Bonesupport - Good start in the US, CERAMENT G/V growth
With its full year 2018 results, Bonesupport reported total 2018 sales of SEK96.6m, vs SEK129.3m in 2017. US sales decreased by 56% y-o-y due to the transition to the new distribution model, whereas sales in Europe increased by 22% y-o-y. Bonesupport now has 38 distributors in the US, and achieved SEK4.2m in sales in Q418 under its new model, which we interpret as a good start. Meanwhile, CERAMENT G/V sales continue to grow in Europe (33.3% vs 2017), positive CERTiFy top-line data were announced in November and are being promoted by sales reps, and new product BONIFY launched in the US. Our valuation is higher at SEK1.74bn or SEK33.5/share (vs SEK29.0/share).Bonesupport Holding AB is a Sweden-based orthobiologics company. It develops and commercialize injectable bioceramic bone graft substitutes which remodel to host bone and have the capability to elute drugs directly into the bone void. The marketed synthetic bone graft substitutes are CERAMENT BVF, CERAMENT G and CERAMENT V, which are based on the CERAMENT technology platform. The products are commercially available in Europe and the United States, as well as in India, Malaysia, Oman and Singapore. The products are developed to treat patients with fractures and bone voids caused by trauma and related surgery, as well as caused by infection or diseases, such as chronic osteomyelitis, revision arthroplasty and infected diabetic foot.
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