BONEX Stock Analysis: Bonesupport Holding | ST
Medical Instruments & Supplies | ST, Sweden | Market Cap: 20.374m SEK | 12M Return: 25.1% | SE0009858152 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 72.7M
EPS Trend: 5.3%
Qual. Beats: 0
Rev. Trend: 98.4%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 9.3 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Bonesupport Holding AB (publ) is a Swedish orthobiologics company that develops and commercializes injectable bio-ceramic bone graft substitutes. The company operates in the United States, Europe, and other international markets, and is headquartered in Lund, Sweden, having been founded in 1999. It is listed on Nasdaq Stockholm under the ticker BONEX and falls within the GICS Health Care sector, specifically the Biotechnology sub-industry.
The companys core product line is built around its CERAMENT platform, an injectable ceramic bone graft substitute designed to remodel into host bone. CERAMENT G and CERAMENT V extend this platform by eluting Gentamicin or Vancomycin, respectively, during the first 30 days of bone healing to treat and prevent bone infection. The company also offers CERAMENT Bead Tray, an adjunctive delivery system for targeted application to osseous defects and dead space management.
Orthobiologics represents a growing segment within medical technology focused on biologically compatible materials that support natural bone regeneration. By combining bone void filling with localized antibiotic delivery, Bonesupport addresses a clinical need in orthopedic infection management, where traditional systemic antibiotics and bone grafts have been used separately.
- US CERAMENT sales accelerate on surgeon adoption momentum
- Operating margin lifts as US revenue mix scales
- Competition from synthetic bone grafts pressures market share
| Net Income: 213.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.23 > 0.02 and ΔFCF/TA 1.88 > 1.0 |
| NWC/Revenue: 57.61% < 20% (prev 50.25%; Δ 7.35% < -1%) |
| CFO/TA 0.24 > 3% & CFO 266.9m > Net Income 213.9m |
| Net Debt (-424.2m) to EBITDA (320.7m): -1.32 < 3 |
| Current Ratio: 5.44 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.8m) vs 12m ago 0.02% < -2% |
| Gross Margin: 92.05% > 18% (prev 92.59%; Δ -0.55% > 0.5%) |
| Asset Turnover: 123.5% > 50% (prev 110.4%; Δ 13.17% > 0%) |
| Interest Coverage Ratio: 93.62 > 6 (EBIT TTM 312.3m / Interest Expense TTM 3.34m) |
| A: 0.66 (Total Current Assets 908.0m - Total Current Liabilities 166.9m) / Total Assets 1.12b |
| B: -0.59 (Retained Earnings -657.3m / Total Assets 1.12b) |
| C: 0.30 (EBIT TTM 312.3m / Avg Total Assets 1.04b) |
| D: 5.60 (Book Value of Equity 949.7m / Total Liabilities 169.7m) |
| Altman-Z'' = 10.32 = AAA |
| DSRI: 0.96 (Receivables 221.7m/190.4m, Revenue 1.29b/1.06b) |
| GMI: 1.01 (GM 92.59% / 92.05%) |
| AQI: 0.67 (AQ_t 0.17 / AQ_t-1 0.26) |
| SGI: 1.21 (Revenue 1.29b / 1.06b) |
| TATA: -0.05 (NI 213.9m - CFO 266.9m) / TA 1.12b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of October 23, 2026, the stock is trading at SEK 319.80 with a total of 2,311,930 shares traded. Over the past week, the price has changed by +24.82%, over one month by +49.30%, over three months by +53.31% and over the past year by +25.12%.
Current recommended Stop Loss: 308.20 (which is 3.6% or 1.2 ATR below the current price).
Bonesupport Holding has no consensus analysts rating.
P/E Trailing = 97.4455
P/S = 15.8475
P/B = 14.6906
Revenue TTM = 1.29b SEK
EBIT TTM = 312.3m SEK
EBITDA TTM = 320.7m SEK
Long Term Debt = 4.20m SEK (from longTermDebtTotal, last fiscal year)
Short Term Debt = 7.66m SEK (from shortTermDebt, last quarter)
Debt = 10.1m SEK (from shortLongTermDebtTotal, last quarter) (leases 10.1m already included)
Net Debt = -424.2m SEK (calculated: Debt 10.1m - CCE 434.3m)
Enterprise Value = 19.9b SEK (20.4b + Debt 10.1m - CCE 434.3m)
Interest Coverage Ratio = 93.62 (Ebit TTM 312.3m / Interest Expense TTM 3.34m)
EV/FCF = 75.98x (Enterprise Value 19.9b / FCF TTM 262.6m)
FCF Yield = 1.32% (FCF TTM 262.6m / Enterprise Value 19.9b)
FCF Margin = 20.41% (FCF TTM 262.6m / Revenue TTM 1.29b)
Net Margin = 16.63% (Net Income TTM 213.9m / Revenue TTM 1.29b)
Gross Margin = 92.05% ((Revenue TTM 1.29b - Cost of Revenue TTM 102.3m) / Revenue TTM)
Gross Margin QoQ = 90.81% (prev 92.25%)
Tobins Q-Ratio = 17.81 (Enterprise Value 19.9b / Total Assets 1.12b)
Interest Expense / Debt = 32.93% (Interest Expense 3.34m / Debt 10.1m)
Taxrate = 28.79% (86.5m / 300.4m)
NOPAT = 222.4m (EBIT 312.3m * (1 - 28.79%))
Current Ratio = 5.44 (Total Current Assets 908.0m / Total Current Liabilities 166.9m)
Debt / Equity = 0.01 (Debt 10.1m / totalStockholderEquity, last quarter 949.7m)
Debt / EBITDA = -1.32 (Net Debt -424.2m / EBITDA 320.7m)
Debt / FCF = -1.62 (Net Debt -424.2m / FCF TTM 262.6m)
Total Stockholder Equity = 897.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 20.54% (Net Income 213.9m / Total Assets 1.12b)
RoE = 23.82% (Net Income TTM 213.9m / Total Stockholder Equity 897.9m)
RoCE = 34.62% (EBIT 312.3m / Capital Employed (Equity 897.9m + L.T.Debt 4.20m))
RoIC = 24.80% (NOPAT 222.4m / Invested Capital 896.6m)
WACC = 4.76% (E(20.4b)/V(20.4b) * Re(4.75%) + D(10.1m)/V(20.4b) * Rd(32.93%) * (1-Tc(0.29)))
Discount Rate = 4.75% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 58.06 | Cagr: 0.18%
[DCF] Terminal Value 77.97% ; FCFF base≈240.6m ; Y1≈275.8m ; Y5≈405.9m
[DCF] Fair Price = 100.3 (EV 6.11b - Net Debt -424.2m = Equity 6.53b / Shares 65.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 5.27 | EPS CAGR: 2.24% | SUE: 0.53 | # QB: 0
Revenue Correlation: 98.39 | Revenue CAGR: 38.91% | SUE: -0.58 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=5.24 | Chg30d=+6.72% | Revisions=+40% | GrowthEPS=+146.0% | GrowthRev=+28.2%
EPS next Year (2027-12-31): EPS=7.90 | Chg30d=+2.21% | Revisions=+40% | GrowthEPS=+50.7% | GrowthRev=+32.9%
[Analyst] Revisions Ratio: +57% (up=4, down=0)