Impressive earnings beat in Q1

Confirmation of the growth case. '24e EBIT revised up +8%. BUY and TP of SEK 310 maintained.

BONESUPPORT: debuts 2024 with strong financial results

Q1 2024 sales climbed by 54% (54% at CER) YoY and 7% QoQ, totalling SEK 184.4m. The US market, owing 77% of overall sales, was boosted by a 65% growth (65% at CER), with CERAMENT G being the major driver bringing SEK 92m sales (SEK 34.8m). EU showed a 27% YoY growth in sales, delivered by both prod

Strong start in Q1

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

BONESUPPORT share price climbed by ~8% yesterday as of the FDA approval of CERAMENT G in open fracture/trauma following the 510(k) submission in Q4 2023. Although our estimates were aligned with the positive FDA outcome, we find it worth highlighting the impressive growth path behind and refreshing

BONESUPPORT: CERAMENT wins full FDA approval in Spine Fusion procedure...

Yesterday after the market close, BONESUPPORT announced that CERAMENT BONE VOID FILLER, the company's core synthetic bone graft technology, has been granted FDA approval on the Spine Interbody Fusion procedure, following the 510 (k) submission in Q1 2024. We are certainly surprised about the quick

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

Q4 2023 sales climbed by 67% (60% at CER) YoY and 9% QoQ, totalling SEK 172.7m; while FY 2023 sales were boosted by 80% to SEK 591.1m, in line with our estimate of SEK 597m. CERAMENT G adoption in the US was the major driver, representing 44% of overall Q4 sales; whilst positive market activity lev

Coverage update

Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now

Unleashing the full potential of ortho-biologics! Initiating coverage ...

We initiate coverage of BONESUPPORT, a Swedish company developing and commercialising bone graft solutions that aim to overcome major hurdles in orthopaedic trauma and infection management. CERAMENT, a one-stage-procedure injectable synthetic bone graft, is the core technology platform that has bee

Bonesupport Holding AB: 1 director

A director at Bonesupport Holding AB bought 5,961 shares at 16.662USD and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...

Sector Fast Comment - Hospital data update

Better hospital margins in September Weaker procedure volume momentum into Q4 Small positive for capex exposure

BONESUPPORT - Winning major US ground before G launch

The US continues to outperform with 49% organic growth EBIT up 6% ‘24e on higher adoption rate Attractive stand-alone and as M&A target

BONESUPPORT - Impressive momentum in the US

Sales 7% better than ABGSCe and +4% vs. cons High US customer inflow supports equity story Share should be up 3-5% today

BONESUPPORT - Should continue to outperform

We lower adoption rate for ’23-24e on hospital challenges We expect 30% organic growth in Q3’22e Continues to be a top pick in the sector

Sector Fast Comment - Hospital data update

Better hospital margins in August Congress passed supportive spending bill Small positive for companies with capex exposure

BONESUPPORT - Strong US momentum ahead of launch

The US stands out with 40% organic growth We leave our estimates relatively unchanged Industrial buyer could pay >100% premium

Sector Fast Comment - ABG Life Science Summit 2022

51 Nordic life science companies – replay links attached Fireside chats with AstraZeneca, Novo Nordisk, and Sobi Key takeaways

BONESUPPORT - A new chapter and more upside to share

We raise ‘24e sales by 32% and EBIT by 43% Trading at 11x ‘24e EBIT with >40% sustained growth BUY: we raise TP to SEK 95 /share (65)

BONESUPPORT - Approved in the US!

CERAMENT G gets FDA approval from FDA Opens for trauma label extension Share should be up >40%

BONESUPPORT - Well prepared for potential US approval

Strong NA performance with 47% organic growth US reimbursement set 25% higher than expected Positive risk/reward on US approval: BUY

BONESUPPORT - Making it in America with 47% organic growth

Sales 6% better and EBIT 29% better vs. ABGSCe NTAP looks to be 25% higher than we expected Share to come up mid-single digits