BONESUPPORT (BONEX) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales reached SEK 220 million, up 57% year-over-year (55% in constant currency), driven by accelerated U.S. market penetration of CERAMENT G, which surpassed SEK 100 million in U.S. sales for the quarter.

• North America sales grew 67% year-over-year to SEK 173 million, with Europe and Rest of World up 28% to SEK 47 million.

• Gross margin reached 95.8% in Q2, with other reports noting 92.3%, reflecting strong product mix and operational efficiency.

• Operating result before incentive provisions was SEK 36 million; reported EBIT was SEK 29 million.

• 2024 sales guidance was raised to over 50% growth in constant currency, reflecting strong confidence in continued demand and market access.

Financial highlights

• Net sales improved from SEK 140.4 million to SEK 219.8 million, a 57% increase year-over-year.

• North America Q2 sales: SEK 173 million, up 67% year-over-year; Europe & Rest of World: SEK 47 million, up 28%.

• Gross margin reported at 95.8% and 92.3% in Q2.

• Adjusted profit was SEK 36 million, up from SEK 13.6 million a year ago.

• Cash at period end: SEK 114.6 million, down from SEK 149.8 million in Q2 2023.

Outlook and guidance

• 2024 sales growth expected to exceed 50% in constant currency, supported by strong market access and regulatory approvals.

• Strategic investments in personnel and R&D are expected to support future growth, with no major additional hiring planned.

• Continued focus on U.S. market expansion and leveraging favorable reimbursement and regulatory approvals.