BONESUPPORT (BONEX) Q4 2024 earnings summary

Executive summary

• Q4 2024 net sales reached SEK 257 million, up 49% year-over-year, with full-year sales at SEK 899 million, a 52% increase, driven by strong North America performance and CERAMENT G adoption.

• Operating result before incentives was SEK 78 million in Q4 and SEK 203.9 million for the year, with record operating cash flow of SEK 73 million.

• CERAMENT G sales more than doubled year-over-year, with US Q4 sales of SEK 154 million and rapid market penetration.

• Groundbreaking clinical studies showed CERAMENT G/V significantly reduced amputations and improved survival in diabetic foot infections.

• Board proposes no dividend for 2024, with strong cash flow and increased equity position.

Financial highlights

• Q4 net sales: SEK 257 million (up 49% YoY); full year: SEK 899 million (up 52% YoY).

• Gross margin stable at 92.6% in Q4 and full year.

• Q4 operating profit: SEK 64.2 million (vs. -7.7 million prior year); adjusted EBIT excludes SEK 13.7 million in incentive costs.

• Operating cash flow in Q4: SEK 73 million; cash at period end: SEK 227 million.

• Equity at year-end: SEK 727.5 million, up from 545.2 million.

Outlook and guidance

• Sales growth above 40% in constant currency expected for 2025, reflecting confidence in continued expansion.

• Full market launch of CERAMENT V in the US anticipated after FDA submission in Q1 2025.

• Investments in new markets and sales resources expected to be cash flow neutral within 18-24 months.

• Expansion underway in Australia, Canada, South Africa, and the Middle East, with full cost effects in 2026.