Edison Investment Research - Bonesupport Holding AB (BONEX) Bonesupport - Taking control of the US market

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Edison Investment Research

Dr Jonas Peciulis

Bonesupport - Taking control of the US market

During its Q218 results presentation, Bonesupport provided an update on its US commercial platform. It is working to secure distributor contracts so that sales can commence as soon as Zimmerâ€™s exclusivity period ends on 20 October 2018. In Europe, (where all three products are marketed) trauma surgeons are showing strong interest in CERAMENT G and V. Positive outcomes from the CERTiFy (CERAMENT BVF) and FORTIFY (CERAMENT with antibiotics) studies should drive adoption in this large market. In the meantime, Bonesupport is increasing sales efforts in Europe. Our valuation is SEK1.16bn or SEK22.8/share (vs SEK22.2/share).

03/08/2018 5 EN

Underlying

Bonesupport Holding AB

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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SE0009858152 Nasdaq Nordic Stockholm Sweden

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr Jonas Peciulis

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Bonesupport - Taking control of the US market

BONESUPPORT: CERAMENT doubles US TAM, on track to reach >SEK 2bn sales in 2028

BONESUPPORT: CERAMENT wins full FDA approval in Spine Fusion procedures

BONESUPPORT: 80% YoY growth paves the way for entering the spine market

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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