Össur

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Össur hf.
Type Public
Traded as OMXOSSR
Industry Health care
Founded 1971
Headquarters Reykjavík, Iceland
Area served Global
Key people Jon Sigurdsson
(President and CEO)

Niels Jacobsen
(Chairman)
Hjorleifur Palsson
(CFO)
Products Non-invasive orthopaedic bracing and support, compression therapy, prosthetics
Revenue Increase US $436 million (2013)[1]
Operating income Increase US $75.5 million (2013)[1]
Profit Increase US $41 million (2013)[1]
Total assets Increase US $706.2 million (2013)[1]
Total equity Increase US $448 million (2013)[1]
Employees 2300 (average, 2013)[2]
Website www.ossur.com

Össur is a global company in non-invasive orthopaedics. It develops, manufactures and sells bracing and support products, compression therapy, and prosthetics. The company’s headquarters are in Reykjavík, Iceland. The company also has operations in the Americas, Europe, and Asia, with numerous distributors in other markets.

History[edit]

Össur was founded in Iceland in 1971 by Össur Kristinsson, a prosthetist. His family owned the company until 1999, when it went public and was listed on the Iceland Stock Exchange. Initially, the company served only the domestic Icelandic market, and then began to export in 1986. There was expansion in the 1990s and an acquisition strategy[clarification needed] in the 2000s. Össur grew from being a prosthetics workshop with a few employees to a high-tech company that employs a staff of around 2,300 in 18 locations around the world.

Acquisitions[edit]

Since 2000, Össur has acquired 15 companies. All except for the Gibaud Group are fully integrated.

  • 2000 - Skóstofan [3]
  • 2000 – Flex-Foot, Inc.
  • 2000 – PI Medical AB.[4]
  • 2000 – Karlsson & Bergstrom AB.[4]
  • 2000 – Century XXII Innovations, Inc
  • 2003 – Linea Orthopedics AB.
  • 2003 – Generation II Group, Inc.[5]
  • 2005 – Advanced Prosthetic Components
  • 2005 – Royce Medical, Inc.
  • 2005 – Innovative Medical Products, Ltd.
  • 2005 – GBM Medical AB.
  • 2006 – Innovation Sports, Inc.
  • 2006 – Gibaud Group[6]
  • 2007 – SOMAS
  • 2010 - Orthopaedic Partner Africa [7]

Operations[edit]

Research and development[edit]

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

Össur is recognized by the World Economic Forum as a "Technology Pioneer",[8] which means it has been identified as a company that is developing and applying the most innovative and transformational technologies.

Products[edit]

Össur operates in three markets: bracing & support, compression therapy, and prosthetics. Össur’s Bionic Technology Platform is a part of the prosthetics market.

Bracing and support[edit]

Össur manufactures a range of braces and support products for arms, legs, and torso. Products include Unloader One, a brace that provides a mechanical solution to knee pain caused by osteoarthritis. It separates bones when ligaments and cartilage are damaged and also prevents further damage to the joint. The firm also makes the CTi (formerly sold as the CTi2), a ligament brace for knees used for both rehabilitation and for injury prevention, as well as cervical collars.

Compression therapy[edit]

Össur entered the compression therapy segment with the acquisition of the French company Gibaud. Products include bandages, tights, stockings, knee highs and stump socks.

Prosthetics[edit]

Össur manufactures prosthetic limbs and joints, liners, sockets, locks and sleeves. Its products include Flex-Foot, a high performance foot made from 100% carbon fiber, a material used extensively in the aerospace industry for its strength and flexibility. The Flex-Foot Cheetah developed by medical engineer Van Phillips and worn by Alan Oliveira and other amputee athletes is a derivative of this product line. Össur also produces the Total Knee prosthetic, which possesses a "locking moment" which keeps the knee from collapsing when it is in full extension, Mauch Knee, which has a hydraulic system for fluid and natural gait, and Iceross silicone prosthetic liners, which provide an interface between the skin and the socket.[citation needed]

Bionic Technology Platform[edit]

This platform focuses on restoring the anatomical function displaced by amputation by using intelligent structures in products that can respond in a human-like way. The division's products are Rheo Knee, a microprocessor swing and stance knee system which utilizes artificial intelligence, Power Knee, which works as an integrated extension of its user, synchronizing motion with that of the sound leg using motor power, and Proprio Foot, an intelligent and motor-powered foot module.[citation needed]

Sponsorship[edit]

The firm's Team Össur comprises international athletes and performers and professionals who use Össur prosthetics. Under this program, Össur is a major sponsor of disabled athletes, including Paralympians and world record holders Oscar Pistorius, Sarah Reinertsen, Jody Cundy and Rudy Garcia-Tolson. The company has also sponsored Paralympian runner Brian Frasure, now a certified prosthetist and mentor to Oscar Pistorius, and Mike McNaughton, a Staff Sergeant in the Louisiana Army National Guard who lost his leg to a land mine in Afghanistan and was subsequently awarded a Bronze Star and a Purple Heart.

Notes[edit]

See also[edit]

External links[edit]