Bioventus (BVS) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 worldwide revenue reached $153.6 million, a 13.5$573.3 million, reflecting an 11.9% increase compared to the previous year, with organic growth of 14.4%[6] - The company expects full-year 2025 revenue guidance of $560 million to$570 million, reflecting organic growth of approximately 6.1% to 8.0%[19] - Net sales for the three months ended December 31, 2024, were $153,642,000, representing a 13.5$135,423,000 in the same period of 2023[28] Profitability and Earnings - Adjusted EBITDA for the fourth quarter was $28.3 million, up 28.3$22.0 million in the prior year, due to strong revenue growth and gross margin expansion[4] - Full-year 2024 net loss from continuing operations improved to $43.8 million, compared to a net loss of$121.2 million in the prior year[7] - Non-GAAP earnings per share for 2025 is projected to be between $0.64 and$0.68, representing an increase of 30.6% to 38.8%[19] - The company reported a net loss of $318,000 for the three months ended December 31, 2024, compared to a net loss of$7,656,000 in the same period of 2023, showing an improvement of 95.9%[28] - The company reported a loss per share of Class A common stock from continuing operations of $0.00 for the three months ended December 31, 2024, compared to a loss of$0.10 in the same period of 2023[28] Cash Flow and Operations - Fourth quarter cash from operations increased by 86.3% to $19.3 million[10] - Cash and cash equivalents at the end of the period were$41,582,000, an increase from $36,964,000 at the end of 2023, representing a growth of 12.0$7,988,000, compared to $1,165,000 in the same period of 2023, marking a significant increase[28] Expenses and Liabilities - Research and development expenses for the year ended December 31, 2024, were$13,639,000, slightly up from $13,446,000 in 2023[28] - The company’s total liabilities decreased to$542,352,000 as of December 31, 2024, down from $589,792,000 in 2023, a reduction of 8.0$13.802 million in shareholder litigation costs during the year ended December 31, 2024[54] - The company faced a significant impairment of assets totaling $36.357 million during the year ended December 31, 2024[54] Gross Profit and Margins - Adjusted gross margin for the fourth quarter expanded by 230 basis points[10] - For the three months ended December 31, 2024, the reported GAAP gross profit was$102.656 million, with a gross margin of 66.8%[51] - The non-GAAP gross profit for the same period was $113.286 million, resulting in a non-GAAP gross margin of 73.7$388.226 million, with a gross margin of 67.7%[54] - The non-GAAP measure for the year ended December 31, 2024, showed a gross profit of $430.108 million, leading to a non-GAAP gross margin of 75.0$24.7 million in proceeds[19] - The Company experienced a decrease in interest expense, net, from $40.676 million in 2023 to$38.792 million in 2024, indicating improved financial management[45] - The company incurred strategic transaction costs totaling $4.8 million, including divestiture costs of$1.1 million related to Advanced Rehabilitation[58] Non-GAAP Financial Measures - The Company highlighted the importance of non-GAAP financial measures for evaluating long-term performance trends and facilitating comparisons with peers[34] - The Company’s Non-GAAP Net Income from continuing operations was adjusted for various costs, including $13.802 million in shareholder litigation costs for the year ended December 31, 2024[39] - The Company’s Non-GAAP Operating Income for the year ended December 31, 2024, was adjusted to exclude$36.357 million in asset impairment charges, compared to $78.615 million in 2023[45]