Announcement • Jun 16
Bonesupport Holding AB (publ) (OM:BONEX) commences an Equity Buyback Plan for own shares, under the authorization approved on May 12, 2026. Bonesupport Holding AB (publ) (OM:BONEX) commences share repurchases on June 9, 2026, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2026. As per the mandate, the company is authorized to repurchase own shares, representing does not exceed 10% of its issued share capital at any point of time. The shares will be repurchased at a price which falls within the prevailing price interval registered at each point in time (i.e. in the interval between the highest purchase price and the lowest selling price). The purpose of the proposed authorizations, and the reason for deviating from the shareholders' preferential rights with regard to transfer of own shares, is to enable acquisition financing through the utilization of own ordinary shares, to give the Board of Directors the opportunity to continuously adapt the company's capital structure to the company's capital needs and thereby contribute to increased shareholder value, and to give the company the opportunity to divest shares in its own holding for cash flow hedging of social security costs arising from the delivery of shares to participants in the incentive program resolved by the Annual General Meeting 2023 (LTI 2023).The ordinary shares shall be made in cash. The repurchased shares will be cancelled by resolution of upcoming Annual General Meetings. The program is valid until the next Annual General Meeting in 2027.
On June 8, 2026, the company announced a share repurchase program. Under the program, the company will repurchase up to 373,320 shares for SEK 100 million. The ordinary shares shall be made in cash. The program will commence from June 9, 2026 and be valid till July 9, 2026. Announcement • Apr 09
Bonesupport Holding AB (publ), Annual General Meeting, May 12, 2026 Bonesupport Holding AB (publ), Annual General Meeting, May 12, 2026, at 10:00 W. Europe Standard Time. Location: elite hotel ideon, scheelevagen 27, lund Sweden Announcement • Jan 14
Bonesupport Holding AB (Publ) Provides Earnings Guidance for the Fourth Quarter of 2025 and Full Year 2026 Bonesupport Holding AB (publ) provided earnings guidance for the fourth quarter of 2025 and full year 2026. For the quarter, Net sales is expected to total 313 MSEK, representing 36.0% growth at constant exchange rates compared with the same period in 2024.
For the year, the company expected sales growth above 35% at constant exchange rates. Announcement • Sep 16
Bonesuport Announces Positive Results from A Clinical Study Demonstrating Significantly Improved Patient-Based Outcomes for Cerament®? G in Single-Stage Revision Surgery for Patients Patients Lining from Periprosthetic Joint Infection Bonesuport announced positive results from a clinical study demonstrating significantly improved patient-reported outcomes for CERAMENT®? G in single-stage revision surgery for patients suffering from periprosthetic joint infection (PJI) of the hip. The top-line results were presented at the European Bone and Joint Infection Society (EBJIS) annual meting, 11-13 September 2025. The prospective clinical study conducted at Charite - Universitatsmedizin Berlin, involved twenty patients with confirmed PJI of the hip. The procedure included implant removal, debridement (removal of infected tissue), and defect augmentation using CERAMENT G, followed by cementless revision arthroplasty in a single stage procedure. None of the patients experienced a re-infection during the 24-month follow-up period. Significant improvements were observed in patient-reported outcomes eg. the Harris Hip Score, EQ-5D-5L and Pain Visual Analogue Scale (VAS). According to the German Arthroplasty Registry (Endoprothesenregister Deutschland) the risk of reinfection is 30% within two years following hip revision surgery. The current standard of care remains a two-stage procedure, where the infection is treated in a primary surgery and the new prosthesis is implanted in a second surgery up to eight weeks later. The study (CeraHip) is expected to be published during the autumn. Announcement • Apr 24
Bonesupport Holding AB (publ), Annual General Meeting, May 27, 2025 Bonesupport Holding AB (publ), Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. Location: to be held at elite hotel ideon, scheelevagen 27, lund Sweden Announcement • Apr 01
Bonesupport Holding AB (Publ) Files FDA Submission for Cerament V BonesUPPORT announced that the company has submitted market authorization application for its antibiotic eluting bone graft substitute, CERAMENT® V (vancomycin), with the Food and Drug Administration (FDA), for the indication bone infection. The market approval for CERAMENT® G in 2022 was based on extensive efficacy and patient safety data, with nearly 17,000 clinical data points. The clinical data, from several published studies, demonstrated that CERAMENT G is superior to previous standard options in managing bone infections. With market authorization for CERAMENT V, physicians would be equipped with an additional tool to manage bone infections, primarily caused by Methicillin-Resistant Staphylococcus eg. MRSA or MRSE. CERAMENT V in Europe, where the product has had market approval for several years, represents 15% of the sales of antibiotic-releasing products. Bone grafts with local antibiotic release have proven to be a very important tool in the ambition to drastically reduce the need for systemic antibiotic use and combat antibiotic resistance. CERAMENT V has previously received the categorization of "breakthrough device" for the indication of bone infection from the FDA. Announcement • Jan 08
Bonesupport Holding AB (publ) Announces Study Results for CERAMENT G and CERAMENT V in Surgical Treatment of Bone Infection Due to Diabetic Foot Ulcers Bonesupport Holding AB (publ) announced strong study results for CERAMENT G and CERAMENT V in the surgical treatment of bone infection due to diabetic foot ulcers. The study is the first to document that surgical treatment with antibiotic eluting CERAMENT has contributed to increased survival rates over a 5-year period. The published clinical study included 105 patients with diabetic foot osteomyelitis that were either treated with surgical conventional treatment or surgical treatment including CERAMENT G or CERAMENT V. The results regarding infection healing, residual infection, re-infection, amputation, and mortality all showed significant advantages for the antibiotic eluting CERAMENT compared to standard treatment. The pioneering finding of the study was the dramatic improvement in 5-year survival within the CERAMENT group: 87.5%, compared to 44.9% in the standard treatment group [Mortality rate 12,5%, versus 55.1%, p<0.00001]. Announcement • Nov 29
Bonesupport Holding AB (publ) Announces Nomination Committee Changes The composition of BONESUPPORT's Nomination Committee ahead of the 2025 Annual General Meeting was announced in the company's interim report for the third quarter on October 24 2024. As a result of a subsequent change in ownership, the composition of the Nomination Committee has changed with Anna Sundberg (appointed by Handelsbanken Fonder) leaving the Nomination Committee and Erik Selin (appointed by Erik Selin Fastigheter AB) joining as a new member of the Nomination Committee. Accordingly, the Nomination Committee ahead of the 2025 Annual General Meeting consists of the following members: Caroline Sjösten, appointed by Swedbank Robur Fonder; Erik Selin, appointed by Erik Selin Fastigheter; and Staffan Lindstrand, appointed by HealthCap. In addition, the Chairman of the Board of BONESUPPORT, Lennart Johansson, is co-opted to the Nomination Committee. The Nomination Committee has appointed Caroline Sjösten as Committee chair. Buy Or Sell Opportunity • Nov 01
Now 21% undervalued Over the last 90 days, the stock has risen 17% to €28.46. The fair value is estimated to be €35.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 126% in 2 years. Earnings are forecast to grow by 499% in the next 2 years. Announcement • Oct 31
Erik Selin acquired 5.92% stake in Bonesupport Holding AB (publ) (OM:BONEX) from Odlander, Fredrikson & Co. AB. Erik Selin acquired 5.92% stake in Bonesupport Holding AB (publ) (OM:BONEX) from Odlander, Fredrikson & Co. AB for SEK 1.3 billion on October 30, 2024. In this transaction, Erik Selin will acquire 3.9 million shares at a rate of SEK 325.
Erik Selin acquired 5.92% stake in Bonesupport Holding AB (publ) (OM:BONEX) from Odlander, Fredrikson & Co. AB on October 30, 2024. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr0.47 (vs kr3.52 in 3Q 2023) Third quarter 2024 results: EPS: kr0.47 (down from kr3.52 in 3Q 2023). Revenue: kr237.5m (up 50% from 3Q 2023). Net income: kr30.6m (down 87% from 3Q 2023). Profit margin: 13% (down from 145% in 3Q 2023). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 102% per year and the company’s share price has also increased by 102% per year. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued Over the last 90 days, the stock has risen 20% to €23.12. The fair value is estimated to be €30.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 115% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Recent Insider Transactions • Jul 17
Chief Executive Officer recently sold €1.6m worth of stock On the 11th of July, Emil Billbäck sold around 63k shares on-market at roughly €25.49 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Emil's only on-market trade for the last 12 months. Reported Earnings • Jul 12
Second quarter 2024 earnings released: EPS: kr0.42 (vs kr0.08 in 2Q 2023) Second quarter 2024 results: EPS: kr0.42 (up from kr0.08 in 2Q 2023). Revenue: kr219.8m (up 57% from 2Q 2023). Net income: kr27.4m (up 427% from 2Q 2023). Profit margin: 13% (up from 3.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 02
Key Executive recently sold €312k worth of stock On the 27th of May, Michael Mortensen sold around 14k shares on-market at roughly €22.53 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Michael has been a net seller over the last 12 months, reducing personal holdings by €275k. Recent Insider Transactions • May 19
Insider recently sold €216k worth of stock On the 14th of May, Michael Diefenbeck sold around 11k shares on-market at roughly €19.61 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €605k more than they bought in the last 12 months. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr184.4m (up 54% from 1Q 2023). Net income: kr21.8m (up kr21.5m from 1Q 2023). Profit margin: 12% (up from 0.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in Europe. Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: kr3.77 (vs kr1.06 loss in FY 2022) Full year 2023 results: EPS: kr3.77 (up from kr1.06 loss in FY 2022). Revenue: kr591.1m (up 80% from FY 2022). Net income: kr245.0m (up kr313.2m from FY 2022). Profit margin: 42% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • Feb 23
Bonesupport Holding AB (Publ) Announces Resignation of Kristina Ingvar as Executive Vice President Quality Management & Regulatory Affairs BONESUPPORT AB announced a change in its management team. Kristina Ingvar will leave BONESUPPORT and her role as Executive Vice President Quality Management & Regulatory Affairs (EVP QM&RA). The change is effective as per 22 March 2024. She will take up a position as Corporate Vice President in the global healthcare company Novo Nordisk. Recruitment for the position EVP QM&RA has been initiated. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr3.77 (vs kr1.06 loss in FY 2022) Full year 2023 results: EPS: kr3.77 (up from kr1.06 loss in FY 2022). Revenue: kr591.1m (up 80% from FY 2022). Net income: kr245.0m (up kr313.2m from FY 2022). Profit margin: 42% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Biotechs industry in Germany. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Nov 29
Bonesupport Holding AB Provides Sales Guidance for the Year 2024 Bonesupport Holding AB provided sales guidance for the year 2024. For the year, the company expects sales growth to be above 40% (in constant currency). Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €12.47, the stock trades at a forward P/E ratio of 71x. Average forward P/E is 26x in the Biotechs industry in Europe. Total returns to shareholders of 86% over the past three years. Reported Earnings • Oct 28
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr158.2m (up 87% from 3Q 2022). Net income: kr228.8m (up kr243.7m from 3Q 2022). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Biotechs industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. New Risk • Oct 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Oct 17
Bone Support Receives “Breakthrough Device Designation” for Cerament® V for the Indication of Bone Infection BONESUPPORTTM announced that the company's antibiotic eluting product CERAMENT® V has received categorization as a "breakthrough device" for the indication bone infection by the American Food and Drug Administration (FDA). The categorization breakthrough device is assigned to products that are considered to provide a more effective treatment of severe medical conditions, where there is no comparable equivalent on the market. The categorization has been added to expedite the regulatory review of new medical devices and give patients faster access to new treatment options. CERAMENT® G has previously received breakthrough device designation for the indication's bone infection and trauma. Recent Insider Transactions • Aug 03
Independent Director recently bought €91k worth of stock On the 26th of July, Mary O’Connor bought around 7k shares on-market at roughly €12.54 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €3.3m more in shares than they bought in the last 12 months. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr0.08 (vs kr0.25 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.08 (up from kr0.25 loss in 2Q 2022). Revenue: kr140.4m (up 88% from 2Q 2022). Net income: kr5.21m (up kr21.5m from 2Q 2022). Profit margin: 3.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Biotechs industry in Germany. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 37% per year. Announcement • May 26
BONESUPPORT Holding AB Announces Strong Long-Term Results with CERAMENT®G for Severe Open Fractures BONESUPPORT Holding AB announced the recent publication of long-term follow-up data demonstrating sustained high limb salvage rates and low deep infection rates with the company's antibiotic-eluting bone graft CERAMENT G. The study of 81 patients were managed with a single-stage procedure with CERAMENT G. Patients arrived at hospital with significant tissue loss and exposed bone tissue. With a mean follow-up of 55.8 months after surgery, it was found that 96.3% of patients had avoided an amputation, 96% had achieved bony union within 12 months, and 96.3% had avoided deep infection. The patients from the study were classified as having one of the most severe categories of open fractures (Gustilo-Anderson class IIIB), usually caused by traffic accidents. For this patient population, earlier publications have shown up to 16% amputation rates, non-unions up to 29%, and deep infection rates as high as 52%. Recent Insider Transactions • May 17
Insider recently sold €62k worth of stock On the 12th of May, Annelie Vikner sold around 7k shares on-market at roughly €9.57 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.3m. Insiders have been net sellers, collectively disposing of €3.9m more than they bought in the last 12 months. Breakeven Date Change • May 15
Forecast breakeven date moved forward to 2023 The 2 analysts covering Bonesupport Holding previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of kr15.7m in 2023. Earnings growth of 103% is required to achieve expected profit on schedule. Recent Insider Transactions • May 05
Chief Executive Officer recently sold €1.3m worth of stock On the 28th of April, Emil Billbäck sold around 146k shares on-market at roughly €8.84 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Emil has been a net seller over the last 12 months, reducing personal holdings by €1.9m. Reported Earnings • Apr 24
Full year 2022 earnings released: kr1.06 loss per share (vs kr1.34 loss in FY 2021) Full year 2022 results: kr1.06 loss per share (improved from kr1.34 loss in FY 2021). Revenue: kr328.8m (up 55% from FY 2021). Net loss: kr68.2m (loss narrowed 20% from FY 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 35% per year. Recent Insider Transactions • Mar 17
Insider recently sold €120k worth of stock On the 14th of March, Fergus MacLeod sold around 17k shares on-market at roughly €7.03 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.1m more than they bought in the last 12 months. Reported Earnings • Feb 18
Full year 2022 earnings released: kr1.06 loss per share (vs kr1.34 loss in FY 2021) Full year 2022 results: kr1.06 loss per share (improved from kr1.34 loss in FY 2021). Revenue: kr328.8m (up 55% from FY 2021). Net loss: kr68.2m (loss narrowed 20% from FY 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
Bonesupport Holding AB (publ), Annual General Meeting, Nov 21, 2023 Bonesupport Holding AB (publ), Annual General Meeting, Nov 21, 2023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Christine Rankin was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr84.6m (up 54% from 3Q 2021). Net loss: kr15.0m (loss widened 6.3% from 3Q 2021). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in Germany. Breakeven Date Change • Oct 26
No longer forecast to breakeven The 2 analysts covering Bonesupport Holding no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr2.62m in 2023. New consensus forecast suggests the company will make a loss of kr22.7m in 2023. Announcement • Oct 26
Bonesupport's CERAMENT G Used in First U.S. Patient Cases BONESUPPORT announced that the company's antibiotic-eluting bone graft CERAMENT G (Gentamicin) has been used surgically for the first time in patients in the US. The patients treated had bone infection (osteomyelitis) caused by fractures induced by trauma. BONESUPPORT received authorization for CERAMENT G in the management of osteomyelitis from the US Food and Drug Administration (FDA) earlier this year. The extensive clinical documentation on which the market approval is based, shows that CERAMENT G reduces the risk of recurrent bone infection to 4.3% - 5.5% versus 13.3% for the current US standard of care, PMMA-beads. CERAMENT G is the first and only FDA authorized combination antibiotic-eluting bone graft. Announcement • Sep 25
An unknown buyer acquired unknown minority stakes in Bonesupport Holding AB (publ) (OM:BONEX) from Helena Brandt for SEK 0.84 million. An unknown buyer acquired unknown minority stakes in Bonesupport Holding AB (publ) (OM:BONEX) from Helena Brandt for SEK 0.84 million on September 23, 2022. Helena Brandt sold 0.011800 million shares. Post completion, Helena Brandt will own 0,0800 million shares.
An unknown buyer completed the acquisition of unknown minority stakes in Bonesupport Holding AB (publ) (OM:BONEX) from Helena Brandt on September 23, 2022. Announcement • Sep 09
Bonesupport Holding AB (publ) Announces Publication of Mid- to Long-Term Data Confirming the Sustained Clinical Effectiveness of CERAMENT G Bonesupport Holding AB (publ) announced the publication of mid- to long-term data confirming the sustained clinical effectiveness of CERAMENT G in a single-stage protocol to manage chronic osteomyelitis. The study followed 100 patients treated at the Nuffield Orthopaedic Centre, Oxford University Hospitals. Results at a mean follow-up of 6.05 years [range: 4.2 to 8.4 years] were reported: 94% of patients remained infection-free; 3% fracture rate and no further pathologic fractures beyond the first year after surgery. The study was published in the September issue of The Bone and Joint Journal. The long-term results will be presented, and has been selected as one of the ten best papers, at this year’s annual meeting of the European Bone and Joint Infection Society (EBJIS) held in Graz, Austria on 8-10 September. Approximately 500 surgeons are expected to attend. CERAMENT G is implanted to promote bone healing in bone voids or defects and simultaneously to protect it from infection. More than 70,000 patients have been treated thus far using the CERAMENT bone healing technology. Reported Earnings • Jul 15
Second quarter 2022 earnings released: kr0.25 loss per share (vs kr0.42 loss in 2Q 2021) Second quarter 2022 results: kr0.25 loss per share (up from kr0.42 loss in 2Q 2021). Revenue: kr74.6m (up 44% from 2Q 2021). Net loss: kr16.3m (loss narrowed 40% from 2Q 2021). Over the next year, revenue is forecast to grow 37%, compared to a 30% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Jun 01
Forecast breakeven date moved forward to 2023 The 2 analysts covering Bonesupport Holding previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 26% to 2022. The company is expected to make a profit of kr2.70m in 2023. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Announcement • May 19
BONESUPPORT Receives Market Authorization for CERAMENT G in the US BONESUPPORT TM, an emerging leader in orthobiologics for the management of bone injuries, announced that the company has received market authorization from the US Food and Drug Administration (FDA), for the company's antibiotic eluting product CERAMENT G, for the indication bone infection (osteomyelitis).CERAMENT G has received market authorization through a De Novo process, which is one of the regulatory pathways available when there is no previous comparable product ("predicate device") legally marketed. CERAMENT G has been given "Breakthrough device" categorization by FDA, as it adds significant clinical value compared to existing treatment options by enabling natural bone healing protected by locally eluted antibiotics, in a one-stage-procedure. CERAMENT G has been proven to significantly improve the treatment outcomes for patients suffering from bone infection, with a reduced risk of reinfection and amputation. CERAMENT G is the first and only bone graft, with antibiotic elution, approved for the US market. BONESUPPORT estimates that there are 50 k patients treated each year in the US market for bone infections. The market is growing with 5-7% a year. Breakeven Date Change • May 18
Forecast breakeven date pushed back to 2024 The 2 analysts covering Bonesupport Holding previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 80% per year to 2023. The company is expected to make a profit of kr185.0m in 2024. Average annual earnings growth of 110% is required to achieve expected profit on schedule. Recent Insider Transactions • May 12
Chairman of the Board recently bought €117k worth of stock On the 9th of May, Lennart Johansson bought around 30k shares on-market at roughly €3.88 per share. This was the largest purchase by an insider in the last 3 months. Lennart has been a buyer over the last 12 months, purchasing a net total of €273k worth in shares. Breakeven Date Change • May 09
Forecast breakeven date pushed back to 2024 The 2 analysts covering Bonesupport Holding previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 30% per year to 2023. The company is expected to make a profit of kr185.0m in 2024. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Independent Director Tone Kvale was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 15
Full year 2021 earnings released: kr1.34 loss per share (vs kr1.72 loss in FY 2020) Full year 2021 results: kr1.34 loss per share (up from kr1.72 loss in FY 2020). Revenue: kr212.9m (up 18% from FY 2020). Net loss: kr85.5m (loss narrowed 16% from FY 2020). Over the next year, revenue is forecast to grow 43%, compared to a 45% growth forecast for the pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Apr 14
Bonesupport Holding AB (publ) to Report Fiscal Year 2021 Final Results on Apr 13, 2022 Bonesupport Holding AB (publ) announced that they will report fiscal year 2021 final results on Apr 13, 2022 Announcement • Mar 01
BONESUPPORT(TM) Announces Delays Within FDA Postpones CERAMENT G De Novo Decision BONESUPPORT(TM) announced that due to internal delays at the U.S. Food and Drug Administration (FDA), the agency has informed BONESUPPORT that a response to the company's De Novo application for marketing authorization for the antibiotic eluting product CERAMENT G for the indication osteomyelitis (bone infection) will be delayed with a few weeks. Breakeven Date Change • Feb 20
Forecast breakeven date pushed back to 2024 The 2 analysts covering Bonesupport Holding previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 34% per year to 2023. The company is expected to make a profit of kr135.5m in 2024. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr1.31 loss per share (up from kr1.72 loss in FY 2020). Revenue: kr212.9m (up 18% from FY 2020). Net loss: kr85.5m (loss narrowed 16% from FY 2020). Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 42%, compared to a 63% growth forecast for the pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Executive Departure • Dec 01
Executive Vice President of Manufacturing & Supply Johan Olsson has left the company On the 1st of December, Johan Olsson's tenure as Executive Vice President of Manufacturing & Supply ended. As of September 2021, Johan still personally held only 3.46k shares (€13k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.67 years. Executive Departure • Dec 01
Executive VP of Medical & Clinical Affairs and Chief Medical Officer Michael Diefenbeck has left the company On the 1st of December, Michael Diefenbeck's tenure as Executive VP of Medical & Clinical Affairs and Chief Medical Officer ended after 4.7 years in the role. As of September 2021, Michael still personally held 26.70k shares (€103k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.67 years. Reported Earnings • Nov 06
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: kr54.9m (up 14% from 3Q 2020). Net loss: kr14.1m (loss narrowed 34% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Sep 29
Bonesupport Announces Supplementary US Denovo Application Submitted BONESUPPORT(TM) announced that the company has submitted a supplementary De Novo application to the US Food and Drug Administration (FDA) to obtain a market approval for the company's antibiotic-releasing product CERAMENT® G. The application is specified for the indication osteomyelitis (bone infection) and can potentially result in an approval in First Quarter of 2022. In February of this year, the FDA requested further data and clarifications on BONESUPPORT's DeNovo application. The above submission is in response to this request. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Bonesupport Holding expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr83.0m in 2023. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Announcement • Sep 10
Bonesupport Announces Study Results for its Investigational Device Exemption(IDE) Study, Fortify Bonesupport Holding AB (publ) announced inconclusive results for the company's Investigational Device Exemption (IDE) study; FORTIFY. The primary safety endpoint for CERAMENT G was met. The FORTIFY study was initiated in 2017 with the purpose to evaluate the ability of CERAMENT G to improve the treatment outcomes for patients with open tibia fractures G-A II-IIIB. Last patients follow up took place in June 2021. The drop-out rate, defined as difference between enrolled and completed patients, was 29% and lost to follow up was 18% and 9 % for the treatment group and control group respectively. Subjects drop out is generally high with all trauma studies. In the FORTIFY study, with a majority of the patient final follow-ups taking place during the COVID pandemic, the drop-out rate has been very high with only 143 qualified subjects of 201 enrolled for the composite efficacy endpoint at 12 months. The very high drop-out rate has led to FORTIFY not qualifying to the requirements of a PMA application. Breakeven Date Change • Sep 10
Forecast to breakeven in 2023 The analyst covering Bonesupport Holding expects the company to break even for the first time. New forecast suggests the company will make a profit of kr54.0m in 2023. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Recent Insider Transactions • Aug 14
Chief Financial Officer recently bought €8.5k worth of stock On the 11th of August, Håkan Johansson bought around 1k shares on-market at roughly €7.27 per share. In the last 3 months, there was an even bigger purchase from another insider worth €157k. Håkan has been a buyer over the last 12 months, purchasing a net total of €51k worth in shares. Recent Insider Transactions • Aug 03
Executive VP of R&D recently sold €59k worth of stock On the 29th of July, Michael Diefenbeck sold around 8k shares on-market at roughly €7.70 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €232k more than they sold in the last 12 months. Recent Insider Transactions • Jul 20
Chairman of the board recently bought €157k worth of stock On the 16th of July, Lennart Johansson bought around 20k shares on-market at roughly €7.84 per share. This was the largest purchase by an insider in the last 3 months. This was Lennart's only on-market trade for the last 12 months. Reported Earnings • Jul 17
Second quarter 2021 earnings released The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: kr51.8m (up 43% from 2Q 2020). Net loss: kr27.0m (loss widened 14% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • Jun 29
No longer forecast to breakeven The analyst covering Bonesupport Holding no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr29.0m in 2023. New forecast suggests the company will make a loss of kr54.0m in 2023. Announcement • Jun 18
BONESUPPORTTM Receives Device Designation for CERAMENT G for the Indication Trauma BONESUPPORTTM announced that the company's antibiotic eluting product CERAMENT G has been categorized as a breakthrough device for the indication trauma by the US Food and Drug Administration (FDA). The categorization ‘breakthrough device’ can be assigned to products that are considered to provide a more effective treatment of severe disease states, where there is no comparable equivalent on the market. The categorization is intended to expedite the regulatory review of medical devices so that patients receive faster access to new treatment options. CERAMENT G has been classified as a breakthrough device for the indication osteomyelitis (bone infection) since March 2020 and BONESUPPORT is currently working to supplement previously submitted application, with the aim of reaching a potential approval for bone infection during the first quarter of 2022. A potential approval for the indication trauma may become effective at the end of 2022. Breakeven Date Change • May 17
Forecast to breakeven in 2023 The analyst covering Bonesupport Holding expects the company to break even for the first time. New forecast suggests losses will reduce by 60% per year to 2022. The company is expected to make a profit of kr54.0m in 2023. Average annual earnings growth of 92% is required to achieve expected profit on schedule. Reported Earnings • May 08
First quarter 2021 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: kr44.8m (up 3.2% from 1Q 2020). Net loss: kr20.2m (loss narrowed 31% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 17
Full year 2020 earnings released: kr1.72 loss per share (vs kr3.10 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: kr180.9m (up 16% from FY 2019). Net loss: kr101.4m (loss narrowed 37% from FY 2019). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 10
Chief Executive Officer recently bought €40k worth of stock On the 3rd of March, Emil Billbäck bought around 7k shares on-market at roughly €5.74 per share. This was the largest purchase by an insider in the last 3 months. This was Emil's only on-market trade for the last 12 months. Is New 90 Day High Low • Mar 02
New 90-day low: €5.70 The company is down 22% from its price of €7.32 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 6.0% over the same period. Announcement • Feb 28
Bonesupport Holding AB (publ) Receives Notification from the US Food and Drug Administration Bonesupport Holding AB (publ) announced that the company has received a notification from the US Food and Drug Administration (FDA) that the company's DeNovo application for CERAMENT G for bone infections can not be concluded without additional data and clarifications. In March 2020, the product was classified as a "breakthrough device" by the FDA. A DeNovo application for CERAMENT G for bone infections was submitted in April 2020. The DeNovo pathway is used when there is no comparable established device ("predicate device") on the market. Reported Earnings • Feb 19
Full year 2020 earnings released: kr1.72 loss per share (vs kr3.10 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: kr180.9m (up 16% from FY 2019). Net loss: kr101.4m (loss narrowed 37% from FY 2019). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 67%, compared to a 49% growth forecast for the Biotechs industry in Germany. Recent Insider Transactions • Jan 18
Executive VP of R&D recently bought €6.8k worth of stock On the 14th of January, Michael Diefenbeck bought around 950 shares on-market at roughly €7.20 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €12k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 24
New 90-day high: €7.40 The company is up 38% from its price of €5.38 on 24 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.22 per share. Announcement • Nov 20
Bonesupport Holding AB (Publ) Announces Resignation of Simon Cartmell from the Board of Directors Bonesupport Holding AB (publ) announced that Simon Cartmell has asked to leave the Board of Directors with immediate effect, to focus on other engagements. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 48%, compared to a 312% growth forecast for the Biotechs industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: kr0.33 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: kr48.1m (up 23% from 3Q 2019). Net loss: kr21.2m (loss narrowed 36% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 06
Bonesupport Holding AB (publ) to Report First Half, 2021 Results on Jul 15, 2021 Bonesupport Holding AB (publ) announced that they will report first half, 2021 results on Jul 15, 2021