BONESUPPORT (BONEX) CMD 2026 summary

Strategy and Market Focus

• Strategy is evolving to a segment-specific approach targeting foot & ankle, trauma, arthroplasty, and spine, with initiatives to accelerate CERAMENTⓇ penetration.

• U.S. market opportunity has been revised upward to 460,000 procedures, up from 380,000, across orthopedic indications.

• Expansion into spine is a key growth area, with investments in clinical studies and regulatory pathways.

• Continued focus on infection treatment and prevention, with high local antibiotics use in clinical practice.

Clinical Evidence and Product Differentiation

• CERAMENT’s biphasic technology enables predictable local antibiotic delivery and bone regeneration, addressing limitations of autografts, allografts, and systemic antibiotics.

• Clinical evidence supports significant reductions in infection recurrence and amputation rates, especially in diabetic foot osteomyelitis and trauma.

• SOLARIO trial showed short systemic antibiotic regimens with local antibiotics are non-inferior to long regimens, reducing adverse events and costs.

• CERAMENT is the only FDA-approved antibiotic-eluting bone graft in the U.S., with strong regulatory and reimbursement moats.

• Ongoing and planned studies in all segments, including a multicentre randomized study in arthroplasty and a spine study planned for 2027, aim to strengthen evidence and support market penetration.

Financial Performance and Investments

• Revenue has grown nearly sevenfold over five years, with cash flow turning positive and strong operating leverage.

• U.S. sales CAGR reached 55% from 2020 to 2025, driven by CERAMENT G launch and adoption.

• Significant investments are allocated to clinical studies: SEK 80–90 million for spine and SEK 40 million for arthroplasty over three years.

• Recent CMS proposed rule could increase hospital reimbursement by $5,000–$11,000 per CERAMENT G procedure.

• Strong cash position enables continued investment in R&D, commercial expansion, and potential share buybacks.