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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.SEK1026.8m
Last closeSEK19.84
High / Low (52 weeks)SEK26.4 / SEK9.3
Stock market listingOMX
Forecast net cash (SEKm)274.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual(1.8)(1.3)11.5
Relative *(7.8)(5.5)7.5

* % 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 103.8 (174.4) (174.3) (344.22) N/A N/A
2019E 213.8 (140.9) (141.0) (272.11) N/A N/A

Last updated on 14/12/2018

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 selling CERAMENT bone void filler (BVF) in the US and Europe, and two antibiotic-eluting BVF products CERAMENT G/V in Europe. BONESUPPORT terminated its agreement with its exclusive distributor in the US and has since signed up 25 distributors in its own independent network to promote CERAMENT BVF in the US. The company recently signed agreements with MTF Biologics and Collagen Matrix to 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 01/02/2019

Industry outlook

Innovation is one of the key strategic directions for BONESUPPORT 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 01/02/2019

Key management

Emil Billbäck, CEO
Håkan Johansson , CFO

Company address

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