Bonesupport Holding came into this Q3 2026 report riding a powerful run, with the share price up roughly 63% over the past three months and trading on a rich 80.1x P/E. The headline this quarter is simple: net sales reached SEK 409m with an adjusted operating margin of 34% and strong cash conversion that kept SEK 510m on the balance sheet after buybacks.
The stock's recent strength reflects big expectations. The fresh numbers show a business that is already earning into that narrative rather than just living off it.
Love Bonesupport Holding's rapid share price run and strong margins but wondering where else you can find quality businesses with healthier looking valuation support and solid balance sheets? Take a look at our curated screener of resilient compounders in the list of solid balance sheet and fundamentals stocks (205 results) .
Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025):SEK 408.8m vs. SEK 294.1m (up 39%)
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Net Income (Q3 2026 vs. Q3 2025):SEK 92.4m vs. SEK 34.5m (up 168%)
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Basic EPS (Q3 2026 vs. Q3 2025):SEK 1.41 vs. SEK 0.52 (up 169%)
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Adjusted Operating Margin (Q3 2026):34% (supports high cash conversion in the quarter)
Earnings tell one story, but investors who care about what they are paying for often focus on the cash coming through the door rather than the accounting result. When you line up Bonesupport Holding's cash flows against the current share price, the stock could be a solid 19% undervalued .
Bonesupport bullish story: execution versus ambition
The upbeat view rests on CERAMENT G turning early hospital access into much deeper usage across trauma and foot and ankle. That claim now meets hard Q3 evidence.
"Although CERAMENT G is gaining access to more than 140 of roughly 250 U.S. Level 1 trauma centers and is used across trauma and foot and ankle procedures, adoption inside each center is still early and can take several years to broaden, which may slow the pace at which U.S. revenue scales from this installed base."
Bonesupport Holding posted SEK 344m of U.S. sales and 39% constant currency growth, with management pointing to both new accounts and higher usage per site. That combination supports the thesis that early surgeon trials are converting into broader, revenue generating adoption.
Bonesupport bear case: tariffs, trials and margin pressure
The cautious narrative focuses on regulatory friction and tariffs eroding profitability even as sales grow. Q3 gives early data points against that concern.
"Regulatory and reimbursement factors add uncertainty, including the shift of CERAMENT V to the FDA De Novo process and the gradual impact of a 50% U.S. tariff that management expects to reduce U.S. gross margin by about 0.8% by late 2026."
Gross margin remained very high at about 94%, with only a modest decline tied to tariffs and manufacturing costs, while the adjusted operating margin reached 34%. CERAMENT V is still awaiting an FDA reply, so the regulatory overhang is intact, yet current profitability absorbs early tariff effects without visible compression of group earnings power.
One Narrative has put a figure on that disagreement. → See the Narrative with its lower Fair Value, assumptions and all .
Hunt For Mispriced Compounding Stories
Bonesupport Holding just showed how a strong quarter can still leave plenty of debate around the valuation. The real opportunity is spotting stocks that could be undervalued before the market closes that gap.
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Company 1 - 44% below our estimate - expand a combined contract development, manufacturing, animal health and human health platform into more formulations and channels.
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Company 2 - 33% below our estimate - grow fee earnings as investors commit capital into renewable infrastructure projects and tax-efficient investment vehicles on long-dated contracts.
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Company 3 - 49% below our estimate - scale an integrated metals producer as newly acquired mines and smelters are consolidated into a broader operating footprint.
Those are three of them. See all 201 potentially undervalued companies →
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include BONEX.ST .
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