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.
