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BONESUPPORT HOLDING AB (SE:BONEX)
:BONEX
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BONESUPPORT HOLDING AB
(BONEX)
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Rating:72Outperform
Price Target:
kr219.00
▲(18.51% Upside)
Action:ReiteratedDate:02/26/26
The score is driven primarily by strong financial performance (high margins, profitability improvement, minimal leverage, and improved cash generation) and supportive earnings-call guidance for continued high growth. Offsetting factors are a mixed technical picture (longer-term trend still below key moving averages with negative MACD) and a demanding valuation (very high P/E with no dividend yield provided).
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 (BONEX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr12.34B
Dividend YieldN/A
Average Volume (3M)318.62K
Price to Earnings (P/E)91.5
Beta (1Y)0.24
Revenue Growth37.41%
EPS Growth67.03%
CountrySE
Employees140
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.67
Shares Outstanding65,859,190
10 Day Avg. Volume295,837
30 Day Avg. Volume318,624
Financial Highlights & Ratios
PEG Ratio14.81
Price to Book (P/B)14.28
Price to Sales (P/S)10.54
P/FCF Ratio56.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BONESUPPORT HOLDING AB Business Overview & Revenue Model
Company DescriptionBonesupport 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 MoneyBONESUPPORT 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 Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial picture: strong underlying sales growth (especially CERAMENT G in the U.S.), high gross margins, solid adjusted profitability and cash generation, plus continued geographic and product expansion (spine launch, De Novo path for CERAMENT V). Offsetting risks include currency translation headwinds that depressed reported growth, headwinds in Germany, rising commercial costs and distributor fees, newly introduced U.S. tariffs, and regulatory timing/uncertainty around CERAMENT V. Early-stage adoption in many newly opened accounts is still developing and some segments (spine, revision arthroplasty) require more evidence. Overall, the positives materially outweigh the challenges, with the company signaling confidence in 2026 constant-currency growth guidance (at least ~35%).Q4-2025 Updates
Positive Updates
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.
Negative Updates
Currency Headwinds Reduced Reported Growth
Strong SEK vs USD translation reduced reported growth (22% reported vs 36% constant currency). FX translation effects produced a negative impact (foreign exchange losses of ~SEK 2.9 million in the quarter), masking stronger underlying U.S. performance.
Germany Market Reforms Drag on Europe
Hospital reforms and surgical protocol programs in Germany negatively affected sales; Germany is expected to remain sluggish through 2026 and was a material drag on Europe & RoW performance despite strong growth in other direct and hybrid markets.
Rising Commercial Costs and Distributor Fees
Selling & marketing expenses increased to SEK 128 million (vs SEK 108.8 million prior year). Commissions, distributor fees and related charges rose to SEK 85 million (vs SEK 69.6 million prior year). Staffing and EUROW booster investments also added to cost base, pressuring operating leverage despite healthy margins.
U.S. Tariffs and Margin Pressure
New U.S. tariffs (current 50%) are having a gradual cost impact; full effect is expected to equal ~0.8 percentage points on U.S. gross margins when fully realized (late 2026), contributing to a minor gross margin decline already observed.
Regulatory Uncertainty and Timing for CERAMENT V
FDA decision to move CERAMENT V from a 510(k) to a De Novo pathway extends the regulatory timeline and creates uncertainty around timing and sales contribution; 2026 guidance prudently assumes little or no CERAMENT V revenue, limiting upside in base case.
Early Adoption and Evidence Needs in New Segments
Although commercial access was secured at many Level 1 trauma centers (>140), actual clinical adoption remains early and usage is evolving slowly. Spine and revision arthroplasty are promising but require additional clinical evidence and time to drive material sales.
Working Capital Timing Effects
Accounts receivable increased at year-end as customer payments were deferred to after the holidays, creating short-term cash timing variability (though operating cash flow remained solid).
Company Guidance
BONESUPPORT guided 2026 to at least 35% sales growth in constant currencies (with little or no CERAMENT V sales baked into the base case, although FDA approval is expected around mid‑year following a De Novo pathway), while reiterating the strong Q4 baseline: net sales ~SEK 313m (reported growth 22% y/y; 36% at constant FX), adjusted operating result SEK 81m and adjusted operating margin ~26% (FX‑adjusted margin close to 27% vs 22.6% LY), reported operating result SEK 82m and operating cash flow SEK 54m. Key commercial metrics supporting the outlook include U.S. sales SEK 259m (≈40% CC growth), CERAMENT G U.S. quarter sales SEK 207m (vs SEK 154m prior year), antibiotic‑eluting CERAMENT +54% LTM at constant FX (LTM reported growth ~31%, ~40% CC), very high gross margin (~95%), selling & marketing spend SEK 128m (distributor commissions/fees SEK 85m), and the note that a newly introduced U.S. tariff (50%) will have a gradual ~0.8% full effect on U.S. gross margins by late 2026; management also flagged continued German market headwinds through 2026 and normalization in the U.K. as assumed in the guidance.BONESUPPORT HOLDING AB Financial Statement Overview
Summary
Strong multi-year revenue scaling with exceptional gross margins and a clear shift to sustained profitability in 2024–2025. Balance sheet is very conservatively financed with minimal leverage, and cash flow turned strongly positive with solid cash conversion in 2025. Main constraint is historical volatility in profitability/cash flow and a modest 2025 net margin/FCF growth softening versus 2024.Income Statement
The company shows a strong multi-year revenue expansion (from 180.9m in 2020 to 1,174.7m in 2025) with consistently exceptional gross margins (~89%–93%), indicating strong product economics. Profitability has improved materially from losses in 2020–2022 to positive EBIT and net income in 2024–2025, with 2025 EBIT margin at ~23.6%. Key weakness is volatility in bottom-line quality over time (e.g., unusually high net margin in 2023 versus a much lower level in 2024–2025) and a softer net margin in 2025 (~12.1%) versus 2024 (~14.9%), suggesting earnings normalization or higher operating costs.82
Very Positive
Balance Sheet
The balance sheet looks conservatively financed with very low leverage across the period (2025 debt-to-equity ~0.02; total debt ~15.9m vs equity ~867.3m), providing strong financial flexibility. Equity and total assets have grown meaningfully alongside scale (assets up to ~1,036.1m in 2025). A watch item is return on equity volatility (negative in 2020–2022, very high in 2023, then more normal in 2024), which aligns with the uneven profit profile as the company transitioned to sustained profitability.90
Very Positive
Cash Flow
Cash generation has improved substantially: operating cash flow moved from negative in 2020–2023 to strongly positive in 2024–2025, with 2025 operating cash flow of ~221.3m and free cash flow of ~218.7m. Cash conversion is solid in 2025, with free cash flow roughly matching net income (~0.99x), supporting earnings quality. The main weakness is historical volatility (negative operating/free cash flow through 2023) and a decline in free cash flow growth in 2025 (down ~7.4% year over year), indicating cash generation may be uneven as the company scales.76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.12B | 1.17B | 898.73M | 591.08M | 328.82M | 212.88M |
| Gross Profit | 1.04B | 1.09B | 832.25M | 540.92M | 297.71M | 189.70M |
| EBITDA | 220.44M | 276.67M | 185.75M | 28.94M | -54.34M | -72.39M |
| Net Income | 151.92M | 142.15M | 133.75M | 245.02M | -68.17M | -85.53M |
Balance Sheet | ||||||
| Total Assets | 1.01B | 1.04B | 879.69M | 688.82M | 371.82M | 343.92M |
| Cash, Cash Equivalents and Short-Term Investments | 379.02M | 377.99M | 227.00M | 167.35M | 201.28M | 206.46M |
| Total Debt | 11.27M | 15.88M | 14.59M | 17.48M | 17.45M | 21.42M |
| Total Liabilities | 169.24M | 168.88M | 152.23M | 143.64M | 102.89M | 78.22M |
| Stockholders Equity | 835.89M | 867.26M | 727.46M | 545.18M | 268.93M | 265.70M |
Cash Flow | ||||||
| Free Cash Flow | 236.15M | 218.74M | 59.92M | -24.32M | -50.26M | -86.84M |
| Operating Cash Flow | 240.69M | 221.30M | 65.76M | -18.26M | -46.98M | -83.42M |
| Investing Cash Flow | -6.35M | -5.88M | -6.26M | -6.06M | -3.28M | -3.42M |
| Financing Cash Flow | -6.45M | -58.04M | -4.81M | -6.70M | 42.78M | -61.56M |
BONESUPPORT HOLDING AB Technical Analysis
Positive
184.80
Price Trends
185.53
Positive
205.49
Negative
249.48
Negative
Market Momentum
-0.30
Negative
60.72
Neutral
67.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BONEX, the sentiment is Positive. The current price of 184.8 is above the 20-day moving average (MA) of 179.80, below the 50-day MA of 185.53, and below the 200-day MA of 249.48, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 60.72 is Neutral, neither overbought nor oversold. The STOCH value of 67.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BONEX.
BONESUPPORT HOLDING AB Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr12.34B | 91.50 | 19.59% | ― | 37.41% | 67.03% | |
63 Neutral | €13.97B | 41.19 | 4.63% | ― | 17.13% | ― | |
61 Neutral | kr17.66B | 31.51 | 7.24% | 0.46% | 5.14% | 236.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr9.70M | -0.86 | ― | ― | ― | ― | |
49 Neutral | kr11.97B | -2.45 | 3.34% | 0.80% | -1.29% | ― | |
42 Neutral | kr450.62M | -0.64 | -330.10% | ― | 270.64% | 62.29% |
* Healthcare Sector Average
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BONESUPPORT HOLDING AB Corporate Events
BONESUPPORT lifts 2025 sales and profit on robust U.S. growth
Feb 24, 2026
BONESUPPORT reported strong full-year 2025 growth driven by its U.S. business, with net sales up 31% to SEK 1.17 billion and U.S. segment sales rising 36%, while maintaining a gross margin of 92.6%. Adjusted operating profit increased to SEK 262 million and earnings per share improved slightly, underscoring the company’s ability to scale profitably.
In the fourth quarter, net sales rose 22% to SEK 312.5 million, supported by 24% growth in the U.S. and 13% in Europe and Rest of the World, though quarterly earnings per share declined year-on-year. The company also shifted its CERAMENT V bone infection application at the U.S. FDA from a 510(k) to a De Novo pathway and executed share swap measures to secure long-term incentive programs, moves that affect its regulatory timeline and capital structure management but leave its balance sheet with higher cash and net cash positions.
The most recent analyst rating on (SE:BONEX) stock is a Buy with a SEK199.00 price target. To see the full list of analyst forecasts on BONESUPPORT HOLDING AB stock, see the SE:BONEX Stock Forecast page.
BONESUPPORT Sets Date for Q4 2025 Results and Investor Webcast
Feb 17, 2026
BONESUPPORT Holding AB will publish its year-end report for the fourth quarter of 2025 on February 24, with management set to present the results during a conference call and webcast later that morning. The English-language presentation, led by CEO Torbjörn Sköld and CFO Håkan Johansson, will allow stakeholders to submit questions via both webcast and teleconference, underscoring the company’s focus on transparency and investor engagement around its financial performance.
The most recent analyst rating on (SE:BONEX) stock is a Buy with a SEK199.00 price target. To see the full list of analyst forecasts on BONESUPPORT HOLDING AB stock, see the SE:BONEX Stock Forecast page.
BONESUPPORT posts strong Q4 2025 growth and signals robust outlook for 2026
Jan 13, 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
Dec 2, 2025
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.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.