Bonesupport: All eyes on Q3 following a record Q2
Bonesupport delivered its best quarterly net sales (SEK37.3m) in Q219, with this third successive quarter of CERAMENT sales growth providing early confirmation that the commercially focused strategy is starting to deliver. The next two quarters will be key for the company in setting the trajectory for future sales potential. Q319, the first full quarter of exclusive US sales, should see first sales under major US GPO contracts, publication of full CERTiFy data driving adoption in trauma, and the expanded global commercial footprint being closer to full operation. With the growth trajectory yet to be established, we conservatively rebase our 2019 and 2020 revenue expectations to reflect a more gradual ramp in sales. We continue to view management’s target of 40%+ revenue growth from 2020 onwards as achievable and anticipate more detailed guidance at the Capital Markets Day planned for H219. Our revised Bonesupport valuation is SEK37/share (or SEK 1.92bn), down from SEK39/share (or SEK 2.03bn).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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