Bonesupport (374 kr) is a leading company in the development and sale of bioceramic materials that are transformed into the body’s own bone. The company has achieved significant growth success with its product Cerament, which is used by orthopedic surgeons to fill cavities in bones resulting from injuries or diseases, a process known as bone grafting. The most common procedures include foot and ankle surgery as well as one-step surgeries for bone infections.
With a gross margin of over 90% and continued strong growth, the operating margin is now starting to scale. The company’s forecast for 2024 to 2027 shows impressive growth in revenue, operating profit, net profit, and earnings per share, indicating a promising future for Bonesupport.
Swedbank Robur Fonder is the largest shareholder with just under 10% ownership, followed by Erik Selin (9%) and Capital Group (8%). HealthCap, the former largest shareholder with 10% ownership, has reduced its stake to 4%. CEO Emil Billbäck has been in his position since 2018 and owns shares worth over 140 Mkr (0.5% of the capital).
In the latest financial report for 2024, Bonesupport demonstrated strong growth with a 49% increase in sales, particularly in North America, where sales grew by 59%. The company’s gross margin remained high at 92.6%, surpassing expectations. Operating costs increased modestly, leading to a positive adjusted operating profit for the eighth consecutive quarter.
Looking ahead to 2025, Bonesupport anticipates at least 40% growth, with ongoing preparations for market approval in the US for Cerament V. The company is also progressing with pre-clinical studies for spine applications, aiming to strengthen its market position further.
While Bonesupport’s stock has doubled over the past year and surged nearly 1000% over five years, its valuation remains high. Investors are advised to consider the company’s strong operational momentum, shareholder actions, and growth prospects before making investment decisions.
In conclusion, Bonesupport’s strategic initiatives, technological advancements, and clinical evidence position it as a leader in the bioceramic industry. As the company continues its growth trajectory, investors should monitor its performance closely to capitalize on potential opportunities in the market.