BONESUPPORT (BONEX) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales reached SEK 238 million, up 50% year-over-year (54% at constant exchange rates), driven by strong US performance and CERAMENT G adoption.

• CERAMENT G in the US achieved SEK 134 million in sales, representing 50% of total quarterly sales and growing 114% year-over-year.

• SOLARIO study met its primary endpoint, showing shorter systemic antibiotic use with CERAMENT G/V is as effective as standard regimens, supporting a shift in orthopedic infection treatment.

• Operating profit before incentive program effects was SEK 48 million, with reported EBIT of SEK 41 million.

• Cash position improved by SEK 39 million in the quarter, ending at SEK 153.2 million.

Financial highlights

• Net sales increased from SEK 158.2 million to SEK 237.5 million, a 50% rise year-over-year.

• Gross margin was 92.9% in Q3 2024, with North America at 94.7% and EUROW at 83.2%.

• Operating profit improved to SEK 41 million, despite higher sales and marketing expenses.

• Adjusted EBIT excludes SEK 7.3 million in long-term incentive program costs, with SEK 1.9 million cash flow impact.

• Cash at period end was SEK 153.2 million, up from SEK 114.6 million in Q2 2024.

Outlook and guidance

• All three quarters in 2024 have shown sales growth above 50%, with robust trends expected to continue.

• Focus on US market expansion, further market penetration, and entry into spinal fusion segment.

• SOLARIO study impact and new market segments like open trauma and outpatient settings expected to drive future growth.

• Strategic investments in commercial structure and R&D to support growth.