BONESUPPORT (BONEX) Q1 2025 earnings summary

Executive summary

• Net sales reached SEK 284 million in Q1 2025, up 54% year-over-year (50% at constant currency), driven by strong North America performance and CERAMENT G adoption.

• CERAMENT G sales in the U.S. hit a record SEK 178 million, with significant adoption among trauma surgeons and expansion into new indications.

• Adjusted operating profit (before incentive effects) was SEK 40 million, with reported operating profit at SEK 29.6 million, both impacted by negative currency effects totaling SEK 30.4 million.

• Operating cash flow was SEK 47 million, improving the cash position by SEK 40 million to SEK 267 million at period end.

• Submission of CERAMENT V to the FDA and market authorization in Canada mark key regulatory milestones.

Financial highlights

• Net sales increased to SEK 283.5 million from SEK 184.4 million, a 54% rise year-over-year.

• North America sales reached SEK 231 million, up 63% year-over-year (59% at constant currency); EUROW sales were SEK 52 million, up 22% (21% at constant currency).

• Gross margin remained high at 92.6% (95% in some reports), with minor regional variations.

• Adjusted operating margin (FX adjusted) was 24.6% in Q1 2025, up from 22.6% in Q4 2024.

• Operating cash flow was SEK 47 million, with cash and cash equivalents at SEK 267 million at period end.

Outlook and guidance

• Sales growth for 2025 is guided above 40% (in constant exchange rates), with high confidence in continued expansion and market share gains.

• Continued expansion into new geographies and indications, with a focus on trauma and infection prevention markets.

• CMS recommends a 6% increase in orthopedic reimbursement for 2026 and NTAP for CERAMENT G, with final decisions expected August 2025.