Bioventus (US:BVS)2025-11-04 12:37Financial Performance - Third quarter 2025 worldwide revenue reached $138.7 million, reflecting an 8.2% organic growth, while reported revenue declined 0.2% from $139.0 million in the prior-year period due to the divestiture of the Advanced Rehabilitation Business[4] - Net income attributable to Bioventus Inc. was $3.2 million, a significant improvement from a net loss of $5.2 million in the prior-year period[5] - Adjusted EBITDA for the third quarter was $26.6 million, up 12.9% from $23.6 million in the prior-year period, with an Adjusted EBITDA margin of 19.2%, expanding 220 basis points from 17.0%[6] - Non-GAAP earnings per diluted share increased 200% to $0.15, compared to $0.05 in the prior-year period, driven by improved operating profitability and lower interest expense[7] - Cash from operations increased 192% to $30.1 million[8] - For the full year 2025, the company expects net sales between $560 million and $570 million, reflecting organic growth of approximately 6.1% to 8.0%[18] - Adjusted EBITDA guidance for 2025 is set at $112 million to $116 million, indicating a 100 basis points increase in Adjusted EBITDA Margin compared to 2024[18] Product Development and Launches - The company launched the XCELL PRP System in the U.S. market, designed for customization and efficiency in delivering high platelet count[18] - A limited launch of StimTrial and TalisMann for chronic pain management has been initiated, utilizing PNS products for non-opioid relief[18] Debt and Financing - The company entered into a new Credit Agreement for a $300 million term loan and $100 million revolving credit facility, providing over $2 million in annual interest expense savings[18] Revenue and Profitability Trends - Net sales for the three months ended September 27, 2025, were $138.651 million, a slight decrease of 0.2% compared to $138.964 million for the same period in 2024[25] - Gross profit for the nine months ended September 27, 2025, was $279.375 million, down from $285.570 million in the same period of 2024, reflecting a decrease of approximately 2.5%[25] - Operating income for the three months ended September 27, 2025, was $11.252 million, compared to an operating loss of $3.647 million for the same period in 2024[25] - Net income attributable to Bioventus Inc. for the three months ended September 27, 2025, was $3.155 million, a recovery from a net loss of $5.165 million in the same period of 2024[25] Assets and Liabilities - Total current assets increased to $280.901 million as of September 27, 2025, from $275.610 million as of December 31, 2024, representing a growth of approximately 1.0%[23] - Total liabilities decreased to $494.338 million as of September 27, 2025, down from $542.352 million as of December 31, 2024, indicating a reduction of about 8.8%[23] - Cash and cash equivalents increased to $42.164 million as of September 27, 2025, compared to $41.582 million as of December 31, 2024[23] Research and Development - Research and development expenses for the nine months ended September 27, 2025, were $9.106 million, down from $10.680 million in the same period of 2024, a decrease of approximately 14.7%[25] Stockholder Equity - Total stockholders' equity attributable to Bioventus Inc. increased to $166.096 million as of September 27, 2025, from $147.940 million as of December 31, 2024, reflecting an increase of approximately 12.3%[23] Cash Flow and Operating Activities - Net cash from operating activities for the nine months ended September 27, 2025, was $36,705 million, up from $19,473 million in the prior year, reflecting a 88.5% increase[27] - The company experienced a change in working capital that resulted in a positive cash flow of $10,677 million for the three months ended September 27, 2025, compared to a negative change of $458 million in the same period last year[27] - Cash and cash equivalents at the end of the period were $42,164 million, slightly down from $43,074 million at the end of the same period in 2024[27] Non-GAAP Measures - The company reported a non-GAAP net income of $13,429 thousand for the three months ended September 27, 2025, compared to a net loss of $5,848 thousand for the same period in 2024[49] - Non-GAAP gross margin for the nine months ended September 27, 2025, was 75.6%, indicating strong operational efficiency[49] Future Outlook - The company expects continued growth in adjusted EBITDA and net income for the upcoming quarters, driven by strategic initiatives and market expansion efforts[49]