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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.SEK522.4m
Last closeSEK10.28
High / Low (52 weeks)SEK30.7 / SEK9.3
Stock market listingOMX
Forecast net cash (SEKm)281.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual4.4(28.6)(64.6)
Relative *3.4(30.2)(64.8)

* % 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) (422.0) N/A N/A
2017A 129.3 (97.9) (126.7) (321.0) N/A N/A
2018E 113.8 (165.9) (164.0) (326.0) N/A N/A
2019E 210.9 (129.7) (128.6) (254.0) N/A N/A

Last updated on 21/06/2018

Latest research

Investment summary

BONESUPPORT is commercialising synthetic bone graft substitutes. The company 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. After a successful IPO in June 2017 raising SEK520m, the company is well funded. We value BONESUPPORT at SEK1.13bn or SEK22.2/share.

Last updated on 21/06/2018

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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