DURHAM, N.C., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS), a global leader in innovations for active healing, today announced that Mark Singleton, senior vice president and chief financial officer, will participate in a fireside chat at the Canaccord Genuity Global Growth Conference on Wednesday, August 14, 2024, at 9:00 a.m. ET. A live webcast of the presentation, followed by a question-and-answer session will be available on the "Investors" section of the Company's website at www.bioven ...

DURHAM, N.C., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS), a global leader in innovations for active healing, today announced that Mark Singleton, senior vice president and chief financial officer, will participate in a fireside chat at the Canaccord Genuity Global Growth Conference on Wednesday, August 14, 2024, at 9:00 a.m. ET. A live webcast of the presentation, followed by a question-and-answer session will be available on the "Investors" section of the Company's website at www.bioven ...

Financial Performance - Q2 2024 revenue reached $151.2 million, a 10.3% increase year-over-year, with organic growth of 13.9% driven by Pain Treatments and Surgical Solutions[2] - Adjusted EBITDA from continuing operations rose by 22.4% to $34.5 million, up from $28.2 million in the prior year[2] - The company reported a net loss from continuing operations of $32.1 million, compared to a loss of $4.7 million in the prior-year period, impacted by a non-cash impairment charge of $31.9 million[2] - Net sales for the three months ended June 29, 2024, were $151,217, an increase of 10.4% compared to $137,069 for the same period in 2023[10] - Gross profit for the six months ended June 29, 2024, was $192,019, up from $163,042 for the same period in 2023, reflecting a gross margin improvement[10] - The company reported a net loss from continuing operations of $32,112 for the three months ended June 29, 2024, compared to a loss of $4,731 for the same period in 2023[10] - Adjusted EBITDA for the three months ended June 29, 2024, was $34,452 thousand, an increase from $28,158 thousand in the same period last year, reflecting a growth of approximately 22%[19] - The net loss from continuing operations for the six months ended June 29, 2024 was $(38,094), resulting in an EPS of $(0.45)[24] Guidance and Future Outlook - Bioventus raised its full-year 2024 financial guidance, now expecting net sales of $557 million to $567 million, an increase of $19.5 million from previous guidance[4] - Adjusted EBITDA guidance for 2024 is now set at $104 million to $107 million, reflecting a $9 million increase from prior guidance[4] - Non-GAAP EPS guidance for 2024 is raised to $0.36 to $0.42, an increase of $0.10 from previous estimates[4] Operational Metrics - Gross margin expanded by 350 basis points, while adjusted gross margin improved by 180 basis points compared to the prior year[1] - Cash from operations increased by 40.5% to $15.2 million in Q2 2024[1] - Total current assets increased to $308,883 as of June 29, 2024, from $267,999 as of December 31, 2023, primarily driven by higher accounts receivable[9] - Total liabilities increased to $603,111 as of June 29, 2024, compared to $589,792 as of December 31, 2023, mainly due to an increase in current liabilities[9] - Cash and cash equivalents at the end of the period were $31,994, a decrease from $36,964 at the end of 2023[11] - The Company experienced a significant increase in interest expense, totaling $9,924 thousand for the three months ended June 29, 2024, compared to $10,587 thousand in the prior year[19] Strategic Initiatives - The company received FDA clearance for the OSTEOAMP Cannula, which is expected to enhance growth opportunities in the Minimally Invasive Spine Procedure market[4] - Bioventus is pursuing the divestiture of its Advanced Rehabilitation Business to reduce debt and focus on core operations[4] - The Company deconsolidated CartiHeal effective February 27, 2023, treating it as a discontinued operation, which may impact future financial reporting[16] Research and Development - Research and development expenses for the three months ended June 29, 2024, were $3,988, compared to $3,398 for the same period in 2023, indicating a focus on innovation[10] Non-GAAP Measures - Non-GAAP Gross Profit for the six months ended June 29, 2024, was $57,075 thousand, compared to $45,109 thousand for the same period in the prior year, indicating a year-over-year increase of about 26.5%[19] - Non-GAAP net income for the six months ended June 29, 2024 was $19,944, with an adjusted EPS of $0.25[24] - The Company emphasizes the importance of Non-GAAP measures for evaluating long-term performance trends and facilitating comparisons with peers[17] - The Company does not provide U.S. GAAP financial measures on a forward-looking basis due to uncertainties related to acquisitions and other reconciling items[17] Impairment Charges - The company incurred impairment of assets amounting to $31,870 during the three months ended June 29, 2024[10] - The company incurred significant impairment charges of $31,870 in both the three and six months ended June 29, 2024, impacting overall financial performance[24]

Q2 Revenue Advanced by 10.3%, Organic Growth* by 13.9% Q2 Gross Margin Expanded 350 bps and Adjusted Gross Margin* 180 bps Cash from Operations of $15.2 million Increased 40.5% Raising Full-Year 2024 Financial Guidance Reflecting Enhanced Revenue Growth and Strong Execution of Strategic Priorities DURHAM, N.C., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or the "Company"), a global leader in innovations for active healing, today reported financial results for the three and si ...

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Bioventus Inc. regarding breaches of fiduciary duties by its board of directors following a class action complaint related to the company's IPO and subsequent financial disclosures [1]. Company Overview - Bioventus is a medical device company focused on developing and commercializing clinical treatments that enhance the body's natural healing process [2]. IPO Details - Bioventus conducted its IPO on February 11, 2021, issuing 8 million shares of Class A common stock at an offering price of $13.00 per share [3]. Allegations of Misconduct - The Offering Documents were alleged to be negligently prepared, containing untrue statements and omissions that misled investors about the company's financial health and operations [4]. - Specific allegations include significant liquidity issues, unsustainable rebate practices, and deficient internal controls over financial reporting [4]. Financial Reporting Issues - On November 16, 2022, Bioventus announced it could not timely file its quarterly report due to a decline in market capitalization and the need to assess potential non-cash impairment charges [5]. - The company later disclosed a non-cash impairment charge of $189.2 million and changes to its historical practices regarding rebate recognition, impacting its ability to meet debt covenants [6]. Stock Performance - Following the financial disclosures, Bioventus's stock price fell significantly, closing at $1.97 per share on November 17, 2022, a decline of 33.67% from the previous day [5]. - By November 22, 2022, the stock price further declined to $1.81 per share, representing an overall decline of 86.08% from the IPO price [7]. Investor Impact - The wrongful acts and omissions by the defendants have resulted in significant losses for investors, as the market value of Bioventus's securities has drastically decreased [8].

Core Viewpoint - Bioventus Inc. will report its financial results for Q2 of fiscal year 2024 on August 6, 2024, and will host a conference call to discuss these results and provide a business update [3]. Group 1: Financial Reporting - The financial results for the second quarter of fiscal year 2024 will be announced before the market opens on August 6, 2024 [3]. - A conference call is scheduled for 8:30 a.m. Eastern Time on the same day to discuss the results [3]. Group 2: Company Overview - Bioventus is a global leader in innovations for active healing, focusing on clinically proven and cost-effective products that aid in quick and safe healing [5]. - The company's mission is to help patients resume and enjoy active lives through its offerings in Pain Treatments, Restorative Therapies, and Surgical Solutions [5]. - Bioventus emphasizes high quality standards, evidence-based medicine, and strong ethical behavior, positioning itself as a trusted partner for physicians worldwide [5].

To participate in the conference call, dial 1-833-636-0497 and refer to the Bioventus Inc. Conference Call. About Bioventus Investor and Media Inquiries: Dave Crawford 919-474-6787 Dave.Crawford@bioventus.com DURHAM, N.C., July 30, 2024 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or the "Company"), a global leader in innovations for active healing, today announced that it will report financial results for the second quarter of fiscal year 2024 before the market opens on Tuesday, August 6, ...

Bioventus (BVS) makes minimally invasive treatments that engage and enhance the body's natural healing process. Bioventus is focusing on accelerating top-line growth, enhancing operational efficiency and improving profitability, cash flow, and liquidity. Its medical products are focused on three segments — Pain Treatments, Restorative Therapies and Surgical Solutions. It is seeing double-digit revenue growth in both Pain Treatments and Surgical Solutions, which has improved its profitability. It delivered 1 ...

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Chase Knickerbocker - Craig-Hallum Robbie Marcus - JPMorgan Chase & Co. Caitlin Cronin - Canaccord Genuity Thank you, Andrea, and good morning, everyone, and thanks for joining us. It is my pleasure to welcome you to the Bioventus 2024 first-quarter earnings conference call. With me this morning are Rob Claypoole, President and CEO; and Mark Singleton, Senior Vice President and CFO. Rob will begin his remarks with an update on our 2024 priorities in our business. Mark will provide detail of our first-quarte ...