Bonesupport: Transitioning with growing confidence
Q218 results confirm the progress made during this transition year, as Bonesupport implements several important strategic changes. As we highlighted in our June initiation, focus on commercial execution with direct US distribution (from October 2018) and a stronger European commercial footprint should accelerate global CERAMENT sales, catalysing a return to growth in FY19. Upcoming Capital Markets events will provide detail on the longer-term growth drivers and plans for expanding the product offering. However, there are clear signs of optimism for the future, with management confident of achieving annual growth of c40% beyond 2019. Our forecast and DCF-based valuation of SEK1.325bn (SEK26/share) are unchanged.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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