U.S. markets open in 3 hours 49 minutes

Bioventus Inc. (BVS)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
15.22+0.44 (+2.98%)
At close: 4:00PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Bullishpattern detected
Williams %R

Williams %R

Previous Close14.78
Open14.73
Bid0.00 x 900
Ask0.00 x 800
Day's Range14.38 - 15.49
52 Week Range10.74 - 19.51
Volume47,066
Avg. Volume349,978
Market Cap864.881M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
-14% Est. Return
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
    View more
    • Bioventus to Release First Quarter of Fiscal Year 2021 Financial Results on May 12, 2021
      GlobeNewswire

      Bioventus to Release First Quarter of Fiscal Year 2021 Financial Results on May 12, 2021

      DURHAM, N.C., April 12, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today announced that first quarter of fiscal year 2021 financial results will be released after the market closes on Wednesday, May 12, 2021. Management will host a conference call to discuss its financial results and provide a business update, with a question and answer session, at 5:00 p.m. Eastern Time on May 12, 2021. Those who would like to participate may dial 844-945-2085 (442-268-1266 for international callers) and provide access code 8976184. A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company's website at https://ir.bioventus.com/. The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until May 12, 2022. About BioventusBioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for osteoarthritis, surgical and non-surgical bone healing. With the recent acquisition of Bioness,Inc, Bioventus expanded product offerings with the Bioness products include offerings for acute and chronic pain, central nervous system disorders including stroke and orthopedic injuries. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com, www.bioness.com and follow the company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC. CONTACT: Media Contact: Thomas Hill 919-474-6715 thomas.hill@bioventusglobal.com Investor Inquiries: Mike Piccinino, CFA, IRC Westwicke/ICR Investor.relations@bioventus.com

    • Bioventus Acquires Bioness, Inc.
      GlobeNewswire

      Bioventus Acquires Bioness, Inc.

      DURHAM, N.C., March 30, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, has acquired Bioness, Inc. (“Bioness”), a global leader in neuromodulation and rehabilitation medical devices through its innovative peripheral nerve stimulation (“PNS”) therapy and premium rehabilitation solutions, for $45 million in up-front consideration, with up to $65 million of contingent consideration related to the achievement of certain key milestones. The acquisition includes the entire portfolio of Bioness products as well as its research and development pipeline. Under the merger agreement, Bioness has become a wholly-owned subsidiary of Bioventus, and all Bioness employees have become employees of Bioventus. The up-front consideration is being funded exclusively through the use of cash on hand. The acquisition of Bioness is directly aligned with Bioventus’ mission of helping patients regain active lifestyles, and the strategy of accretive revenue growth through acquisitions that leverage the Company’s existing infrastructure. Bioness, based in Valencia, California, was founded by the Al Mann Foundation in 2004 with the mission of helping improve lives and restore function for those living with peripheral pain and neurological deficit. The total addressable market for medical devices currently marketed by Bioness is estimated to be more than $8 billion. “Bioness has developed groundbreaking and best in class technologies, and we are excited about the opportunity for Bioventus to further Bioness’ vision of improving the lives of patients,” said Ken Reali, CEO of Bioventus. “We aim to accelerate Bioness’ revenue growth by leveraging our existing global network of approximately 300 sales representatives calling on orthopedic, pain and podiatric physicians as well as expanding market access and reimbursement processing capabilities. Most importantly, we welcome the Bioness team of dedicated employees to Bioventus and look forward to working with them to further market adoption.” Bioness is a category leader in rehabilitation solutions globally with the broadest portfolio of offerings, including proprietary electrical stimulation exoskeletal devices for both the upper and lower extremities, robotic gait and fall safety systems, and high-tech, interactive software learning and recovery assessment platforms. These products play an essential role in helping patients regain mobility due to stroke, traumatic brain injury, multiple sclerosis and osteoarthritis, and are used by physical or occupational therapists in a clinical setting or by the patient at home, with the guidance of a clinician through telemedicine. Bioness’ StimRouter® PNS System is an emerging therapy for patients suffering from pain after surgery on an extremity, which affects over 16 million patients each year globally. The PNS market is experiencing significant growth, largely driven by a lack of effective alternatives and a desire to reduce opioid usage. StimRouter has been implanted in over 3,000 patients since 2017 and is sold in more than 10 countries, including the United States. Bioness’ patent protected PNS technology is ideally suited to treat pain in the periphery, and StimRouter is the only PNS device backed by a randomized control trial. In 2020, Bioness generated approximately $40 million in revenue and had loss from operations of approximately $14.0 million. Bioventus expects the acquisition to be accretive to Bioventus’ revenue, enhance its multi-year revenue growth profile, and have a positive contribution to net income (excluding purchase accounting and transaction costs) by the end of year one post-close. The Company expects full year net sales for the twelve months ending December 31, 2021 to be between $390 to $402 million, including Bioness’ anticipated net sales from the date of the acquisition. About Bioness Bioness is a leading provider of innovative technologies helping people regain mobility and independence. Bioness solutions include implantable and external neuromodulation systems, robotic systems and software based therapy programs providing functional and therapeutic benefits for individuals affected by pain, central nervous system disorders and orthopedic injuries. Currently, Bioness offers six medical devices within its commercial portfolio, which are distributed and sold on five continents and in over 40 countries worldwide. Bioness innovations have been implemented in many of the most prestigious and well-respected institutions around the globe with 17 of the top 20 rehabilitation hospitals in the United States currently using one or more Bioness solutions. For more information, visit www.bioness.com. About BioventusBioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for osteoarthritis, surgical and non-surgical bone healing. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com and follow the Company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our business strategy, operations and market opportunities, financial guidance and expected financial performance and condition of Bioness and the Company, including as a result of the acquisition of Bioness, and estimated total addressable market for Bioness medical devices. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, statements about the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; competition against other companies; the negative impact on our ability to market our HA products due to the reclassification of HA products from medical devices to drugs in the United States by the FDA; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’ Annual Report on Form 10-K for the period ended December 31, 2020, as such factors may be updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. Media Contact:Thomas Hill919-474-6715thomas.hill@bioventusglobal.com Investor Inquiries:Mike Piccinino, CFA, IRCWestwicke/ICRinvestor.relations@bioventus.com

    • Bioventus Inc. Reports Fourth Quarter and Full Year 2020 Financial Results; Introduces Full Year 2021 Financial Guidance
      GlobeNewswire

      Bioventus Inc. Reports Fourth Quarter and Full Year 2020 Financial Results; Introduces Full Year 2021 Financial Guidance

      DURHAM, N.C., March 25, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today reported financial results for the fourth quarter and year ended December 31, 2020. This press release presents historical results, for the periods presented, of Bioventus, LLC, the predecessor of Bioventus Inc. for financial reporting purposes. Fourth Quarter 2020 Financial Results Summary: Net sales of $98.6 million, up $1.0 million, or 1%, year-over-year. Net sales, by geography, is based upon: U.S. net sales of $89.7 million, up $2.8 million, or 3%, year-over-year.International net sales of $8.9 million, down $1.8 million, or 17%, year-over-year. International net sales declined 19% year-over-year on a constant currency basis.* Net sales, by vertical, is based upon: Net sales of osteoarthritic (OA) joint pain treatment and joint preservation products of $52.2 million, down $2.2 million, or 4%, year-over-year.Net sales of minimally invasive fracture treatment products of $27.2 million, up $0.4 million, or 2%, year-over-year.Net sales of bone graft substitutes products of $19.2 million, up $2.8 million, or 17%, year-over-year. Net income from continuing operations of $2.3 million, down $3.1 million, or 58%, year-over-year.Adjusted EBITDA* was $28.2 million, down $2.6 million, or 8% year-over-year.Net income attributable to common unit holders of $0.5 million, down $2.0 million, or 80%, year-over-year.Non-GAAP net income attributable to common unit holders* of $11.4 million, up $1.6 million, or 16%, year-over-year. Full Year 2020 Financial Results Summary: Net sales of $321.2 million, down $19.0 million, or 6%, year-over-year. Net sales, by vertical, is based upon: Net sales of OA joint pain treatment and joint preservation products of $171.2 million, down $10.9 million, or 6.0%, year-over-year.Net sales of minimally invasive fracture treatment products of $88.6 million, down $14.9 million, or 14%, year-over-year.Net sales of bone graft substitutes products of $61.4 million, up $6.8 million, or 12%, year-over-year. Net income from continuing operations of $14.7 million, up $6.6 million, or 81%, year-over-year.Adjusted EBITDA of $72.4 million, down $6.7 million, or 9% year-over-year.Net income (loss) attributable to common unit holders of $4.4 million, up $5.0 million, year-over-year.Non-GAAP net income attributable to common unit holders of $37.1 million, up $8.4 million, year-over-year. ___________* See below under “Use of Non-GAAP Financial Measures” for a definition and reconciliation of this measure. Fourth Quarter 2020 and Recent Highlights: On November 10, 2020, the Company announced that beginning January 1, 2021, Bioventus will gain preferred access through the CVS Caremark Formulary, to DUROLANE®, GELSYN-3® and SUPARTZ FX®, for the treatment of knee OA pain.On November 16, 2020, the Company announced the appointment of Chris Yamamoto as Senior Vice President of Business Development and Strategy. Yamamoto is responsible for developing a business development growth strategy for the Company that is accretive to the company’s current organic growth and executing deals that will drive long-term value and further the Company’s mission of helping patients regain active lifestyles.On November 18, 2020, the Company announced that it received authorization to proceed under its investigational new drug application from the U.S. Food and Drug Administration (the “FDA”), allowing it to proceed to clinical trials of PTP-001. PTP-001 (commercial trade name MOTYS™) is a placental tissue particulate comprised of amnion, chorion and umbilical cord from full-term, healthy births and is provided sterile in micronized form. Bioventus plans to evaluate the safety and efficacy of PTP-001 to treat osteoarthritis of the knee through an open-label, dose-escalation study. Further, on March 11, 2021, the Company announced that the first patients had been enrolled and dosed in its Phase 1 open-label, dose-escalation study of MOTYS (PTP-001) with Dr. Shailesh Patel, M.D. at Coastal Carolina Research Center, South Carolina.On January 19, 2021, the Company announced the appointment of Miguel O. Beltrán-Delgado as Senior Vice President of Operations. Beltrán-Delgado is responsible for continual improvement of operations including driving productivity while continuing to meet evolving quality standards, reducing cycle times and optimizing the Company’s manufacturing and supply chain footprint.On March 4, 2021, the Company announced the appointment of Larry Chen as Managing Director of China and Asia Pacific. Based in Shenzhen, China, he is responsible for significantly increasing penetration of Bioventus products across key Asia Pacific markets, with a focus on China. “Bioventus finished 2020 with improved momentum in our overall business with second half net sales increasing 3% year-over-year, and fourth quarter net sales increasing 15% on a quarter-over-quarter basis, as we continued to rebound from the global pandemic,” stated Ken Reali, Chief Executive Officer of Bioventus. “We are proud of the strong operating and financial performance we delivered in 2020, despite the unprecedented challenges presented by the external environment. We believe this performance is a direct result of our results oriented culture at Bioventus and the focus by our team on our mission to make a difference by helping patients resume and enjoy active lives.” Mr. Reali continued: “The substantial improvements in our execution and operating achievements that we delivered in 2020 have continued in 2021. We have significantly enhanced our balance sheet and financial condition with the net proceeds raised in our IPO in February and believe we are well positioned to execute our growth strategy going forward. We introduced financial guidance for 2021 that reflects revenue growth in the range of 12% to 16% year-over-year, fueled primarily by anticipated strong global growth in sales of our leading portfolio of PMA-approved therapies for OA joint pain and our portfolio of clinically efficacious and cost effective bone graft substitutes and continuing to build on our minimally invasive fracture treatment franchise. Importantly, we look forward to potential acceleration in our multi-year growth profile fueled by continued progress in our clinical, product development and new product pipeline and our pursuit of in-organic business development opportunities that are accretive to our long-term growth profile and leverage our significant customer presence across orthopedics, broaden our portfolio and increase our global footprint.” Presentation & Initial Public Offering: This press release presents historical results, for the periods presented, of Bioventus, LLC, the predecessor of Bioventus Inc. for financial reporting purposes.The financial results of Bioventus Inc. have not been included in this press release as it had no material assets or liabilities and no material business transactions or activities during the periods presented.On February 16, 2021, the Company successfully closed its initial public offering ("IPO") of common stock at a price to the public of $13.00 per share. The Company issued 9,200,000 shares of Class A common stock, which included 1,200,000 shares sold to the underwriters pursuant to their over-allotment option, and received net proceeds of approximately $111.2 million, after underwriter discounts and commissions.Accordingly, these historical results do not purport to reflect what the results of operations of Bioventus Inc. would have been had the IPO and related transactions occurred prior to such periods. For example, these historical results reference LLC common units and not common stock, and do not reflect the attribution of net income to non-controlling interest or the provision for corporate income taxes on the income attributable to Bioventus Inc. that the Company expects to recognize in future periods. Fourth Quarter 2020 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended December 31, 2020 and December 31, 2019, respectively: Three Months Ended December 31, Change($ thousands, except for percentage) 2020 2019 $ %By Geographic Region: U.S.$89,675 $86,844 $2,831 3.3%International 8,916 10,710 (1,794) (16.8%)Net Sales$ 98,591 $ 97,554 $ 1,037 1.1% By Vertical: OA joint pain treatment and joint preservation$52,246 $54,459 $(2,213) (4.1%)Minimally invasive fracture treatment 27,191 26,755 436 1.6%Bone graft substitutes 19,154 16,340 2,814 17.2%Net Sales$ 98,591 $ 97,554 $ 1,037 1.1% Net sales of $98.6 million, compared to $97.6 million for the fourth quarter of 2019, an increase of $1.0 million, or 1%, year-over-year. The increase in net sales, by geography, was driven by an increase of $2.8 million, or 3%, year-over-year, in U.S. net sales, partially offset by a decrease of $1.8 million, or 17%, year-over-year, in international net sales. International net sales for the fourth quarter ended December 31, 2020 declined 19% year-over-year on a constant currency basis. The increase in net sales, by vertical, was driven by an increase of $2.8 million, or 17%, year-over-year, in bone graft substitutes sales and an increase of $0.4 million, or 2%, year-over-year, in minimally invasive fracture treatment sales, partially offset by a decrease of $2.2 million, or 4%, year-over-year, in OA joint pain treatment and joint preservation sales. Gross profit was $73.5 million, or 74.5% of net sales, compared to $73.4 million, or 75.3% of net sales, for the fourth quarter of 2019, an increase of 0.1%, year-over-year. Non-GAAP gross profit1 was $78.6 million, or 79.7% of net sales, compared to $78.7 million, or 80.7% of net sales, for the fourth quarter of 2019, a decrease of $0.1 million, or 0.1%, year-over-year. ___________* See below under “Use of Non-GAAP Financial Measures” for a definition and reconciliation of this measure. Operating income was $5.9 million, compared to $13.7 million for the fourth quarter of 2019, a decrease of $7.8 million, or 57%, year-over-year. Operating margin was 6.0% of net sales, compared to 14% of net sales for the fourth quarter of 2019. Non-GAAP operating income* was $17.0 million, compared to $21.0 million for the fourth quarter of 2019, a decrease of $3.9 million, or 19%, year-over-year. Non-GAAP operating margin1 was 17.3% of net sales, compared to 21.5% of net sales for the fourth quarter of 2019. Total other expense was $2.8 million, compared to $7.5 million for the fourth quarter of 2019, a decrease of $4.7 million, or 63%, year-over-year, primarily due to decreased debt interest resulting from refinancing our debt in December 2019 as well as the decline in interest rates. Income tax expense was $0.9 million, compared to $0.9 million in the fourth quarter of 2019. Net income from continuing operations was $2.3 million, or $0.46 per common unit, compared to $5.3 million, or $1.08 per common unit, for the fourth quarter of 2019, a decrease of $3.1 million, or 58%, year-over-year. Adjusted EBITDA was $28.2 million, compared to $30.7 million for the fourth quarter of 2019, a decrease of $2.6 million, or 8%, year-over-year. Net income attributable to common unit holders was $0.5 million, or $0.10 per common unit, compared to $2.5 million, or $0.52 per common unit, for the fourth quarter of 2019, a decrease of $2.0 million, or 80%, year-over-year. Non-GAAP net income attributable to common unit holders was $11.4 million, or $2.32 per common unit, compared to $9.8 million, or $2.00 per common unit, for the fourth quarter of 2019, an increase of $1.6 million, or 16%, year-over-year. As of December 31, 2020, the Company had $86.8 million in cash and cash equivalents and $188.4 million in debt obligations, compared to $64.5 million in cash and cash equivalents and $198.0 million in debt obligations as of December 31, 2019. ___________* See below under “Use of Non-GAAP Financial Measures” for a definition and reconciliation of this measure. Full Year 2020 Financial Results: The following table represents net sales by geographic region, and by vertical, for the twelve months ended December 31, 2020 and December 31, 2019, respectively: Twelve Months Ended December 31, Change ($ thousands, except for percentage) 2020 2019 $ % By Geographic Region: U.S.$293,697 $305,072 $(11,375) (3.7%) International 27,464 35,069 (7,605) (21.7%) Net Sales$ 321,161 $ 340,141 $ (18,980) (5.6%) By Vertical: OA joint pain treatment and joint preservation$171,178 $182,082 $(10,904) (6.0%) Minimally invasive fracture treatment 88,624 103,504 (14,880) (14.4%) Bone graft substitutes 61,359 54,555 6,804 12.5% Net Sales$ 321,161 $ 340,141 $ (18,980) (5.6%) Net sales of $321.2 million, compared to $340.1 million for the year ended December 31, 2019, a decrease of $19.0 million, or 6%, year-over-year. The decrease in net sales, by geography, was driven by a decrease of $11.4 million, or 4%, year-over-year, in U.S. net sales and a decrease of $7.6 million, or 22%, year-over-year, in international net sales. International sales for the year ended December 31, 2020 declined 22% year-over-year on a constant currency basis. The decrease in net sales, by vertical, was driven by a decrease of $14.9 million, or 14%, year-over-year, in minimally invasive fracture treatment sales, a decrease of $10.9 million, or 6%, year-over-year, in OA joint pain treatment and joint preservation sales, partially offset by an increase of $6.8 million, or 12%, year-over-year, in bone graft substitutes sales. Net income from continuing operations was $14.7 million, or $3.00 per common unit, compared to $8.1 million, or $1.66 per common unit, for the year ended December 31, 2019, an increase of $6.6 million, or 81%, year-over-year. Adjusted EBITDA was $72.4 million, compared to $79.2 million for the year ended December 31, 2019, a decrease of $6.7 million, or 9%, year-over-year. Net income attributable to common unit holders was $4.4 million, or $0.89 per common unit, compared to a Net loss attributable to common unit holders of ($0.7 million), or ($0.13) per common unit, for the year ended December 31, 2019, an increase of $5.0 million year-over-year. Non-GAAP net income attributable to common unit holders was $37.1 million, or $7.56 per common unit, compared to $28.6 million, or $5.84 per common unit, for the year ended December 31, 2019, an increase of $8.4 million, year-over-year. Full Year 2021 Financial Guidance:For the twelve months ending December 31, 2021, the Company expects: Net sales of $360 million to $372 million.Net income attributable to common shareholders of $15 million to $19 million.Non-GAAP net income attributable to common shareholders of $43 million to $46 million.Adjusted EBITDA of $79 million to $83 million. Fourth Quarter 2020 Earnings Conference Call: Management will host a conference call to discuss its financial results and provide a business update, with a question and answer session, at 5:00 p.m. Eastern Time on March 25, 2021. Those who would like to participate may dial 844-945-2085 (442-268-1266 for international callers) and provide access code 2158468. A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company's website at https://ir.bioventus.com/. The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until March 25, 2022. About Bioventus Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations For Active Healing from Bioventus include offerings for osteoarthritis, surgical and non-surgical bone healing. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com and follow the company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC. Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our business strategy, position and operations; expected tax treatment, sales trends, opportunities and growth; the ongoing COVID-19 pandemic; the expected benefits and impact of Bioventus’ products, including in certain regions, and biologic drug candidates; and the Company’s financial guidance and expected financial performance. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, statements about the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the FDA; our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; competition against other companies; the negative impact on our ability to market our HA products due to the reclassification of HA products from medical devices to drugs in the United States by the FDA; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’ 424(b)(4) prospectus filed on February 12, 2021 in connection with the Company’s initial public offering, as such factors may be updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ materially from those set forth in the forward-looking statements. BIOVENTUS LLCConsolidated balance sheetsDecember 31, 2020 and 2019(Amounts in thousands, unaudited) 2020 2019 Assets Current assets: Cash and cash equivalents$86,839 $64,520 Accounts receivable, net 88,283 85,128 Inventory 29,120 27,326 Prepaid and other current assets 7,552 6,059 Total current assets 211,794 183,033 Property and equipment, net 6,879 4,489 Goodwill 49,800 49,800 Intangible assets, net 191,650 216,510 Operating lease assets 14,961 15,267 Investment and other assets 19,382 3,308 Total assets$494,466 $472,407 Liabilities and Members’ Equity Current liabilities: Accounts payable$4,422 $6,440 Accrued liabilities 88,187 52,827 Accrued equity-based compensation 11,054 15,547 Current portion of long-term debt 15,000 10,000 Other current liabilities 3,926 4,201 Total current liabilities 122,589 89,015 Long-term debt, less current portion 173,378 187,965 Accrued equity-based compensation, less current portion 29,249 25,255 Deferred tax liability 3,362 3,874 Other long-term liabilities 21,728 20,681 Total liabilities 350,306 326,790 Commitments and contingencies Members’ equity (preferred unit liquidation preference of $210,576 and $204,443 at December 31, 2020 and 2019, respectively) 285,173 285,147 Accumulated other comprehensive income (loss) 1,607 (465)Accumulated deficit (144,539) (141,700)Equity attributable to unit holders 142,241 142,982 Noncontrolling interest 1,919 2,635 Total members’ equity 144,160 145,617 Total liabilities and members’ equity$494,466 $472,407 BIOVENTUS LLCConsolidated statements of operations and comprehensive income(Amounts in thousands, except unit and per unit data, unaudited) Three Months Ended Dec 31, 2020 Three Months Ended Dec 31, 2019 Twelve Months Ended Dec 31, 2020 Twelve Months Ended Dec 31, 2019Net sales$98,591 $97,554 $321,161 $340,141 Cost of sales (including depreciation and amortization of $5,093, $5,249, $21,169, and $22,399 respectively) 25,121 24,125 87,642 90,935 Gross profit 73,470 73,429 233,519 249,206 Selling, general and administrative expense 61,974 54,454 193,078 198,475 Research and development expense 2,891 3,144 11,202 11,055 Restructuring costs 563 35 563 575 Depreciation and amortization 2,134 2,093 7,439 7,908 Operating income 5,908 13,703 21,237 31,193 Interest expense 2,656 7,644 9,751 21,579 Other loss (income) 111 (146) (4,428) (75)Other expense 2,767 7,498 5,323 21,504 Income from continuing operations before income taxes 3,141 6,205 15,914 9,689 Income tax expense 890 892 1,192 1,576 Net income from continuing operations 2,251 5,313 14,722 8,113 Loss from discontinued operations, net of tax — 199 — 1,815 Net income 2,251 5,114 14,722 6,298 Loss attributable to noncontrolling interest 525 523 1,689 553 Net income attributable to unit holders 2,776 5,637 16,411 6,851 Other comprehensive income (loss), net of tax Change in prior service cost and unrecognized loss for defined benefit plan adjustment (54) (78) (54) (78)Change in foreign currency translation adjustments 1,439 255 2,126 (322)Other comprehensive income (loss) 1,385 177 2,072 (400)Comprehensive income$4,161 $5,814 $18,483 $6,451 Net income from continuing operations attributable to unit holders$2,776 $5,836 $16,411 $8,666 Accumulated and unpaid preferred distributions (1,608) (1,534) (6,133) (5,955)Net income allocated to participating shareholders (670) (1,555) (5,895) (1,555)Net income from continuing operations attributable to common unit holders 498 2,747 4,383 1,156 Loss from discontinued operations, net of tax - 199 - 1,815 Net income (loss) attributable to common unit holders$498 $2,548 $4,383 $(659)Net income (loss) per unit attributable to common unit holders-basic and diluted Net income from continuing operations$0.10 $0.56 $0.89 $0.24 Loss from discontinued operations, net of tax - 0.04 - 0.37 Net income (loss) attributable to common unit holders$0.10 $0.52 $0.89 $(0.13) Weighted average units used in computing basic and diluted net income (loss) per common unit 4,900,000 4,900,000 4,900,000 4,900,000 BIOVENTUS LLCConsolidated statements of cash flowsYears ended December 31, 2020 and 2019(Amounts in thousands, unaudited) 2020 2019 Operating activities: Net income$14,722 $6,298 Net loss from discontinued operations — 1,815 Net income from continuing operations 14,722 8,113 Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: Depreciation and amortization 28,643 30,316 Payment of contingent consideration in excess of amount established in purchase accounting — (945)Provision for expected credit losses 1,215 2,242 Profits interest plan, liability-classified and other equity awards compensation 10,103 10,844 Change in fair value of Equity Participation Rights unit 644 565 Change in fair value of interest rate swap 1,599 — Deferred income taxes (511) (348)Amortization of debt discount and capitalized loan fees, net 543 1,583 Loss on debt retirement and modification — 3,352 Other, net (67) 395 Changes in operating assets and liabilities: Accounts receivable (3,941) (14,909)Inventories (528) (1,427)Accounts payable and accrued expenses 20,510 6,646 Other current assets and liabilities (733) (3,882)Net cash provided by operating activities from continuing operations 72,199 42,545 Net cash used in operating activities of discontinued operations (400) (1,832)Net cash provided by operating activities 71,799 40,713 Investing activities: Investment and acquisition of distribution rights (16,579) (6,000)Acquisition of VIE — 430 Purchase of property and equipment (4,093) (2,342)Net cash used in investing activities from continuing operations (20,672) (7,912)Net cash provided by investing activities from discontinued operations 172 — Net cash used in investing activities (20,500) (7,912)Financing activities: Borrowing on revolver 49,000 — Payment on revolver (49,000) — Proceeds from the issuance of long-term debt, net of issuance costs — 198,134 Payments on long-term debt (10,000) (199,500)Other financing activities 317 (448)Distribution to members (19,886) (9,137)Net cash used in financing activities (29,569) (10,951)Effect of exchange rate changes on cash 589 (104)Net change in cash and cash equivalents 22,319 21,746 Cash and cash equivalents at the beginning of the period 64,520 42,774 Cash and cash equivalents at the end of the period$86,839 $64,520 Use of Non-GAAP Financial Measures International Net Sales Growth on a Constant Currency Basis International Net Sales Growth on a Constant Currency Basis is a non-GAAP measure, which is calculated by translating current and prior year results at the same foreign currency exchange rate. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to facilitate the comparison of international net sales to prior periods and analyze net sales performance without the impact of changes in foreign currency exchange rates. Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, and Non-GAAP Net Income Attributable to Common Unit Holders We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense and Non-GAAP Net Income Attributable to Common Unit Holders, all non-GAAP financial measures, to supplement our financial reporting, because we believe these measures are useful indicators of our operating performance. We define Adjusted EBITDA as net income (loss) from continuing operations before depreciation and amortization, provision of income taxes and interest expense, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include equity compensation, change in fair value of contingent consideration, COVID-19 benefits, succession and transition charges, loss on impairment of intangible assets, losses associated with debt refinancing, restructuring costs, foreign currency impact and other non-recurring costs. See the table below for a reconciliation of net income from continuing operations to Adjusted EBITDA. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties frequently use it in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Our management uses Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, and Non-GAAP Net Income Attributable to Common Unit Holders principally as measures of our operating performance and believe that these non-GAAP financial measures are useful to better understand the long term recurring performance of our core business and to facilitate comparison of our results to those of peer companies. Our management also uses these non-GAAP financial measures for planning purposes, including the preparation of our annual operating budget and financial projections. We define Non-GAAP Gross Profit as gross profit, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold. We define Non-GAAP Gross Margin as the calculated ratio of Non-GAAP Gross Profit to net sales. See the table below for a reconciliation of gross profit and gross margin to Non-GAAP Gross Profit and Gross Margin. We define Non-GAAP Operating Income as operating income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold, amortization in operating expenses, COVID-19 expenses, succession and transition charges, restructuring costs and other non-recurring costs. See the table below for a reconciliation of Operating Income and operating margin to Non-GAAP Operating Income and Non-GAAP Operating Margin. We define Non-GAAP Net Income Attributable to Common Unit Holders as net income attributable to common unit holders, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold, amortization in operating expenses, COVID-19 expense and income, succession and transition charges, losses associated with debt retirement and modification, restructuring costs, and other non-recurring costs. See the table below for a reconciliation of net income attributable to common unit holders to Non-GAAP Net Income Attributable to Common Unit Holders. Reconciliation of Net Income from continuing operations to Adjusted EBITDA (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended($, thousands)December 31, 2020December 31, 2019December 31, 2020December 31, 2019Net Income from continuing operations$ 2,251 $ 5,313 $ 14,722 $ 8,113 Depreciation and amortization (a) 6,854 7,344 28,643 30,316 Income tax expense 890 892 1,192 1,576 Interest expense 2,656 7,644 9,751 21,579 Equity compensation (b) 9,484 7,592 10,103 10,844 COVID-19 benefits, net (c) 35 - (4,123) - Succession and transition charges (d) 264 - 5,609 - Restructuring costs (e) 563 35 563 575 Foreign currency impact (f) (59) (138) (117) 8 Equity loss in unconsolidated investments (g) 467 - 467 - Other non-recurring costs (h) 4,749 2,023 5,633 6,177 Adjusted EBITDA$ 28,154 $ 30,705 $ 72,443 $ 79,188 (a) Includes for the years ended December 31, 2020 and 2019, depreciation and amortization of $21.2 million and $22.4 million in cost of sales and also includes $7.4 million and $7.9 million, respectively, and for the quarters ended December 31, 2020 and 2019, depreciation and amortization of $5.1 million and $5.2 million in cost of sales, and also includes $1.8 million and $2.1 million, respectively, presented in the consolidated statements of operations and comprehensive income (loss), with the balance in research and development. (b) Represents compensation as well as the change in fair market value resulting from two equity-based compensation plans, the Management Incentive Plan and the Phantom Profits Interest Plan. (c) Represents income resulting from the Coronavirus Aid, Relief and Economic Security (“CARES”) Act offset by additional cleaning and disinfecting expenses and contract termination fees for canceled events. (d) Primarily represents costs related to the CEO transition. (e) Represents costs related to a shift from direct to an indirect distribution model in our International business to improve performance. Various international subsidiaries were dissolved and or merged into other Bioventus LLC entities. (f) Foreign currency impact represents realized and unrealized gains and losses from fluctuations in foreign currency and is included within other (income) loss in the consolidated statements of operations and comprehensive income (loss). (g) Represents our share in the losses of CartiHeal for the year and quarter ended December 31, 2020.(h) Other non-recurring items in 2020 includes settlement and legal costs of $1.9 million with the Office of Inspector General of the U.S. Department of Health and Human Services (“OIG”). The remaining balance in 2020 and the activity in 2019 primarily consists of charges associated with potential strategic transactions, such as potential acquisitions and preparing to become a public company, primarily accounting and legal fees. Reconciliation of Net income attributable to common unit holders to Non-GAAP Net income attributable to common unit holders (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended($, thousands)December 31, 2020December 31, 2019December 31, 2020December 31, 2019Net income attributable to common unit holders$ 498 $ 2,548 $ 4,383 $ (659)Depreciation & amortization included in cost of goods sold 5,093 5,249 21,168 22,399 Amortization included in operating expenses 1,331 1,599 5,868 5,927 Loss on debt retirement and modification (a) - 367 - 367 COVID-19 expense (b) 299 - 576 - COVID-19 income (c) (264) - (4,699) - Succession and transition charges (d) 264 - 5,609 - Restructuring costs (e) 563 35 563 575 Other non-recurring items (f) 3,590 - 3,590 - Non-GAAP Net income attributable to common unit holders$ 11,374 $ 9,798 $ 37,058 $ 28,609 Reconciliation of Net Income attributable to common unit holders per common unit to Non-GAAP Net Income attributable to common unit holders per common unit (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2020December 31, 2019December 31, 2020December 31, 2019Weighted average common Units used in computing basic and diluted net income per common Unit 4,900,000 4,900,000 4,900,000 4,900,000 Net income attributable to common unit holders per basic and diluted common Unit$ 0.10 $ 0.52 $ 0.89 $ (0.13)Depreciation & amortization included in cost of goods sold 1.04 1.07 4.32 4.57 Amortization included in operating expenses 0.27 0.33 1.20 1.21 Loss on debt retirement and modification (a) - 0.07 - 0.07 COVID-19 expense (b) 0.06 - 0.12 - COVID-19 income (c) (0.05) - (0.96) - Succession and transition charges (d) 0.05 - 1.14 - Restructuring costs (e) 0.11 0.01 0.11 0.12 Other non-recurring items (f) 0.73 - 0.73 - Non-GAAP Net income attributable to common unit holders per basic and diluted common Unit$ 2.32 $ 2.00 $ 7.56 $ 5.84 (a) Represents charges with our 2019 debt refinancing that were included in selling, general and administrative expense on the consolidated statements of operations and comprehensive income (loss).(b) Additional cleaning and disinfecting expenses and contract termination fees for canceled events included in operating expenses.(c) Represents income resulting from the CARES Act.(d) Primarily represents costs related to the CEO transition.(e) Represents costs related to a shift from direct to an indirect distribution model in our International business to improve performance. Various international subsidiaries were dissolved and or merged into other Bioventus LLC entities.(f) Other non-recurring items in 2020 primarily includes settlement and legal costs of $1.9 million with the OIG. Reconciliation of Gross Profit to Non-GAAP Gross Profit and Gross Margin to Non-GAAP Gross Margin (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended($, thousands)December 31, 2020 December 31, 2019December 31, 2020December 31, 2019Gross Profit73,470 73,429 233,519 249,206 Gross Margin74.5% 75.3% 72.7% 73.3%Depreciation & Amortization included in cost of goods sold5,093 5,249 21,168 22,399 Non-GAAP Gross Profit78,564 78,678 254,687 271,605 Non-GAAP Gross Margin79.7% 80.7% 79.3% 79.9% Reconciliation of Operating Income to Non-GAAP Operating Income and Operating Margin to Non-GAAP Operating Margin (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended($, thousands)December 31, 2020December 31, 2019December 31, 2020December 31, 2019Operating Income5,908 13,703 21,237 31,193 Operating Margin6.0% 14.0% 6.6% 9.2%Depreciation & Amortization included in cost of goods sold5,093 5,249 21,168 22,399 Amortization included in operating expenses1,331 1,599 5,868 5,927 Succession and transition charges (a)264 - 5,609 - Restructuring costs (b)563 35 563 575 COVID-19 expense (c)299 - 576 - Other non-recurring items (d)3,590 367 3,590 367 Non-GAAP Operating Income17,048 20,953 58,611 60,462 Non-GAAP Operating Margin17.3% 21.5% 18.2% 17.8% (a) Primarily represents costs related to the CEO transition.(b) Represents costs related to a shift from direct to an indirect distribution model in our International business to improve performance. Various international subsidiaries were dissolved and or merged into other Bioventus LLC entities.(c) Additional cleaning and disinfecting expenses and contract termination fees for canceled events included in operating expenses.(d) Other non-recurring items in 2020 primarily includes settlement and legal costs of $1.9 million with the OIG. Reconciliation of Guidance Range for Net Income to Common Shareholders to Non-GAAP Net Income to Common Shareholders for the twelve months ending December 31, 2021 2021 Guidance 2021 Guidance($, thousands)Low HighNet income attributable to common shareholders 15,349 19,317 Plus: Amortization included in cost of goods sold 22,260 21,260 Plus: Amortization included in operating expenses 5,323 5,323 Non-GAAP Net income attributable to common shareholders 42,932 45,900 Reconciliation of Guidance Range for Net Income from continuing operations to Adjusted EBITDA for the twelve months ending December 31, 2021 2021 Guidance 2021 Guidance($, thousands)Low HighNet Income from continuing operations 13,958 17,926 Depreciation and amortization 30,000 29,000 Income tax expense 5,162 6,630 Interest expense 3,400 2,900 Equity compensation 21,500 22,500 Other non-recurring costs (a) 5,000 4,000 Adjusted EBITDA 79,020 82,956 (a) Represents anticipated charges in connection with potential strategic investments. CONTACT: Investor Inquiries: Mike Piccinino, CFA, IRC Westwicke/ICR Investor.relations@bioventus.com Press and Media Inquiries: Bioventus Thomas Hill thomas.hill@bioventus.com