Bonesupport Holding Ab (publ) Stock Earnings Reports

Q2 2026 highlights: BONESUPPORT delivered net sales of SEK 356 million (≈30% growth at constant exchange rates), driven primarily by strong U.S. traction for CERAMENT G. Adjusted operating result was SEK 104 million with an adjusted operating margin of 29% (reported operating result SEK 90 million). Cash generation remained solid (operating cash flow SEK 67 million) despite an SEK 83 million share buyback, leaving cash of SEK 434 million at quarter-end. U.S. growth was broad across foot & ankle, trauma and arthroplasty; a handful of large U.S. accounts temporarily restricted usage (a “go-stop-go” dynamic) which modestly reduced growth but management expects these to revert. Regulatory progress: BONESUPPORT is responding to FDA questions on the De Novo submission for CERAMENT V (responses due end of August) and continues spine program launches (CERAMENT BVF and planned antibiotic-eluting studies). CMS proposed improved reimbursement and coding for CERAMENT G, potentially easing hospital adoption if finalized (expected decision late summer 2026, implementation Oct 1, 2026). Management reiterated confidence in full-year organic growth of 33–36% (constant FX), citing Q2 run-rate, a healthy account/distributor pipeline, and potential positive triggers (CMS ruling, SOLARIO publication, CERAMENT V approval). Europe/ROW grew ~26% (constant FX) with stabilization in Germany and progress across direct, hybrid and distributor markets.