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• Accelerated fourth quarter sales growth to 7.6%, organic growth* of 14.3%
• Appointed Rob Claypoole as President and Chief Executive Officer, bringing more than 20 years of leadership experience in the global medical device industry
• Provides full-year 2024 financial guidance reflecting enhanced revenue growth and improved execution
  

DURHAM, N.C., March 12, 2024 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today announced fourth quarter and full-year financial results for the year ended December 31, 2023, and provided its financial guidance for full-year 2024.

“We returned to revenue growth, significantly improved adjusted EBITDA, and further enhanced our liquidity position as a result of our team’s strong execution in the fourth quarter of 2023,” commented Rob Claypoole, Bioventus’ President and Chief Executive Officer. “After immersing myself in the business over the last two months, it’s clear to me that Bioventus has a solid foundation of market-leading products and compelling growth prospects. Going forward, we remain committed to unlocking our full potential to help patients and create value for shareholders.”

Fourth Quarter 2023 Financial Results

For the fourth quarter, worldwide revenue totaled $135.4 million, an increase of 7.6% compared to the prior year. On an organic* basis, revenue increased 14.3%, driven by more than 20% growth in Pain Treatments and Surgical Solutions.

The Company also reported a fourth quarter net loss from continuing operations of $7.7 million, compared to net loss from continuing operations of $35.4 million in the prior-year period. Adjusted EBITDA* from continuing operations of $22.0 million advanced 28.1% from $17.2 million last year due to strong revenue growth and disciplined cost management.

Loss per share of Class A common stock from continuing operations was $0.10 per share, compared to a loss of $0.40 per share last year. Non-GAAP earnings per share from continuing operations* was $0.07 per share, compared to a loss of $0.02 per share in the prior year.

Full-Year 2023 Financial Results

Bioventus’ full-year 2023 worldwide revenue totaled $512.3 million, which was even compared to the prior year. On an organic* basis, revenue increased 3.6%, driven by 9.4% growth in Surgical Solutions.

The Company also reported a full-year 2023 net loss from continuing operations of $121.2 million, compared to net loss from continuing operations of $144.7 million in the prior year. Adjusted EBITDA from continuing operations* of $88.9 million advanced 29.5% from $68.6 million last year due to disciplined cost management and savings from a corporate restructuring implemented at the beginning of the year.

Loss per share of Class A common stock from continuing operations was $1.54 per share, compared to a loss of $1.70 per share last year. Non-GAAP earnings per share from continuing operations* was $0.02 per share, compared to $0.21 per share in the prior year.

Revenue By Business

The following tables represent net sales by geographic region and by business, for the three and twelve months of 2023 and 2022, respectively:

2023 Business Highlights

Bioventus continues to advance its strategic priorities with key achievements in 2023 that included the following:

• Driving improved execution and disciplined cost management throughout the year that resulted in a 29.5% increase in adjusted EBITDA for 2023. Revenue performance included double-digit volume growth in Pain Treatments and managing the pricing impact following a Medicare reimbursement methodology change implemented in July 2022.
• Simplifying its portfolio, enabling greater focus on execution, and enhancing liquidity through the divestiture of its Wound Business in the second quarter of 2023.
• Enhancing its liquidity position and significantly reducing its total net leverage ratio from the end of last year through reducing its debt obligations by $23.2 million and accelerating EBITDA.
• Amending its Credit and Guaranty Agreement in early January 2024 with enhanced terms to provide additional covenant flexibility expected through the third quarter 2025.
  

2024 Financial Guidance

Bioventus introduced its financial guidance for full-year 2024. The Company expects:

• Net sales of $520 million to $535 million
• Adjusted EBITDA* of $89 million to $94 million
• Non-GAAP EPS* of $0.12 to $0.20
  

The Company does not provide U.S. GAAP financial measures, other than net sales, on a forward-looking basis, because the Company is unable to predict with reasonable certainty the impact and timing of acquisition related expenses, accounting fair-value adjustments, and certain other reconciling items without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with U.S. GAAP.

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 Pain Treatments, Restorative Therapies and Surgical Solutions. 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.

Fourth Quarter 2023 Earnings Conference Call:

Management will host a conference call to discuss the Company’s financial results and provide a business update, with a question and answer session, at 8:30 a.m. Eastern Time on March 12, 2024. Those who would like to participate may dial 1-833-636-0497 (domestic and international) and refer to Bioventus Inc.

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 11, 2025.

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 future financial results and liquidity; the impact of our recent amendment to our Credit and Guaranty Agreement on our financial condition, operations, and liquidity; our business strategy, position and operations; and expected sales trends, opportunities, market position and growth. 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 our actual results to differ materially from those contemplated in this press release include, but are not limited to the risk that if we are unable to meet our current operating projections or secure other sources of liquidity, substantial doubt about our ability to continue as a going concern may arise; the risk that we might not meet certain of our debt covenants under our Credit and Guaranty Agreement and might be required to repay our indebtedness; risks associated with the disposition of our Wound Business and expected impacts on our business; restrictions on operations and other costs associated with our indebtedness; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; we maintain cash at financial institutions, often in balance that exceed federally insured limits; we are subject to securities class action litigation and may be subject to similar or other litigation in the future, which will require significant management time and attention, result in significant legal expenses and may result in unfavorable outcomes; our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and highly qualified personnel; we are highly dependent on a limited number of products; our long-term growth depends on our ability to develop, acquire and commercialize new products, line extensions or expanded indications; we may be unable to successfully commercialize newly developed or acquired products or therapies in the United States; demand for our existing portfolio of products and any new products, line extensions or expanded indications depends on the continued and future acceptance of our products by physicians, patients, third-party payers and others in the medical community; the proposed down classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (FDA) could increase future competition for bone growth stimulators and otherwise adversely affect the Company’s sales of Exogen; failure to achieve and maintain adequate levels of coverage and/or reimbursement for our products or future products, the procedures using our products, such as our hyaluronic acid (HA) viscosupplements, or future products we may seek to commercialize; pricing pressure and other competitive factors; governments outside the United States might not provide coverage or reimbursement of our products; we compete and may compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do; the reclassification of our HA products from medical devices to drugs in the United States by the FDA could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; our failure to properly manage our anticipated growth and strengthen our brands; risks related to product liability claims; fluctuations in demand for our products; issues relating to the supply of our products, potential supply chain disruptions, and the increased cost of parts and components used to manufacture our products due to inflation; our reliance on a limited number of third-party manufacturers to manufacture certain of our products; if our facilities are damaged or become inoperable, we will be unable to continue to research, develop and manufacture certain of our products; economic political, regulatory and other risks related to international sales, manufacturing and operations; failure to maintain contractual relationships; security breaches, unauthorized access to or disclosure of information, cyberattacks, or other incidents or the perception that confidential information in our or our vendors' or service providers' possession or control is not secure; failure of key information technology and communications systems, process or sites; risks related to our debt and future capital needs; the risk that new material weaknesses could adversely affect our ability to report our results of operations and financial condition accurately and in timely manner; failure to comply with extensive governmental regulation relevant to us and our products; we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits; the FDA regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; if clinical studies of our future product candidates do not produce results necessary to support regulatory clearance or approval in the United States or elsewhere, we will be unable to expand the indications for or commercialize these products; legislative or regulatory reforms; our business may continue to experience adverse impacts as a result of the COVID-19 pandemic or similar epidemics; risks related to intellectual property matters; and the other risks identified in our Annual Report on Form 10-K for the year ended December 31, 2023, 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 https://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 INC. Consolidated balance sheets As of December 31, 2023 and December 31, 2022 (Amounts in thousands, except share amounts) (unaudited)
	December 31, 2023				December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	36,964			$	30,186
Accounts receivable, net		122,789				136,295
Inventory		91,333				84,766
Prepaid and other current assets		16,913				18,551
Current assets attributable to discontinued operations		—				2,777
Total current assets		267,999				272,575
Property and equipment, net		36,605				27,456
Goodwill		7,462				7,462
Intangible assets, net		482,350				639,851
Operating lease assets		13,353				16,690
Investment and other assets		3,141
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