Bonesupport
Lund, Sweden

Bonesupport is an orthobiologics company focused on developing and commercialising a pipeline of unique injectable drug-eluting, bioceramic bone graft substitutes based on its proprietary CERAMENT technology.

www.bonesupport.com

Investment Perspective

Bonesupport delivered its best quarterly net sales (SEK37.3m) in Q219, with this third successive quarter of CERAMENT sales growth providing early confirmation that the commercially focused strategy is starting to deliver. The next two quarters will be key for the company in setting the trajectory for future sales potential. Q319, the first full quarter of exclusive US sales, should see first sales under major US GPO contracts, publication of full CERTiFy data driving adoption in trauma, and the expanded global commercial footprint being closer to full operation. With the growth trajectory yet to be established, we conservatively rebase our 2019 and 2020 revenue expectations to reflect a more gradual ramp in sales. We continue to view management’s target of 40%+ revenue growth from 2020 onwards as achievable and anticipate more detailed guidance at the Capital Markets Day planned for H219. Our revised Bonesupport valuation is SEK37/share (or SEK 1.92bn), down from SEK39/share (or SEK 2.03bn).

Market information

SymbolPrimary exchangeCurrency
BONEXOMX StockholmSEK

Research

All eyes on Q3 following a record Q2
Update | 31 Jul 2019
Building momentum
Update | 07 May 2019
Gearing up for growth
Update | 01 Mar 2019

Recent News

Appointment of General Manager and EVP Commercial Operations EUROW
12 Nov 2019
Q319 report
07 Nov 2019
Bonesupport presents health economic evidence
18 Sep 2019
Patient enrolment schedule for the ongoing FORTIFY study is extended
21 Aug 2019