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BONESUPPORT (BONEX) investor relations material
BONESUPPORT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales reached SEK 284.4 million in Q2 2025, up 29% year-over-year (40% in constant currency), driven by strong US performance and CERAMENT G momentum.
CERAMENT G US sales hit $18.3 million, up 84% in constant currency, with nearly 200 hospital system listings and expanding distributor networks.
Announced CEO transition: new COO/CEO to start September 1, 2025, with current CEO moving to senior adviser role.
Sequential sales growth of 9% over Q1 2025 in constant currency, despite fewer surgery days due to Easter timing.
First half 2025 sales reached SEK 568 million, up 44% in constant currency; operating cash flow for the quarter was SEK 50 million.
Financial highlights
North America Q2 sales grew 36% year-over-year (49% in constant currency); global antibiotic eluting CERAMENT sales up 49% LTM.
Gross margin remained strong at 92.3%–95% in Q2 2025.
Adjusted operating result before incentive programs was SEK 62 million, reported operating profit was SEK 54.9–55 million.
FX-adjusted operating margin reached 26% in Q2 2025, up from 16.8% in Q2 2024.
Cash at period end increased to SEK 309.7 million, with cash conversion solid and cash increasing by SEK 42.6–43 million in the quarter.
Outlook and guidance
Confident in full-year sales growth above 40% in constant currency for 2025.
December 2025 launch planned for CERAMENT BVF in US spinal procedures, with further spine application techniques to follow.
Expectation that CERAMENT V will open new US growth avenues, with FDA response deadline in November and potential launch in H1 2026.
CMS final decisions on NTAP reimbursement for CERAMENT G and increased orthopedic procedure reimbursements expected in August 2025.
Communication on CERAMENT G's path to the spine market anticipated in autumn 2025.
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