Bonesupport

OMX: BONEX

SEK1154.2m market cap

SEK22.3 last close

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.

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 more than 30 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 has recently launched a new DBM product BONIFY.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 129.3 (98.1) (127.1) (321.63) N/A N/A
2018A 96.6 (174.4) (174.9) (346.09) N/A N/A
2019E 199.9 (142.1) (142.3) (273.73) N/A N/A
2020E 298.9 (80.2) (80.6) (151.95) N/A N/A
Last updated on 18/04/2019
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 18/04/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 101.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.5 11.2 59.3
Relative* 0.9 (0.4) 46.9
52-week high/low SEK26.4/SEK9.3
*% relative to local index
Key management
Emil Billbäck CEO
Håkan Johansson CFO