BONESUPPORT (BONEX) Q2 2025 earnings summary

Executive summary

• Net sales reached SEK 284.4 million in Q2 2025, up 29% year-over-year (40% in constant currency), driven by strong US performance and CERAMENT G adoption.

• CERAMENT G US sales grew 84% in constant currency to $18.3 million, with strong launch momentum and rapid hospital adoption.

• CEO transition announced, with Torbjörn Held (also referred to as Torbjörn Sköld) taking over in September 2025.

• Expansion in hospital approvals and distributor networks continues in the US and EUROW.

• Earnings per share before dilution increased to SEK 0.81, after dilution to SEK 0.79.

Financial highlights

• Adjusted operating result before incentive programs was SEK 62.4 million, up from SEK 36 million; reported operating result was SEK 55 million.

• Operating cash flow for Q2 was SEK 50 million, with cash at period end at SEK 309.7 million.

• Gross margin remained stable at 92.3% in Q2.

• North America Q2 sales were SEK 236 million, up 49% in constant currency.

• Adjusted operating margin (FX adjusted) reached 26% in Q2 2025, a record high.

Outlook and guidance

• Guidance for full-year sales growth above 40% in constant currency is reaffirmed.

• Launch of CERAMENT BVF in US spinal procedures planned for December 2025; regulatory and clinical strategy for CERAMENT G in spine ongoing.

• CMS final decisions on NTAP reimbursement for CERAMENT G and increased orthopedic procedure reimbursements expected in August 2025.

• CERAMENT V FDA submission is ongoing, with a response deadline in November and potential US launch in H1 2026.

• Expansion into new geographies and indications, including spine and prosthetic joint infection, is underway.