Edison issues initiation on BONESUPPORT (BONEX) | Financial Buzz

Edison issues initiation on BONESUPPORT (BONEX)

LONDON, U.K., June 21, 2018 (GLOBE NEWSWIRE) — BONESUPPORT is commercialising synthetic bone graft substitutes. The company invests in R&D to support continued development of innovative products that command premium pricing and differentiate them in a competitive market. Following recent issues with the exclusive, long-standing distributor in the US, BONESUPPORT terminated the agreement and US sales are expected to recover via an independent distributor network and a more hands-on approach to growing sales. After a successful IPO in June 2017 raising SEK520m, the company is well funded. We value BONESUPPORT at SEK1.13bn or SEK22.2/share.

Based on our DCF model, we value BONESUPPORT at SEK1.13bn or SEK22.2/share. Our model reflects organic growth in existing markets, for which we estimate that existing funds are sufficient to reach profitability by 2021. We also include risk-adjusted (70%) CERAMENT G profits in the US market from 2021. Continued strong sales growth in Europe, rebound in the US and results from the CERTiFy trial are key share price drivers in the near term.

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