BONESUPPORT (BONEX) Q1 2026 earnings summary

Executive summary

• Net sales reached SEK 324 million, up 31% at constant exchange rates and 14% reported, driven by strong US CERAMENT G adoption and robust EUROW growth.

• Adjusted operating result rose to SEK 85 million, with an adjusted operating margin of 26%; reported operating result was SEK 72 million.

• Gross margin remained high at 92.2%–94.5%, reflecting strong pricing and product mix.

• Operating cash flow was SEK 74.9–75 million, ending the quarter with a cash position of SEK 455.3 million.

• CERAMENT V De Novo FDA submission remains on track, with responses to questions planned by end of August.

Financial highlights

• Net sales: SEK 324 million (Q1 2025: SEK 283.5 million), with US sales at SEK 267.1 million (+16% reported, +35% CER) and EUROW sales at SEK 56.9 million (+9% reported, +16% CER).

• Gross margin stable at 92.2%–94.5%.

• Adjusted operating result: SEK 84.9–85 million; reported operating result: SEK 72–72.2 million.

• Operating cash flow: SEK 74.9–75 million; cash position: SEK 455.3 million.

• Cash conversion averaged 81% since Q3 2024.

Outlook and guidance

• Full-year 2026 guidance maintained: sales growth expected to exceed 35% in constant currency.

• Continued commercial investments expected, especially in the US and EUROW markets.

• R&D spend expected to remain stable, with potential increases pending regulatory pathway for antibiotic-eluting spine product.

• Management confident in regulatory progress for CERAMENT V, targeting FDA De Novo approval, with a formal response deadline by end of August.

• CMS proposed reimbursement changes for CERAMENT G and V seen as highly positive, with final decision expected late summer 2026.