BONESUPPORT (BONEX) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales reached SEK 257 million, up 49% year-over-year, with strong operating leverage and record cash flow of SEK 73 million.

• Full-year 2024 net sales totaled SEK 899 million, growing 52% versus 2023, reflecting robust demand and CERAMENT G's adoption, especially in North America.

• CERAMENT G Q4 sales were SEK 154 million in the US, more than doubling year-over-year, driven by successful launches and clinical validation.

• Landmark clinical studies published in December 2024 showed CERAMENT G/V significantly improved survival and reduced amputations in diabetic foot infections.

• Expansion initiatives are underway in under-penetrated markets, including a European sales booster program and investments in Australia, Canada, South Africa, and the Middle East.

Financial highlights

• Q4 operating result before incentive provisions was SEK 78 million; reported EBIT was SEK 64 million, up from SEK -8 million in Q4 2023.

• Gross margin remained strong at 92.6% in Q4 and for the full year.

• North America contributed SEK 209 million in Q4, up 59% year-over-year; Europe and RoW contributed SEK 48 million.

• Operating cash flow in Q4 was SEK 73 million; cash at year-end was SEK 227 million.

• Bad debt provision of SEK 5.2 million was recorded due to CarePoint Health bankruptcy.

Outlook and guidance

• Sales growth above 40% in constant currency is expected for 2025.

• Expansion costs for new markets will begin in 2024, with full cost impact by 2026; investments expected to be cash flow neutral within 18-24 months.

• Full market launch of CERAMENT V in the US anticipated after FDA submission in Q1 2025.