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@Raketentoni I think that $PNG is actually very well positioned compared to others, especially after the last takeover.
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@Raketentoni What is your assessment of $BONEX. Or have you already shared your analysis and it has gone through me?
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@Multibagger I think there is a lot to be said for Bonesupport. They are growing strongly, are very innovative, have regulatory protection (own product category with FDA), high potential for spinal columns, exceptionally high margin of over 90%, expansion potential in Asia.....
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•@Multibagger
Sorry for the formatting, I'm on the road 😁
**Mr. Prompt slips ice-cold into the surgical gown and places the Swedish biotech machine on the dissecting table ** ☕
When people ask about **Bonesupport Holding AB (ISIN: SE0009858152, ticker: BONEX)** in the forum, we must immediately clarify that we are not dealing with a boring dividend turtle here. This is a highly specialized MedTech play right on our Scandinavian doorstep.
Here's the complete and relentless AOK analysis (as of May 2026) for your response to the community:
# The Swedish Bones Compounder: Bonesupport Holding AB
**1. what the company does (the business model)**
Bonesupport does not screw traditional metal into patients, but has an extremely innovative moat: They produce injectable, bio-ceramic bone substitutes (main product: *CERAMENT*).
The absolute killer factor (and the reason for the enormous growth) is *CERAMENT G*. This cement not only heals the bone, but also continuously releases antibiotics directly into the body. This prevents dreaded bone infections after accidents or surgery. Hospitals love this because it prevents extremely expensive second operations and weeks of hospitalization.
**2. the bare facts & key figures**
* **Current share price:** **~ SEK 230.60**
** **Market capitalization:** **~ SEK 15.1 billion**
** **Price-earnings ratio (P/E ratio):** Sporty! Estimated at approx. 49 for 2026. The company is growing massively in the USA and is pricing in enormous future growth.
** **Dividend yield:** **0.00 %**. The company is refinancing every penny into global expansion.
**3. the ice-cold AOK formula check**
* **Core Quality Formula (The Quality Check):** \text{Score} = \text{Sales Growth (\%)} + \text{Operating Margin (\%)}
Bonesupport is scaling brutally. In the latest Q1-2026 report, operating profit (EBIT) rose to SEK 72.2 million - a smooth doubling compared to the previous year! The gross margin is at a completely absurd **92.2%** (SaaS level in the MedTech industry!). Combined with the sustained sales growth (massively driven by the US market), the score here easily breaks the 40 to 50 point mark.
*Verdict:* **Tech/Med-Olymp passed!** A crystal-clear "Quality Growth" candidate for our Side B.
** **Cashflow Quality Formula:** The cash flow is now stable positive and is improving rapidly as the initial, expensive development years are over. The money is flowing in streams.
** **Dividend Filter:** **Clear Fail.** This security has absolutely no place on the defensive income side (Side A).
**4. future prospects & competition**
The moat is meters deep. The FDA approval for the US market (the largest and most lucrative healthcare market in the world) was the decisive catalyst. The traditional competition often still works with autologous bone grafts (which is painful and expensive) or cements without integrated, local antibiotic delivery. Bonesupport is gleefully eating up market share here because their system saves the healthcare system hard cash at the end of the day.
**5th chart analysis of the last few months**
The share is not for the faint-hearted! From the 52-week high (just under SEK 346), the market took the share down to SEK 165 at the beginning of the year. In the case of highly valued MedTech stocks, a cough from the overall market is often enough to cause panic. However, following the strong Q1 figures in April, the share price has now recovered with brutal force and momentum has returned in full at around SEK 230.
**6th Special Entry Zones (The "Bargain Hunter's List")**
Anyone who buys now is jumping on a moving train. We set limits for an ice-cold entry:
* **Zone 1 (The healthy setback): ~ SEK 200.00 to SEK 215.00 ** If the current Q1 rally cools off a bit, this is where we find the first clean risk-reward for a foot in the door.
* Zone 2 (the crisis bunker): < SEK 175.00 ** If the share falls to these lows again (as in February), this is a massive must-buy for long-term investors.
**7. Mr. Prompt's conclusion (future viability & barbell classification)**
Bonesupport is a surgically precise growth machine! The company is proof that you can achieve margins beyond 90% in the medical sector without being a pure BioTech lottery ticket. The share is no good for the boring, high-dividend foundation. But as an explosive, operationally highly profitable compounder on the growth side, Bonesupport is an excellent Nordic premium play.
Sorry for the formatting, I'm on the road 😁
**Mr. Prompt slips ice-cold into the surgical gown and places the Swedish biotech machine on the dissecting table ** ☕
When people ask about **Bonesupport Holding AB (ISIN: SE0009858152, ticker: BONEX)** in the forum, we must immediately clarify that we are not dealing with a boring dividend turtle here. This is a highly specialized MedTech play right on our Scandinavian doorstep.
Here's the complete and relentless AOK analysis (as of May 2026) for your response to the community:
# The Swedish Bones Compounder: Bonesupport Holding AB
**1. what the company does (the business model)**
Bonesupport does not screw traditional metal into patients, but has an extremely innovative moat: They produce injectable, bio-ceramic bone substitutes (main product: *CERAMENT*).
The absolute killer factor (and the reason for the enormous growth) is *CERAMENT G*. This cement not only heals the bone, but also continuously releases antibiotics directly into the body. This prevents dreaded bone infections after accidents or surgery. Hospitals love this because it prevents extremely expensive second operations and weeks of hospitalization.
**2. the bare facts & key figures**
* **Current share price:** **~ SEK 230.60**
** **Market capitalization:** **~ SEK 15.1 billion**
** **Price-earnings ratio (P/E ratio):** Sporty! Estimated at approx. 49 for 2026. The company is growing massively in the USA and is pricing in enormous future growth.
** **Dividend yield:** **0.00 %**. The company is refinancing every penny into global expansion.
**3. the ice-cold AOK formula check**
* **Core Quality Formula (The Quality Check):** \text{Score} = \text{Sales Growth (\%)} + \text{Operating Margin (\%)}
Bonesupport is scaling brutally. In the latest Q1-2026 report, operating profit (EBIT) rose to SEK 72.2 million - a smooth doubling compared to the previous year! The gross margin is at a completely absurd **92.2%** (SaaS level in the MedTech industry!). Combined with the sustained sales growth (massively driven by the US market), the score here easily breaks the 40 to 50 point mark.
*Verdict:* **Tech/Med-Olymp passed!** A crystal-clear "Quality Growth" candidate for our Side B.
** **Cashflow Quality Formula:** The cash flow is now stable positive and is improving rapidly as the initial, expensive development years are over. The money is flowing in streams.
** **Dividend Filter:** **Clear Fail.** This security has absolutely no place on the defensive income side (Side A).
**4. future prospects & competition**
The moat is meters deep. The FDA approval for the US market (the largest and most lucrative healthcare market in the world) was the decisive catalyst. The traditional competition often still works with autologous bone grafts (which is painful and expensive) or cements without integrated, local antibiotic delivery. Bonesupport is gleefully eating up market share here because their system saves the healthcare system hard cash at the end of the day.
**5th chart analysis of the last few months**
The share is not for the faint-hearted! From the 52-week high (just under SEK 346), the market took the share down to SEK 165 at the beginning of the year. In the case of highly valued MedTech stocks, a cough from the overall market is often enough to cause panic. However, following the strong Q1 figures in April, the share price has now recovered with brutal force and momentum has returned in full at around SEK 230.
**6th Special Entry Zones (The "Bargain Hunter's List")**
Anyone who buys now is jumping on a moving train. We set limits for an ice-cold entry:
* **Zone 1 (The healthy setback): ~ SEK 200.00 to SEK 215.00 ** If the current Q1 rally cools off a bit, this is where we find the first clean risk-reward for a foot in the door.
* Zone 2 (the crisis bunker): < SEK 175.00 ** If the share falls to these lows again (as in February), this is a massive must-buy for long-term investors.
**7. Mr. Prompt's conclusion (future viability & barbell classification)**
Bonesupport is a surgically precise growth machine! The company is proof that you can achieve margins beyond 90% in the medical sector without being a pure BioTech lottery ticket. The share is no good for the boring, high-dividend foundation. But as an explosive, operationally highly profitable compounder on the growth side, Bonesupport is an excellent Nordic premium play.
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