Bonesupport Holding Ab (publ) Stock Earnings Reports

Q1 2026 highlights: BONESUPPORT delivered strong underlying growth with net sales SEK 324m (31% growth at constant exchange rates; reported +14%), driven primarily by continued launch momentum for CERAMENT G in the U.S. (sequential CERAMENT G growth of USD 2.6m — the strongest quarter-to-quarter increase to date). Adjusted operating result was SEK 85m (adjusted operating margin ~26%) and operating cash flow was SEK 75m, leaving cash of SEK 455m at quarter-end. Gross margin remained very high at ~94.5% (minor tariff impact noted). Geographically: U.S. sales were the major driver (strong growth across foot & ankle, trauma and arthroplasty; early-stage traction in spine with CERAMENT BVF), EUROW grew ~16% at constant FX (launch in India achieved first sales), and some short-term uncertainty in Middle East markets. Regulatory: the CERAMENT V FDA submission was moved to the De Novo pathway; BONESUPPORT has received questions from FDA (preclinical/clinical/biocompatibility clarifications) and will respond by end-August — management is confident approval is likely but timing is uncertain. Reimbursement: CMS proposed 2027 IPPS changes that the company views as very positive (proposed NTAP for CERAMENT V contingent on timely FDA approval, new procedure/identification codes and improved payments aligned with outcomes-based care). Commercial investment: continued, deliberate ramp in selling & marketing to support growth (EUROW Booster program ~SEK 10m incremental cost with an ~18-month payback horizon; U.S. headcount additions), which will pressure near-term margins but is expected to drive sales and operational leverage over time. Risks/notes: FX/currency volatility materially affects reported SEK figures (constant-currency performance stronger), newly introduced U.S. tariffs will gradually affect gross margins (a full 15% tariff would lower U.S. gross margin by ~0.8 percentage points), and CERAMENT BVF for spine is very early-stage with small current revenue contribution.