BONESUPPORT HOLDING AB (SE:BONEX)
:BONEX
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BONESUPPORT HOLDING AB
(BONEX)
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Rating:72Outperform
Price Target:
kr239.00
▲(29.33% 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
High gross margins & revenue scaling
Sustained, very high gross margins and multi-year revenue scale reflect durable product economics and pricing power for CERAMENT. High gross margins support reinvestment in R&D and commercial expansion, enabling profitable growth as procedure adoption increases across markets.
Negative Factors
Regulatory timing risk (CERAMENT V)
Reclassification to a De Novo pathway lengthens approval timing and introduces execution risk for a key product variant. Management assumes little CERAMENT V revenue in base 2026 guidance, reducing near-term upside and adding uncertainty to multi-segment adoption and forecasted growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins & revenue scaling
Sustained, very high gross margins and multi-year revenue scale reflect durable product economics and pricing power for CERAMENT. High gross margins support reinvestment in R&D and commercial expansion, enabling profitable growth as procedure adoption increases across markets.
Read all positive factors
BONESUPPORT HOLDING AB (BONEX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.11B
Dividend YieldN/A
Average Volume (3M)318.62K
Price to Earnings (P/E)87.1
Beta (1Y)0.42
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)4.75
Revenue Forecast (FY)kr1.51B
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 Vo...
How the Company Makes Money
BONESUPPORT primarily makes money by selling its CERAMENT product portfolio to hospitals and surgical centers for use in orthopedic and trauma procedures. Revenue is generated from the commercial sale of bioresorbable bone graft substitute product...
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%).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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.17B | 898.73M | 591.08M | 328.82M | 212.88M |
| Gross Profit | 1.09B | 832.25M | 540.92M | 297.71M | 189.70M |
| EBITDA | 276.67M | 185.75M | 28.94M | -54.34M | -72.39M |
| Net Income | 142.15M | 133.75M | 245.02M | -68.17M | -85.53M |
Balance Sheet | |||||
| Total Assets | 1.04B | 879.69M | 688.82M | 371.82M | 343.92M |
| Cash, Cash Equivalents and Short-Term Investments | 377.99M | 227.00M | 167.35M | 201.28M | 206.46M |
| Total Debt | 11.68M | 14.59M | 17.48M | 17.45M | 21.42M |
| Total Liabilities | 168.88M | 152.23M | 143.64M | 102.89M | 78.22M |
| Stockholders Equity | 867.26M | 727.46M | 545.18M | 268.93M | 265.70M |
Cash Flow | |||||
| Free Cash Flow | 218.74M | 59.92M | -24.32M | -50.26M | -86.84M |
| Operating Cash Flow | 221.30M | 65.76M | -18.26M | -46.98M | -83.42M |
| Investing Cash Flow | -5.88M | -6.26M | -6.06M | -3.28M | -3.42M |
| Financing Cash Flow | -58.04M | -4.81M | -6.70M | 42.78M | -61.56M |
BONESUPPORT HOLDING AB Technical Analysis
Positive
184.80
Price Trends
188.69
Positive
190.60
Positive
239.10
Negative
Market Momentum
6.99
Negative
71.17
Negative
90.90
Negative
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 below the 20-day moving average (MA) of 193.90, below the 50-day MA of 188.69, and below the 200-day MA of 239.10, indicating a neutral trend. The MACD of 6.99 indicates Negative momentum. The RSI at 71.17 is Negative, neither overbought nor oversold. The STOCH value of 90.90 is Negative, 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 | kr15.11B | 87.10 | 19.59% | ― | 37.41% | 67.03% | |
63 Neutral | kr15.38B | 46.90 | 4.54% | ― | 17.13% | ― | |
61 Neutral | kr17.90B | 34.62 | 7.24% | 0.46% | 5.14% | 236.75% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr8.34M | -0.91 | ― | ― | ― | ― | |
49 Neutral | kr12.90B | -3.70 | 3.34% | 0.80% | -1.29% | ― | |
42 Neutral | kr435.72M | -0.91 | -108.15% | ― | 270.64% | 62.29% |
* Healthcare Sector Average
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BONESUPPORT HOLDING AB Corporate Events
BONESUPPORT Data Underscore CERAMENT G’s Role in Infection Prevention for Severe Fractures
Mar 6, 2026
BONESUPPORT has reported new U.S. clinical data demonstrating the potential of its CERAMENT G bone graft substitute in reducing infection risk for trauma patients undergoing intramedullary nailing for severe open long-bone fractures. In a single-c...
BONESUPPORT Gains U.S. Trauma Momentum with Positive CERAMENT G Pilot Study
Feb 27, 2026
BONESUPPORT has announced the first U.S. clinical pilot study publication on the use of its antibiotic-eluting bone graft substitute CERAMENT G in trauma cases, conducted at HCA Florida Kendall Hospital. The study, published in OTA International, ...
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 m...
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 CE...
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, ...
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.
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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.