Bonesupport Holding Ab · OMXSTO:BONEX
Bonesupport Holding Ab — Q3 2023 Earnings Presentation
16 slides from Bonesupport Holding Ab's earnings presentation, Oct 26, 2023
Slide 1: BONESUPPORT Q3 (2023) Report
BONESUPPORT Q3 (2023) Report October 26, 2023 Emil Billbäck, CEO Håkan Johansson, CFO
Slide 2: Disclaimer
DISCLAIMER This presentation, which includes all information and data on the following slides, any oral statements made when presenting these slides, and any other material distributed or statements made at, or in connection with, such presentation (the “Presentation”), relates to BONESUPPORT HOLDIN
Slide 3: Third quarter report 2023
BONESUPPORT – Third quarter report 2023 Q3 2023: • Net sales SEK 158 m, growth: +87% versus Q3 2022, (+76% in constant exchange rates, CER) • Operating result (before incentive expenses): SEK 25 m (SEK -4 m) • Reported EBIT: SEK 15 m (SEK -14 m) • First cash flow positive quarter • Strong US approva
Slide 4: Accelerated market penetration. Biggest Q-over-Q net growth
Accelerated market penetration. Biggest Q-over-Q net growth Incremental, Q-over-Q LTM growth: Q3-22 SEK 30 m Q4-22 SEK 42 m Q1-23 SEK 53 m Q2-23 SEK 66 m Q3-23 SEK 74 m • Strong progression in both geographic segments • Antibiotic eluting CERAMENT growing with 210% (Q3 LTM sales) CBVF= CERAMENT Bone
Slide 5: North America: Strong approval rate and market penetration for CERAMENT G
North America Strong approval rate and market penetration for CERAMENT G Q3 2023 • Sales of SEK 121 m, growth of 115% over Q3 2022, growth of 102% in constant exchange rate (CER) • Sales in Q3 2023 represented a reported sequential growth of 17% over Q2 2023 • CERAMENT BVF grew with 4% in Q3 2023 ov
Slide 6: CERAMENT G launch in the US
CERAMENT G launch in the US Market penetration dynamics: Contracts/ Hospital system Surgeon Q3 2023 sales CERAMENT G in US: SEK 63 m listings approvals promotion Year to date (Q1 22 – Q3 23): SEK 149 m Group Purchasing Hospital groups: i.e. Introduction Trial Evaluation Organization: i.e. Cleveland
Slide 7: EUROW: Market share gains fuel sales performance
EUROW Market share gains fuel sales performance Q3 2023 • Sales of SEK 37 m, growth of 31% vs Q3 2022, 26% in constant exchange rates (CER) • Slow quarter in terms of general orthopedic surgery volumes • Strong sales development reflecting market share gains Highlights • Clinical study confirming CE
Slide 8: Financial Report
BONESUPPORT Q3 (2023) Report Financial Report
Slide 9: Q3 2023 net sales SEK 158.2 m
Q3 2023 net sales SEK 158.2 m SEK m • NA: 115 percent reported growth. 102 percent growth in CER • EUROW: 31 percent reported growth. 26 percent growth in CER • High impact from currency movements 9
Slide 10: Gross Margin and net sales by segment
North America +115% EUROW +31% (+102% CER) (+26% CER) Net sales Net sales Q3-23 Q3-23 North America 2023 2022 EUROW 2023 2022 SEK m Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 SEK m Q3-23 Q2-23 Q1-23 Q4-22 Q3-22 Net sales 121,0 103,9 85,9 73,4 56,3 Net sales 37,2 36,5 33,8 29,8 28,3 Gross profit 114,4 98,2 81,6 6
Slide 11: Q3 expenses growth driven by marketing and sales promotion activities
Q3 expenses growth driven by marketing and sales promotion activities Key Figures 2023 2022 2021 SEK m Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Selling expenses 53,5 55,0 49,0 46,8 38,8 37,4 35,2 35,4 Sales Commissions and fees 42,7 37,2 29,9 28,1 21,1 16,8 14,3 13,9 Research and Development expenses 12,5 14,6 12,5
Slide 12: A SEK 29 m underlying profit improvement
A SEK 29 m underlying profit improvement Key Figures 2023 2022 2021 SEK m Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net sales 158,2 140,4 119,7 103,2 84,6 74,6 66,3 61,4 Gross margin (%) 92,1 91,3 90,5 91,5 90,8 89,0 90,5 89,3 Operating profit 14,9 6,0 0,8 -19,3 -13,9 -14,9 -16,5 -21,8 Adj. Operating profit (i) 24,6
Slide 13: Non-recurring items impacting Q3
Non-recurring items impacting Q3 Deferred tax receivable • Following the strong improvement in EBIT and the underlying momentum in sales growth, the tax value of tax losses carried forward and other temporary differences are reported on balance starting from Q3 2023. The total asset value is SEK 229
Slide 14: Clear Corporate Strategy Driving Value Creation
BONESUPPORT Q3 (2023) Report Clear Corporate Strategy Driving Value Creation
Slide 15: BONESUPPORT – exciting journey ahead
BONESUPPORT – exciting journey ahead • Continued strong launch of CERAMENT G (Gentamicin) in the US T R E AT M E N T P R E F E R E N C E – Clinical superiority to standard of care 92% – Strong market access through the Hospital System approval – Addresses an immediate and unmet clinical need 92% of
Slide 16: Q&A
BONESUPPORT Q3 (2023) Report Q&A