Bonesupport: Putting more flesh on the bones
Bonesupport shares have had an impressive run, having more than doubled (up 116%) since our June initiation. Management presentations at recent Capital Markets Days in Stockholm and London suggest the company is at an early stage in its plans to exploit the full potential of CERAMENT and wider opportunities in the global bone void filler market. A key outcome of the summer’s strategic review was a focus on strengthening and optimising the US and European commercial footprint. This solid commercial foundation, coupled to near-term clinical and HEOR data read outs, should enable Bonesupport to leave behind a challenging 2018 and transition to a new growth phase from 2019. We upgrade our valuation by c43% to SEK1,892m (SEK37/ share) on the back recent progress and better growth prospects.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.
Zimmer Biomet Holdings is engaged in musculoskeletal healthcare. The company's products are: Knees, which includes knee replacement surgeries; Hips, which includes hip replacement surgeries; S.E.T., which includes surgical, sports medicine, biologics, foot and ankle, extremities and trauma products; Spine and Craniomaxillofacial and Thoracic, which designs, manufactures and distributes medical devices and surgical instruments, as well as provides face and skull reconstruction products; Dental, which manufactures and/or distributes dental reconstructive implants, dental prosthetic products and dental regenerative products; and Other, which includes bone cement and office based technology products.
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