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Introduction & Market Context
Bonesupport Holding AB (BONEX) presented its second quarter 2025 results on July 15, showcasing strong growth and record profitability as the company continues to expand its footprint in the orthobiologic market. The Swedish medical technology company, known for its CERAMENT bone void filler products, reported impressive sales growth driven primarily by its antibiotic-eluting CERAMENT G in the US market.
The company’s stock closed at SEK 264 on October 14, 2025, down slightly by 0.23%, but remains well above its 52-week low of SEK 244, reflecting investor confidence in its growth trajectory despite some market volatility.
Quarterly Performance Highlights
Bonesupport delivered exceptional financial results in Q2 2025, with net sales reaching SEK 284 million, representing a 29% increase compared to the same period last year. When adjusted for currency effects, growth was even more impressive at 40%.
The company achieved its highest-ever adjusted operating result of SEK 62 million (compared to SEK 36 million in Q2 2024), with a reported operating result of SEK 55 million (up from SEK 29 million). This translates to an EBIT margin of 26%, demonstrating Bonesupport’s improving operational efficiency.
As shown in the following comprehensive overview of Q2 highlights:
Operating cash flow remained strong at SEK 50 million for the quarter, contributing to an improving cash balance. This financial performance underscores Bonesupport’s successful execution of its growth strategy and increasing market penetration.
Regional Performance Analysis
The North American market continues to be the primary growth driver for Bonesupport, with sales reaching SEK 236 million in Q2 2025, a 36% increase from Q2 2024. When adjusted for currency effects, this growth was even more substantial at 49%. The strong performance was largely attributed to CERAMENT G, which generated USD 18.3 million in sales, representing an impressive 84% growth.
The company’s US revenue trajectory shows remarkable acceleration over recent quarters:
As illustrated in the chart, Bonesupport’s US sales have doubled in the past six quarters and more than tripled over the last nine quarters, demonstrating the company’s successful market penetration strategy and growing acceptance of its products.
In contrast, the Europe and Rest of World (EUROW) region showed more modest growth, with sales of SEK 48.8 million, representing a 4% increase (7% in constant currency). The company noted that hospital reforms and surgical protocol programs in Germany influenced performance in this region.
The following regional breakdown illustrates the contrast between North America and EUROW performance:
Notably, Bonesupport maintains exceptionally high gross margins in North America at approximately 95%, contributing significantly to its overall profitability.
Strategic Initiatives and Future Outlook
A key strategic focus for Bonesupport is its planned entry into the spinal procedure market in North America. The company announced that CERAMENT BVF will be launched for spinal procedures in December 2025, with regulatory approvals already in place for both Posterolateral and Interbody applications.
The company has completed pre-clinical application studies and is actively recruiting independent spine distributors while establishing a surgery advisory panel. Clinical data generation is expected to begin within 12 months after the launch.
The following image illustrates the company’s spine market entry strategy:
In addition to the spine market expansion, Bonesupport continues to build its clinical evidence foundation. The company highlighted two recent studies published in respected medical journals that demonstrate positive outcomes with CERAMENT G in diabetic foot infections and open trauma cases.
Financial Health and Profitability
Bonesupport’s financial health continues to strengthen, with the company reporting consistent improvement in its operating results. The adjusted operating result reached an all-time high in Q2 2025, with an EBIT margin of 26%.
The following chart illustrates the positive trend in adjusted operating results:
The company’s strong cash flow generation of SEK 50 million in the quarter further reinforces its solid financial position. Bonesupport maintains a stable gross margin and has not experienced any negative impact from tariffs in the quarter.
Looking at the comprehensive financial metrics:
For the full year 2025, Bonesupport forecasts sales growth above 40% in constant currency terms, reflecting management’s confidence in continued strong performance across markets, particularly in the US with CERAMENT G.
CERAMENT G Momentum in the US Market
The success of CERAMENT G in the US market deserves special attention as it has become the primary growth catalyst for Bonesupport. The following chart illustrates the impressive trajectory of CERAMENT G sales:
The antibiotic-eluting CERAMENT products grew by 49% on a last twelve months (LTM) basis in Q2 2025, while the company’s traditional CERAMENT BVF product showed more modest growth of 1.6% in the US market during the same period. This trend highlights the market’s strong preference for Bonesupport’s antibiotic-eluting solutions.
The company reported strong progress in hospital system approvals and is expanding its distributor network in response to growing market demand. Additionally, Bonesupport is awaiting FDA feedback on its CERAMENT V submission, which could further expand its product portfolio in the US market.
In summary, Bonesupport’s Q2 2025 results demonstrate the company’s continued success in executing its growth strategy, particularly in the US market. With record profitability, strong cash flow generation, and strategic expansion plans, Bonesupport appears well-positioned for sustained growth in the orthobiologic market.
Full presentation:
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