BONESUPPORT (BONEX) Q3 2025 earnings summary

Executive summary

• Q3 2025 net sales reached SEK 294.1 million, up 24% year-over-year and 34% at constant currency, driven by strong US segment performance.

• Adjusted operating margin was 27%, with an adjusted operating result of SEK 78.6 million, and robust cash position of SEK 379 million at quarter-end.

• Publication of the SARAHIP/CeraHip study and strong clinical evidence for CERAMENT G support expansion into revision arthroplasty and new orthopedic markets.

• U.S. market momentum remains high, especially for CERAMENT G, with new account growth and increased usage among existing customers.

• CMS approved NTAP for CERAMENT G in open trauma, providing additional US hospital reimbursement from October 1, 2025.

Financial highlights

• Net sales were SEK 294.1 million, up from SEK 237.5 million in Q3 2024, a 24% rise year-over-year and 34% at constant currency.

• U.S. sales reached SEK 246.3 million, up 40% at constant exchange rates; CERAMENT G sales in the U.S. grew 59%.

• Gross margin remained high at 92.9% for the quarter.

• Operating cash flow was SEK 71.1 million, with cash at period end of SEK 379 million.

• Adjusted operating result was SEK 78.6 million; reported operating result SEK 65.4 million, impacted by long-term incentive program costs.

Outlook and guidance

• Guidance for full-year 2025 sales growth above 40% in constant currency is maintained.

• Management expresses high confidence in achieving guidance, citing strong account-level momentum and favorable comparables for Q4.

• Preparation for entry into the Spine market in Q4 2025 and Capital Markets Day planned for spring 2026.