BONESUPPORT HOLDING AB (BONEX) AI Stock Analysis

• Market Cap: $12.79B
• Dividend Yield: N/A
• Average Volume (3M): 318.62K
• Price to Earnings (P/E): 84.2
• Beta (1Y): 0.22
• Revenue Growth: 37.41%
• EPS Growth: 67.03%
• Country: SE
• Employees: 140
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.52
• 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: 1.49
• Enterprise Value/Revenue: 17.07
• Enterprise Value/Gross Profit: 18.44
• Enterprise Value/Ebitda: 86.68
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 2.73
• Revenue Forecast (FY): $1.20B

• Rating: 66 Neutral
• Price Target: kr210.00 ▲(12.66% Upside)

BONESUPPORT HOLDING AB's overall stock score is driven by strong financial performance and positive earnings call outcomes, highlighting robust sales growth and strategic advancements. However, technical analysis indicates bearish momentum, and the high P/E ratio suggests overvaluation, which tempers the overall score.

Positive Factors

Revenue Growth

The consistent revenue growth, particularly in the U.S. market, indicates strong product demand and effective market penetration, supporting long-term business expansion.

Product Performance

The strong performance of CERAMENT G in the U.S. showcases the product's market acceptance and potential for further growth, enhancing the company's competitive position.

Cash Flow Strength

Robust cash flow generation supports financial stability and provides the company with flexibility to invest in growth opportunities and manage operational needs.

Negative Factors

Currency Impact

Currency fluctuations can distort reported financial performance, potentially impacting profitability and complicating financial planning and forecasting.

Market Challenges

Ongoing challenges in key European markets could hinder revenue growth and require strategic adjustments to address regional market dynamics.

Tariff Impact

Rising tariffs may increase operational costs, potentially squeezing margins and necessitating pricing adjustments or cost management strategies.

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

BONESUPPORT HOLDING AB presents a strong financial position with impressive growth in revenue and cash flow. The company maintains high profitability margins and a solid balance sheet with low leverage. While there is a slight decline in net profit margin, the overall financial health remains robust, supported by effective cost management and strong cash generation capabilities.

Income Statement

BONESUPPORT HOLDING AB has shown strong revenue growth with a 6.48% increase in TTM. The company maintains a high gross profit margin of 92.59%, indicating efficient cost management. However, the net profit margin has slightly decreased from 14.88% in the previous year to 13.93% in TTM, suggesting some pressure on profitability. Overall, the income statement reflects a solid growth trajectory with robust margins.

Balance Sheet

The company exhibits a strong balance sheet with a low debt-to-equity ratio of 0.016, indicating minimal leverage and financial stability. The return on equity is impressive at 20.22%, reflecting effective use of shareholder funds. The equity ratio stands at 82.76%, showcasing a strong equity base relative to total assets, which enhances financial resilience.

Cash Flow

BONESUPPORT HOLDING AB has demonstrated significant improvement in cash flow, with a remarkable 128.44% growth in free cash flow. The operating cash flow to net income ratio of 1.32 indicates strong cash generation relative to earnings. The free cash flow to net income ratio is high at 0.98, suggesting efficient conversion of earnings into cash. Overall, the cash flow statement highlights robust cash generation and growth.

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: Negative
• Last Price: 186.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BONEX, the sentiment is Negative. The current price of 186.4 is below the 20-day moving average (MA) of 196.48, below the 50-day MA of 227.61, and below the 200-day MA of 284.41, indicating a bearish trend. The MACD of -10.89 indicates Negative momentum. The RSI at 33.19 is Neutral, neither overbought nor oversold. The STOCH value of 18.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BONEX.

BONESUPPORT HOLDING AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VITR	71 Outperform	kr18.98B	43.02	3.34%	0.80%	-1.29%	―
BONEX	66 Neutral	$12.79B	84.18	19.59%	―	37.41%	67.03%
ALIF.B	64 Neutral	$21.91B	55.58	7.24%	0.42%	5.14%	236.75%
VIMIAN	64 Neutral	€15.69B	44.40	4.63%	―	17.13%	―
S2M	61 Neutral	€9.79M	-0.55	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
QLINEA	40 Underperform	€478.92M	-0.27	-330.10%	―	270.64%	62.29%

BONESUPPORT HOLDING AB Corporate Events

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.

BONESUPPORT Corrects Q3 2025 Interim Report Error

BONESUPPORT HOLDING AB announced a correction in its Q3 2025 interim report, specifically in the section detailing non-IFRS alternative performance measures. The error pertained to the US net sales at constant exchange rates, which should have been reported as SEK 269.6 million with a 40% growth rate. This correction does not affect the main financial statements, ensuring the integrity of the overall financial report.

BONESUPPORT Reports Robust Q3 2025 Growth and Strategic Advancements

BONESUPPORT HOLDING AB reported strong financial growth in Q3 2025, with a 24% increase in net sales and a 92.9% gross margin. The US segment showed significant growth, supported by new Medicare reimbursement approvals and positive clinical study results, enhancing the company’s market positioning and operational impact.

BONESUPPORT to Release Q3 2025 Interim Report with Conference Call

BONESUPPORT HOLDING AB announced it will release its Q3 2025 interim report on October 23, followed by a conference call and online presentation hosted by the CEO and CFO. This event is significant as it provides stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor relations.

BONESUPPORT’s CERAMENT® G Shows Promising Results in Hip Implant Infection Management

BONESUPPORT HOLDING AB announced positive results from a clinical study demonstrating the effectiveness of CERAMENT® G in managing periprosthetic joint infections (PJI) of the hip. Conducted at Charité – Universitätsmedizin Berlin, the study showed no infection recurrence in patients over a 24-month follow-up period, highlighting significant improvements in patient-reported outcomes. This advancement positions CERAMENT G as a promising solution for single-stage revision surgeries, potentially impacting the standard of care in orthopedic surgery by reducing the risk of reinfection compared to the traditional two-stage procedure.

BONESUPPORT’s CERAMENT Shows Promising Results in Developing Markets

BONESUPPORT announced promising results from a study presented at the European Bone and Joint Infection Society meeting, demonstrating that their CERAMENT G and CERAMENT V products are effective in treating post-traumatic and chronic bone infections in resource-limited settings. The study’s success in a developing market underscores the products’ versatility and potential for global application, reinforcing their efficacy and safety without reliance on advanced infrastructure.