Core Insights - Bioventus Inc. reported a 15.0% increase in Q3 revenue, marking the fourth consecutive quarter of double-digit organic growth, driven by strong performance in Pain Treatments and Surgical Solutions [2][5] - The company achieved a gross margin expansion of 200 basis points and generated cash from operations of $10.3 million, an increase of $18.6 million compared to the previous year [1][3] - The net loss from continuing operations decreased to $5.4 million from $8.8 million in the prior-year period, with adjusted EBITDA rising 8.4% to $23.6 million [3][4] Financial Performance - Q3 2024 worldwide revenue reached $139.0 million, up from $120.8 million in Q3 2023, with notable growth in Pain Treatments (16.3%) and Surgical Solutions (18.6%) [2][5] - Adjusted EBITDA for the third quarter was $23.6 million, reflecting strong revenue growth compared to $21.7 million in the prior year [3][35] - The company reported a loss per share of $0.07, an improvement from a loss of $0.12 in the prior-year period [4][18] Revenue Breakdown - U.S. net sales totaled $122.9 million, a 15.7% increase year-over-year, with Pain Treatments contributing $56.3 million and Surgical Solutions $41.2 million [5][6] - International net sales amounted to $16.1 million, a 10.2% increase, with Pain Treatments growing by 29.3% [5][6] Strategic Developments - Bioventus is focused on executing strategic priorities to enhance revenue growth and profitability while reducing leverage to increase shareholder value [2][7] - The company has reached an agreement to divest its Advanced Rehabilitation Business for up to $45.0 million, expected to close by early 2025, which will help reduce debt and concentrate on core businesses [7][8] Future Guidance - For the twelve months ending December 31, 2024, Bioventus expects net sales between $562 million and $567 million, with adjusted EBITDA projected at $104 million to $107 million [8]
Bioventus Reports Third Quarter Financial Results