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Bonesupport (BONEX)

Business description

BONESUPPORT is an orthobiologics company that has commercialised three synthetic bone graft substitutes and has several other projects in R&D. The marketed products, CERAMENT BVF, CERAMENT G (gentamicin) and CERAMENT V (vancomycin), are intended to help orthopaedic surgeons manage bone voids and defects after injuries or diseases affecting bones.

Stock data

Market cap.SEK1255.1m
Last closeSEK24.70
High / Low (52 weeks)SEK27.8 / SEK9.3
Stock market listingOMX
Forecast net cash (SEKm)281.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual74.4146.06.9
Relative *71.7129.20.0

* % Relative to local index

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Y/E Dec Revenue (SEKm) EBITDA (SEKm) PBT (SEKm) EPS (öre) P/E (x) P/CF (x)
2016A 104.6 (87.4) (108.4) (422.06) N/A N/A
2017A 129.3 (97.9) (126.7) (320.78) N/A N/A
2018E 113.8 (165.9) (164.0) (326.48) N/A N/A
2019E 210.9 (129.7) (128.6) (253.68) N/A N/A

Last updated on 03/08/2018

Investment summary

BONESUPPORT’s investment case rests on three strategic pillars: effective commercial organisation, products backed by clinical data and R&D innovation. The company is commercialising synthetic bone graft substitutes and invests in R&D to support continued development of innovative products that command premium pricing and differentiate them in a competitive market. Following recent issues with the exclusive, long-standing distributor in the US, BONESUPPORT terminated the agreement and US sales are expected to recover via an independent distributor network and a more hands-on approach to growing sales. The company has recently signed agreements with MTF Biologics and Collagen Matrix so that it can grow its product offering sold through its US platform and plans to drive sales in Trauma. After a successful IPO in June 2017 raising SEK520m, the company is well funded.

Last updated on 21/09/2018

Industry outlook

Innovation is one of the key strategic directions for BONESUPPORT in order to differentiate its products from competitors offering commodity-like bone graft substitutes. The company has gathered data and is undertaking clinical trials to support the claims of its marketed products.

Last updated on 21/09/2018

Key management

Emil Billbäck, CEO
Björn Westberg, CFO

Company address

Scheelevägen 19
Lund
SE-223 70
Sweden
+46 46 286 53 70
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