BONESUPPORT HOLDING AB (BONEX) AI Stock Analysis

• Market Cap: kr11.66B
• Dividend Yield: N/A
• Average Volume (3M): 318.62K
• Price to Earnings (P/E): 79.8
• Beta (1Y): 0.24
• Revenue Growth: 37.41%
• EPS Growth: 67.03%
• Country: SE
• Employees: 140
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): N/A
• Shares Outstanding: 65,859,190
• 10 Day Avg. Volume: 295,837
• 30 Day Avg. Volume: 318,624
• PEG Ratio: -4.14
• Price to Book (P/B): 34.90
• Price to Sales (P/S): 28.25
• P/FCF Ratio: 423.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: kr199.00 ▲(7.68% Upside)
• Action: Upgraded Date: 01/15/26
• Date: Action: Upgraded 01/15/26

The score is driven primarily by strong financial performance (high profitability, very low leverage, and solid cash conversion) and a constructive earnings update with reaffirmed high-growth guidance. Offsetting factors are a very premium valuation (high P/E) and a mixed technical picture where short-term strength has not yet reversed the longer-term downtrend signals.

Positive Factors

Very high gross margin and solid net margin

A 92.6% gross margin indicates strong product pricing power and differentiated technology in bone regeneration. Sustained high gross margins support durable profitability, fund R&D and commercial expansion, and provide a buffer against reimbursement pressure over the next 2–6 months.

Very low leverage and strong equity base

Minimal financial leverage and a high equity ratio give BONEX flexibility to invest in clinical programs, geographic expansion, or absorb temporary reimbursement shocks. Strong ROE shows efficient capital use, underpinning balance-sheet resilience in coming quarters.

U.S. CERAMENT G traction and robust cash generation

Rapid U.S. uptake of CERAMENT G and healthy operating cash flow create a durable revenue and cash base. A strong cash position and high-growth guidance enable continued commercial investment and shorten payback on new account penetration over the medium term.

Negative Factors

Emerging U.S. tariff cost risk

Tariffs represent a structural increase in cost of goods sold for U.S. operations that will phase in through 2027. Unless offset by pricing or productivity gains, this can compress margins and force tougher commercial decisions, affecting medium-term profitability and investment plans.

Persistent weakness in Germany and UK markets

Ongoing contractions in Germany and slow UK recoveries reduce geographic diversification and demand predictability. Structural health-system backlogs and reimbursement timing can delay adoption of advanced biomaterials, reducing revenue resiliency across 2–6 months.

Product mix and margin pressure from BVF decline and softer margins

A decline in CERAMENT BVF volumes and slight EBIT/EBITDA margin erosion signal product-mix and operational pressures. If persistent, these trends could limit margin expansion from core products and require further commercial or cost actions to sustain profitability.

BONESUPPORT HOLDING AB Business Overview & Revenue Model

Company Description

Bonesupport Holding AB (publ), an orthobiologics company, develops and commercializes injectable bioceramic bone graft substitutes for the treatment of bone voids in Europe, North America, and internationally. The company provides CERAMENT Bone Void Filler, an injectable, moldable, and drillable synthetic bone void filler that includes hydroxyapatite, calcium sulfate, and the radio-contrast agent iohexol; CERAMENT G, a gentamicin injectable ceramic bone graft substitute; and CERAMENT V, a vancomycin injectable synthetic bone void filler. It also develops preclinical product candidates to promote bone regrowth focusing on trauma, revision arthroplasty, chronic osteomyelitis, revision artroplasty, and oncology, as well as bone and foot infections due to diabetes. The company was founded in 1999 and is headquartered in Lund, Sweden.

How the Company Makes Money

BONESUPPORT HOLDING AB generates revenue primarily through the sale of its advanced biomaterials and bone graft substitutes to hospitals, clinics, and healthcare providers. The company has established a robust distribution network and engages in direct sales as well as partnerships with medical device distributors to reach a broader market. Key revenue streams include product sales from its core offerings, ongoing royalties from licensing agreements, and potential collaborative agreements with larger medical technology firms for product development and commercialization. Additionally, the company benefits from clinical studies that validate the efficacy of its products, thereby increasing demand and driving sales growth.

BONESUPPORT HOLDING AB Financial Statement Overview

Summary

Strong overall fundamentals: high gross margin (92.59%), solid net margin (13.93%), and good revenue growth (TTM +5.33%). Balance sheet strength is a key positive with minimal leverage (debt-to-equity 0.016), high equity ratio (83.17%), and strong ROE (20.22%). Cash generation is healthy (FCF +14.06%, OCF/NI 1.32) but with some historical volatility and slightly softer EBIT/EBITDA margins versus last year.

Income Statement

BONESUPPORT HOLDING AB has demonstrated strong revenue growth with a 5.33% increase in TTM, supported by a high gross profit margin of 92.59%. The net profit margin is solid at 13.93%, indicating effective cost management. However, the EBIT and EBITDA margins have slightly decreased compared to the previous year, suggesting potential areas for operational efficiency improvements.

Balance Sheet

The company maintains a robust balance sheet with a low debt-to-equity ratio of 0.016, highlighting minimal leverage. The return on equity is impressive at 20.22%, reflecting efficient use of equity to generate profits. The equity ratio stands at 83.17%, indicating a strong equity base relative to total assets, which enhances financial stability.

Cash Flow

Cash flow performance is strong, with a significant 14.06% growth in free cash flow. The operating cash flow to net income ratio is healthy at 1.32, suggesting good cash conversion. The free cash flow to net income ratio is close to 1, indicating that the company effectively translates its earnings into cash. However, historical fluctuations in cash flow metrics suggest potential volatility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.12B	898.73M	591.08M	328.82M	212.88M	180.86M
Gross Profit	1.04B	832.25M	540.92M	297.71M	189.70M	161.60M
EBITDA	220.44M	185.75M	28.94M	-54.34M	-72.39M	-90.91M
Net Income	151.92M	133.75M	245.02M	-68.17M	-85.53M	-101.41M
Balance Sheet
Total Assets	1.01B	879.69M	688.82M	371.82M	343.92M	465.22M
Cash, Cash Equivalents and Short-Term Investments	379.02M	227.00M	167.35M	201.28M	206.46M	353.74M
Total Debt	11.27M	14.59M	17.48M	17.45M	21.42M	10.48M
Total Liabilities	169.24M	152.23M	143.64M	102.89M	78.22M	66.32M
Stockholders Equity	835.89M	727.46M	545.18M	268.93M	265.70M	398.90M
Cash Flow
Free Cash Flow	236.15M	59.92M	-24.32M	-50.26M	-86.84M	-102.93M
Operating Cash Flow	240.69M	65.76M	-18.26M	-46.98M	-83.42M	-100.28M
Investing Cash Flow	-6.35M	-6.26M	-6.06M	-3.28M	-3.42M	-2.66M
Financing Cash Flow	-6.45M	-4.81M	-6.70M	42.78M	-61.56M	365.34M

BONESUPPORT HOLDING AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 184.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BONEX, the sentiment is Neutral. The current price of 184.8 is above the 20-day moving average (MA) of 179.88, below the 50-day MA of 185.39, and below the 200-day MA of 251.10, indicating a neutral trend. The MACD of -2.94 indicates Negative momentum. The RSI at 50.58 is Neutral, neither overbought nor oversold. The STOCH value of 63.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BONEX.

BONESUPPORT HOLDING AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BONEX	72 Outperform	kr11.66B	79.76	19.59%	―	37.41%	67.03%
VIMIAN	63 Neutral	kr13.95B	40.76	4.63%	―	17.13%	―
ALIF.B	61 Neutral	kr16.83B	30.03	7.24%	0.46%	5.14%	236.75%
S2M	57 Neutral	kr11.61M	―	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VITR	49 Neutral	kr11.96B	-2.46	3.34%	0.80%	-1.29%	―
QLINEA	42 Neutral	kr435.54M	-0.68	-330.10%	―	270.64%	62.29%

BONESUPPORT HOLDING AB Corporate Events

BONESUPPORT posts strong Q4 2025 growth and signals robust outlook for 2026

BONESUPPORT reported preliminary net sales of 313 MSEK for the fourth quarter of 2025, corresponding to 36% growth at constant exchange rates, and full-year 2025 growth of 39.7%, broadly in line with its target of above 40% growth. Looking ahead, the company expects sales growth of more than 35% at constant exchange rates for full-year 2026, signaling continued strong momentum in its orthobiologics business and reinforcing its position as a high-growth medtech player ahead of the audited year-end report due in February.

The most recent analyst rating on (SE:BONEX) stock is a Hold with a SEK226.00 price target. To see the full list of analyst forecasts on BONESUPPORT HOLDING AB stock, see the SE:BONEX Stock Forecast page.

BONESUPPORT Shifts CERAMENT V Regulatory Pathway to De Novo Process

BONESUPPORT announced a strategic shift in the regulatory process for its CERAMENT V product, aimed at treating bone infections, by moving from the 510(k) application to the De Novo process with the U.S. FDA. This move is expected to establish a new product category, similar to the company’s previous success with CERAMENT G, potentially strengthening BONESUPPORT’s market position by making CERAMENT V the sole product in its category, despite the longer review period.

The most recent analyst rating on (SE:BONEX) stock is a Hold with a SEK210.00 price target. To see the full list of analyst forecasts on BONESUPPORT HOLDING AB stock, see the SE:BONEX Stock Forecast page.