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Swedish maker of injectable bone-graft substitutes used in orthopedic and trauma surgery to help bone heal.
Swedish maker of injectable bone-graft substitutes used in orthopedic and trauma surgery to help bone heal.
Is paid per use, as hospitals buy the product for each operation, so revenue follows surgery volume and whether hospitals and insurers will pay for it. The US is the main growth market.
In one line: A niche orthobiologics maker like a smaller Bioventus.
Moat: narrow (IP / patents, regulatory licence). Patented injectable bone-graft technology with regulatory approvals in a growing but competitive orthobiologics niche.
Headquarters: Lund, Sweden · Founded: 2005
Size Bonesupport (BONEX.ST) is a Sweden Health Care company (Medical Specialties) with a market value of $2.16B, the 80th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 320.60 on 6 Nov 2026.
Performance Over six months the shares gained 34.5%, against -0.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 25.2% over the last twelve months (peer median +6.9%); the operating margin is 25.4% (peer median 10.9%).
Valuation It trades at 61.9× forward earnings against a peer median of 25.9× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +45%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 52.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 1.40B | SEK 1.17B | SEK 899M | SEK 591M | SEK 329M |
| Revenue growth | — | +31% | +52% | +80% | — |
| Gross profit | SEK 1.29B | SEK 1.08B | SEK 824M | SEK 533M | SEK 290M |
| EBITDA | SEK 367M | SEK 288M | SEK 158M | SEK 32.3M | -SEK 57.8M |
| Net income | SEK 272M | SEK 142M | SEK 134M | SEK 245M | -SEK 68.2M |
| Free cash flow | SEK 331M | SEK 219M | SEK 64.2M | -SEK 19.1M | -SEK 48.9M |
| Capital expenditure | SEK 5.20M | SEK 5.20M | SEK 5.84M | SEK 6.06M | SEK 3.28M |
| Total debt | SEK 10.6M | SEK 11.7M | SEK 14.6M | SEK 17.5M | SEK 17.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bonesupport BONEX.ST | $2.16B | +34% | +25% | 25% | 61.9× | 13.3% |
| Bioventus BVS | $894M | +1% | +4% | 10% | 13.1× | 6.9% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BONEX.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +39.3% | +5.6% | highest of 21 |
| 6-month return | +34.5% | -0.6% | 4th highest of 21 |
| Distance from 52-week high | -5.8% | -31.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +25.2% | +6.9% | 3rd highest of 21 |
| Operating margin | 25.4% | 10.9% | 6th highest of 21 |
| Forward P/E | 61.9× | 25.9× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.3% | 9.2% | 6th most demanding of 17 |
| Growth delivered (Del g) | +45.4% | +11.1% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -32.1 pp | -4.5 pp | least demanding of 17 |
| ROIC minus cost of capital | +52.4 pp | -0.4 pp | highest of 21 |
| EV / EBITDA | 56.2× | 15.7× | most expensive of 12 |
| Net debt / EBITDA | -1.4× | -0.1× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bonesupport BONEX.ST | Sweden | $2.16B | +34% | +25% | 25% | 61.9× | 13.3% | +45.4% |
| Metall Zug METN.SW | Switzerland | $2.25B | +19% | 0% | -10% | 139.2× | n/a | n/a |
| Shanghai Conant Optical 2276.HK | Hong Kong | $2.27B | -27% | +8% | 29% | 22.1× | -1.6% | +14.1% |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| Elekta EKTA-B.ST | Sweden | $2.37B | +8% | -7% | 6% | 15.1× | 10.0% | +4.0% |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| Jafron Biomedical 300529.SZ | China | $2.46B | +8% | +1% | 37% | 25.4× | 6.9% | +0.6% |
| Micro-Tech (Nanjing) 688029.SS | China | $2.46B | +3% | +6% | 18% | 29.0× | 12.8% | +19.2% |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| EBOS EBO.AX | Australia | $2.52B | +1% | +3% | 3% | 15.2× | 4.3% | +6.8% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Double Medical Technology 002901.SZ | China | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% | +10.4% |
| Neogen NEOG | United States | $2.57B | +30% | 0% | 0% | 34.6× | n/a | n/a |