BONESUPPORT HOLDING AB (SE:BONEX)
:BONEX
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BONESUPPORT HOLDING AB
(BONEX)
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Rating:77Outperform
Price Target:
kr268.00
▲(45.02% Upside)
Action:Reiterated
Date:05/27/26
The score is led by strong financial performance (high margins, improved profitability, minimal leverage, and recently strong cash conversion) and a positive earnings update showing strong constant-currency growth and solid profitability. These are tempered by an expensive valuation (P/E ~60) and somewhat stretched technical momentum signals (high Stoch/near-overbought RSI), alongside near-term margin and regulatory/tariff uncertainties discussed on the call.
Positive Factors
High gross and operating margins
Sustained very high gross margins (94.5% in Q1) and strong operating margins provide structural pricing power and cash flow buffer. This margin profile supports reinvesting in commercial expansion and R&D while absorbing modest cost shocks, underpinning durable profitability.
Negative Factors
Regulatory timing uncertainty (CERAMENT V)
Approval timing for CERAMENT V is uncertain and the NTAP reimbursement case is contingent on timely FDA clearance. Delays would postpone improved payment access and commercial scale-up, extending payback on US investments and limiting near-term revenue leverage from infection-focused and spine indications.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross and operating margins
Sustained very high gross margins (94.5% in Q1) and strong operating margins provide structural pricing power and cash flow buffer. This margin profile supports reinvesting in commercial expansion and R&D while absorbing modest cost shocks, underpinning durable profitability.
Read all positive factors
BONESUPPORT HOLDING AB (BONEX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr15.54B
Dividend YieldN/A
Average Volume (3M)318.62K
Price to Earnings (P/E)60.1
Beta (1Y)0.64
Revenue Growth21.78%
EPS Growth51.16%
CountrySE
Employees140
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)2.81
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)4.77
Revenue Forecast (FY)kr1.49B
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:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational picture: strong underlying demand and significant constant-currency revenue growth (notably in the U.S. for CERAMENT G), high gross margins, solid adjusted profitability and robust cash generation. Strategic progress was highlighted by clinical publications, first sales in India, early spine activity, and a favorable CMS proposed ruling that could materially improve reimbursement. Offsetting risks include material currency translation headwinds that reduced reported growth, a tariff-driven margin headwind in the U.S., higher short‑term commercial and incentive costs that will press margins while investments ramp, early-stage/soft BVF spine revenues and timing uncertainty around the CERAMENT V De Novo approval. On balance, the positives (strong growth momentum, cash generation, margin levels, reimbursement progress) materially outweigh the challenges.Positive Updates
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.
Negative Updates
Significant currency headwinds
Reported growth materially lower than constant-currency growth (reported +14% vs +31% CER), driven by Swedish krona strengthening versus the U.S. dollar; translation effects obscure underlying end-market performance.
Read all updates
Q1-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management reiterated guidance to keep making gradual commercial investments—including ~10 new U.S. hires and the EUROW Booster (≈SEK 10m incremental cost, ~18 months to payback)—which will weigh on near-term margins but is expected to drive sales and a gradual improvement in operating margins over time; Q1 metrics: net sales SEK 324m (+14% reported, +31% at constant exchange rates), adjusted operating result SEK 84.9m (adjusted operating margin ~26%; FX‑adjusted margin 25.5% vs 22.6% a year ago), reported operating result SEK 72m, operating cash flow SEK 75m and cash SEK 455m, gross margin 94.5%; product and market guidance included U.S. CERAMENT G sales SEK 222m (vs SEK 178m prior) with a record sequential increase of USD 2.6m, antibiotic‑eluting CERAMENT +48% LTM at CER, EUROW sales SEK 57m (+16% CER), U.S. contribution improvement SEK 25.5m to SEK 122.7m, and a note that a 15% U.S. tariff would equal a ~0.8 p.p. headwind to U.S. gross margin when fully phased in later in 2026; regulatory/ reimbursement milestones to monitor: FDA De Novo Q&A responses due by end‑August (company does not currently expect new clinical studies), possible FDA approval in 2026 (could extend into 2027), and a CMS proposed ruling (including NTAP for CERAMENT V contingent on timely FDA approval) with a final CMS decision expected late summer 2026.BONESUPPORT HOLDING AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.22B | 1.17B | 898.73M | 591.08M | 328.82M | 212.88M |
| Gross Profit | 1.12B | 1.09B | 832.25M | 540.92M | 297.71M | 189.70M |
| EBITDA | 277.34M | 276.67M | 185.75M | 28.94M | -54.34M | -72.39M |
| Net Income | 185.11M | 142.15M | 133.75M | 245.02M | -68.17M | -85.53M |
Balance Sheet | ||||||
| Total Assets | 1.12B | 1.04B | 879.69M | 688.82M | 371.82M | 343.92M |
| Cash, Cash Equivalents and Short-Term Investments | 455.26M | 377.99M | 227.00M | 167.35M | 201.28M | 206.46M |
| Total Debt | 14.10M | 11.68M | 14.59M | 17.48M | 17.45M | 21.42M |
| Total Liabilities | 179.95M | 168.88M | 152.23M | 143.64M | 102.89M | 78.22M |
| Stockholders Equity | 938.89M | 867.26M | 727.46M | 545.18M | 268.93M | 265.70M |
Cash Flow | ||||||
| Free Cash Flow | 245.82M | 218.74M | 59.92M | -24.32M | -50.26M | -86.84M |
| Operating Cash Flow | 249.60M | 221.30M | 65.76M | -18.26M | -46.98M | -83.42M |
| Investing Cash Flow | -5.46M | -5.88M | -6.26M | -6.06M | -3.28M | -3.42M |
| Financing Cash Flow | -56.16M | -58.04M | -4.81M | -6.70M | 42.78M | -61.56M |
BONESUPPORT HOLDING AB Technical Analysis
Neutral
184.80
Price Trends
224.50
Positive
206.53
Positive
229.19
Positive
Market Momentum
7.27
Negative
48.37
Neutral
63.03
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 below the 20-day moving average (MA) of 236.74, below the 50-day MA of 224.50, and below the 200-day MA of 229.19, indicating a neutral trend. The MACD of 7.27 indicates Negative momentum. The RSI at 48.37 is Neutral, neither overbought nor oversold. The STOCH value of 63.03 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr15.54B | 60.12 | 19.59% | ― | 21.78% | 51.16% | |
69 Neutral | kr14.86B | 35.29 | 4.54% | ― | 6.11% | 79.07% | |
61 Neutral | kr18.55B | 33.46 | 7.24% | 0.46% | -0.32% | 83.82% | |
58 Neutral | kr13.99B | 31.59 | 3.34% | 0.80% | -5.68% | -1106.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr5.44M | -0.91 | ― | ― | ― | ― | |
41 Neutral | kr332.38M | -3.18 | -108.15% | ― | 106.74% | 89.96% |
* Healthcare Sector Average
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BONESUPPORT HOLDING AB Corporate Events
BONESUPPORT Lifts U.S. Market Outlook and Details Growth Plans at Capital Markets Day
May 26, 2026
BONESUPPORT is hosting its 2026 Capital Markets Day in Stockholm and online for analysts, investors, and media, highlighting its strategy to drive segment-specific growth and fully realize the potential of its CERAMENT bone graft portfolio. Manage...
BONESUPPORT AGM Approves Capital Flexibility, Board Changes and Updated Pay Rules
May 12, 2026
BONESUPPORT Holding AB reported outcomes from its Annual General Meeting, where shareholders approved the income statements, balance sheets and remuneration report, and granted discharge of liability to the Board and CEO. The meeting also confirme...
BONESUPPORT releases 2025 VSME sustainability report
May 11, 2026
BONESUPPORT has released its VSME sustainability report for 2025, providing stakeholders with an English-language overview of the company’s sustainability performance and practices. The report is available as a PDF and will be accessible via...
BONESUPPORT to Showcase CERAMENT Growth Strategy at May Capital Markets Day
Apr 30, 2026
BONESUPPORT HOLDING AB will host a Capital Markets Day in Stockholm on May 26, 2026, aimed at investors, analysts, and media, with a live broadcast and later on-demand access through the company’s website. Management will detail its segment-...
Bonesupport Delivers Strong Q1 Growth as U.S. Momentum and CMS Proposals Bolster Outlook
Apr 22, 2026
Bonesupport Holding AB reported another quarter of robust expansion, with first-quarter 2026 net sales rising 14 percent year-on-year to SEK 324 million, or 31 percent at constant exchange rates, driven by 16 percent growth in the U.S. segment and...
Bonesupport Delivers Strong 2025 Growth With High Margins and Rising Profit
Apr 16, 2026
Bonesupport Holding AB reported strong financial performance for 2025, with net sales rising to SEK 1,175 million and sales growth of 40% at constant exchange rates. The company maintained a high gross margin of 93%, while the U.S. segment grew 46...
BONESUPPORT Sets April 22 Date for Q1 2026 Report and Investor Call
Apr 15, 2026
BONESUPPORT Holding AB will publish its interim report for the first quarter of 2026 on April 22 at 08:00 CEST and follow up with a conference call and online presentation at 10:00 CEST. The results session, led by CEO Torbjörn Sköld and...
CMS Backs Improved U.S. Reimbursement for BONESUPPORT’s CERAMENT Portfolio
Apr 14, 2026
BONESUPPORT announced that the U.S. Centers for Medicare Medicaid Services has proposed improved Medicare inpatient payments for the use of its CERAMENT G bone graft substitute in treating complex orthopedic infections, including periprosthetic j...
BONESUPPORT Calls 2026 AGM, Proposes No Dividend and New Incentive Plan
Apr 8, 2026
BONESUPPORT HOLDING AB has convened its Annual General Meeting for 12 May 2026 in Lund, setting out participation rules for shareholders, including registration deadlines, proxy procedures, and requirements for nominee-registered holdings. The age...
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, ...
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.