markdown [Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results%3A) Bioventus reported Q1 2025 revenue of $123.9 million, a 4.3% decline, with 5.0% organic growth and a narrowed net loss Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | Organic Change* | | :--- | :--- | :--- | :--- | :--- | | **Worldwide Revenue** | $123.9M | $129.5M | -4.3% | +5.0% | | **Net Loss** | ($2.6M) | ($4.9M) | +46.9% | N/A | | **Loss per Share (GAAP)** | ($0.04) | ($0.08) | +50.0% | N/A | | **Non-GAAP EPS** | $0.08 | $0.06 | +33.3% | N/A | | **Adjusted EBITDA** | $19.2M | $22.6M | -15.0% | N/A | - The reported revenue decline was a direct result of the prior-year divestiture of the Advanced Rehabilitation Business. Excluding this, the company achieved positive organic growth across all business segments[3](index=3&type=chunk) [Revenue Analysis by Business Segment](index=2&type=section&id=Revenue%20By%20Business) Q1 2025 organic growth was positive across all segments, with Pain Treatments up 3.9% and Surgical Solutions up 7.0% Q1 2025 Revenue by Segment (in millions) | Segment | Q1 2025 Revenue | Change (Reported) | Key Driver | | :--- | :--- | :--- | :--- | | **Pain Treatments** | $58.9 | +3.9% | Double-digit growth in Durolane demand. | | **Surgical Solutions** | $45.2 | +7.0% | Double-digit growth from Ultrasonics capital equipment purchases in the U.S. | | **Restorative Therapies** | $19.7 | -35.3% | Grew 4.0% organically, driven by EXOGEN system sales execution. | Q1 2025 Revenue by Geography (in millions) | Geography | Q1 2025 Revenue | Change (Reported) | | :--- | :--- | :--- | | **U.S.** | $110.5 | -3.3% | | **International** | $13.4 | -12.0% | [Business Highlights and Full-Year 2025 Guidance](index=2&type=section&id=Recent%20Business%20Highlights) Bioventus reiterated its full-year 2025 guidance, projecting net sales of $560-$570 million and Adjusted EBITDA of $112-$116 million Full-Year 2025 Financial Guidance | Metric | Guidance Range | Implied Growth | | :--- | :--- | :--- | | **Net Sales** | $560M - $570M | ~6.1% to 8.0% (Organic) | | **Adjusted EBITDA** | $112M - $116M | ~100 bps margin growth | | **Non-GAAP EPS** | $0.64 - $0.68 | +30.6% to +38.8% | - Entered into a U.S. distribution agreement with APEX Biologix to distribute its XCELL PRP system, which expands the Pain Treatments portfolio[9](index=9&type=chunk) - Strengthened the executive leadership team with the addition of a Senior Vice-President for Surgical Solutions and a Vice-President for Strategic Accounts and Market Access[9](index=9&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, covering balance sheet, operations, and cash flows [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20balance%20sheets) As of March 29, 2025, total assets decreased to $691.4 million due to reduced cash, with liabilities also down and equity stable Balance Sheet Summary (in thousands) | Account | March 29, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $22,802 | $41,582 | | **Total current assets** | $249,367 | $275,610 | | **Total assets** | $691,414 | $727,956 | | **Total current liabilities** | $174,751 | $210,398 | | **Total liabilities** | $505,935 | $542,352 | | **Total stockholders' equity** | $185,479 | $185,604 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20statements%20of%20operations%20and%20comprehensive%20loss) Q1 2025 net sales were $123.9 million, with stable operating income and a reduced net loss of $2.6 million Statement of Operations Summary (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net sales** | $123,876 | $129,457 | | **Gross profit** | $83,056 | $88,380 | | **Operating income** | $4,869 | $4,928 | | **Interest expense, net** | $7,509 | $10,339 | | **Net loss attributable to Bioventus Inc.** | ($2,637) | ($4,890) | | **Loss per share** | ($0.04) | ($0.08) | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20condensed%20statements%20of%20cash%20flows) Q1 2025 net cash used in operating activities was $19.3 million, ending the quarter with $22.8 million in cash Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net cash from operating activities** | ($19,331) | ($6,005) | | **Net cash from investing activities** | ($826) | ($1,000) | | **Net cash from financing activities** | $947 | ($4,242) | | **Net change in cash** | ($18,780) | ($11,791) | | **Cash at end of period** | $22,802 | $25,173 | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section defines and reconciles non-GAAP metrics, including Organic Revenue Growth and Adjusted EBITDA, for core operating performance insight [Use of Non-GAAP Financial Measures](index=11&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures_definitions) The company defines 'organic revenue' and 'Adjusted EBITDA' as non-GAAP measures for better performance trend analysis and operating evaluation - The company uses "organic revenue growth" to compare performance excluding the significant impact of acquisitions and divestitures, allowing for better evaluation of long-term trends[24](index=24&type=chunk) - Adjusted EBITDA is used by management for operating performance evaluation and planning, as it excludes certain cash and non-cash items not considered part of ongoing operations[26](index=26&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA](index=13&type=section&id=Reconciliation%20of%20Net%20(Loss)%20Income%20to%20Adjusted%20EBITDA%20(unaudited)) Q1 2025 GAAP net loss of $3.3 million reconciled to non-GAAP Adjusted EBITDA of $19.2 million, primarily adjusted for depreciation and equity compensation Reconciliation of Net Loss to Adjusted EBITDA (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | **Net loss** | **($3,322)** | | Interest expense, net | $7,509 | | Income tax benefit, net | ($95) | | Depreciation and amortization | $11,865 | | Equity compensation | $2,414 | | Other adjustments | $841 | | **Adjusted EBITDA** | **$19,212** | [Reconciliation of Other GAAP to Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Other%20Reported%20GAAP%20Measures%20to%20Non-GAAP%20Measures) This section reconciles Q1 2025 GAAP metrics to non-GAAP counterparts, including Gross Margin and Net Loss to Net Income Q1 2025 GAAP to Non-GAAP Reconciliation | Metric | Reported GAAP | Non-GAAP Measure | | :--- | :--- | :--- | | **Gross Profit** | $83.1M (67.0%) | $93.3M (75.3%) | | **Operating Income** | $4.9M (3.9%) | $17.7M (14.3%) | | **Net (Loss) Income** | ($3.3M) | $6.2M | | **EPS** | ($0.04) | $0.08 | [Forward-Looking Statements](index=4&type=section&id=Legal%20Notice%20Regarding%20Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to risks, including tariffs, supply chain issues, and regulatory changes - The press release contains forward-looking statements about future performance and strategy, which are subject to inherent risks and uncertainties[14](index=14&type=chunk) - Key risks that could impact future results include tariffs, failure to realize benefits from the Advanced Rehabilitation Business divestiture, supply chain disruptions, debt covenants, and potential FDA reclassification of products[15](index=15&type=chunk)[16](index=16&type=chunk)
Bioventus (BVS) - 2025 Q1 - Quarterly Results