BONESUPPORT (BONEX) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached SEK 356 million, up 25% year-over-year and 30% at constant exchange rates, driven by strong CERAMENT G adoption in the US and recovery in EUROW.

• Adjusted operating result was SEK 104.1 million, with a 29% margin.

• Operating cash flow was SEK 67.1 million; cash position at quarter end was SEK 434.3 million after SEK 83 million in share buybacks.

• U.S. CERAMENT sales were SEK 295.2 million, up 31% at constant exchange rates, with robust growth in all prioritized platforms.

• Guidance for full-year sales growth set at 33%-36% at constant exchange rates, reflecting confidence in pipeline and potential positive triggers.

Financial highlights

• Net sales improved from SEK 284 million to SEK 356 million, a 25% reported and 30% constant currency increase year-over-year.

• Gross margin was 90.8%–93.8%, with a minor decline due to tariffs and inventory write-downs.

• Adjusted operating margin was 29%, with FX-adjusted margin at 28% versus 26% last year.

• Operating cash flow was SEK 67 million; cash conversion for Q2 was 67%, with an average of 79% since Q3 2024.

• Share buybacks totaled SEK 83 million in the quarter.

Outlook and guidance

• Full-year 2026 sales growth expected between 33%-36% at constant exchange rates, based on strong Q2 run rate, healthy new account and distributor pipeline, and potential positive impact from CMS ruling, SOLARIO study, and CERAMENT V approval.

• CMS proposed improved reimbursement for CERAMENT G, with a final decision expected late summer 2026 and implementation from October 1, 2026.

• No CERAMENT V sales included in updated guidance; first sales dependent on FDA approval timing.

• Continued focus on expanding CERAMENT platform penetration and new clinical indications.