BONESUPPORT - Good start in the US, CERAMENT G/V growth

With its full year 2018 results, Bonesupport reported total 2018 sales of SEK96.6m, vs SEK129.3m in 2017. US sales decreased by 56% y-o-y due to the transition to the new distribution model, whereas sales in Europe increased by 22% y-o-y. Bonesupport now has 38 distributors in the US, and achieved SEK4.2m in sales in Q418 under its new model, which we interpret as a good start. Meanwhile, CERAMENT G/V sales continue to grow in Europe (33.3% vs 2017), positive CERTiFy top-line data were announced in November and are being promoted by sales reps, and new product BONIFY launched in the US. Our valuation is higher at SEK1.74bn or SEK33.5/share (vs SEK29.0/share).

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