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BONESUPPORT HOLDING AB
(BONEX)
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Rating:72Outperform
Price Target:
kr251.00
▲(12.25% Upside)
Action:Reiterated
Date:07/17/26
The score is driven primarily by strong financial performance (high margins, strong recent cash generation, and minimal leverage) and a constructive earnings update with reiterated high-growth guidance and strong adjusted profitability. Offsetting these positives are weak technical positioning (price below all key moving averages) and a stretched valuation (high P/E with no dividend yield provided).
Positive Factors
High-margin, scalable CERAMENT platform
The CERAMENT platform combines very high gross margins with established operating profitability, indicating attractive unit economics and operating leverage. If sales continue expanding, this cost structure can support reinvestment, durable earnings growth, and stronger competitive positioning over the next several quarters.
Negative Factors
Revenue growth is decelerating from prior hyper-growth levels
Although growth remains solid, deceleration from earlier hyper-growth levels raises the risk that the company’s expansion rate will normalize faster than expected. Slower top-line momentum could reduce operating leverage, moderate earnings growth, and make future performance more dependent on new indications and market adoption.
Read all positive and negative factors
Positive Factors
Negative Factors
High-margin, scalable CERAMENT platform
The CERAMENT platform combines very high gross margins with established operating profitability, indicating attractive unit economics and operating leverage. If sales continue expanding, this cost structure can support reinvestment, durable earnings growth, and stronger competitive positioning over the next several quarters.
Read all positive factors
BONESUPPORT HOLDING AB (BONEX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr14.37B
Dividend YieldN/A
Average Volume (3M)243.31K
Price to Earnings (P/E)67.3
Beta (1Y)0.68
Revenue Growth21.08%
EPS Growth44.49%
CountrySE
Employees171
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)3.24
Shares Outstanding65,859,190
10 Day Avg. Volume260,775
30 Day Avg. Volume243,305
Financial Highlights & Ratios
PEG Ratio14.80
Price to Book (P/B)14.28
Price to Sales (P/S)10.54
P/FCF Ratio57.29
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)4.89
Revenue Forecast (FY)kr1.49B
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 internation...
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...
BONESUPPORT HOLDING AB Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong revenue growth (30% FX-adjusted), high adjusted margins (29%), solid cash generation and pronounced U.S. launch momentum for CERAMENT G. Material positives include regulatory progress, proposed CMS reimbursement improvements, and healthy EUROW performance. Headwinds include a small set of U.S. accounts temporarily restricting usage (modestly dampening growth), higher commercial and incentive costs, minor gross margin impacts from write-downs and tariffs, and uncertainty around the timing of regulatory approvals and study publications. On balance the company's growth trajectory and scalable profitability outweigh the transitory challenges discussed.Positive Updates
Strong Revenue Growth
Net sales reached SEK 356 million in Q2 2026, representing reported growth of 25% versus Q2 2025 and growth of 30% at constant exchange rates.
Negative Updates
Temporary Usage Restrictions in Key U.S. Accounts
A handful of large U.S. accounts implemented temporary restrictions ('pre-approvals' / go-stop-go), which slightly reduced CERAMENT G growth in the quarter; management described this as limited in number but impactful to reported growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Net sales reached SEK 356 million in Q2 2026, representing reported growth of 25% versus Q2 2025 and growth of 30% at constant exchange rates.
Read all positive updates
Company Guidance
Management reiterated FY2026 guidance of full‑year sales growth of 33–36% in constant exchange rates (H1 sales growth 31% CER), citing the Q2 run‑rate: net sales SEK 356m (reported +25% y/y; +30% CER), U.S. sales SEK 295m (U.S. contribution $140.2m, +$35.8m vs Q2 2025; U.S. growth ~31% CER), EUROW sales SEK 61m (+26% CER) and LTM antibiotic‑eluting CERAMENT growth of ~40% CER; they reported adjusted operating result SEK 104.1m (adjusted operating margin 29%; FX‑adjusted margin 28% vs 26% LY), reported operating result SEK 90m, operating cash flow SEK 67m (Q2 cash conversion 67%; average 79% since Q3 2024) and ending cash SEK 434m after an SEK 83m buyback, while noting gross margin 93.8% (impacted by SEK 2.7m inventory write‑down and SEK 1.5m tariffs) and one‑off long‑term incentive costs of SEK 14.5m; upside catalysts that could further support H2 include the CMS proposed ruling (decision late summer 2026, effective Oct 1, 2026), expected SOLARIO publication and potential CERAMENT V approval (FDA response due end‑August), though CERAMENT V sales are not included in the guidance.BONESUPPORT HOLDING AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.29B | 1.17B | 898.73M | 591.08M | 328.82M | 212.88M |
| Gross Profit | 1.18B | 1.09B | 832.25M | 540.92M | 300.78M | 190.03M |
| EBITDA | 319.35M | 288.25M | 185.75M | 28.94M | -54.34M | -72.39M |
| Net Income | 213.91M | 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 | 434.31M | 377.99M | 227.00M | 167.35M | 201.28M | 206.46M |
| Total Debt | 10.13M | 11.68M | 14.59M | 17.48M | 17.45M | 21.42M |
| Total Liabilities | 169.72M | 168.88M | 152.23M | 143.64M | 102.89M | 78.22M |
| Stockholders Equity | 949.66M | 867.26M | 727.46M | 545.18M | 268.93M | 265.70M |
Cash Flow | ||||||
| Free Cash Flow | 262.55M | 216.11M | 59.92M | -24.32M | -48.94M | -86.84M |
| Operating Cash Flow | 266.86M | 221.30M | 65.76M | -18.26M | -46.98M | -83.42M |
| Investing Cash Flow | -5.66M | -5.88M | -6.26M | -6.06M | -3.28M | -3.42M |
| Financing Cash Flow | -140.74M | -58.04M | -4.81M | -6.70M | 42.78M | -61.56M |
BONESUPPORT HOLDING AB Technical Analysis
Negative
223.60
Price Trends
221.94
Negative
224.56
Negative
209.73
Positive
Market Momentum
0.66
Positive
43.55
Neutral
31.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BONEX, the sentiment is Negative. The current price of 223.6 is below the 20-day moving average (MA) of 224.96, above the 50-day MA of 221.94, and above the 200-day MA of 209.73, indicating a neutral trend. The MACD of 0.66 indicates Positive momentum. The RSI at 43.55 is Neutral, neither overbought nor oversold. The STOCH value of 31.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | kr63.84B | 23.85 | 8.88% | 2.03% | -3.56% | 79.60% | |
72 Outperform | kr14.37B | 67.35 | 23.82% | ― | 21.08% | 44.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | kr557.20M | -66.25 | -2.84% | ― | -13.72% | 52.47% | |
50 Neutral | kr245.34M | -6.40 | -20.71% | ― | 1.43% | 4.98% | |
42 Neutral | kr400.47M | -8.00 | ― | ― | -2.61% | -0.28% |
* Healthcare Sector Average
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BONESUPPORT HOLDING AB Corporate Events
BONESUPPORT Launches SEK 100m Share Buy-Back to Optimize Capital Structure
Sep 7, 2026
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 r...
BONESUPPORT Launches SEK 100 Million Share Buy-Back to Adjust Capital Structure
Sep 1, 2026
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...
BONESUPPORT Faces FDA Timeline Extension for CERAMENT V De Novo Submission
Aug 27, 2026
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 sp...
CMS Grants Higher U.S. Reimbursement for BONESUPPORT’s CERAMENT G
Aug 3, 2026
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 categ...
Bonesupport lifts earnings on strong Q2 sales as Medicare proposal boosts outlook
Jul 16, 2026
Bonesupport reported strong second-quarter performance, with net sales rising 25% to SEK 355.7 million and growth at constant exchange rates reaching 30%, driven by balanced expansion in both the U.S. and Europe Rest of World segments. Profitabil...
BONESUPPORT schedules Q2 2026 results webcast and call
Jul 9, 2026
BONESUPPORT Holding AB will publish its interim report for the second quarter of 2026 on July 16 at 08.00 CEST, underscoring a regular cadence of financial disclosure to the market. The timing highlights the company’s effort to keep investor...
BONESUPPORT completes SEK 82.9 million share buy-back to fund incentive program
Jun 22, 2026
BONESUPPORT Holding AB has completed a share buy-back program on Nasdaq Stockholm, repurchasing a total of 373,320 ordinary shares for approximately SEK 82.9 million. The final tranche, conducted between 15 and 18 June 2026, comprised 193,320 shar...
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.