BONESUPPORT (BONEX) Q1 2026 earnings summary

Executive summary

• Net sales reached SEK 324 million, up 31% at constant exchange rates and 14% reported year-over-year for Q1 2026, driven by strong US CERAMENT G performance and robust European growth.

• Adjusted operating result was SEK 85 million (26% margin), with reported operating result SEK 72 million.

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

• Operating cash flow was SEK 75 million, with a cash position of SEK 455 million at quarter end.

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

Financial highlights

• US sales reached SEK 267.1 million, up 35% at constant exchange rates, with CERAMENT G sales at SEK 222.1 million.

• EUROW/European sales grew 16% at constant exchange rates to SEK 56.9 million, with continued recovery in the UK and first sales in India.

• Gross margin stable at 92.2% (prior year 92.6%), with minor decline due to tariffs.

• Adjusted operating margin was 26% for Q1 2026, up from 22.6% in Q1 2025.

• Cash conversion averaged 81% since Q3 2024, with Q1 ahead of average due to timing of customer payments.

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, with gradual improvement in operating margins anticipated.

• R&D spend expected to remain stable, with potential increases pending regulatory pathway for spine products.

• Management expects CERAMENT V FDA approval likely in 2026, but timeline could extend to 2027.

• CMS proposed reimbursement changes seen as highly positive, with final decision expected late summer 2026.