Report
Lala Gregorek ...
  • Mick Cooper

Bonesupport: More than just bridging a gap

Bonesupport has developed CERAMENT, an innovative injectable bioceramic bone void filler with unique bone remodelling and drug eluting properties. CERAMENT targets a $1.7bn US/$450m EU5 market and has shown rapid sales growth (33% CAGR 2014-2017), albeit from a low base. Bonesupport is focused on exploiting this opportunity through sharp commercial execution (including through its own direct US sales presence). In an increasingly commoditised orthopaedics market clinical data is key; Bonesupport has a data-driven strategy to accelerate penetration into existing and broader indications. New data should highlight CERAMENT’s benefits vs alternatives, support reimbursement, and show a positive impact on hospital costs. We initiate coverage with a SEK1,325m (SEK26/share) valuation.

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.

Provider
Trinity Delta
Trinity Delta

We are experienced healthcare and life sciences analysts providing the highest quality service to companies in these sectors and to investors. We have expertise in the fields of the biotech, medtech , specialty pharma and consumer health sectors.

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Analysts
Lala Gregorek

Mick Cooper

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