Lund, Sweden

Bonesupport is an orthobiologics company focused on developing and commercialising a pipeline of unique injectable drug-eluting, bioceramic bone graft substitutes based on its proprietary CERAMENT technology.

Investment Perspective

Bonesupport has emerged from its transition year with FY18 results highlighting the progress, and investment, in implementing commercial initiatives to accelerate global CERAMENT penetration. The switch to direct sales from October 23 and prior supply issues at the exclusive distributor impacted US sales (SEK34.1m vs SEK 78.1m in FY17). Europe/ROW delivered strong sales growth (+22% to SEK62.5m) as the high margin antibiotic eluting products continue to gain traction. We anticipate increased sales in 2019 as the expanded global commercial footprint beds down, key clinical data (eg CERTiFy) are leveraged, and new US GPO contracts are secured. This provides a solid foundation for the company to achieve its target of 40%+ revenue growth from 2020 onwards. We value Bonesupport at SEK39/share (SEK 2.042bn).

Market information

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Gearing up for growth
Update | 01 Mar 2019
Key CERTiFy study confirms CERAMENT’s properties
Update | 19 Nov 2018
Stronger commercial platform to make strategic inroads
Update | 08 Nov 2018

Recent News

US portfolio expansion with BONIFY launch
13 Mar 2019
FY18 results
27 Feb 2019
Publication of preclinical CERAMENT data in large bone defects
08 Feb 2019
Appointment of EVP Global Marketing & Communications
04 Jan 2019