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BONESUPPORT
BONESUPPORT (BONEX) investor relations material
BONESUPPORT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Q4 2025 net sales reached SEK 313 million, up 22% year-over-year (36% at constant exchange rates), driven by strong US CERAMENT G adoption and expansion into trauma centers.
Adjusted operating result for Q4 was SEK 81.3 million, with a 26% adjusted operating margin, marking an all-time high.
Net cash position improved to SEK 378.0 million at year-end, supported by robust operating cash flows.
Regulatory progress included FDA submission for CERAMENT V moving to De Novo pathway and early-stage launch of CERAMENT BVF for spine in the US.
U.S. sales to Level I Trauma Centers expanded from 15 at end-2024 to over 140 by end-2025.
Financial highlights
Q4 net sales were SEK 312.5 million, up from SEK 257.0 million in Q4 2024.
US sales grew 24% reported (40% CER) to SEK 258.8 million; EUROW sales up 13% reported (18% CER) to SEK 53.8 million.
Gross margin remained strong at 92.5%–95% in Q4 2025.
Adjusted operating profit of SEK 81.3 million, with FX-adjusted operating margin close to 27%.
Operating cash flow for Q4 was SEK 53.8 million.
Outlook and guidance
Guidance for 2026 is at least 35% sales growth in constant exchange rates, with upside potential if CERAMENT V is approved earlier than expected.
Germany expected to remain sluggish through 2026; U.K. showing gradual improvement with normalization anticipated.
India launch targeted for first half of 2026, with long-term growth potential; Japan remains a strategic target.
Continued investment in commercial expansion and regulatory advancement planned.
CERAMENT V De Novo: What market advantage does it create?
How will Germany's reimbursement reforms be addressed?
What is the strategy for CERAMENT G in the spine segment?
Level 1 trauma center adoption progress
Germany/UK market recovery expectations
Revision arthroplasty evidence needs
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Next BONESUPPORT earnings date
Q1 202622 Apr, 2026
BONESUPPORT
Next BONESUPPORT earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
BONESUPPORT HOLDING, an orthobiologics company, develops and commercializes injectable bioceramic bone graft substitutes for the treatment of bone voids in Europe, North America, and internationally. The company's product, CERAMENT is a medical device that helps stimulate and accelerate the patient's own bone healing process. It is also involved in designing, developing, manufacturing, selling, marketing, and distributing of therapeutic products; and provision of research activities for new applications for drugs
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