Bonesupport Holding AB (publ) BONEX
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The news check keeps the assessment current.
General analysis — not personal advice.
A full position may be justified at current valuation given the growth profile.
Strong operating leverage with profit growing faster than sales and confirmed full-year guidance support the add signal.
The market reacts positively to the strong report, raised price targets and the buy-back programme.
BUY is the call. Positive is the market mood. Low risk means less can go wrong.
Latest change
- 23 Oct 2026 — Report showed strong growth and margin expansion driven by US expansion and CMS increase.
About the company
Bonesupport develops and commercializes injectable bioceramic bone graft substitutes under the CERAMENT brand. The products remodel into the patient’s own bone and certain variants elute antibiotics to treat and prevent infections. The company is profitable with strong growth in the US and Europe.
Bull case
High growth, improved margins and the CMS uplift provide tailwind ahead of upcoming catalysts.
Bear case
FDA delay for CERAMENT V and temporary purchasing restrictions at US hospitals create uncertainty.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| CERAMENT G sales in the US | Slower hospital adoption → lower growth rate and margin leverage. | Faster adoption → accelerated revenue and profitability. |
| FDA decision on CERAMENT V | Further delay → later revenue contribution from new segment. | Approval → new product segment and expanded market. |
Why this signal
Strong operating leverage with profit growing faster than sales and confirmed full-year guidance support the add signal.
Recent news
The Q3 report on 22 October showed 39 % revenue growth and operating profit of SEK 123.4 M, well above expectations. The share rose 24 % to SEK 319.80 on high volume. The SOLARIO study was published in NEJM and CMS raised DRG reimbursement for CERAMENT G from 1 October.