BONESUPPORT HOLDING AB (2B4) Q3 2026 Earnings Report
DE:2B4 Q3 2026 EPS Results
- Actual EPS
- EUR 0.13
- Consensus EPS
- EUR 0.12
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 0.05
DE:2B4 Q3 2026 Revenue Results
- Actual Revenue
- EUR 36.93M
- Expected Revenue
- EUR 35.51M
- Beat/Miss
- Beat by +EUR 1.42M
- YoY Revenue Growth
- +38.99%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
BONESUPPORT HOLDING AB's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, driven by 38% constant-currency sales growth, improved operating margins, strong cash generation, continued U.S. CERAMENT G adoption, favorable CMS reimbursement changes, and positive SOLARIO results. The company also reaffirmed full-year growth guidance and reported progress on CERAMENT V and its spine strategy. Offsetting factors included higher commercial costs, a decline in U.S. gross margin, flat CERAMENT BVF sales, continued go-stop-go adoption patterns, and pending regulatory and clinical milestones.
BONESUPPORT confirmed its previously communicated full-year outlook of sales growth between 33% and 36% in constant currency, based on continued commercial execution on existing baselines and “normalized commercial execution”; management does not expect CMS to have a material impact on revenue in Q4, but expects the ruling to help adoption and access over time and be an important topic in the coming quarters, with positive impact in the quarters to come. Management expects go-stop-go dynamics to continue in Q4 as well as next year, expects U.S. growth of 30%, 40% to require continued investment in the commercial organization, including accelerating administrator-focused hiring in the coming quarter as well as in the next year, and said it expects a formal FDA reply on CERAMENT V sometime in Q4 or Q1, followed by a couple of months between approval and starting sales.
- Strong Q3 Revenue GrowthNet sales increased from SEK 294 million to SEK 409 million, representing reported growth of 39% and growth of 38% at constant exchange rates versus Q3 2025.
- Improved Operating ProfitabilityAdjusted operating result, excluding incentive program effects, reached SEK 139.3 million, with an adjusted operating margin of approximately 34%. The FX-adjusted operating margin was 32.9%, compared with 28.6% in Q3 2025.
- Strong Cash Generation and Cash PositionOperating cash flow reached SEK 138 million, with cash conversion close to 100% in Q3. Cash position ended at SEK 510.5 million despite SEK 60 million of impact from the share buyback program initiated in September.
- Continued U.S. CERAMENT G MomentumU.S. CERAMENT G sales reached SEK 288 million in Q3 versus SEK 192 million in Q3 2025. Growth was reported across Foot & Ankle, Trauma, and Arthroplasty, supported by both new accounts and increased usage among existing users.
- EUROW Growth Across MarketsEurope and Rest of World sales reached SEK 64 million, representing 34% growth at constant exchange rates. Management reported strong development across direct, hybrid, and distributor markets.
- Strong Trailing-Twelve-Month GrowthTotal last-12-month growth was 25% on a reported basis and 31% at constant exchange rates. Antibiotic-eluting CERAMENT grew 39% over the last 12 months at constant exchange rates, while U.S. sales reached SEK 344 million, also representing 39% growth at constant exchange rates.
- Positive CMS Reimbursement DecisionU.S. CMS confirmed improved reimbursement for CERAMENT G in orthopedic infection surgery under the full-year 2027 IPPS rule and introduced more specific procedure and identification codes for CERAMENT G and CERAMENT V once approved. The ruling took effect on October 1, 2026, and management reported very positive early feedback from surgeons and administrators.
- SOLARIO Study Published in the New England Journal of MedicineThe SOLARIO study was published on September 16 in the New England Journal of Medicine. Among 475 patients assessed in the primary analysis, definite treatment failure occurred in 14.1% of the long-duration systemic antibiotic group and 11.1% of the short-duration group, meeting the prespecified non-inferiority margin.
- Lower Adverse Events With Shorter Antibiotic TreatmentBy six weeks after surgery, symptoms potentially related to treatment occurred in 45.2% of patients receiving long-duration systemic antibiotics versus 17.2% receiving short-duration treatment, a significant difference. Management stated that the findings support shorter systemic antibiotic treatment when local antibiotics are used.
- Clinical and Stewardship Benefits HighlightedThe company stated that SOLARIO supports reducing systemic antibiotic duration, improving patient compliance through implanted local therapy, targeting antimicrobials directly to bone, and reducing total antimicrobial burden. The study reported a saving of 6.4 kilograms per 100 patients.
- Progress on CERAMENT V FDA ReviewBONESUPPORT submitted the supplemental data package requested by the FDA in September as part of the CERAMENT V de novo process. Management described the dialogue with the agency as constructive and expects a formal FDA reply in Q4 or Q1.
- CERAMENT V Expected to Add U.S. GrowthManagement stated that CERAMENT V is expected to be a solid incremental growth driver in the U.S., with limited cannibalization of CERAMENT G. The company cited European product mix of approximately 70% to 75% CERAMENT G and the remainder CERAMENT V as its starting assumption for the U.S.
- Spine Strategy and Portfolio ExpansionCERAMENT BVF launch preparations and studies for antibiotic-eluting CERAMENT in spine are proceeding according to plan. Distributor coverage has been established, market preparation is underway, and early surgeon access and adoption in spine were described as following plan.
- Stryker Distribution Partnership in Australia and New ZealandThe new Stryker distribution partnership contributed SEK 3.8 million in initial start-up orders during the quarter. Management said the partnership strengthens regional presence and provides faster access to the potential in Australia and New Zealand.
- Full-Year Growth Outlook ReaffirmedFollowing 33% growth at constant currencies during the first three quarters, BONESUPPORT reaffirmed its full-year sales growth outlook of 33% to 36% in constant currency.
- Continued Investment Supported by Strong Balance SheetThe company stated that it is continuing to invest in its U.S. commercial organization, administrator-focused capabilities, spine clinical evidence, CERAMENT V, and next-generation products. Management said it has sufficient cash and does not require additional capital for these investments.
DE:2B4 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2026 (Q4) | 0.13- | 0.06 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 0.120.13 | 0.05 | 169.23% (+0.08) | |
| Jul 16, 2026 | 2026 (Q2) | 0.100.11 | 0.07 | 55.70% (+0.04) | |
| Apr 22, 2026 | 2026 (Q1) | 0.090.07 | 0.01 | 403.13% (+0.06) | |
| Feb 24, 2026 | 2025 (Q4) | 0.080.06 | 0.07 | -18.90% (-0.01) | |
| Oct 23, 2025 | 2025 (Q3) | 0.070.05 | 0.04 | 11.83% (+0.00) | |
| Jul 15, 2025 | 2025 (Q2) | 0.070.07 | 0.04 | 89.45% (+0.03) | |
| Apr 24, 2025 | 2025 (Q1) | ―0.01 | 0.03 | -52.10% (-0.02) | |
| Feb 25, 2025 | 2024 (Q4) | ―0.07 | 0.01 | 396.97% (+0.06) | |
| Oct 24, 2024 | 2024 (Q3) | ―0.04 | 0.32 | -86.77% (-0.28) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.