Transitioning with growing confidence
Update | 30 July 2018
Q218 results confirm the progress made during this transition year, as Bonesupport implements several important strategic changes. As we highlighted in our June initiation, focus on commercial execution with direct US distribution (from October 2018) and a stronger European commercial footprint should accelerate global CERAMENT sales, catalysing a return to growth in FY19. Upcoming Capital Markets events will provide detail on the longer-term growth drivers and plans for expanding the product offering. However, there are clear signs of optimism for the future, with management confident of achieving annual growth of c40% beyond 2019. Our forecast and DCF-based valuation of SEK1.325bn (SEK26/share) are unchanged.
|Year-end: December 31||2017||2018||2019E||2020E|
|Adj. PBT (SEKm)||(127.9)||(175.2)||(128.8)||(68.5)|
|Net Income (SEKm)||(128.9)||(176.7)||(129.3)||(68.8)|
30 July 2018
|Shares in issue||51.8m|
|12 month range||SEK9.04-26.5|
|Primary exchange||OMX Stockholm|
Bonesupport is a Swedish ortho-biologics company focused on developing and commercialising a pipeline of unique injectable drug eluting bioceramic bone graft substitutes based on its proprietary CERAMENT technology.
+44 (0) 20 3637 5043
Mick Cooper PhD
+44 (0) 20 3637 5042
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