Strong top-line growth (constant currency)
Net sales SEK 324 million in Q1 2026; growth of 31% at constant exchange rates versus Q1 2025 (reported growth 14% due to currency effects). Last 12 months sales growth shown as 22% reported, corresponding to 35% at constant exchange rates.
Robust U.S. momentum for CERAMENT G
U.S. sales SEK 267 million (growth 35% at constant exchange rates). CERAMENT G sales reached SEK 222 million in the quarter (vs SEK 178 million in Q1 2025, ≈+24.7%). Record sequential CERAMENT G growth of USD 2.6 million quarter-over-quarter (strongest ever).
Broad antibiotic-eluting product growth
Antibiotic-eluting CERAMENT grew 48% last 12 months at constant exchange rates; CERAMENT BVF (U.S.) last 12-month sales flat year-over-year at constant exchange rates while new spine launch is in early stages.
Profitability and strong margins
Adjusted operating result ~SEK 85 million (adjusted operating margin ~26%). Gross margin remained very high at 94.5%. FX-adjusted operating margin 25.5% in Q1 versus 22.6% in prior-year quarter (+2.9 percentage points).
Excellent cash generation and balance sheet
Operating cash flow SEK 75 million for the quarter; cash position SEK 455 million at quarter end. Reported average cash conversion since Q3 2024 is 81% and Q1 reported ahead of that average.
Regulatory and reimbursement progress
CERAMENT V De Novo process progressing with FDA questions being addressed (responses due no later than end-August). U.S. CMS proposed FY2027 IPPS ruling favorable for CERAMENT: improved payments, more specific procedure codes and proposed NTAP for CERAMENT V (conditional on timely FDA approval) — a positive validation of product value and potential to lower financial barriers to use.
Geographic expansion and clinical evidence support
EUROW sales SEK 57 million (+16% at constant exchange rates vs strong Q1 2025). First CERAMENT sales in India achieved in Q1. Two U.S. clinical publications (trauma pilot and open-fracture case series) published during the quarter supporting real-world use and adoption.