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BONESUPPORT HOLDING AB (BONEX) AI Stock Analysis
BONESUPPORT HOLDING AB
(Nasdaq OMX AB:BONEX)
BONESUPPORT scores well on the strength of exceptional fundamentals: ~92% gross margins, an operating margin near 24%, a virtually debt-free balance sheet, 23.8% return on equity and SEK 329 million of free cash flow with near one-to-one profit-to-cash conversion. The latest earnings call reinforced this, with 38% constant-currency growth, reaffirmed 33–36% full-year guidance, a favorable CMS reimbursement ruling and a major clinical publication. Price action is also constructive, with the stock trading above all key moving averages on positive MACD momentum. The score is held back primarily by a demanding valuation — a P/E of 79 with no dividend — and by technically stretched conditions (RSI 85, stochastic 91) that increase near-term pullback risk. Secondary concerns include decelerating growth, rising commercial spend, slight U.S. gross margin erosion and pending FDA timing for CERAMENT V.
BONESUPPORT HOLDING AB (BONEX) vs. iShares MSCI Sweden ETF (EWD)
- Market Cap
- SEK 2.08B
- Dividend Yield
- ―
- Average Volume (3M)
- 351.70K
- Price to Earnings (P/E)
- 78.7
- Beta (1Y)
- 0.44
- Revenue Growth
- 25.20%
- EPS Growth
- 79.34%
- Country
- Sweden
- Employees
- 171
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Medical - Instruments & Supplies
BONESUPPORT HOLDING AB Business Overview & Revenue Model
Company Description
Bonesupport Holding AB (publ) is an orthobiologics company that specializes in the development and commercialization of injectable bioceramic bone graft substitutes. These products are utilized for treating bone voids and are available internationall...
How the Company Makes Money
BONESUPPORT primarily makes money by selling its CERAMENT-branded bone graft substitute products to hospitals and healthcare providers, generating revenue from procedure-driven usage in orthopedic, trauma, and infection-related bone reconstruction ca...
BONESUPPORT HOLDING AB 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.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
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.
BONESUPPORT HOLDING AB Financial Statement Overview
Summary
An outstanding financial profile across all three statements. Revenue has scaled from SEK 213 million in 2021 to SEK 1.40 billion TTM with gross margins near 92%, and operating margin has expanded from -37.9% to roughly 24%. The balance sheet is effectively debt-free (debt-to-equity ~0.01) with equity funding about 85% of assets and return on equity of 23.8%. Free cash flow of SEK 329 million TTM converts nearly one-for-one with net profit, confirming high earnings quality. Watch items are the lumpy reported net income (notably the largely non-operating 2023 gain), decelerating growth from extraordinary levels, and the short track record of profitability.
Income Statement
86Very PositiveBalance Sheet
92Very PositiveCash Flow
88Very Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.40B | 1.17B | 898.73M | 591.08M | 328.82M | 212.88M |
| Gross Profit | 1.29B | 1.09B | 832.25M | 540.92M | 300.78M | 190.03M |
| EBITDA | 366.50M | 288.25M | 185.75M | 28.94M | -54.34M | -72.39M |
| Net Income | 271.77M | 142.15M | 133.75M | 245.02M | -68.17M | -85.53M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.04B | 879.69M | 688.82M | 371.82M | 343.92M |
| Cash, Cash Equivalents and Short-Term Investments | 510.52M | 377.99M | 227.00M | 167.35M | 201.28M | 206.46M |
| Total Debt | 10.63M | 11.68M | 14.59M | 17.48M | 17.45M | 21.42M |
| Total Liabilities | 176.35M | 168.88M | 152.23M | 143.64M | 102.89M | 78.22M |
| Stockholders Equity | 992.49M | 867.26M | 727.46M | 545.18M | 268.93M | 265.70M |
Cash Flow | ||||||
| Free Cash Flow | 329.35M | 216.11M | 59.92M | -24.32M | -48.94M | -86.84M |
| Operating Cash Flow | 333.55M | 221.30M | 65.76M | -18.26M | -46.98M | -83.42M |
| Investing Cash Flow | -5.43M | -5.88M | -6.26M | -6.06M | -3.28M | -3.42M |
| Financing Cash Flow | -199.51M | -58.04M | -4.81M | -6.70M | 42.78M | -61.56M |
BONESUPPORT HOLDING AB Technical Analysis
Price Trends
Market Momentum
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 325.00 is above the 20-day moving average (MA) of 272.12, above the 50-day MA of 242.34, and above the 200-day MA of 220.38, indicating a bullish trend. The MACD of 26.49 indicates Negative momentum. The RSI at 75.15 is Negative, neither overbought nor oversold. The STOCH value of 80.18 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
Overall Rating
- SE:BONEX79Outperform
SE:GETI.B67Neutral
SE:BACTI.B53Neutral
SE:INTEG.B46Neutral
SE:OSSD44Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SE:BONEX | 79Outperform | SEK 21.40B | 78.69 | 29.00% | ― | 25.20% | 79.34% |
| SE:GETI.B | 67Neutral | SEK 75.64B | 26.73 | 9.13% | 1.71% | -3.90% | 37.73% |
| SE:BACTI.B | 53Neutral | SEK 560.70M | 88.89 | 1.93% | ― | -0.51% | ― |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| SE:INTEG.B | 46Neutral | SEK 243.48M | -5.77 | -20.71% | ― | 1.43% | 6.65% |
| SE:OSSD | 44Neutral | SEK 373.36M | -7.46 | ― | ― | -2.61% | -0.28% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SE:BONEX | BONESUPPORT HOLDING AB | 325.00 | 113.80 | 53.88% | |
| SE:GETI.B | Getinge AB (UK) | 277.70 | 60.83 | 28.05% | |
| SE:BACTI.B | Bactiguard Holding AB | 16.00 | -1.00 | -5.88% | |
| SE:INTEG.B | Integrum AB Class B | 8.30 | 0.03 | 0.31% | |
| SE:PRO | Promimic AB | 9.45 | -4.55 | -32.50% | |
| SE:OSSD | OssDsign AB | 3.38 | -9.51 | -73.80% |
BONESUPPORT HOLDING AB Corporate Events
BONESUPPORT Posts Strong Q3 Growth as Reimbursement and Clinical Data Bolster Strategy
BONESUPPORT delivered a strong third quarter, with net sales climbing 39 percent to SEK 408.8 million and adjusted operating profit rising to SEK 139.3 million, supported by robust growth in both its US and Europe & Rest of World segments and gro...
BONESUPPORT schedules Q3 2026 report and investor webcast
BONESUPPORT Holding AB will publish its interim report for the third quarter of 2026 on October 22 at 08:00 CEST, underscoring ongoing investor interest in the orthobiologics specialist’s financial performance. The company will follow the relea...
BONESUPPORT Advances SEK 100m Share Buy-Back to Adjust Capital Structure
BONESUPPORT Holding AB has continued executing its share buy-back program during the week of October 5–9, 2026, repurchasing a total of 60,000 ordinary shares on Nasdaq Stockholm for approximately SEK 13.8 million. The transactions were carried...
BONESUPPORT Expands Share Buy-Back as Treasury Holdings Grow
BONESUPPORT HOLDING AB has continued its ongoing share buy-back programme, repurchasing 60,000 ordinary shares on Nasdaq Stockholm between 21 and 25 September 2026 for a total of about SEK 12.8 million at an average price of SEK 213.59. These purchas...
BONESUPPORT Builds Momentum for CERAMENT as U.S. Reimbursement and Clinical Data Align
BONESUPPORT is leveraging its CERAMENT technology platform to address orthopedic infections and bone injuries with injectable, resorbable bone graft substitutes that can deliver local antibiotic therapy. The company’s focus on demonstrating cli...
BONESUPPORT Expands Share Buy-Back to Strengthen Capital Structure
BONESUPPORT Holding AB has continued its share buy-back program, repurchasing 68,000 ordinary shares on Nasdaq Stockholm between September 14 and 18, 2026 for a total of about SEK 14.9 million. The program, capped at SEK 100 million and running until...
BONESUPPORT Submits Full Data Package for CERAMENT V De Novo to FDA
BONESUPPORT has submitted the complete additional data package for its CERAMENT V De Novo application to the U.S. Food and Drug Administration, marking a key regulatory step for its drug-eluting bone graft substitute. The move could strengthen the co...
BONESUPPORT’s SOLARIO Study in NEJM Backs Shorter Antibiotic Courses for Bone Infections
BONESUPPORT announced that the SOLARIO study, a major multi‑centre randomized trial in orthopedic infections, has been published in The New England Journal of Medicine. The study evaluated whether systemic antibiotic courses could be safely red...
BONESUPPORT Taps Stryker for Australia and New Zealand Expansion
BONESUPPORT has entered a new distributor partnership with Stryker Australia Pty Ltd, marking its expansion into the New Zealand market and a shift to Stryker as distributor in Australia. The transition, planned for the fourth quarter of 2026, streng...
BONESUPPORT Launches SEK 100m Share Buy-Back to Optimize Capital Structure
BONESUPPORT Holding AB has initiated a share buy-back programme of up to SEK 100 million to adjust its capital structure to better match capital needs and support shareholder value. The programme, conducted under EU Market Abuse and Safe Harbour regu...
BONESUPPORT Launches SEK 100 Million Share Buy-Back to Adjust Capital Structure
BONESUPPORT’s board has authorized a share buy-back program of up to SEK 100 million, aiming to optimize the company’s capital structure and enhance shareholder value. The program will run between September 1 and October 30, 2026, with pu...
BONESUPPORT Faces FDA Timeline Extension for CERAMENT V De Novo Submission
BONESUPPORT has announced that the U.S. Food and Drug Administration has extended the deadline for the additional data package in the De Novo submission for its antibiotic-eluting bone graft product CERAMENT V. The revised timeline stems from a speci...
CMS Grants Higher U.S. Reimbursement for BONESUPPORT’s CERAMENT G
BONESUPPORT has secured a favorable decision from the U.S. Centers for Medicare & Medicaid Services, which confirmed a DRG reassignment that will place CERAMENT G cases in the highest reimbursing diagnosis-related groups within their clinical cat...
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.
Date of analysis: Oct 23, 2026