Kuros Biosciences AG

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Opening a thread for the medical product manufacturer Kuros Biosciences AG.

https://kurosbio.com/

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What does it do?

A medical device company that manufactures synthetic bone grafts. Its flagship product is MagnetOs, which is being rapidly expanded for global use.

“MagnetOs is an advanced bone graft substitute developed by Kuros Biosciences, designed to promote bone healing and fusion in various clinical situations, especially in spinal fusions.”

The business is therefore strongly developing around a product family built on a single product/technology.

Product competitive advantages?

Surface Technology:

MagnetOs technology and features: MagnetOs’ unique distinguishing feature is its NeedleGrip™ submicron surface technology. This surface technology guides wound healing into a bone-forming pathway and is capable of promoting bone growth even in soft tissue. The science behind this is called osteoimmunology, which is a growing field of research. This leads to more predictable fusion for surgeons and patients.

Clinical Evidence

Studies have demonstrated the superiority of MagnetOs compared to autograft in instrumented posterolateral fusion:

:black_small_square: MagnetOs achieved a 79% fusion rate compared to 47% with autograft.

:black_small_square: Particularly noteworthy is that in the subgroup of smokers (a very challenging patient group for achieving fusion), MagnetOs achieved a 74% fusion rate, whereas with autograft it was only 30%.

◦ Kuros is committed to producing the highest level of clinical evidence, which is rare in the synthetic bone graft market, where the FDA typically does not require clinical data for 510(k) clearance.

◦ Over 20 controlled clinical studies (Level I-IV) have been initiated or completed, including seven Level I studies. This creates comprehensive evidence of the product’s efficacy.

◦ MagnetOs has demonstrated the ability to produce well-organized and mature mineralized bone, and graft resorption is consistent with bone remodeling.

Note: To my understanding, OssDesign (a competitor of sorts), for example, has also had quite good fusion rates.

Excellent safety profile:

◦ MagnetOs does not contain human cells or growth factors, which reduces concerns about disease transmission.

◦ This differs significantly from many competitors, such as BMP-2 (Infuse®), which is associated with safety concerns such as atypical bone formation, radiculitis, dysphagia, inflammation, and potential cancer risks.

Ease of use and extensive product family:

◦ All MagnetOs formulations are stored at room temperature and are ready for use, offering efficiency and easy storage for hospitals and surgeons.

◦ The product is easy to mold and stays reliably in place.

◦ The MagnetOs product family includes MagnetOs Granules, MagnetOs Putty, MagnetOs Easypack Putty, and MagnetOs Flex Matrix, addressing the diverse needs of surgeons in various clinical situations.

Versatile applications:

Spinal fusion: It is used as a bone void filler in spinal fusion applications (PLF and interbody fusions). Notably, interbody space clearance significantly expanded its market potential. Most MagnetOs products can be used in “standalone” fusions, meaning they do not need to be supplemented with the patient’s own bone (autograft).

◦ Extremities and pelvis (orthopedics): MagnetOs Putty and Granules are used as bone void fillers in orthopedics (including long bones, foot and ankle, pelvis) in both the EU and the US.

◦ Dentistry: MagnetOs Granules and Putty have received clearance for dental indications in the EU.

◦ Craniomaxillofacial trauma (CMF): Indications also in the skull, face, and jaw.

◦ Oncology: A separate specialized category that intersects with spine, orthopedics, and extremities.

Strong commercial success and strategic focus:

◦ Total MagnetOs sales were CHF 75.6 million in 2024, an increase of 125% from 2023 (CHF 33.6 million).

◦ The product has been used in fusion surgery for over 25,000 patients.

◦ The company has strategically focused on its MagnetOs product portfolio by discontinuing the Fibrin-PTH program.

◦ Kuros has expanded its distribution network to over 20 countries and aims for further expansion.

◦ A five-year strategic agreement with Medtronic’s spine division expands MagnetOs’ availability in key US spinal surgery regions without Kuros having to expand its own sales force.

The company also continuously innovates. For example, ‘Minimally Invasive Surgery (MIS)’ instrumentation for installing their product has just been introduced to the market:

https://kurosbio.com/resources/kuros-biosciences-launches-magnetos-mis-delivery-system-by-completing-first-cases-and-continues-global-expansion-with-incremental-brazil-clearance/

Source materials?

CMD / May 2025: https://kurosbio.com/resources/capital-markets-day-webcast-presentation-deck/

Reports and presentations: https://kurosbio.com/resources/?resource_type=reports-presentations

Target markets?

The target markets for their products are an order of magnitude larger, approximately $5-7 billion. The company has just reached a market capitalization of $1 billion. By all accounts, the company should still have room to grow far into the future if the product performs well. Less than 2% of the TAM has been achieved.

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Screenshot_2025-08-16-08-47-03-76_e8ec7f438399cab5ee8e514c0b876721

Geographical expansion has just begun:
Screenshot_2025-08-16-08-47-15-49_e8ec7f438399cab5ee8e514c0b876721

Financials?

The company is net debt-free, has grown rapidly, and continues to guide for strong growth in the coming years.

Screenshot_2025-08-16-08-47-56-80_e8ec7f438399cab5ee8e514c0b876721

In the recent H1/2025 review, the company demonstrated strength in both revenue growth (77%) and profitability. Operating profit turned positive.

Financial Highlights
• Total Medical Device sales rose by 78% to USD 63.5 million in H1 2025 (H1 2024: USD 35.7 million)
• Direct MagnetOs™ sales increased by 77% to USD 62.7 million in H1 2025 (H1 2024: USD 35.4 million)
• The Group achieved its first-ever operating profit, reaching USD 3.5 million, compared to an operating loss of USD (0.2) million in H1 2024
• Total Group EBITDA reached USD 5.1 million in H1 2025 (H1 2024: USD 0.8 million) and total Group adjusted EBITDA* amounted to USD 7.8 million in H1 2025, equaling a margin of 12.3% (H1 2024: USD 4.5 million at 12.6%). After amortization, depreciation, the net finance result, income tax and the profit/loss from discontinued operations, the Group reported a net loss of USD (2.0) million in H1 2025 (H1 2024: USD (0.2) million)
• Cash position remains strong while funding strategic growth initiatives and investing in working capital, with cash and cash equivalents totaling USD 18.4 million as of June 30, 2025 (December 31, 2024: USD 19.8 million)
• Reporting currency changed from CHF to USD to align with the Group’s primary market and operational footprint in the U.S.
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A new guidance for 2027 was also provided, projecting $220m – $250m in revenue. A production facility in the United States is being prepared for the company by the end of 2026, which will significantly support this.

The Group continues to expect sales growth of at least 60% in 2025 and anticipates sales of between USD 220 million and USD 250 million by 2027

The H1 review, including slides and Q&A section, can be found on the Quartr App, among other places.The company has guided for 60% growth this year, which was significantly exceeded in the early part of the year. In the Q&A, the CEO guided that they do not see growth slowing down in H2 and it is expected to be “similar to H1 in proportion to previous years”. This would suggest that the company has a good chance of reaching its guidance this year.

Other Sources:

Inderes’ @Antti_Siltanen opens his portfolio, it is his largest holding. He has already made a lot of money with this (congratulations). Antti is probably the most knowledgeable among forum members, and it would be nice to hear fresh comments on the H1 review, future prospects, and competitive situation. Do you still see an investment case here?

https://youtu.be/fpZQpeQtxJo?t=1393

Inderes’ @Atte_Riikola just recently added this to his portfolio as a ‘short consideration purchase’. He admitted this in the now legendary ‘No leverage, no benefit’ portfolio review:

https://youtu.be/0q3HEqiUhGM?t=5049

Pricing?

As Atte also stated in the video, this is priced below EV/S 10 and forecasts for 2027 are closer to EV/S 5x. So, it’s no longer cheap, but perhaps an opportunity for those who tolerate risk and look far into the future?

I don’t have much to add to this, but the case interests me and it is now in my portfolios with a few percentage points. Presumably, not much discussion will arise from this due to the company’s challenging comprehensibility, but let’s try to get started with this. Have a good weekend!

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Thanks @timontti for the excellent thread! I probably need to comment on this, as I might be responsible for it having generated some interest lately. The opening already contains good facts. I’ll make some small additions and try to emphasize what I consider the most central points.

Kuros’s MAXA study is a well-designed (RCT) study, whose goal was to show that the product is “non-inferior” compared to autograft. So, it cannot be said that it is SUPERIOR with current knowledge, but at least as good. And if one leaves aside the quibbles, the results indeed look very good and further help convince customers of the product’s quality. Comparative RCT studies against older generation products (CBA, DBM) are also underway. In these, I see a high probability of positive results, and they should further help in gaining market share in the coming years.

A direct competitor, which also appears to have an excellent new generation product that is gaining market share. Fusion rates cannot be directly compared, as Ossd did not conduct a study as rigorously as Kuros. But their product also seems good to me. As a competitor, Ossdsign is commercially a couple of years behind, which could be a problem/hindrance for them to some extent. Bonesupport’s products, on the other hand, are not so much direct competitors. Disclaimer: I have held Ossdsing in my portfolio, as I mentioned in Tomi’s interview. I have since sold it because the valuation relative to my expected growth rate and the cash situation at the time did not seem sufficient.

Here I would emphasize that I expect MagnetOs to continue gaining market share from legacy products (CBA, DBM). Those BMP-2 growth factor products are a bit different. I believe there is also an opportunity to gain market share there, but a large slice of the market will likely remain for growth factors. They approach the task from a slightly different angle.

Kuros has so far operated almost exclusively in spinal solutions (half of the market) and in the United States (well over half of the market geographically). Over the past six months to a year, they have gradually opened up to foot and ankle solutions. This should yield visible results in about two years. Other openings are still at a very early stage or on the drawing board, but they will, of course, materialize over time.

Geographically, new markets are constantly being opened, most recently Brazil. However, the rest of the world is small compared to the USA. It does, of course, contain good complementary potential for the coming years.

And indeed, new products are aimed to be introduced approximately every 18 months, and the company is exploring acquisitions. The most recent product version launched is for endoscopic surgeries. The development pipeline is not precisely known, but I personally do not expect any revolutionary products, rather logical portfolio expansions and a gradual increase in TAM. Acquisitions are, in my opinion, almost essential in the medium/long term to expand the product portfolio in a sensible way. For example, acquisitions of hardware used in spinal surgeries (e.g., spinal cages) would be logical.

This, in my opinion, is the key growth driver until around the end of 2026. Beyond that, there are the aforementioned growth drivers: new products, new indications, new markets, acquisitions.

This was a strong conviction case at the end of 2023. I was lucky because K grew even faster than I had envisioned. At the turn of the year, I changed my attitude. The fastest growth phase was starting to be behind us, and the multiples were getting high. I then sold about 20% of my position (so quite little) and mentally shifted into a lazier holding mode. Indeed, the multiples are relatively high, and I don’t expect any outrageous returns from these levels. Having said that, it is still the largest line in my portfolio, and I currently have no intention of selling (nor adding). I am quite convinced that Kuros will be the winner in this market (though others will fit in too!) in the long run. Whether the future growth rate justifies the current valuation is another question. My answer to that question is, of course, found in my position :slight_smile: (= strong hold). The company, in my opinion, performs very strongly commercially and advances things in a controlled manner with strong research evidence. The product, with current knowledge, is very strong in my opinion (Ossdsign’s Catalyst is probably ~as good a product).

H1/Q2 went exactly as I expected. Market share gains continue, as they have for many years. Nothing new or surprising emerged in future plans. So, I expect rather boring progress in the coming years under the themes described above. Regarding the numbers, I only state that I believe the 2027 targets are quite realistic, and exceeding the revenue range is not at all impossible.

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If the competitor’s (OssDsgn) analyses are of interest, they can be found from both Carnegie and SEB in free coverage:

And from the paid coverage of our western neighbor’s research firm:

I would be interested at this stage if someone could see what kind of forecasts analysts are updating for Kuros after the recent H1. These should be available next week. Well, in the big picture, the guidelines will certainly follow the company’s guidance anyway…

Three analysts follow the company, and from my own tools, only one’s forecasts are visible via marketscreener, and even there I don’t know if the latest forecast is updated.

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Probably no one cares, but I’ll post it anyway

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Nice that you opened a thread for this too!

I’ve been loosely following it for a while, but now that a quarter of the price has melted away, I decided to take a slice for my portfolio. I also didn’t find anything other than that Mscreener data. There, EV/S 2025 is estimated at 7.27, and this year EPS should be positive for the first time by a few cents. For 2027, about 0.5 CHF/share is already predicted, and this is based on a sales forecast of 190 million (company guidance 220-250).

So far, growth figures have been impressive, and the forecast for the coming years is also over 25%. When comparing it to, for example, Revenio’s 2025 EV/S of 5.5 and growth forecasts of just over 10%, this doesn’t seem super expensive at all. I would gladly add more from that 20% level, which is not impossible if we get a more substantial index correction during the autumn.

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Here’s a note: those forecasts are CHF-based, and Kuros’s guidance is USD-based. They changed their reporting to dollars this year and also gave their target/guidance in USD.

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Kuros reported quite strong Q3 figures today and raised its 2025 forecast:

Financial & Operational Highlights

  • Total Medical Device sales rose by 77% to USD 101.1 million for the first nine months of 2025 (9M 2024: USD 57.2 million)

  • Direct MagnetOs™ sales increased by 76% to USD 99.7 million for the first nine months of 2025 (9M 2024: USD 56.7 million)

  • EBITDA for the Group reached USD 7.4 million (9M 2024: USD 1.6 million)

  • Adjusted EBITDA* arrived at USD 12.2 million, after adjusting import tariffs of around USD 0.7 million, resulting in a margin of 12.1% (9M 2024: 6.5 million at 11.3%)

  • As of September 30, 2025, the Group’s cash position increased to USD 20.0 million (June 30, 2025: USD 18.4 million) despite continued investments in net-working capital, transformation and strategic growth initiatives

Outlook

  • As in the previous year, the Group expects sales in the second half of the year in line with usual seasonal trends. Accordingly, the Group is raising its sales guidance and now expects growth of at least 70% for 2025

The Swedish OssDsign (OSSD) mentioned in the thread will report its Q3 in just under three weeks, on 4.11.2025. The stock has been sluggish for about five weeks with low trading volume, perhaps hitting bottom below 13 SEK, where many stop-losses probably triggered, and the most impatient might already be buying back as the price has started to rise again…

KURN seems to have only 28 owners in Nordnet, so it’s probably not very well-known here in the Nordics. OSSD, on the other hand, has 1000. These Nordnet ownership figures likely include other Nordic countries besides Finland, and a large portion of those thousand are thus in Sweden.

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By the way, Kuros’s CMD presentations from May are so good that I want to emphasize this a bit and recommend watching them. Direct link to the presentation: https://edge.media-server.com/mmc/go/KurosCapitalMarketDay/

The whole event is quite long, 2.5 hours. A lot of interesting things come up during the first hour. From there, everyone can decide whether to watch further. A small warning: the surgical operation around 1:11:00-1:13:30 looks quite intense :grimacing:

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Now, all the bone graft companies I follow have released their Q3 reports.

Kurosin’s Q3 was quite as expected, with USD growth of 75% in Q3’25 vs Q3’24.

Ossdsign performed below its own expectations, with comparable currency growth of 35% in Q3’25 vs Q3’24. Growth has slowed rapidly this year since Q1’25.

Bonesupport also performed slightly below its own expectations. Their flagship product, cerament V, is doing great. On the other hand, BVF is performing weaker. In constant currencies, growth was 34%.

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In the Q&A, OSSD’s still current CEO Morten Henneveld commented that September sales were at a record level (though he didn’t specify how much) and that good sales momentum continued through October. July sales “slipped” into the previous Q2, but they certainly had quiet summer months.

Currently, there are 10 people in sales; the target is 15 by the end of 2025 and 20 by Q1/2026. The earnings report’s statement “Looking ahead, we have entered an exciting phase of acceleration driven by an expansion of our sales team through targeted hiring with the goal of doubling its size by 2026.“ is quite unclear on how “by 2026” should be interpreted, given that we are already so close to the beginning of 2026, so the comments from the call clarified this quite a bit.

The selling price of Catalyst increased during Q3, and the upward trend in selling prices was said to have continued for several quarters.

The search for a new CEO was neither asked about nor commented on. Henneveld will be at the helm until the end of 2025.

The full earnings call, for example, on YouTube:

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OSSD CEO Henneveld bought 40,000 shares today after the earnings release at a price of 11.06 SEK.

Source: Ossdsigns vd Morten Henneveld köper aktier för 0,45 miljoner kronor | Placera.se

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Sorry if i’m hijacking this thread. So, Ossdsign hired a new US CEO with a lot of experience in growth of European companies in the US. Will be exciting to see what he can do.

Regarding Ossdsign, they have not yet done an RCT which they plan starting in mid 2026 which will continue until 2031. Do you guys think not having a RCT until 2031 will affect their growth in large? I’ve heard rumours (loose info from people analyzing companies in this industry operating in the US) that its hard to go above 20m EUR in annual revenue without an RCT. To me this sounds not true and strange why there would be a “cap”.

What are your thoughts?

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Hi @biomed.invst and welcome to the forum!

I think so. Their main competitor Kuros has a level 1 trial of ~100 patients that shows non-inferiority against gold standard autograft. They are experiencing rapid growth partly because of the clinical evidence. The data also suggested superiority but was not statistically powerful enough. We don’t know exactly what Ossdsign is planning but my guess is that based on the large scale of the planned trial their aiming to show superiority against autograft. That would be excellent data (and reasonably high probability of success, I think) but I wonder if it’s too late as Kuros is grabbing market share fast as we speak. Kuros also has several upcoming level 1 trials planned comparing Magnetos to legacy products.

A specific number is of course arbitrary and depends on competitive environment etc. But I do tend to agree on the principle. A medtech can win early adopters with a promising product and limited clinical data. But to win the mass market you need high-quality evidence to convince the average surgeon, lots of training activities, getting reimbursements right and clearing access to hospital networks, value analysis committee approvals etc.

It will be interesting to see if Ossdsign can accelerate growth later this year with the larger sales team. The market does not seem to believe that currently. Q1 will probably be a bloodbath but if the sales team size/quality was really a major bottleneck, we could see meaningful results in H2. In the big picture I think Kuros will continue to dominate but that does not automatically mean that Ossdsign will be a bad investment from now on as the stock price discounts very low future expectations.

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Hello! Thank you :slight_smile:

Ye, im a bit confused about this. It’s not like Ossdsign does not have any data on Catalyst its just that its not in the form of a RCT. Why i’m confused is that why would the new CEO, Mark Waugh join Ossdsign if he did not think they would continue to grow. With his vast experience he should know the possibilities and limits of Catalyst and the growth without a RCT.

It seems strange to me why not Ossdsign would conduct a smaller RCT like Kuros did which only took like 20 months from start to publishing results and then conduct a large scale RCT to show superiority and statistically significant compared to autograft. Now they will be in the situation where they have to wait 5 years until they have the data and during that time Kuros will probably have grown a lot.

But, how do you view that Ossdsign have signed two IDN agreements without an RCT?

Agree, i think that Ossdsign view their PROPEL data as very promising and probably uses that instead of a smaller RCT.

Do you know how large sales team Kuros have? I think that you are correct in terms of Ossdsign and its prospects for 2026. It will be hard to continue with >30% growth in 2026 given the flat growth we have seen in Q3 and Q4. Q1 2026 would need to be minimum 48m SEK for them to reach their goal, but that would mean that they still would need to grow at least ≈ 8-10% QoQ in H1 and H2 ≈ 25-30%.

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Just to be clear, I do believe that Ossdsign can grow (and has a lot of room to grow). My point was simply that not having an RCT has some negative effect on the rate of growth they can achieve.

I think the RCT is only a part of the solution. They should be able to make lots of progress without it. Like opening new territories and hospital networks.

I don’t know exactly, they have been growing it for several years. In the beginning of 2025 they expanded their a commercial collaboration with Medtronic who is taking responsibility of sales of sertain territories. I guess in about 6-12 months we should see the effect of Ossdsigns increased sales force. Their cash position is pretty good and cash burn is not that bad. I think they have a fair chance to turn things around.

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Antti, do you still follow/own these bone graft plays?

Kuros finished the year very strongly, and the current year also started well in terms of both sales and earnings:

Kuros Biosciences reports 51% year-over-year increase in sales in the first three months of 2026 - Kuros Biosciences

So, it started with approximately 50% growth. The US production facility is on schedule and will be operational in H2.

However, something is weighing on it, as over 40% has been shaved off the share price in six months. Perhaps it’s that guidance of at least 35% growth, which is admittedly modest compared to last year’s 70%.

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Yes, I certainly follow them and my position remains unchanged. With Kuros, I managed to miss a good selling opportunity after Q3, so I’ve held the same position until now. The company’s performance has been very much in line with expectations, and the current valuation (2026 EV/S < 5x) seems quite reasonable to me. In my books, this year’s growth falls into the 40–45% range, as the company’s guidance seems intentionally cautious (“we’d rather meet and exceed expectations”). However, I haven’t bought more yet, at least for now, because the position is already quite large, and many targets—both inside and outside of investing—are competing for limited euros.

I sold my Ossdsign shares about a year ago. A bit too early considering the share price development, but the reasoning was nonetheless on the right track and the sale was successful in the big picture. Their QoQ growth has been slowing down for some time now, and the Q1 preliminary figures were quite bleak. The valuation is low, but it doesn’t really attract me when demand for the product looks weak based on current information.

I have never actually owned Bonesupport. I scouted 180 SEK as a cautiously attractive level, and the price did dip to around 170. However, I didn’t buy because the valuation of stocks in the sector has dropped broadly, and the relative attractiveness no longer seemed good enough.

The sharp decline in medtech valuation levels during this year has gone pretty much hand-in-hand with the cheapening of SaaS/software stocks. This has been visible in sector stocks practically all over the world. My guess is that this is a longer-term decrease in risk appetite in an uncertain world; meaning, I don’t necessarily expect valuations to bounce back to previous levels very quickly—I hope I’m wrong.

In the case of Kuros, the share’s development would certainly be helped by information regarding the next product to be launched outside the MagnetOs product family. The company surely has plans either through its own R&D pipeline or acquisitions, but it’s hard to believe the multiples will stretch much if there is nothing concrete known alongside current products. Right now, I think the stock is priced solely through MagnetOs, and as such, realistic medium/long-term options for new products/revenue are not reflected in the pricing. It’s the same situation across the whole sector, which may mean good buying opportunities in the long run.

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Thanks, Antti, for the quick response!

I chatted with AIno about Kuros. Here are some highlights:

1. On the Market

Total Segment: The target markets for the company’s products are estimated to be approximately $5–7 billion in total. By 2032, the market will exceed $8 billion.

Regional Market Share: North America dominates the global bone graft market with a share of approximately 46–48 %. Revenue distribution (2025): Out of the company’s $146.1 million USD revenue, as much as $140.9 million USD came from the United States.

Growth Rate: Kuros sales grew by 51% in the United States in Q1 2026.

Analysis: Kuros Biosciences’ current market share is still small (estimated at less than 2% of the TAM), but it is capturing market share from other players by growing approximately 10 times faster than the market average. The synthetic materials segment, where MagnetOs operates, is the largest and fastest-growing part of the market (approx. 58% market share).

The Company’s Own Forecast

The company expects at least 35% growth for 2026 and aims to double its revenue to $300–330 million by 2028.

Roughly as a table:

Year  Rev    AEBITDA %   AEBITDA

2025 146 13.4 19.6

2026 197 14 27.6

2027 246 14-20 41.8

2028 308 over 20 > 62

'27 and '28 are calculated with 25% growth. It is indeed a spectacular outlook if these turn out to be conservative.

2. On Product Development

2.1. MagnetOs “Granular Formulations” & Next-Gen Carriers

The company is currently developing new ways to deliver MagnetOs’s NeedleGrip™ technology. Future announcements will likely relate to:

Advanced Carriers: New gel-like or flowable formulations that allow for even more precise delivery in robot-assisted surgery.

Combination Biologics: Research is underway on ways to combine MagnetOs with other regenerative elements, such as platelet-rich plasma (PRP), in an optimized manner.

2.2. Digital and Surgical Tools

The product is not just the material itself, but also how it is delivered to the surgical site.

MagnetOs MIS System 2.0: The company is updating its Minimally Invasive Surgery (MIS) applicator. The goal is a device that reduces material waste and allows for delivery through even smaller incisions, which is a major trend in US spinal surgery.

2.3. “Scientific Product”: Level I Evidence

MAXA Study: The company continuously produces data comparing MagnetOs directly to the “gold standard” (autograft). Future clinical publications in 2026 will likely focus on multi-level fusions (fusing multiple vertebrae), which would further expand the official indication.

2.4. Rumors have been circulating that Kuros might also seek clearance for the use of MagnetOs in maxillofacial surgery.

3. On Ownership and Risks

Total Insider Ownership: Management and the board own a combined total of approximately 24–26% of the company’s shares.

Largest Individual Shareholder: C. Oomen remains the largest shareholder with an ownership stake of approximately 24%.

Operational Risk: Building a new factory in Georgia (USA) and bringing it online at the end of 2026 is a critical phase that may involve surprises.

Financing and Liquidity: Although the cash position is stable ($15.7 million USD in Q1/2026), aggressive expansion requires continuous investment.

Sustainability of Growth: The markets are waiting for confirmation that MagnetOs’s high annual growth can continue.

Some further reflections of my own:

It seems there is still plenty of development work left regarding MagnetOs alone: expanding applications, delivery methods, studies, trials, etc. And with the US ramp-up still ongoing, there is enough work and expenditure for the coming years. Based on the realized growth figures and market size, as a layman, I think the potential is truly great and 2028 sales could even be around the 500 million mark. Consequently, the EV/S you mentioned is actually very low (it has, by the way, halved since the start of the thread) for this kind of business. A distant peer in my own portfolio could be Genovis (enzymes), which trades at nearly double the valuation even though growth is significantly slower.

Giant growth, of course, requires that there are no major changes in the competitive landscape. Apparently, Kuros’s synthetic material is well-protected by patents, and nothing quite comparable is currently on the market, at least with FDA clearance. Ossdesign is probably close, but comparable clinical evidence is lacking. It would be interesting to hear more about this if you know anything new about recent developments.

Now, however, is a “million-franc opportunity” to take market share, and that is exactly what is being done:

A couple of quotes from the annual report:

Here are three key commercial growth levers that we pulled in 2025 and will continue to activate even more forcefully in the future. These are: channel alliances that give us greater access to new customers (such as the Medtronic agreement signed in 2025); penetration into new markets beyond the spine, such as extremities and trauma; and our continued global expansion.

Ongoing registrations 2026 • Jordan • Kuwait • Oman • Qatar • United Arab Emirates

In addition to gaining and strengthening relationships with strategic sales partners, we have more than tripled the surgeon user base in foot and ankle in 2025.

And a link to the annual report:

e72aba39-dccf-4222-85a1-42b0f8f39dbd

In September, I was cursing the 20 [CHF] prices, and now that it happened, I made a proper addition. Fingers crossed—a whole 35 owners on Nordnet!