BONESUPPORT (BONEX) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached SEK 313 million, up 22% year-over-year (36% at constant exchange rates), driven by strong US CERAMENT G adoption and expansion into trauma centers.

• Adjusted operating result for Q4 was SEK 81.3 million, with a 26% adjusted operating margin, marking an all-time high.

• Net cash position improved to SEK 378.0 million at year-end, supported by robust operating cash flows.

• Regulatory progress included FDA submission for CERAMENT V moving to De Novo pathway and early-stage launch of CERAMENT BVF for spine in the US.

• U.S. sales to Level I Trauma Centers expanded from 15 at end-2024 to over 140 by end-2025.

Financial highlights

• Q4 net sales were SEK 312.5 million, up from SEK 257.0 million in Q4 2024.

• US sales grew 24% reported (40% CER) to SEK 258.8 million; EUROW sales up 13% reported (18% CER) to SEK 53.8 million.

• Gross margin remained strong at 92.5%–95% in Q4 2025.

• Adjusted operating profit of SEK 81.3 million, with FX-adjusted operating margin close to 27%.

• Operating cash flow for Q4 was SEK 53.8 million.

Outlook and guidance

• Guidance for 2026 is at least 35% sales growth in constant exchange rates, with upside potential if CERAMENT V is approved earlier than expected.

• Germany expected to remain sluggish through 2026; U.K. showing gradual improvement with normalization anticipated.

• India launch targeted for first half of 2026, with long-term growth potential; Japan remains a strategic target.

• Continued investment in commercial expansion and regulatory advancement planned.