at acquisition date
Total
fair value
Americas
EMEA
Total
Non-current assets
1,355 
557 
1,912 
6,433 
8,345 
Current assets
5,232 
2,157 
7,389 
0
7,389 
Non-current liability
(295)
0
(295)
(1,786)
(2,081)
Current liabilities
(3,142)
(1,085)
(4,227)
0
(4,227)
3,150
1,629
4,779
4,647
9,426
Consideration
63,655 
Book value of identifiable net assets acquired
(4,779)
Fair value changes of identifiable net assets acquired
(4,647)
Goodwill arising on acquisition
54,229
Consideration
63,655 
Deferred payments on current year´s acquisitions
(23,450)
Payments on prior year´s acquisitions
3,947 
Cash from acquired companies
(2,368)
Consideration shown in Cash flow
41,784

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
42
2021
Fair value changes 
of net identifiable 
assets
Book value at acquisition date
Total
fair value
Americas
EMEA
Total
Non-current assets
384 
1,000 
1,384 
2,365 
3,749 
Current assets
2,872 
2,094 
4,966 
(414)
4,552 
Non-current liability
0
(414)
(414)
(38)
(452)
Current liabilities
(3,053)
(1,061)
(4,114)
0
(4,114)
Non controlling interest
0
(42)
(42)
0
(42)
203
1,577
1,780
1,913
3,693
Consideration
52,149 
Book value of identifiable net assets acquired
(1,780)
Fair value changes of identifiable net assets acquired
(1,913)
Goodwill arising on acquisition
48,456
Consideration
52,149 
Deferred payments on current year´s acquisitions
(10,016)
Payments on prior year´s acquisitions / divestments
(6,806)
Cash from acquired companies
(1,387)
Consideration shown in Cash flow
33,940
 
31. Financial instruments
Capital risk management 
 
The Company 
manages capital 
to ensure 
that the 
Company 
will be 
able to 
continue as 
a going 
concern while 
maximizing the 
return 
to 
stakeholders 
through 
the 
optimization 
of 
the 
debt 
and 
equity 
balance. 
The 
Company's 
overall 
strategy 
remains 
unchanged from 2021. 
The 
capital 
structure 
of 
the 
Company 
consists 
of 
debt, 
which 
includes 
the 
borrowings 
disclosed 
in 
note 
23, 
cash 
and 
cash 
equivalents and equity attributable to equity holders 
of the parent, comprising issued capital, reserves and retained earnings 
as 
disclosed in the Consolidated Statement 
of Changes in Equity. 
Net debt to EBITDA before 
special items ratio 
The Company's 
management 
continuously 
reviews 
the capital 
structure. 
As a 
part of 
this review 
the management 
considers, 
amongst other the cost of capital and 
net debt to EBITDA before special 
items. 
The net debt to EBITDA before 
special items at period end was as follows:
31.12.2022
31.12.2021
Net debt
404,291 
362,954 
EBITDA before special items
128,165 
148,954 
Net debt/EBITDA before special items
3.2 
2.4
 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
43
Financial risk management objectives 
The Company's corporate 
finance function provides services to 
the business, co-ordinates access 
to domestic and international 
financial markets, monitors and manages the 
financial risks relating to the 
operations of the Company. 
This is performed through 
internal risk 
reports which 
analyze exposures 
by degree 
and magnitude 
of risks. 
These risks 
include liquidity 
risk, interest 
rate 
risk, foreign currency exchange 
risk and counterparty credit risk. 
The general 
policy is 
to apply 
natural 
hedging to 
the extent 
possible but 
Össur also 
uses active 
hedging of 
currency exposure 
that 
is 
not 
covered 
by 
the 
natural 
hedge 
in 
sales 
and 
costs 
by 
currency. 
The 
use 
of 
financial 
derivatives 
is 
governed 
by 
the 
Company's policies approved 
by the Board of Directors, 
which provide written principles 
on foreign exchange 
risk, interest rate 
risk, credit risk, 
the use of financial 
derivatives and 
non-derivative financial 
instruments and the 
investment of 
excess liquidity. 
The 
Company 
does 
not 
enter 
into 
or 
trade 
financial 
instruments, 
including 
derivative 
financial 
instruments, 
for 
speculative 
purposes.
Foreign currency risk management 
The Company 
operates 
in a 
global market, 
hence exposure 
to exchange 
rate 
fluctuations arises. 
Exchange 
rate 
exposures 
are 
managed within approved policy parameters. The general policy is 
to apply natural exchange rate hedging to the 
extent possible. 
Össur currently 
hedges its 
ISK and 
EUR exposure, 
using a 
twelve month, 
quarterly layered 
hedging strategy. 
This is 
done with 
forward currency contracts 
where Össur sells EUR for ISK. At 
each balance sheet date Össur has outstanding 
contracts covering 
approximately 50% of yearly ISK costs. Due to the layered 
approach, hedge ratio of closed contracts is approximately 
80% of ISK 
costs. At 
balance sheet 
date eleven 
forward 
contracts 
are open. 
The fair 
value of 
the contracts 
results in 
a liability 
of USD 1.3 
million at year end 2022 (2021: USD 0.1 million asset). Össur applies 
hedge accounting (IFRS 9) to the extent 
possible. 
The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the 
reporting 
date are as follows:
Liabilities
Assets
31.12.2022
31.12.2021
31.12.2022
31.12.2021
EUR
267,301 
220,727 
39,175 
49,389 
USD
220,718 
232,494 
94,616 
86,721 
ISK
42,293 
37,064 
10,608 
8,409 
SEK
24,145 
23,678 
11,875 
13,539 
GBP
6,986 
6,721 
5,505 
8,366 
Other
31,800 
32,515 
58,660 
50,746 
593,243 
553,199 
220,439 
217,170
 

 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
44
Foreign currency sensitivity analysis 
The Company is mainly exposed to the fluctuation 
of the Icelandic krona (ISK) and the Euro (EUR). 
The following 
table details 
the Company's 
sensitivity to 
a 10% decrease 
in USD against 
the relevant 
foreign currencies 
with all 
other variables fixed. The sensitivity analysis includes all foreign currency denominated items and adjusts their translation at the 
period end 
for a 
10% change 
in foreign 
currency rates. 
The table 
below indicates 
the effect 
on profit 
or loss 
and other 
equity 
where USD 
weakens 
10% against 
the relevant 
currency. 
For a 
10% strengthening 
of USD 
against 
the relevant 
currency, 
there 
would be an equal and opposite impact on the profit or loss and 
other equity.
EUR 
(i)
ISK 
(ii)
2022
2021
2022
2021
Net profit
4,400 
4,091 
(4,818)
(4,203)
Equity
(243)
1,518 
(1,177)
(3,017)
(i) 17% (2021: 
18%) of the 
Company's COGS 
and OPEX 
is in EUR 
against 23% 
(2021: 23%) of 
its sales causing 
an increase 
in profit if 
the USD 
decreases against the EUR. 
(ii) 10% 
(2021: 9%) of 
the Company's 
COGS and OPEX 
is in ISK 
against 0.0% 
(2021: 0.3%) of 
its sales causing 
a decrease 
in profits 
if the USD 
decreases against the ISK. 
Hedge accounting is not considered in the above 
calculation.
Interest rate risk management 
The Company is 
exposed to interest 
rate risks 
as funds are borrowed 
at floating interest 
rates. Interest 
rate risk 
is managed by 
the Company´s 
treasury function 
and fixed 
rate loans 
or interest 
rate swap 
contracts 
may be 
used to 
maintain an 
appropriate 
mix between fixed and 
floating rate 
borrowings. Hedging activities 
are evaluated regularly 
to align with interest 
rate views 
and 
defined risk 
appetite and 
to ensure 
optimal hedging 
strategies 
are applied. 
The Company 
did not 
have any 
interest 
rate swap 
agreements outstanding at balance sheet 
date. 
The Company's exposures to 
interest rates on financial 
assets and financial 
liabilities are detailed 
in the 
liquidity risk management 
section of this note. 
Management 
believes 
that 
realistic 
changes 
in 
floating 
interest 
rates 
will 
not 
materially 
affect 
the 
Consolidated 
Income 
Statement or the Company´s equity.
 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
45
Liquidity risk management
The Company 
manages 
liquidity 
risk by 
maintaining 
adequate 
reserves, 
banking 
facilities 
and reserve 
borrowing 
facilities, 
by 
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. At period end the 
Company had 
a total 
liquidity of USD 
133.1 million, 
consisting of 
undrawn revolving 
credit facilities 
of USD 56.4 
million (2021: 
USD 108.8 million) and cash and cash equivalents 
of USD 76.6 million (2021: USD 85.2 million). 
The following 
tables detail 
the Company's 
remaining contractual 
maturity for 
its non-derivative 
financial liabilities. 
The tables 
have 
been 
drawn 
up 
based 
on 
the 
undiscounted 
cash 
flows 
of 
financial 
liabilities 
based 
on 
the 
earliest 
date 
on 
which 
the 
Company can be required to pay. 
The table includes both interest and principal 
cash flows.
Weighted 
average 
effective 
interest
Less than 1 
year
1-5 years
5+ years
Total
31.12.2022
Borrowings
2.2%
69,804 
294,964 
7 
364,775 
Lease liabilities
3.6%
29,598 
82,627 
55,210 
167,436 
Non-interest bearing liabilities
-
116,515 
16,111 
0
132,626 
215,918 
393,702 
55,218 
664,837 
31.12.2021
Borrowings
1.6%
51,425 
274,930 
26 
326,381 
Lease liabilities
4.3%
25,501 
84,538 
53,828 
163,866 
Non-interest bearing liabilities
-
97,774 
7,753 
0
105,527 
174,700 
367,221 
53,854 
595,774
Credit risk management 
The Company manages the financial counterparty credit risk centrally. 
Primary Banks should have a long-term credit rating of at 
least A-/A3 and a short-term credit rating of at 
least A-2/P-2. Other financial counterparties should have investment grade credit 
ratings. 
Credit risk arises 
from cash and 
cash equivalents 
and deposits with banks 
and financial institutions, 
as well as credit 
exposures 
to customers, including outstanding 
receivables. 
Accounts 
receivable 
consist 
of 
a 
large 
number 
of 
customers 
spread 
across 
geographical 
areas. 
Ongoing 
credit 
evaluation 
is 
performed on the 
financial condition 
of accounts receivable. 
Refer to 
note 18 for 
assessment of expected 
credit loss (ECL) 
and 
accounting policy on impairment on financial assets. 
The Company 
is exposed 
to normal 
business risk 
in collecting 
accounts 
receivable. 
Adequate 
allowance is 
made for 
bad debt 
expenses. 
Book value of financial assets measured at amortized 
cost represents the maximum 
exposure to credit risk.
 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
46
Fair value of financial instruments 
All financial assets and liabilities are measured at amortized cost through income statement 
except for the cash flow hedge that 
is measured at fair value through 
other comprehensive income. 
Except 
as 
detailed 
in 
the 
following 
table, 
management 
considers 
that 
the 
carrying 
amounts 
of 
financial 
assets 
and 
financial 
liabilities recognized in the Consolidated 
Financial Statements to approximate 
their fair values.
31.12.2022
31.12.2021
Carrying 
amount
Fair value
Carrying 
amount
Fair value
Financial liabilities:
Borrowings
339,777
340,946
308,233
308,678
32. Other information
From 
2021, 
the 
Company 
is 
required 
to 
file 
the 
primary 
statements 
of 
the 
Consolidated 
Financial 
Statements 
in 
the 
new 
European 
Single 
Electronic 
Format 
(ESEF) 
and 
therefore 
those 
statements 
are 
prepared 
in 
the 
XHTML 
format 
that 
can 
be 
displayed 
in 
a 
standard 
browser. 
The 
primary 
statements 
in 
the 
Consolidated 
Financial 
Statements 
are 
tagged 
using 
inline 
eXtensible Business 
Reporting Language 
(iXBRL). The iXBRL 
tags comply with 
the ESEF taxonomy, 
which is included 
in the ESEF 
Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a primary statements line item 
is not defined 
in the ESEF 
taxonomy, 
an extension 
to the taxonomy 
has been created. 
Extensions are 
anchored to 
elements in 
the ESEF taxonomy, except for extensions which are subtotals. The Consolidated Financial Statements submitted to the Icelandic 
Financial Supervisory Authority consists of the 
XHTML document together with certain technical files, 
all included in a file 
named 
“ossur-2022-12-31.zip”.
33. Insurance
31.12.2022
31.12.2021
Insurance
Book
Insurance
Book
value
value
value
value
Fixed assets and inventories
195,247 
191,075 
187,503 
164,105
The book value of fixed assets and inventories 
is adjusted for inventory 
reserve. 
The Company 
has purchased 
a Property 
Damage & 
Business 
Interruption 
insurance 
intended to 
compensate 
for damages 
on 
owned property 
and temporary 
loss of 
income due 
to such 
loss. Additionally 
the Company 
has numerous 
insurances in 
place 
that 
are 
necessary 
to 
insure 
against 
the 
risks 
to 
its 
operations, 
including 
but 
not 
limited 
to 
general 
and 
product 
liability, 
professional liability, 
product recall insurance, directors 
and officers liability and certain types of frauds 
towards the Company.
34. Comparative information 
Comparative 
figures 
disclosed 
in the 
notes 
to 
these 
financial 
statements 
have 
been reclassified 
to 
conform 
with the 
current 
year´s 
disclosure 
format 
for 
the 
purpose 
of 
compliance 
with 
International 
Financial 
Reporting 
Standards 
as 
adopted 
by 
the 
European Union (EU).
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
47
35. Adoption of new and revised standards
New and amended IFRS that are effective for the current year
The following amendments to IFRS became mandatorily effective in the current year. 
The application of the below amendments 
has minor effects on the Consolidated 
Financial Statements: 
Amendment to IAS 16 Property, 
Plant and Equipment: Proceeds before 
intended use. 
Amendment IFRS 3 Business Combinations: 
Reference to the Conceptual 
Framework. 
Amendment to IAS 37 Provision, Contingent 
Liabilities and Contingent Assets. Cost 
of fulfilling a contract.
New and revised IFRS in issue but not yet effective 
At the date of authorization of these Consolidated Financial Statements, the Company has not 
applied new and revised IFRS that 
have been issued but are not yet effecti 
ve. 
Management of 
the Company 
does not expect 
that the adoption 
of the standards 
will have a 
material impact 
on the Financial 
Statements of the Company in 
future periods.
36. Summary of Significant Accounting Policies
Statement of compliance 
The Consolidated 
Financial Statements 
have been 
prepared in 
accordance with 
International Financial 
Reporting Standards 
as 
adopted by the European Union and additional 
requirements in the Icelandic Financial Statement 
Act no. 3/2006.
Basis of preparation 
The 
Consolidated 
Financial 
Statements 
have 
been 
prepared 
under 
the 
historical 
cost 
basis 
except 
for 
certain 
financial 
instruments 
that are 
measured at 
fair values. 
Historical 
cost is 
generally based 
on the 
fair value 
of the 
consideration 
given in 
exchange 
for 
assets. 
Fair 
value is 
the price 
that 
would be 
received to 
sell an 
asset or 
paid to 
transfer 
a liability 
in an 
orderly 
transaction 
between market 
participants 
at the 
measurement 
date, regardless 
of whether 
that price 
is directly 
observable or 
estimated using 
another valuation 
technique. In 
estimating the 
fair value 
of an 
asset or 
a liability, 
the Company 
considers the 
characteristics of the asset or 
liability as market participants would take those 
characteristics into account when pricing the asset 
or liability 
at the 
measurement 
date. 
Fair 
value for 
measurement 
and/or 
disclosure 
purposes in 
these Consolidated 
Financial 
Statements is determined on 
such a basis, except for share 
-based payment transactions 
that are within the scope of IFRS 2 and 
measurements that have some similarities to 
fair value but are not fair value, such as net realizable 
value of inventories in 
IAS 2 
or value of assets in use in IAS 36.
Basis of consolidation 
The 
Consolidated 
Financial 
Statements 
incorporate 
the 
financial 
statements 
of 
the 
Company 
and 
entities 
controlled 
by 
the 
Company and its subsidiaries. Control 
is achieved when the Company: 
has power over the investee 
; 
is exposed, or has rights, to variable returns 
from its involvement with the investee 
; 
and 
can use its power to affect its 
returns. 
The Company 
reassesses 
whether it 
controls 
an investee 
if facts 
and circumstances 
indicate that 
there are 
changes to 
one or 
more of the three elements of control 
listed above. 
When the Company has 
less than a majority of the voting 
rights of an investee, 
it has power over the 
investee when the 
voting 
rights 
are 
sufficient 
to 
give 
it 
the 
practical 
ability 
to 
direct 
the 
relevant 
activities 
of 
the 
investee 
unilaterally. 
The 
Company 
considers all 
relevant facts 
and circumstances in 
assessing whether the Company's 
voting rights in 
an investee are 
sufficient to 
give it power, 
including: 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
48
the size of the Company's holding of voting 
rights relative to the size and 
dispersion of holdings of the other vote holders 
; 
potential voting rights held by the Company, 
other vote holders or other parties; 
rights arising from other contractual 
arrangements; 
and 
any additional 
facts and 
circumstances 
that indicate 
that the 
Company has, 
or does 
not have, 
the current 
ability to 
direct the 
relevant activities at the time that 
decisions need to be made, including voting patterns 
at previous shareholders' meetings. 
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and 
ceases when the Company loses 
control of the subsidiary. 
Specifically, income 
and expenses of a subsidiary acquired or disposed 
of during the year are included 
in the consolidated statement 
of profit or loss and other comprehensive 
income from the date the Company 
gains control until 
the date when the Company ceases to 
control the subsidiary. 
Profit or loss and each component of 
other comprehensive income are attributed to the owners of the Company and to 
the non-
controlling interests. When necessary, adjustments are made to the 
financial statements of subsidiaries to bring 
their accounting 
policies in line with 
the Company's accounting policies. All intercompany assets and liabilities, 
equity, income, expenses and cash 
flows relating to transactions 
between members of the Company 
are eliminated in full on consolidation. 
Changes 
in 
the 
Company's 
ownership 
interests 
in 
subsidiaries 
that 
do 
not 
result 
in 
the 
Company 
losing 
control 
over 
the 
subsidiaries are accounted for 
as equity transactions. The carrying 
amounts of the Company's interests 
and the non-controlling 
interests 
are adjusted 
to reflect 
the changes 
in their relative 
interests in 
the subsidiaries. 
Any difference 
between the 
amount 
by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly 
in equity and attributed to owners 
of the Company.
Business combination 
Acquisitions 
of 
businesses 
are 
accounted 
for 
using 
the 
acquisition 
method. 
The 
consideration 
transferred 
in 
a 
business 
combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred 
by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the 
Company in exchange for 
control of the acquiree. Acquisition 
-related costs are recognized 
in profit or loss as incurred. 
The acquiree's identifiable 
assets, liabilities and 
contingent liabilities 
that meet the 
conditions for 
recognition under IFRS 
3 are 
recognized at their fair value 
at the acquisition date, except 
that: 
deferred tax assets or liabilities and liabilities or assets related to employee benefit 
arrangements are recognized and measured 
in accordance with IAS 12 Income Taxes 
and IAS 19 Employee Benefits respectively; 
liabilities 
or 
equity 
instruments 
related 
to 
share-based 
payment 
arrangements 
of 
the 
acquiree 
or 
share-based 
payment 
arrangements 
of the 
Company 
entered 
into 
to 
replace 
share-based 
payment 
arrangements 
of the 
acquiree 
are 
measured 
in 
accordance with IFRS 2 Share-based Payment 
at the acquisition date; and 
assets 
(or disposal 
groups) 
that are 
classified as 
held for 
sale in 
accordance 
with IFRS 
5 Non-current 
Assets Held 
for Sale 
and 
Discontinued Operations are 
measured in accordance with that standard. 
Goodwill arising on acquisition is recognized as an asset and initially measured at cost, 
being the excess of the purchase price of 
the 
business 
combination 
over 
the 
Company's 
interest 
in 
the 
net 
fair 
value 
of 
the 
identifiable 
assets, 
liabilities, 
contingent 
liabilities, the amount of any non-controlling interests 
in the acquiree, and the fair value of the acquirer's previously held equity 
interest in the acquiree. If, 
after reassessment, the Company's 
interest in the net fair value 
of the acquiree's identifiable assets, 
liabilities and contingent 
liabilities exceeds the cost 
of the business combination, 
the excess is recognized 
immediately in profit 
or loss. Non-controlling 
interests that 
are present 
ownership interests 
and entitle their holders 
to a proportionate 
share of the 
entity's net 
assets in 
the event 
of liquidation 
may be 
initially measured 
either at 
fair value 
or at 
the non-controlling 
interests' 
proportionate 
share of 
the recognized 
amounts 
of the 
acquiree's 
identifiable 
net assets. 
The choice 
of measurement 
basis is 
made 
on 
a 
transaction-by-transaction 
basis. 
Other 
types 
of 
non-controlling 
interests 
are 
measured 
at 
fair 
value 
or, 
when 
applicable, on the basis specified in another IFRS. 
When the 
consideration 
transferred 
by 
the Company 
in a 
business 
combination 
includes assets 
or liabilities 
resulting 
from a 
contingent consideration 
arrangement, the contingent 
consideration is measured at 
its acquisition-date fair value 
and included 
as part of the 
consideration transferred in a business combination. Changes in the fair value of the contingent consideration that 
qualify 
as 
measurement 
period 
adjustments 
are 
adjusted 
retrospectively, 
with 
corresponding 
adjustments 
against 
goodwill. 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
49
Measurement 
period adjustments 
are adjustments 
that arise 
from additional 
information 
obtained during 
the ‘measurement 
period’ about facts and circumstances 
that existed at the acquisition 
date. 
The subsequent 
accounting for 
changes in 
the fair 
value of 
the contingent 
consideration 
that do 
not qualify 
as measurement 
period 
adjustments 
depends 
on 
how 
the 
contingent 
consideration 
is 
classified. Contingent 
consideration 
that 
is 
classified as 
equity is not 
remeasured at subsequent reporting dates 
and its subsequent 
settlement is accounted for within 
equity. Contingent 
consideration that 
is classified as an 
asset or a liability 
is remeasured at 
subsequent reporting 
dates in accordance 
with IFRS 9, 
or 
IAS 37 
Provisions, 
Contingent 
Liabilities 
and 
Contingent 
Assets, 
as 
appropriate, 
with 
the 
corresponding 
gain 
or 
loss 
being 
recognized in profit or loss. 
If the initial 
accounting for 
a business 
combination is 
incomplete by 
the end of 
the reporting 
period in which 
the combination 
occurs, 
the 
Company 
reports 
provisional 
amounts 
for 
the 
items 
for 
which 
the 
accounting 
is 
incomplete. 
Those 
provisional 
amounts are 
adjusted during 
the measurement 
period (see 
below), or 
additional assets 
or liabilities 
are recognized, 
to reflect 
new information obtained about facts and circumstances that existed at the acquisition date 
that, if known, would have affected 
the amounts recognized at that 
date. 
When a business combination is achieved in stages, 
the Company's previously held 
equity interest in the acquire is remeasured 
to fair 
value at 
the acquisition 
date (i.e., 
the date 
when the 
Company obtains 
control) and 
the resulting 
gain or 
loss, if 
any, 
is 
recognized in profit or loss. Amounts arising from interests in the acquire prior to the acquisition date that have previously been 
recognized in other 
comprehensive income 
are reclassified to 
profit or loss where 
such treatment would 
be appropriate if that 
interest were disposed 
of. 
The measurement 
period 
is 
the 
period 
from 
the 
date 
of acquisition 
to 
the date 
the 
Company 
obtains 
complete 
information 
about facts and circumstances that 
existed as of the acquisition date and is subject 
to a maximum of one year.
Investments in associates 
An associate 
is an 
entity over 
which the 
Company has 
significant influence. 
Significant influence 
is the 
power to 
participate 
in 
the financial and operating policy decisions of the investee 
but is not control or joint control 
over those policies. 
The profit 
and losses, 
assets and 
liabilities of 
associates 
are incorporated 
in the 
Consolidated 
Financial Statements 
using 
the 
equity method of 
accounting. Under 
the equity method, 
investments 
in associates 
are initially recognized 
in the balance 
sheet 
and adjusted for 
post-acquisition changes in the Company's 
share of the net assets 
of the associate, less any 
impairment in the 
value of individual 
investments. 
Dividends received or 
receivable from 
associates are 
recognized 
as a reduction 
in the carrying 
amount of the investment. Losses of an associate more than the Company's interest 
in that associate are recognized only to the 
extent that the Company has 
incurred legal or constructive obligations 
or made payments on behalf of the associate. 
The requirements 
of IAS 36 
are applied to 
determine whether 
it is necessary 
to recognize 
any impairment 
loss with respect 
to 
the Company's investment 
in an associate. 
When necessary, 
the entire carrying 
amount of the 
investment (including 
goodwill) 
is tested for 
impairment in accordance with 
IAS 36 Impairment of Assets 
as a single asset by comparing 
its recoverable amount 
(higher of value in use and fair value less costs of disposal) with its carrying amount. 
Any impairment loss recognized forms 
part 
of the carrying 
amount of 
the investment. 
Any reversal 
of that impairment 
loss is recognized 
in accordance 
with IAS 36 
to the 
extent that the recoverable 
amount of the investment subsequently 
increases. 
Upon loss of significant 
influence over the associate, 
the Company measures 
and recognizes 
any retained investment 
at its fair 
value. Any 
difference between 
the carrying amount 
of the associate 
upon loss of 
significant influence 
and the fair 
value of the 
retained investment 
and proceeds from disposal is recognized 
in profit or loss.
Goodwill 
Goodwill is initially recognized 
as an asset at 
the excess of 
the purchase price of 
the business combination 
over the Company's 
interest in the net 
fair value of 
the identifiable assets, liabilities, 
contingent liabilities, the amount of 
any non-controlling interests 
in the acquiree, and the fair value of the acquirer's 
previously held equity interest 
in the acquiree. 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
50
Goodwill is not amortized but is reviewed for impairment at least annually. 
For impairment testing, goodwill is allocated to each 
of the 
Company's 
cash-generating 
units expected 
to benefit 
from the 
synergies 
of the 
combination. 
Cash-generating 
units to 
which goodwill has been 
allocated are tested 
for impairment annually, 
or more frequently 
when there is an 
indication that the 
unit may 
be impaired. 
If the 
recoverable 
amount of 
the cash-generating 
unit is 
less than 
its carrying 
amount, the 
impairment 
loss is allocated first to reduce the carrying amount of any goodwill allocated 
to the unit and then to the other assets of the unit 
pro-rata on the basis of the 
carrying amount of each asset in the unit. Any impairment 
loss for goodwill is recognized 
directly in 
profit or loss in the Consolidated Income Statement. An impairment loss recognized for goodwill is not reversed in a subsequent 
period. 
Determining 
whether 
goodwill 
is 
impaired 
requires 
an 
estimation 
of 
the 
value 
in 
use 
of 
the 
cash-generating 
units 
to 
which 
goodwill has been allocated. The value in 
use calculation requires the entity 
to estimate the future cash flows 
expected to arise 
from the cash-generating unit and 
a suitable discount rate in order 
to calculate present value. 
On disposal 
of the 
relevant 
cash-generating 
unit, the 
attributable 
amount of 
goodwill is 
included in 
the determination 
of the 
profit or loss on disposal. 
The Company's policy for goodwill arising on the acquisition of 
an associate is described in the accounting policy for Investments 
in associates above.
Revenue recognition 
Revenue is measured 
at the fair 
value of the 
consideration received 
or receivable. 
Revenue is 
reduced for estimated 
customer 
returns, rebates and other similar allowances. 
Sale of goods and services 
The Company sells bracing & support 
products and prosthetics products 
and related services both as wholesaler and directly to 
customers through its own 
distribution channels. 
Revenue is recognized 
for the sale 
of products including standard 
warranty when control 
of the goods has 
transferred. Control 
is considered 
transferred 
when the goods 
have been 
shipped or directly 
delivered to 
retail customer. 
Following shipment, 
it is 
considered that our customers have 
full discretion over the manner of distribution and price to sell the goods, have the primary 
responsibility 
when 
selling 
the 
goods, 
and 
bear 
the 
risks 
of 
obsolescence 
and 
loss 
in 
relation 
to 
the 
goods. 
A receivable 
is 
recognized by the Company 
when the goods are shipped to the customer 
as this represents the point 
in time at which the right 
to consideration 
becomes unconditional, as 
only the passage of time 
is required before 
payment is due. 
Sales related standard 
warranties serve as an 
assurance that the products sold 
comply with agreed-upon specifications, those 
warranties are accounted 
for in accordance with IAS 37 Provisions. 
For some 
Prosthetics 
products, 
a service 
check is 
included in 
the standard 
warranty 
and is 
treated 
as a 
distinct service 
and is 
accounted for 
as a 
separate 
performance obligation. 
The customer 
has an 
option to 
purchase an 
additional warranty 
which is 
treated as a distinct service 
because the Company promises to 
provide the service 
to the customer in 
addition to the product and 
the standard warranty. 
That warranty is accounted 
for as a separate performance 
obligation. 
Revenues from the sale of additional warranties are deferred when sold and released on 
a straight-line basis within the 
warranty 
period. Revenues from service checks included 
in the standard warranty 
are deferred when sold and 
released when the service 
has been rendered or the service obligation has ended. Deferred 
revenues are shown separately 
within liabilities in the Balance 
sheet 
Under the Company’s standard contract terms, customers 
have a right of return within 30-90 days. At the point of sale, a refund 
liability and a corresponding adjustment to 
revenue is recognized for 
those products expected to be returned. 
The 
Company 
uses 
its 
accumulated 
historical 
experience 
to 
estimate 
the 
number 
of 
returns 
on 
a 
portfolio 
level 
using 
the 
expected value method. It is considered highly 
unlikely that a significant reversal in the cumulative 
revenue recognized will occur 
given the consistent level of returns 
over previous years. 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
51
Interest revenue 
and dividend 
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow 
to the Company and 
the 
amount 
of 
income 
can 
be 
measured 
reliably. 
Interest 
income 
is 
accrued 
on 
a 
time 
basis, 
by 
reference 
to 
the 
principal 
outstanding and at the effective 
interest rate applicable, 
which is the rate that exactly 
discounts estimated future 
cash receipts 
through the expected 
life of the financial asset 
to that asset's net carrying 
amount on initial recognition. Dividend 
income from 
investments is recognized 
when the shareholder's right to receive payment 
has been established.
Leases 
The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right 
of 
use asset 
and a 
corresponding lease 
liability with 
respect to 
all lease 
arrangements 
in which 
it is 
the lessee, 
except 
for short-
term 
leases 
(defined 
as 
leases 
with 
a 
lease 
term 
of 
12 
months 
or 
less) 
and 
leases 
of low 
value 
assets. 
For 
these 
leases, 
the 
Company 
recognizes 
the 
lease 
payments 
as 
an 
operating 
expense 
on 
a 
straight-line 
basis 
over 
the 
term 
of 
the 
lease 
unless 
another 
systematic 
basis 
is 
more 
representative 
of 
the 
time 
pattern 
in 
which 
economic 
benefits 
from 
the 
leased 
assets 
are 
consumed. 
The lease liability is initially measured at the present value of the lease payments 
that are not paid at the commencement date, 
discounted by 
using the rate 
implicit in the 
lease. If this 
rate cannot 
be readily 
determined, the 
Company uses 
its incremental 
borrowing rate, being the rate 
that the individual lessee would have 
to pay to borrow the funds necessary 
to obtain an asset of 
similar value to the right of use asset in a similar economic 
environment with similar terms, security 
and conditions. 
To 
determine the 
incremental 
borrowing rate, 
the Company 
uses a build-up 
approach that 
starts with 
a risk-free 
interest 
rate 
adjusted 
for 
credit 
risk for 
leases held 
by 
the Company 
and makes 
adjustments 
specific 
to 
the 
lease, 
e.g. term, 
country 
and 
currency. 
The lease 
payments 
included in 
the measurement 
of the 
lease liability 
comprise 
fixed 
payments 
less any 
incentives, 
variable 
lease payments that depend on an index or rate, 
expected residual guarantees 
and the exercise price of purchase options 
if the 
Company expects to exercise 
the option. 
The lease liability is subsequently measured by increasing the carrying amount to reflect 
interest on the lease liability (using the 
effective interest 
method) and by reducing the carrying amount 
to reflect the lease payments 
made. The Company remeasures 
the lease 
liability if 
the lease 
term has 
changed, when 
lease payments 
changes in 
an index 
or rate 
or when 
a lease 
contract 
is 
modified, and the modification is not accounted 
for as a separate lease. 
Right of use 
asset is initially measured 
at the amount 
equal to the 
initial measurement of 
lease liability. 
Right of use 
assets are 
depreciated over 
the shorter 
period of 
lease term 
and useful 
life of 
the underlying 
asset. If a 
lease transfers 
ownership of 
the 
underlying asset or the 
cost of the right-of-use asset 
reflects that the Company expects to 
exercise a purchase option, the related 
right-of-use asset is depreciated over the useful life 
of the underlying asset. The depreciation starts at the commencement 
date 
of the lease. 
Variable rents 
that depend 
on usage 
are not 
included in the 
measurement of 
the lease 
liability and 
the right of 
use asset. 
The 
related 
payments 
are 
recognized 
as 
an 
expense 
in 
the 
period 
in 
which 
the 
event 
or 
condition 
that 
triggers 
those 
payments 
occurs. 
As a practical expedient, IFRS 16 permits a lessee not to separate 
non-lease components, and instead account 
for any lease and 
associated non-lease components as 
a single arrangement. The Company 
has used this practical expedient.
Foreign currencies 
For consolidation 
purposes, the 
assets and 
liabilities of 
the Company's 
foreign operations 
are expressed 
in USD, 
which is 
also 
the Company´s functional currency, 
using exchange rates 
prevailing at the balance sheet date. 
Income and 
expense items 
are translated 
at the 
average 
exchange 
rates 
for each 
month.
Exchange 
differences 
arising, if 
any, 
are 
classified 
as 
equity 
and 
transferred 
to 
the 
Company's 
translation 
reserve 
(attributed 
to 
non-controlling 
interests 
as 
appropriate). 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
52
Goodwill and fair 
value adjustments 
arising on the 
acquisition of a 
foreign operation 
are treated 
as assets and 
liabilities of the 
foreign operation and translated 
at the closing rate. Exchange differences 
arising, if any, are 
recognized in equity. 
Exchange 
differences 
are 
recognized 
in 
the 
Consolidated 
Income 
Statement 
in 
the 
period 
they 
occur, 
except 
for 
exchange 
differences 
on 
monetary 
items 
receivable 
from 
or 
payable 
to 
a 
foreign 
operation, 
which 
are 
recognized 
initially 
in 
other 
comprehensive income and reclassified from 
equity to profit or loss on repayment 
of the monetary items. 
Transactions in currencies 
other than local currency are initially recorded at the rates 
of exchange prevailing on the dates 
of the 
transactions. 
Other assets, 
such as 
inventories 
and operating 
fixed assets, 
purchased in 
foreign currencies 
are to 
be valued 
at 
cost at the exchange rate 
prevailing on the date of the transaction.
Share-based payments 
Equity-settled share 
-based payments 
to employees 
and others 
providing similar 
services are measured 
at the fair 
value of 
the 
equity 
instruments 
at 
the 
grant 
date. 
Details 
regarding 
the 
determination 
of 
the 
fair 
value 
of 
equity-settled 
share-based 
transactions are set out in note 21. 
The fair value determined at the grant date of the equity-settled share 
-based payments is expensed on a straight-line basis over 
the 
vesting 
period, 
based 
on 
the 
Company's 
estimate 
of 
equity 
instruments 
that 
will 
eventually 
vest, 
with 
a 
corresponding 
increase in 
equity. 
At the end 
of each reporting 
period, the Company 
revises its estimate 
of the number 
of equity instruments 
expected 
to 
vest. 
The 
impact 
of 
the 
revision 
of 
the 
original 
estimates, 
if 
any, 
is 
recognized 
in 
profit 
or 
loss 
such 
that 
the 
cumulative 
expense 
reflects 
the 
revised 
estimate, 
with 
a 
corresponding 
adjustment 
to 
the 
equity-settled 
employee 
benefits 
reserve.
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
53
Taxation 
Income tax expense represents 
the sum of the tax currently payable 
and deferred tax. 
Current tax 
The 
tax 
currently 
payable 
is 
based 
on 
taxable 
profit 
for 
the 
period. 
Taxable 
profit 
differs 
from 
net 
profit 
as 
reported 
in 
the 
Consolidated Income Statement 
because it excludes items of income or expense 
that are taxable or deductible in 
other periods 
and it further 
excludes items 
that are never 
taxable or 
deductible. The Company's 
current tax 
is calculated using 
tax rates 
that 
have been enacted or substantively 
enacted by the end of the reporting period. 
Deferred tax 
Deferred tax 
is recognized on 
temporary differences 
between the carrying amounts 
of assets and liabilities 
in the Consolidated 
Financial 
Statements 
and 
the 
corresponding 
tax 
bases 
used 
in 
the 
computation 
of 
taxable 
profit. 
Deferred 
tax 
liabilities 
are 
generally 
recognized 
for 
all 
taxable 
temporary 
differences. 
Deferred 
tax 
assets 
are 
generally 
recognized 
for 
all 
deductible 
temporary 
differences 
to 
the 
extent 
that 
it 
is 
probable 
that 
taxable 
profits 
will 
be 
available 
against 
which 
those 
deductible 
temporary 
differences 
can 
be utilized. 
Such deferred 
tax 
assets 
and liabilities 
are 
not recognized 
if the 
temporary 
difference 
arises from 
goodwill 
or 
from 
the initial 
recognition 
(other 
than 
in a 
business 
combination) 
of other 
assets 
and liabilities 
in 
a 
transaction that affects neither 
the taxable profit nor the accounting 
profit. 
Deferred 
tax 
liabilities 
are 
recognized 
for 
taxable 
temporary 
differences 
associated 
with 
investments 
in 
subsidiaries, 
except 
where the Company is able to control 
the reversal of the temporary 
difference and it is probable 
that the temporary difference 
will not 
reverse 
in the 
foreseeable 
future. 
Deferred 
tax 
assets 
arising from 
deductible temporary 
differences 
associated 
with 
such investments 
and interests 
are only recognized 
to the extent 
that it is 
probable that 
there will be 
sufficient taxable 
profits 
against which to utilize the benefits 
of the temporary differences 
and they are expected to reverse 
in the foreseeable future. 
The carrying amount of deferred tax assets is reviewed 
at each balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable 
profits will be available to allow 
all or part of the asset to be recovered. 
Deferred tax 
assets and liabilities 
are measured at 
the tax rates 
that are expected 
to apply in the 
period in which the 
liability is 
settled or the 
asset realized, 
based on tax 
rates (and 
tax laws) that 
have been enacted 
or substantively 
enacted at the 
balance 
sheet date. 
The measurement 
of deferred 
tax 
liabilities and 
assets 
reflects the 
tax 
consequences that 
would follow 
from the 
manner in which the 
Company expects, at the reporting date, to recover or 
settle the carrying amount of its 
assets and liabilities. 
Deferred tax assets and liabilities are 
offset when there is a legally enforceable 
right to set off current tax 
assets against current 
tax liabilities and when they 
relate to income taxes 
levied by the same taxation 
authority and the Company intends 
to settle its 
current tax assets and liabilities on 
a net basis. 
In the preparation 
of the Consolidated 
Financial Statements, 
accumulated gains in 
inventories from 
intercompany 
transactions 
are eliminated. 
This influences 
the income 
tax expenses 
of the 
consolidated 
companies, and 
an adjustment 
is included 
in the 
deferred 
tax 
asset. 
Income tax 
expense 
is calculated 
in accordance 
with tax 
rates 
in the 
countries 
where the 
inventories 
are 
purchased. 
Current and deferred 
tax for the year 
Current 
and 
deferred 
tax 
are 
recognized 
in 
profit 
or 
loss, 
except 
when 
they 
relate 
to 
items 
that 
are 
recognized 
in 
Other 
Comprehensive 
Income 
or 
directly 
in 
equity, 
in 
which 
case, 
the 
current 
and 
deferred 
tax 
are 
also 
recognized 
in 
Other 
Comprehensive Income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for 
a business combination, the tax effect 
is included in the accounting for the business 
combination.
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
54
Property, plant and equipment 
Property, plant and equipment are 
recognized as an asset when it is probable that future economic benefits associated with the 
asset will flow to the Company and the cost 
of the asset can be measured in a reliable manner. 
Property, 
plant and 
equipment which 
qualify for 
recognition as 
an asset 
are initially 
measured at 
cost. The 
cost of 
a property, 
plant and equipment 
comprises its purchase 
price and any 
directly attributable 
cost of bringing 
the asset to 
working condition 
for its intended use. 
The depreciable 
amount of 
the asset 
is allocated 
on a 
straight-line 
basis over 
its useful 
life. The 
depreciation 
charge 
for each 
period is recognized 
as an expense. 
The estimated 
useful lives, 
residual values 
and depreciation 
method are 
reviewed 
at each 
balance sheet date, with the effect of any 
changes in estimate accounted 
for on a prospective basis. 
The following useful lives are used 
in the calculation of depreciation: 
Buildings & sites
25-50 years
Machinery and equipment
5-10 years
Fixtures and office equipment
3-10 years
Computer equipment
2-5 years
The gain or loss arising on the 
disposal or retirement of an asset is determined as the 
difference between the sales proceeds and 
the carrying amount of the asset at the date 
of the sale transaction and is recognized 
in the Consolidated Income Statement.
Intangible assets 
Intangible assets acquired separately 
Intangible assets with 
finite useful life are 
reported at cost 
less accumulated amortization 
and accumulated impairment 
losses. 
Amortization 
is allocated 
on a 
straight-line 
basis over 
their estimated 
useful lives. 
The estimated 
useful life 
and amortization 
method are reviewed 
at the end of each balance 
sheet date, with the 
effect of any 
changes in estimate being 
accounted for 
on 
a prospective basis. Intangible assets 
with indefinite useful lives are carried at cost 
less accumulated impairment losses. 
The following useful lives are used 
in the calculation of amortization: 
Customer and distribution relationships
4-10 years
Patents
5-50 years
Trademarks
3-infinitive
Software & other
2-10 years
Internally generated 
intangible assets 
Expenditure on research activities is recognized 
as an expense in the period in which it is incurred. 
An 
internally-generated 
intangible 
asset 
arising 
from 
the 
Company's 
development 
is 
recognized 
only 
if 
all 
of 
the 
following 
conditions 
are 
met: the 
technical 
feasibility 
of completing 
the intangible 
asset so 
that it 
will be 
available 
for 
use or 
sale; the 
intention to complete the intangible asset and use or sell it; the ability to use 
or sell the intangible asset; the intangible asset will 
generate probable 
future economic 
benefits; the 
availability 
of adequate 
technical, financial 
and other 
resources to 
complete 
the development 
and to 
use or sell 
the intangible 
asset and the 
ability to measure 
reliably the 
expenditure attributable 
to the 
intangible asset during its development. 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
55
The amount initially recognized 
for internally generated 
intangible assets 
is the sum of the 
expenditure incurred 
from the date 
when the intangible 
asset first 
meets the recognition 
criteria listed 
above. Where 
internally generated 
intangible asset 
cannot 
be recognized, development 
expenditure is charged to profit 
or loss in the period in which it is incurred. 
After 
initial 
recognition, 
internally 
generated 
intangible 
assets 
are 
reported 
at 
cost 
less 
accumulated 
amortization 
and 
accumulated impairment losses, on the same basis 
as intangible assets acquired separately. 
Intangible assets acquired in a business combination 
Intangible assets acquired 
in a business combination 
are identified and recognized 
separately from 
goodwill where they 
satisfy 
the definition of an intangible asset and their fair values can 
be measured reliably. 
The cost of such intangible assets is their fair 
value at the acquisition date. 
After initial recognition, intangible assets acquired in a business combination are 
reported at cost less accumulated amortization 
and accumulated impairment losses, on the same basis 
as intangible assets acquired separately. 
Derecognition of intangible assets 
An intangible asset 
is derecognized on 
disposal, or when no future 
economic benefits are 
expected from use 
or disposal. Gains 
or losses arising 
from derecognition 
of an intangible 
asset, measured as 
the difference between 
the net disposal 
proceeds and 
the carrying amount of the asset, are recognized 
in profit or loss when the asset is derecognized.
Impairment of tangible and intangible assets excluding goodwill 
At 
each 
balance 
sheet 
date, 
the 
Company 
reviews 
the 
carrying 
amounts 
of 
its 
tangible 
and 
intangible 
assets 
to 
determine 
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount 
of 
the 
asset 
is 
estimated 
to 
determine 
the 
extent 
of 
the 
impairment 
loss. 
Where 
it 
is 
not 
possible 
to 
estimate 
the 
recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which 
the asset belongs. Where a reasonable and consistent basis of allocation can be identified, assets are also allocated to individual 
cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and 
consistent allocation basis 
can be identified. 
Intangible assets 
with indefinite useful 
lives and intangible 
assets not yet 
available for 
use are tested 
for impairment 
annually, 
and whenever there is an indication that 
the asset may be impaired. 
Recoverable amount 
is the higher of fair value 
less costs to sell and 
value in use. In assessing 
value in use, the estimated 
future 
cash flows 
are discounted 
to their present 
value using 
a pre-tax 
discount rate 
that reflects 
current market 
assessments of 
the 
time value of money and the risks specific to the asset 
for which the estimates of future cash 
flows have not been adjusted. 
If the 
recoverable 
amount of 
an asset 
(or cash-generating 
unit) is 
estimated 
to be 
less than 
its carrying 
amount, the 
carrying 
amount of the asset (cash-generating unit) 
is reduced to its recoverable amount. 
An impairment loss is recognized immediately 
in profit or loss.

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
56
Inventories 
Inventories are stated 
at the lower of cost and net realizable value. Costs, 
including an appropriate portion of fixed and variable 
overhead expenses, are assigned to inventories held by the 
method most appropriate to the class of 
inventory, 
with the majority 
being valued on a 
standard cost basis. Net realizable 
value represents the estimated selling 
price for inventories less all 
estimated 
costs of completion and costs necessary 
to make the sale.
Provisions 
Provisions are recognized when the Company has a present obligation as 
a result of a 
past event, it is probable that 
the Company 
will be required to settle the obligation, 
and a reliable estimate can be made of the amount 
of the obligation. 
The amount recognized 
as a provision 
is the best estimate 
of the consideration 
required to settle 
the present obligation 
at the 
balance sheet date, considering the risks and uncertainties surrounding the obligation. Where a provision 
is measured using the 
cash flows estimated to settle 
the present obligation, its carrying amount 
is the present value of those cash flows. 
When some or all 
of the economic 
benefits required 
to settle a 
provision are 
expected to 
be recovered 
from a third 
party, 
the 
receivable is recognized as an asset if it is virtually certain that reimbursement will be 
received and the amount of the receivable 
can be measured reliably. 
Warranties 
Warranty 
provision includes 
expected warranty 
costs for 
products sold 
with standard 
warranty and 
are recognized 
at the date 
of sale of the relevant products, at management´s best estimate of the expenditure required to settle the Company's obligation. 
Other 
Other provisions are 
mainly related to restructuring. 
Restructuring provision 
is recognized when the 
Company has developed 
a 
detailed formal plan 
for the restructuring 
and has started 
to implement it or announcing 
its main features 
to those affected 
by 
it. The measurement of a restructuring provision 
includes only the direct expenditures arising from the restructuring, 
which are 
those amounts that are 
both necessarily entailed 
by the restructuring and 
not associated with 
the ongoing activities of 
the entity.
Financial instruments 
Financial assets and 
financial liabilities are 
recognized in 
the Company’s 
Balance Sheet when 
the Company 
becomes a party 
to 
the 
contractual 
provisions 
of 
the 
instrument. 
Financial 
assets 
and 
financial 
liabilities 
are 
initially 
measured 
at 
fair 
value. 
Transaction 
costs that 
are directly attributable 
to the acquisition 
or issue of 
financial assets 
and financial liabilities 
(other than 
financial assets 
and financial 
liabilities at 
fair value 
through profit 
or loss) 
are added 
to or 
deducted from 
the fair 
value of 
the 
financial 
assets 
or 
financial 
liabilities, 
as 
appropriate, 
on 
initial 
recognition. 
Transaction 
costs 
directly 
attributable 
to 
the 
acquisition of financial 
assets or financial liabilities 
at fair value through profit or 
loss are recognized immediately in profit or loss. 
Effective interest 
method 
The 
effective 
interest 
method 
is 
a 
method 
of 
calculating 
the 
amortized 
cost 
of 
a 
debt 
instrument 
and 
of 
allocating 
interest 
income over 
the relevant 
period. The 
effective 
interest 
rate 
is the 
rate 
that 
exactly 
discounts 
estimated 
future 
cash receipts 
(including all fees on points paid or received that form 
an integral part of the effective 
interest rate, transaction 
costs and other 
premiums 
or discounts) 
through 
the expected 
life 
of the 
debt instrument 
or, 
where appropriate, 
a shorter 
period to 
the net 
carrying amount on initial recognition. 
Income is 
recognized 
on an 
effective 
interest 
basis for 
debt instruments 
other than 
those financial 
assets 
classified as 
at fair 
value through profit or loss (FVTPL). 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
57
Financial assets 
All 
regular 
way 
purchases 
or 
sales 
of 
financial 
assets 
are 
recognized 
and 
derecognized 
on 
a trade 
date 
basis. 
Regular way 
purchases or sales are purchases 
or sales of financial assets that require 
delivery of assets within the time frame 
established by 
regulation or convention in the marketplace. All recognized financial assets are 
measured subsequently in their entirety at either 
amortized cost or fair value, 
depending on the of the financial assets. 
Classification of financial assets 
Debt instruments that meet the following conditions 
are measured subsequently at 
amortized cost: 
the financial asset 
is held within 
a business model whose 
objective is 
to hold 
financial assets 
to collect 
contractual cash 
flows; 
and 
the contractual 
terms of the 
financial asset 
give rise on 
specified dates 
to cash 
flows that 
are solely 
payments of 
principal and 
interest on the principal amount 
outstanding. 
Financial assets 
that do not 
meet the criteria 
for being 
measured at 
amortized cost 
are measured 
at FVTPL. Financial 
assets at 
FVTPL are measured 
at fair value 
at the end 
of each reporting period, 
with any fair 
value gains or 
losses recognized 
in profit or 
loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognized in profit or 
loss includes 
any dividend or interest 
earned on the financial asset. 
Fair value is determined 
in the manner described in 
Basis of preparation 
above. 
Impairment of financial assets 
The Company 
recognizes a loss 
allowance for 
expected credit 
losses on 
investments in 
debt instruments 
that are 
measured at 
amortized cost and account receivables. The amount of expected credit loss is updated at each reporting date to reflect changes 
in credit risk from initial recognition 
of the respective financial instrument. 
The company applies the IFRS 
9 simplified approach 
to measuring expected credit losses 
(ECL) which uses a lifetime expected loss 
allowance for accounts receivables. 
The expected 
credit 
loss 
on 
accounts 
receivable 
is 
estimated 
using 
a 
provision 
matrix 
by 
reference 
to 
past 
default 
experience, 
general 
economic conditions and an assessment 
of both the 
current as well as expected 
conditions, including time value of 
money where 
appropriate. Individual allowance 
and adjustments to 
the collective allowance are 
made based on the individual 
assessment of 
customers' 
situation and 
probability of 
incoming payments. 
As the 
Company´s historical 
credit loss 
experience does 
not show 
significantly different 
loss patterns 
for different 
customer segments, 
the provision 
for loss allowance 
based on past 
due status 
is not further distinguished between the Company´s 
different geographical 
segments. 
A financial asset is credit-impaired when one or more events that have a detrimental 
impact on the estimated future cash flows 
of that financial asset have occurred. Evidence that a financial asset is 
credit-impaired includes observable data about significant 
financial difficulty of the borrower. 
An allowance for credit-impaired 
financial assets is measured on an individual basis. 
The Company writes off a financial asset when there is information 
indicating that the debtor is in severe financial difficulty 
and 
there is no 
realistic prospect of recovery, e.g., when the debtor has 
been placed under 
liquidation or has entered into 
bankruptcy 
proceedings. 
Financial assets 
written 
off 
may 
still 
be 
subject 
to 
enforcement 
activities 
under 
the 
Company’s 
recovery 
procedures, taking into 
account legal advice where appropriate. 
Any recoveries made are 
recognized in profit or loss.
Derecognition of financial assets 
The Company derecognizes a financial asset only when the contractual 
rights to the cash flows from the asset expire, or when it 
transfers the financial 
asset and substantially all the risks 
and rewards of ownership of the asset 
to another entity. 
On 
derecognition 
of a 
financial asset, 
the difference 
between 
the 
asset's 
carrying 
amount 
and the 
sum 
of the 
consideration 
received and receivable is recognized 
in profit or loss.
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
58
Financial liabilities 
All financial liabilities are measured subsequently 
at amortized cost using the effective 
interest method or at 
FVTPL. 
Financial liabilities are classified as at FVTPL 
when the financial liability is (i) 
contingent consideration of an acquirer in a business 
combination, (ii) held for trading 
or (iii) it is designated as at FVTPL. 
A financial liability is classified as held for trading 
if: 
it has been acquired principally for the purpose of repurchasing 
it in the near term; or 
on initial 
recognition 
it 
is part 
of a portfolio 
of identified 
financial 
instruments 
that 
the Company 
manages 
together 
and has 
a recent actual pattern of short-term profit 
-taking; or 
it is a derivative, except 
for a derivative that is 
a financial guarantee contract 
or a designated and effective hedging 
instrument. 
Derecognition of financial liabilities 
The Company 
derecognizes 
financial 
liabilities when, 
and only 
when, the 
Company’s 
obligations 
are 
discharged, 
cancelled or 
have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and 
payable is recognized in profit or loss. When the Company 
exchanges with the existing lender one debt instrument into 
another 
one with the substantially different 
terms, such exchange is accounted 
for as an extinguishment of the original financial liability 
and 
the 
recognition 
of 
a new 
financial 
liability. 
Similarly, the 
Company 
accounts 
for 
substantial 
modification 
of 
terms 
of 
an 
existing 
liability 
or 
part of 
it as 
an extinguishment 
of the 
original 
financial 
liability 
and the 
recognition 
of a 
new 
liability. 
It is 
assumed 
that 
the 
terms 
are 
substantially 
different 
if 
the 
discounted 
present 
value 
of 
the 
cash 
flows 
under 
the 
new 
terms, 
including any fees 
paid net of any 
fees received and 
discounted using the 
original effective 
rate is at 
least 10 per cent 
different 
from 
the 
discounted 
present 
value 
of 
the 
remaining 
cash 
flows 
of 
the 
original 
financial 
liability. 
If the 
modification 
is 
not 
substantial, 
the difference 
between: (1) 
the carrying amount 
of the liability 
before the 
modification; and 
(2) the present 
value 
of the cash flows after modification should be recognized 
in profit or loss as the modification gain or loss within other gains and 
losses.
Employee benefits 
Retirement benefit costs 
Payments to defined contribution retirement benefit plans are 
recognized as an expense when 
employees have rendered service 
entitling them to the contributions. 
A liability is recognized in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered 
at the undiscounted amount of the benefits 
expected to be paid in exchange 
for that service.
Derivative financial instruments 
The Company enters 
into derivative 
financial instruments to 
manage its exposure 
to currency risk. 
Further details of 
derivative 
financial instruments are disclosed in note 
31. 
Derivatives are initially recognized at fair value 
at the date a 
derivative contract is entered into and are 
subsequently remeasured 
to their 
fair value 
at each 
balance sheet 
date. 
The resulting 
gain or 
loss is 
recognized 
in profit 
or loss 
immediately unless 
the 
derivative 
is 
designated 
and effective 
as 
a 
hedging 
instrument, 
in 
which 
event 
the 
timing of 
the 
recognition 
in profit 
or 
loss 
depends on the 
nature of the 
hedge relationship. 
The Company 
designates certain 
derivatives as 
either hedges of cash 
flow of 
recognized liabilities or hedges 
of net investments in foreign 
operations. 
A derivative 
is presented 
as a 
non-current 
asset or 
a non-current 
liability if 
the remaining 
maturity of 
the instrument 
is more 
than 12 
months and 
it is 
not expected 
to be 
realized 
or settled 
within 12 
months. Other 
derivatives 
are presented 
as current 
assets or current liabilities. 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
59
Hedge accounting 
The 
Company 
designates 
certain 
hedging 
instruments, 
which 
include 
derivatives 
and 
non-derivatives 
in 
respect 
of 
foreign 
currency risk, as either cash flow hedges or hedges of net investment 
in foreign operations. 
At the inception 
of the hedge relationship 
the entity documents 
the relationship 
between the hedging 
instrument and hedged 
item, along with its risk 
management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the 
inception 
of the 
hedge and 
on an 
ongoing 
basis, the 
Company 
documents 
whether the 
hedging instrument 
that 
is used 
in a 
hedging relationship 
is effective 
in offsetting 
changes in fair 
values or cash 
flows of the 
hedged item attributable 
to the hedge 
risk, which is when the hedging relationships meet all of the 
following hedge effectiveness 
requirements: 
there is an economic relationship between 
the hedged item and the hedging instrument; 
the effect of credit risk does not dominate 
the value changes that result from 
that economic relationship; and 
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company 
actually hedges 
and the 
quantity of 
the hedging 
instrument that 
the Company 
actually uses 
to hedge 
that quantity 
of hedged 
item. 
If 
a hedging 
relationship 
ceases 
to 
meet 
the 
hedge 
effectiveness 
requirement 
relating 
to 
the 
hedge 
ratio 
but 
the 
risk 
management objective for 
that designated hedging relationship 
remains the same, the Company 
adjusts the hedge ratio 
of the 
hedging relationship (i.e., rebalances the hedge) 
so that it meets the qualifying criteria again. 
The 
hedging 
reserve 
within 
equity 
represents 
the 
cumulative 
portion 
of 
gains 
and 
losses 
on 
hedging 
instruments 
deemed 
effective in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is reclassified to profit or loss only 
when the 
hedged transaction 
affects 
the profit 
or loss, 
or is 
included as 
a basis 
adjustment to 
the non-financial 
hedged item, 
consistent with the relevant 
accounting policy. 
Hedges of net investments in 
foreign operations 
Any gain 
or loss on 
the hedging instrument 
relating to 
the effective 
portion of the 
hedge is 
recognized in 
equity in the 
foreign 
currency translation reserve. 
Gains and losses 
deferred in 
the foreign 
currency translation 
reserve are 
recognized in 
profit or 
loss on disposal 
of the foreign 
operation. 
Cash flow hedges 
The effective portion of 
changes in the fair 
value of derivatives, that are designated 
and qualify as 
cash flow hedges, is 
recognized 
in 
other 
comprehensive 
income 
and 
accumulated 
under 
the 
heading 
of 
hedging 
reserve. 
The 
gain 
or 
loss 
relating 
to 
the 
ineffective portion is recognized immediately 
in profit or loss, and is included in the ‘other financial expense / income' line item. 
Amounts previously 
recognized 
in Other Comprehensive 
Income and 
accumulated in 
equity are 
reclassified to 
profit or 
loss in 
the periods 
when the 
hedged item 
is recognized 
in profit 
or loss, 
in the same 
line of 
the Income 
Statement 
as the 
recognized 
hedged item. However, when the hedged 
forecast transaction results in the 
recognition of a 
non-financial asset or 
a non-financial 
liability, 
the gains and losses 
previously recognized 
in Other Comprehensive 
Income and accumulated 
in equity are transferred 
from equity and included in the initial measurement of the 
cost of the non-financial asset or non-financial 
liability. 
Hedge accounting is 
discontinued when 
the Company 
revokes the 
hedging relationship, 
when the hedging instrument 
expires, 
is 
sold, 
terminated, 
exercised, 
or 
when 
it 
no 
longer 
qualifies 
for 
hedge 
accounting. 
Any 
gain 
or 
loss 
recognized 
in 
Other 
Comprehensive Income and accumulated in 
equity at that 
time remains in 
equity and is 
recognized when the forecast transaction 
is ultimately recognized in profit or 
loss. When a forecast transaction is 
no longer expected to occur, the gain or 
loss accumulated 
in equity is recognized immediately 
in the Consolidated Income Statement.
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
60
Government grants 
Government grants are not recognized until there is reasonable assurance that the Company will comply with the set conditions 
and that 
the grants 
will be 
received. Government 
grants 
are recognized 
in profit 
or loss 
in the 
periods in 
which the 
Company 
recognizes the related 
expenses for which the grants 
are intended to compensate.
Significant accounting judgments, estimates and assumptions 
In 
the 
application 
of 
the 
Company's 
accounting 
policies, 
management 
is 
required 
to 
make 
judgements, 
estimates 
and 
assumptions about the carrying amounts of assets and 
liabilities that are not readily apparent from other sources. The estimates 
and 
associated 
assumptions 
are 
based 
on 
historical 
experience 
and 
other 
factors 
that 
are 
considered 
to 
be 
relevant. 
Actual 
results may differ from 
these estimates. 
The estimates and underlying assumptions 
are reviewed on an ongoing basis. 
Revisions to accounting estimates 
are recognized 
in the period in which the estimate is revised. Revision 
of accounting estimates can also 
affect future periods. 
Determining 
whether 
goodwill 
is 
impaired 
requires 
an 
estimation 
of 
the 
value 
in 
use 
of 
the 
cash-generating 
units 
to 
which 
goodwill has been allocated. The value in 
use calculation requires the entity 
to estimate the future cash flows 
expected to arise 
from the cash-generating unit and a suitable discount rate in order to calculate present value. Details of impairment calculations 
are set out in note 13.
 

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
61
37. 
Definitions of key ratios and terms 
EBIT 
Earnings before interest 
and taxes 
EBITDA 
Earnings 
before 
interest, 
taxes, 
depreciation 
and 
amortization. 
Financial 
items 
and 
share 
in 
net 
profit 
or 
loss 
of 
associated 
companies are not included in the EBITDA measurement 
EBITDA before special items 
Management 
monitors 
the 
performance 
measure 
EBITDA 
before 
special 
items, 
at 
a 
consolidated 
level 
and 
considers 
the 
measure 
relevant 
to 
an 
understanding 
of 
the 
Company's 
financial 
performance 
as 
it 
facilitates 
a 
better 
comparison 
of 
the 
Consolidated Income 
Statement between 
periods. Special items 
comprise material 
amounts of a non-recurring 
nature, such as 
costs relating to divestments, 
closure or restructuring, lawsuits, 
etc. 
Gross profit margin 
Gross profit as a percentage 
of net sales 
EBITDA margin 
EBITDA as a percentage of revenues 
EBIT margin 
EBIT as a percentage of revenues 
Free cash flow 
Cash from operations less capital 
expenditure 
Equity ratio 
Equity as a percentage of total 
assets 
Net interest-bearing debt (NIBD) to 
EBITDA before special items 
Aggregated interest bearing debt, consisting of borrowings and lease liabilities, less cash and cash 
equivalents divided by EBITDA 
before special items 
Return on equity 
Net profit as a percentage of 
average equity 
Capex to net sales 
The amount of purchased fixed and 
intangible assets to net sales 
Market value of equity
Value of the Company's 
equity, measured 
by multiplying the current stock price by 
the total number of outstanding shares 
Sales growth 
The change in revenue compared 
to prior period 
Earnings per share (EPS) 
Net 
profit 
attributable 
to 
the 
parent 
Company's 
shareholders, 
divided 
by 
the 
parent 
Company’s 
average 
number 
of 
shares 
outstanding for the period 
Diluted Earnings per share (EPS) 
Net 
profit 
attributable 
to 
the 
parent 
Company's 
shareholders, 
divided 
by 
the 
parent 
Company’s 
average 
number 
of 
shares 
outstanding for the period adjusted 
for effects of outstanding 
share option contracts.

 
Notes to the Consolidated Financial Statements 
Össur Consolidated Financial Statements 2022 
62
Mandatory XBRL Concepts
Labels
Value
Name of reporting entity or other means of identification 
Össur hf.
Explanation of change in name of reporting entity or other means 
of 
identification from end of preceding reporting 
period 
N/A
Domicile of entity
Iceland
Legal form of entity 
Limited Liability
Country of incorporation 
Iceland
Address of entity's registered 
office 
Grjothals 5, Reykjavik
Principal place of business 
North America and Europe
Description of nature of entity's operations 
and principal activities 
The Company is a global orthopaedics company, specializing 
in the design, development, manufacturing and sales of 
prosthetics and bracing and supports products.
Name of parent entity 
William Demant Invest A/S
Name of ultimate parent of group 
William Demant Invest A/S