olivLaw · European equity research
BONESUPPORT HOLDING AB BONEX.ST
Sweden · Nasdaq Stockholm · ISIN SE0009858152 · Vertical: Listed companies from Sweden
BONESUPPORT HOLDING AB develops and sells CERAMENT, an absorbable bone substitute that releases antibiotic locally, used for bone infections, fractures and revision arthroplasty. In 2024 the gross margin reached 92.6 percent and operating profit rose to 166.1 MSEK as CERAMENT G launched in the United States.
At the close of 05 Nov 2026, BONESUPPORT HOLDING AB (BONEX.ST) stock was 327.20 SEK (+3.87% on the day), with market capitalisation 21.5 bn SEK, P/E 153.6 on diluted EPS of 2.13 SEK over the last 12 months, beta 0.69, 52-week range 167.90–339.00 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 71.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 216.91 – 362.77
- in the upper half of the band · %B 0.76 · band width 50.3%
- SMA 50 / 200
- 249.64 / 222.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 23.38 / 22.55
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +44.0% | +0.4% | +43.6 pp | — |
| 3 months | +49.3% | −3.3% | +52.5 pp | — |
| 6 months | +42.4% | +4.0% | +38.4 pp | — |
| Year to date | +74.0% | +8.1% | +65.9 pp | — |
| 1 year | +64.5% | +10.7% | +53.8 pp | −8.3% |
| 3 years | +119.2% | +50.1% | +69.1 pp | +12.0% |
| 5 years | +695.1% | +43.6% | +651.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 50.3, median 88.3, max 192.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -68.2 m | 245.0 m | 133.8 m | 142.2 m |
| Net income YoY | unavailable | unavailable | −45.4% | +6.3% |
| Diluted EPS | -1.06 | 3.74 | 2.01 | 2.13 |
| Diluted EPS YoY | unavailable | unavailable | −46.3% | +6.0% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -48.9 m | -19.1 m | 64.2 m | 218.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 378.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 867.3 m SEK
- Total assets
- 1.0 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 4.85x
- ROE
- 17.8%
- ROA
- 14.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 31.1 m | 50.2 m | 66.5 m | 87.3 m | esef· 28 Oct 2026verified |
| Gross profit | 297.7 m | 540.9 m | 832.3 m | 1.1 bn | esef· 28 Oct 2026verified |
| Research & development | 53.1 m | 57.1 m | 76.0 m | 91.4 m | esef· 28 Oct 2026verified |
| Operating income | -64.5 m | 13.9 m | 166.1 m | 231.7 m | esef· 28 Oct 2026verified |
| Interest expense | — | — | 2.3 m | 39.4 m | esef· 28 Oct 2026verified |
| Pre-tax income | -64.7 m | 15.7 m | 172.6 m | 199.5 m | esef· 28 Oct 2026verified |
| Income tax | 3.5 m | -229.3 m | 38.9 m | 57.4 m | esef· 28 Oct 2026verified |
| Net income | -68.2 m | 245.0 m | 133.8 m | 142.2 m | esef· 28 Oct 2026verified |
| Diluted EPS | -1.06 | 3.74 | 2.01 | 2.13 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 201.3 m | 167.4 m | 227.0 m | 378.0 m | esef· 28 Oct 2026verified |
| Receivables | 81.2 m | 152.3 m | — | — | esef· 23 Apr 2024verified |
| Inventories | 56.3 m | 83.3 m | — | — | esef· 23 Apr 2024verified |
| Current assets | 338.8 m | 402.9 m | 622.6 m | 796.7 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 5.8 m | 5.1 m | 5.0 m | 5.9 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 8.4 m | 12.2 m | — | — | esef· 23 Apr 2024verified |
| Total assets | 371.8 m | 688.8 m | 879.7 m | 1.0 bn | esef· 28 Oct 2026verified |
| Current liabilities | 90.2 m | 130.1 m | 144.2 m | 164.3 m | esef· 28 Oct 2026verified |
| Total liabilities | 102.9 m | 143.6 m | 152.2 m | 168.9 m | esef· 28 Oct 2026verified |
| Equity | 268.9 m | 545.2 m | 727.5 m | 867.3 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 64.3 m | 65.0 m | 65.6 m | 65.8 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -47.0 m | -18.3 m | 65.8 m | 221.3 m | esef· 28 Oct 2026verified |
| Capex | 2.0 m | 820.0 k | 1.5 m | 2.6 m | esef· 28 Oct 2026verified |
| Free cash flow | -48.9 m ≈ | -19.1 m ≈ | 64.2 m ≈ | 218.7 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -3.3 m | -6.1 m | -6.3 m | -5.9 m | esef· 28 Oct 2026verified |
| Financing cash flow | 42.8 m | -6.7 m | -4.8 m | -58.0 m | esef· 28 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 21.5 bn SEK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 153.9% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.9x | 67 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 4.8x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 153.6x | 0 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.0% | 13 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation6/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BONESUPPORT HOLDING AB (BONEX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 17.8%.
The estimated value range is 33.06–71.97 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 45.31 SEK, the price of 327.20 SEK leaves a potential of -86.2% (value / price − 1) and a margin of safety of -622.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 153.9%
- Current ratio: 4.8x
What contradicts it
- P/E (TTM): 153.6x
- FCF yield: 1.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for BONEX.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BONESUPPORT HOLDING AB develops and sells CERAMENT, an absorbable bone substitute that releases antibiotic locally, used for bone infections, fractures and revision arthroplasty. In 2024 the gross margin reached 92.6 percent and operating profit rose to 166.1 MSEK as CERAMENT G launched in the United States.
SWOT
Strengths
- Very high gross margin and a clinical evidence base published in leading journals.
- A technology platform that can be extended to several clinical indications.
- US launch supported by reimbursement programmes for new technologies.
Weaknesses
- Dependence on sales in a few markets and on hospital adoption.
- High commercial costs that in some periods grow faster than revenue.
- Patient recruitment in some studies, such as those in France, has been slow.
Opportunities
- Expansion into spine surgery, where local antibiotic is already used off-label.
- Favourable study results could open the French market with better reimbursement.
- A growing number of diabetic patients could expand demand for foot treatments.
Threats
- Expiry of temporary reimbursement programmes could reduce revenue in certain segments.
- Competition from bone substitute makers and standard treatments.
- Currency movements against the Swedish krona affect reported results.
Risks
- Regulatory delayshigh
Class III devices require strict approvals, and a failure or delay could postpone product launches.
- Reimbursement expirymedium
If temporary payment programmes for new technologies are not extended, US revenue could decline.
- Hospital adoptionmedium
Commercial success depends on how quickly hospitals adopt the products, which could slow growth.
- Currency risklow
Revenue is generated in USD, GBP and EUR, and currency fluctuations can affect the result reported in kronor.
- Clinical trial recruitmentlow
Delays in recruiting patients can postpone publication of results and support for reimbursement.
Investment thesis
What would need to be true (bull case)
- High gross margins and rising sales could support a profitable expansion if US adoption continues.
- Clinical and health-economic evidence may help the company gain acceptance among hospitals and insurers.
- If the spine indications are confirmed, the company could access a large market with limited specific competition.
What would break the thesis
- High commercial spending could limit profitability if sales do not grow fast enough.
- Expiry of temporary reimbursement programmes could reduce US revenue.
- Regulatory setbacks or slow study recruitment could delay development in new markets.
What to watch
- Sales development of CERAMENT G in the US and adoption rateQ1 2027
- Results of the CONVICTION study in France2027
- Publication of the Charité hip revision study2025
- Extension or expiry of the TPT and NTAP reimbursementnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company focuses on the CERAMENT platform, a ceramic-based material that can release antibiotic at the site of infection and resorbs over time. Its strategy rests on three pillars: innovation, clinical and health-economic evidence, and an effective commercial platform. Main markets are the United States and Europe, where its products are classified as class III medical devices.
The company has built a clinical evidence base through randomised controlled trials and long-term follow-up studies, including the CERTiFy study published in 2019 and six-year data for bone infections. Its products received reimbursement benefits in the US, including NTAP and TPT, which support adoption in hospital and outpatient settings.
Segments
CERAMENT G and CERAMENT V (local antibiotic)
Antibiotic-releasing products are the core business and are used for bone infections, open fractures and diabetic foot. Published studies support reduced amputations and reinfections, and CERAMENT G was launched in the US in 2024.
Orthopaedics and trauma
The bone substitute is used for fractures and revision of hip and knee prostheses, where infections can have serious consequences. The company has presented studies showing high rates of infection-free healing, and this area is an important part of its priority market.
Spinal surgery
This is a strategically prioritised area with a large procedure volume in the US. The company is preparing data for future launches, and preclinical work on application of the product began in 2024.
Market context
The company targets a global market of 3.8 million procedures per year, of which 2.3 million are in spine surgery and 1.5 million in extremities. Within this market it prioritises 770 thousand extremity procedures and 750 thousand spine procedures in the US, so the market is only partly penetrated.
Local antibiotic use in spine surgery already occurs off-label in 40 percent of operations, which points to potential for standardisation. Rising diabetes prevalence also increases the potential volume of foot infection cases.
Trends
- Rising diabetestailwind
A growing number of diabetic patients increases the number of foot and bone infections, which could widen demand for local antibiotic solutions.
- Focus on health economicstailwind
Hospitals and insurers are paying closer attention to the cost of infections, and economic evidence can help the products gain reimbursement.
- Strict medical regulationheadwind
Requirements for class III medical devices can delay launches, and a regulatory setback could postpone revenue.
- Reimbursement for new technologiesmixed
The NTAP and TPT programmes in the US pay higher amounts for new technologies, but they have end dates, which creates uncertainty after expiry.
Competitive position
The company competes with standard treatments such as antibiotic-loaded PMMA beads and autologous bone grafting, as well as other bone substitute makers. Its stated advantage lies in its clinical evidence and the controlled release of antibiotic in a single procedure.
- Antibiotic-loaded PMMA beads
Traditional solution used in bone infections, which usually requires a second operation for removal.
- Autologous bone graft
The comparison standard in the company's clinical studies, with morbidity at the donor site.
- Other bone graft substitute makers
Companies offering bone filling materials, some with antibiotic, especially in the US market.
- Standard bone infection treatment
Conventional care with debridement and systemic antibiotics, which the company considers more costly over time.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / BONESUPPORT HOLDING AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.