Financial Performance - Third quarter revenue decreased by 6% to $121 million compared to the prior year quarter[28] - Adjusted EBITDA was $22 million, even compared to the prior year quarter[28] - Year-to-date adjusted EBITDA increased more than $15 million, representing a 30% increase[22] - Adjusted operating expenses decreased almost $9 million due to restructuring benefits, spending discipline, and the Wound Business divestiture[46] - The company now expects 2023 net sales to be in the range of $498 million to $505 million[69] - The company now expects 2023 adjusted diluted loss per share to be a loss of $0.12 to a loss of $0.09[69] Segment Performance - International net sales grew 18%, and constant currency growth was 16%[40] - Surgical Solutions revenue decreased, with Restorative Therapies falling 28%[32] - Pain Treatments increased 3% compared to prior year, with double-digit volume growth driven by Durolane[60,45] Non-GAAP Measures - Non-GAAP Gross Margin was 74.8%[75] - Non-GAAP Operating Income was $20.396 million[75] - Non-GAAP Earnings per share was $0.05[75]
Bioventus (BVS) - 2023 Q3 - Earnings Call Presentation