Strong Quarterly Revenue Growth
Net sales for Q4 reached ~SEK 312–313 million, up 22% year-over-year reported and up 36% at constant exchange rates. Last-12-month reported growth was ~31% (40% at constant FX). Antibiotic-eluting CERAMENT products grew ~54% LTM in constant currency.
CERAMENT G U.S. Momentum
CERAMENT G U.S. sales reached SEK 207 million in the quarter (versus SEK 154 million a year earlier). U.S. sales overall grew ~40% at constant exchange rates, driven by new accounts, wider adoption among existing accounts and improving sales per working day. Distribution expanded to >140 Level 1 trauma centers (from 15 at end-2024), establishing a strong launch footprint.
Healthy Profitability and Cash Generation
Adjusted operating result (ex long‑term incentive effects) was ~SEK 81 million, with an adjusted operating margin of ~26% (FX-adjusted margin ~27% vs 22.6% prior year). Reported operating result was ~SEK 81.8 million. Operating cash flow remained robust at SEK 54 million and gross margin stayed high at ~95% (minor decline noted).
Product and Market Expansion
Early-stage U.S. launch of CERAMENT BVF in spine was initiated. Regulatory work progressed as CERAMENT V U.S. submission was moved to the De Novo pathway (positioning the product for a distinct category). Europe & RoW sales of SEK 54 million showed 18% growth at constant FX; hybrid markets (Southern Europe, Australia, Canada) showed strong performance. India and Japan remain strategic market targets with India launch expected H1 2026.
Clinical & Access Progress
Broader clinical traction: expansion from foot & ankle into trauma and revision arthroplasty with encouraging pilot data (e.g., Charité) and collaborations (e.g., Oxford Bone Infection Unit). Investments in commercial programs (EUROW booster) and focused training/support are accelerating access and adoption.