BONESUPPORT (BONEX) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached SEK 294.1 million, up 24% year-over-year and 34% at constant currency, driven by strong U.S. performance and CERAMENT G momentum.

• Adjusted operating result was SEK 78.6 million, with an adjusted operating margin of 27%; reported operating result was SEK 65.4 million.

• Robust operating cash flow of SEK 71.1 million led to a quarter-end cash position of SEK 379 million.

• Publication of the CeraHip study and new market entry into revision arthroplasty mark strategic milestones.

• CERAMENT G U.S. sales reached SEK 192.4 million, with 59% growth in antibiotic-eluting CERAMENT products over the last 12 months at constant currency.

Financial highlights

• Net sales increased from SEK 237.5 million to SEK 294.1 million, a 24% rise year-over-year, and 34% at constant currency.

• U.S. sales amounted to SEK 246.3 million, up 40% at constant exchange rates.

• Gross margin remained high at 92.9% for the quarter.

• Operating cash flow was SEK 71.1 million, with cash at period end of SEK 379 million.

• Adjusted operating margin (FX adjusted) was close to 29% compared to 23% in the same quarter last year.

Outlook and guidance

• Guidance for full-year 2025 sales growth above 40% in constant currency is maintained.

• Confident in achieving guidance due to strong account-level fundamentals and regional penetration.

• Q4 expected to see continued strong momentum, with positive trends in both U.S. and Europe.

• Preparation for entry into the Spine market in Q4 2025 and Capital Markets Day planned for spring 2026.

• Ongoing investments in new clinical indications and market expansion.