Bioventus Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Bioventus (Nasdaq: BVS) reported fourth-quarter 2025 revenue of $157.9M (reported +2.8%, organic +10.0%) and full-year revenue of $568.1M (reported -0.9%, organic +7.5%).
Q4 GAAP EPS was $0.21; FY GAAP EPS was $0.33. Adjusted EBITDA grew to $116.3M for 2025. 2026 guidance: net sales $600–610M, adjusted EPS $0.73–0.77, and cash from operations $82–87M.
Loading...
Loading translation...
Positive
- Q4 organic revenue growth of +10.0%
- Full-year organic revenue growth of +7.5%
- Adjusted EBITDA of $116.3M in 2025, up 6.8% year-over-year
- Reduced debt by $29M in Q4, strengthening liquidity and capital optionality
- 2026 guidance: net sales $600–610M, adjusted EPS $0.73–0.77, cash from operations $82–87M
Negative
- Reported full-year revenue declined 0.9% due to divestiture impact
- Restorative Therapies revenue down 30.4% year-over-year reflecting Advanced Rehabilitation divestiture
- Q4 adjusted EPS of $0.24 declined versus prior-year $0.26 due to higher tax expense
News Market Reaction – BVS
+7.44%
10 alerts
+7.44%
Session close to close
+2.0%
Peak Tracked
-10.4%
Trough Tracked
$784.18M
Market Cap
0.5x
Rel. Volume
In the Mar 5 session, BVS gained 7.44%, reflecting a notable positive market reaction. Argus tracked a peak move of +2.0% during that session. Argus tracked a trough of -10.4% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Q4 2025 revenue: $157.9M
Q4 GAAP EPS: $0.21
Q4 non-GAAP EPS: $0.24
+5 more
8 metrics
Q4 2025 revenue
$157.9M
Reported; +2.8% with 10.0% organic growth vs prior-year quarter
Q4 GAAP EPS
$0.21
Per diluted share vs $0.00 in prior-year quarter
Q4 non-GAAP EPS
$0.24
Per diluted share vs $0.26 in prior-year quarter
Q4 cash from operations
$38.0M
Quarterly cash from operations, up 97% year over year
FY25 revenue
$568.1M
Full-year 2025 net sales; -0.9% reported, +7.5% organic
FY25 net income
$22.7M
Net income attributable to Bioventus vs prior-year loss of $36.1M
FY25 Adjusted EBITDA
$116.3M
Full-year Adjusted EBITDA, up 6.8% from $108.9M
2026 Adjusted EPS guidance
$0.73–$0.77
Full-year 2026 Adjusted EPS guidance, implying 7–13% growth
Previous Earnings Reports
5 past events · Latest: Nov 04 (Positive)
Same Type
Pattern
5 events
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +15.1% | Q3 2025 beat on profitability with strong organic growth and cash generation. |
| Aug 06 | Q2 2025 earnings | Positive | +18.7% | Q2 2025 EPS improvement and FDA clearance for PNS products with large opportunity. |
| May 06 | Q1 2025 earnings | Positive | -11.8% | Q1 2025 organic growth and EPS improvement despite reported revenue decline. |
| Mar 11 | Q4 2024 & FY24 | Positive | +23.3% | Strong Q4 2024 growth, higher Adjusted EBITDA, and divestiture-led deleveraging. |
| Nov 05 | Q3 2024 earnings | Positive | -16.3% | Q3 2024 revenue up 15% with guidance raised and business divestiture agreement. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Earnings releases have often driven sizeable moves, with three positive and two negative reactions despite mostly constructive fundamentals.
Recent Company History
Across the last five earnings releases from Nov 2024 through Nov 2025, Bioventus consistently highlighted organic growth, margin expansion, and improving EPS. Q1–Q3 2025 results showed building momentum in Pain Treatments and Surgical Solutions and reaffirmed or reiterated guidance in the $560–$570M revenue range. Market reactions were frequently large, with strong rallies after Q2 and Q3 2025 but notable selloffs after some ‘strong’ quarters. Today’s Q4/FY25 report and 2026 guidance fit into this pattern of ongoing operational improvement met with volatile stock responses.
Key Terms
adjusted ebitda, adjusted eps, peripheral nerve stimulation (PNS), electric field conduction (EFC)
4 terms
adjusted ebitda financial
"Adjusted EBITDA* of $36.7 million advanced 30% from $28.3 million..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
adjusted eps financial
"Adjusted Earnings Per Share (Adjusted EPS)* of Class A common stock of $0.24..."
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
peripheral nerve stimulation (PNS) medical
"full commercial launch of the Company’s peripheral nerve stimulation (PNS) products, StimTrial and TalisMann..."
Peripheral nerve stimulation is a medical treatment that uses small, controlled electrical pulses applied to nerves outside the brain and spinal cord to reduce pain or restore lost function. Think of it like sending a gentle signal through an electrical wire to change how a system behaves. Investors care because the success of devices, clinical results, patient demand, insurance coverage and regulatory approval all directly affect the commercial prospects and value of companies developing these therapies.
electric field conduction (EFC) medical
"These differentiated therapies use Bioventus’ unique electric field conduction (EFC) technology..."
Electric field conduction (EFC) describes the movement of electrical current through a material or tissue that is driven and shaped by an applied electric field, rather than by simple passive wiring. For investors, EFC is important because it can improve the precision, efficiency or safety of electronic and medical devices—think of it like opening and steering a hose of electricity—which can affect product performance, regulatory review and commercial potential.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q4 reported revenue of
$157.9 million increased2.8% and organic* revenue increased10.0% - Fourth quarter GAAP earnings of
$0.21 per diluted share compared to$0.00 in the prior-year period - Non-GAAP earnings* of
$0.24 per diluted share - Fourth quarter cash from operations of
$38.0 million increased97% - 2026 financial guidance reflects continued above-market revenue growth, higher earnings and robust cash generation
DURHAM, N.C., March 05, 2026 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today announced fourth quarter and full-year financial results for the year ended December 31, 2025, and provided its financial guidance for full-year 2026.
"Our team delivered strong fourth quarter performance, concluding an important year in which we strengthened our portfolio, drove above-market growth, improved margins, and strengthened our balance sheet,” said Rob Claypoole, Bioventus President and Chief Executive Officer. “These results reflect continued demand for our market-leading therapies, and disciplined execution across our commercial and operational initiatives. We are entering 2026 from a position of strength and plan to invest to further accelerate our growth while expanding profitability and generating meaningful cash flow. We believe this is a powerful combination that positions Bioventus to deliver increased shareholder value.”
Fourth Quarter 2025 Financial Results
For the fourth quarter, worldwide revenue totaled
Net income attributable to Bioventus Inc. was
Adjusted EBITDA* of
GAAP earnings of
Full-Year 2025 Financial Results
Bioventus’ full-year 2025 worldwide revenue totaled
Full-year 2025 net income attributable to Bioventus was
GAAP earnings of
| Revenue By Business The following tables represent net sales by business and geographic region for the three months ended December 31, 2025 and December 31, 2024: | |||||||||||||||
| Three Months Ended | Change as Reported | Constant Currency* Change | |||||||||||||
| (in thousands, except for percentage) | December 31, 2025 | December 31, 2024 | $ | % | % | ||||||||||
| Pain Treatments | $ | 79,658 | $ | 69,213 | $ | 10,445 | 15.1 | % | 14.8 | % | |||||
| Surgical Solutions | 55,534 | 53,724 | 1,810 | 3.4 | % | 3.1 | % | ||||||||
| Restorative Therapies(a) | 22,708 | 30,705 | (7,997 | ) | (26.0 | %) | (26.6 | %) | |||||||
| Total net sales | $ | 157,900 | $ | 153,642 | $ | 4,258 | 2.8 | % | 2.4 | % | |||||
| (a) | Global revenue from the Advanced Rehabilitation Business totaled |
Pain Treatments: Global revenue of
Surgical Solutions: Global revenue of
Restorative Therapies: Global revenue of
| Three Months Ended | Change as Reported | Constant Currency* Change | |||||||||||||
| December 31, 2025 | December 31, 2024 | $ | % | % | |||||||||||
| U.S. | |||||||||||||||
| Pain Treatments | $ | 71,137 | $ | 62,799 | $ | 8,338 | 13.3 | % | 13.3 | % | |||||
| Surgical Solutions | 48,870 | 46,431 | 2,439 | 5.3 | % | 5.3 | % | ||||||||
| Restorative Therapies(a) | 19,481 | 25,980 | (6,499 | ) | (25.0 | %) | (25.0 | %) | |||||||
| Total U.S. net sales | 139,488 | 135,210 | 4,278 | 3.2 | % | 3.2 | % | ||||||||
| International | |||||||||||||||
| Pain Treatments | 8,521 | 6,414 | 2,107 | 32.9 | % | 29.8 | % | ||||||||
| Surgical Solutions | 6,664 | 7,293 | (629 | ) | (8.6 | %) | (10.3 | %) | |||||||
| Restorative Therapies(a) | 3,227 | 4,725 | (1,498 | ) | (31.7 | %) | (34.6 | %) | |||||||
| Total International net sales | 18,412 | 18,432 | (20 | ) | (0.1 | %) | (2.7 | %) | |||||||
| Total net sales | $ | 157,900 | $ | 153,642 | $ | 4,258 | 2.8 | % | 2.4 | % | |||||
| (a) | U.S. revenue from the Advanced Rehabilitation Business totaled |
U.S.: Revenue of
International: Revenue of
The following tables represent net sales by business and geographic region for the years ended December 31, 2025 and December 31, 2024:
| Year Ended | Change as Reported | Constant Currency* Change | |||||||||||||
| (in thousands, except for percentage) | December 31, 2025 | December 31, 2024 | $ | % | % | ||||||||||
| Pain Treatments | $ | 279,060 | $ | 261,289 | $ | 17,771 | 6.8 | % | 6.7 | % | |||||
| Surgical Solutions | 203,653 | 189,255 | 14,398 | 7.6 | % | 7.5 | % | ||||||||
| Restorative Therapies(a) | 85,374 | 122,736 | (37,362 | ) | (30.4 | %) | (30.7 | %) | |||||||
| Total net sales | $ | 568,087 | $ | 573,280 | $ | (5,193 | ) | (0.9 | %) | (1.1 | %) | ||||
| (a) | Global revenue from the Advanced Rehabilitation Business totaled |
Pain Treatments: Global revenue of
Surgical Solutions: Global revenue of
Restorative Therapies: Global revenue of
| Year Ended | Change as Reported | Constant Currency* Change | |||||||||||||
| December 31, 2025 | December 31, 2024 | $ | % | % | |||||||||||
| U.S. | |||||||||||||||
| Pain Treatments | $ | 248,237 | $ | 234,936 | $ | 13,301 | 5.7 | % | 5.7 | % | |||||
| Surgical Solutions | 180,442 | 167,706 | 12,736 | 7.6 | % | 7.6 | % | ||||||||
| Restorative Therapies(a) | 73,418 | 104,167 | (30,749 | ) | (29.5 | %) | (29.5 | %) | |||||||
| Total U.S. net sales | 502,097 | 506,809 | (4,712 | ) | (0.9 | %) | (0.9 | %) | |||||||
| International | |||||||||||||||
| Pain Treatments | 30,823 | 26,353 | 4,470 | 17.0 | % | 16.0 | % | ||||||||
| Surgical Solutions | 23,211 | 21,549 | 1,662 | 7.7 | % | 6.7 | % | ||||||||
| Restorative Therapies(a) | 11,956 | 18,569 | (6,613 | ) | (35.6 | %) | (37.1 | %) | |||||||
| Total International net sales | 65,990 | 66,471 | (481 | ) | (0.7 | %) | (2.0 | %) | |||||||
| Total net sales | $ | 568,087 | $ | 573,280 | $ | (5,193 | ) | (0.9 | %) | (1.1 | %) | ||||
| (a) | U.S. revenue from the Advanced Rehabilitation Business totaled |
U.S.: Revenue of
International: Revenue of
| Recent Business Highlights Bioventus continues to advance its strategic priorities with key achievements, including the following:
|
| 2026 Financial Guidance |
Bioventus introduced its financial guidance for full-year 2026. The Company expects:
|
About Bioventus
Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for Pain Treatments, Surgical Solutions and Restorative Therapies. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com and follow the Company on LinkedIn and X. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC.
| Fourth Quarter 2025 Earnings Conference Call: Management will host a conference call to discuss the Company’s financial results and provide a business update, with a question and answer session, at 8:30 a.m. Eastern Time on March 5, 2026. Those who would like to participate may dial 1-833-636-0497 (domestic and international) and refer to Bioventus Inc. A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company's website at https://ir.bioventus.com/. The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until March 4, 2027. |
| Legal Notice Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our future financial results and liquidity; our business strategy, position and operations; and expected sales trends, opportunities, market position and growth. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Important factors that may cause actual results to differ materially from current expectations include, among other things: the risks related to unexpected increases in the volume of rebate claims; the risks related to tariffs and unexpected changes in tariffs, trade barriers and regulatory requirements, export licensing requirements or other restrictive actions by the United States or retaliatory tariffs and other actions taken by foreign governments; the FDA regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; we may be unable to successfully commercialize newly developed or acquired products or therapies within expected timeframes; if clinical studies of our future product candidates do not produce results necessary to support regulatory clearance or approval in the United States or elsewhere, we will be unable to expand the indications for or commercialize these products; if we fail to properly manage growth or scale our business processes, systems, or data management, our business could suffer; our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and highly qualified personnel necessary to execute our strategic plans; demand for our products may decrease as a result of healthcare cost-containment and drug pricing initiatives by the federal government, which could negatively impact the commercial success of affected products; we may face issues with respect to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling; we might not meet certain of our debt covenants under our 2025 Credit Agreement and might be required to repay our indebtedness on an accelerated basis; there are restrictions on operations and other costs associated with our indebtedness; we might require additional capital to fund our current financial obligations and support business growth; failure to establish and maintain effective financial controls could adversely affect our business and stock price; we might not be able to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; our cash is maintained at financial institutions, often in balance that exceed federally insured limits; we are subject to securities class action litigation and may be subject to similar or other litigation, in the future, which will require significant management time and attention, result in significant legal expenses or costs not covered by our insurers, and may result in unfavorable outcomes; we are highly dependent on a limited number of products; our long-term growth depends on our ability to develop, acquire and commercialize new products, line extensions or expanded indications; demand for our existing portfolio of products and any new products, line extensions or expanded indications depends on the continued and future acceptance of our products by physicians, patients, third-party payers and others in the medical community; the proposed down classification of non-invasive bone growth stimulators, including our EXOGEN system, by the FDA could increase future competition for bone growth stimulators and otherwise adversely affect the Company’s sales of EXOGEN; failure to achieve and maintain adequate levels of coverage and/or reimbursement for our products or future products, the procedures using our products, such as our hyaluronic acid viscosupplements, or future products we may seek to commercialize; pricing and other competitive factors; governments outside the United States might not provide coverage or reimbursement of our products; we compete and may compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do; if our HA products are reclassified from medical devices to drugs in the United States by the FDA, it could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; our failure to properly manage our anticipated growth and strengthen our brands; risks related to product liability claims; fluctuations in demand for our products; issues relating to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling; our reliance on a limited number of third-party manufacturers to manufacture certain of our products; if our facilities are damaged or become inoperable, we will be unable to continue to research, develop and manufacture certain of our products; economic, political, regulatory and other risks related to international sales, manufacturing and operations; failure to maintain contractual relationships; security breaches, unauthorized access to or disclosure of information, cyberattacks, or other incidents, or the perception that confidential information in our or our vendors’ or service providers’ possession or control is not secure; failure of key information technology and communications systems, process or sites; risks related to our future capital needs; failure to comply with extensive governmental regulation relevant to us and our products; we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits; unstable political or economic conditions, including due to government shutdowns; legislative or regulatory reforms; our business might experience adverse impacts due to public health outbreaks; risks related to intellectual property matters; the dilution of our Class A common stockholders upon an exchange of the outstanding common membership interests in Bioventus LLC could adversely affect the market price of our Class A common stock and the resale of such shares could cause the market price of our Class A common stock to fall; and other the other risks identified in our Annual Report on Form 10-K for the year ended December 31, 2025 as such factors may be updated from time to time in Bioventus’ other filings with the SEC which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at https://ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ materially from those set forth in the forward-looking statements. |
| BIOVENTUS INC. Consolidated balance sheets As of December 31, 2025 and December 31, 2024 (Amounts in thousands, except share amounts) (unaudited) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 51,238 | $ | 41,582 | |||
| Accounts receivable, net | 128,303 | 127,393 | |||||
| Inventory | 82,236 | 92,475 | |||||
| Prepaid and other current assets | 11,065 | 14,160 | |||||
| Total current assets | 272,842 | 275,610 | |||||
| Property and equipment, net | 21,899 | 27,012 | |||||
| Goodwill | 7,462 | 7,462 | |||||
| Intangible assets, net | 368,419 | 404,729 | |||||
| Operating lease assets | 5,122 | 6,506 | |||||
| Deferred tax assets | 5,522 | 4,745 | |||||
| Investment and other assets | 2,293 | 1,892 | |||||
| Total assets | $ | 683,559 | $ | 727,956 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 10,928 | $ | 23,690 | |||
| Accrued liabilities | 130,242 | 135,879 | |||||
| Current portion of long-term debt | 15,000 | 27,339 | |||||
| Current portion of contingent consideration | — | 19,573 | |||||
| Other current liabilities | 4,210 | 3,917 | |||||
| Total current liabilities | 160,380 | 210,398 | |||||
| Long-term debt, less current portion | 278,951 | 308,288 | |||||
| Deferred income taxes | 433 | 564 | |||||
| Other long-term liabilities | 15,348 | 23,102 | |||||
| Total liabilities | 455,112 | 542,352 | |||||
| Stockholders’ Equity: | |||||||
| Preferred stock, | |||||||
| Class A common stock, December 31, 2024, 67,097,716 and 65,758,341 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 67 | 66 | |||||
| Class B common stock, outstanding as of December 31, 2025 and December 31, 2024 | 16 | 16 | |||||
| Additional paid-in capital | 520,851 | 508,092 | |||||
| Accumulated deficit | (334,929 | ) | (357,661 | ) | |||
| Accumulated other comprehensive loss | (1,900 | ) | (2,573 | ) | |||
| Total stockholders’ equity attributable to Bioventus Inc. | 184,105 | 147,940 | |||||
| Noncontrolling interest | 44,342 | 37,664 | |||||
| Total stockholders’ equity | 228,447 | 185,604 | |||||
| Total liabilities and stockholders’ equity | $ | 683,559 | $ | 727,956 | |||
| BIOVENTUS INC. Consolidated statements of operations (Amounts in thousands, except share and per share data) (unaudited) | |||||||||||||||
| Three Months Ended(1) | Year Ended | ||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||
| Net sales | $ | 157,900 | $ | 153,642 | $ | 568,087 | $ | 573,280 | |||||||
| Cost of sales (including depreciation and amortization of and | 49,118 | 50,986 | 179,930 | 185,054 | |||||||||||
| Gross profit | 108,782 | 102,656 | 388,157 | 388,226 | |||||||||||
| Selling, general and administrative expense | 82,757 | 86,873 | 314,026 | 343,798 | |||||||||||
| Research and development expense | 3,007 | 3,271 | 12,113 | 13,951 | |||||||||||
| Restructuring costs | 2,235 | (52 | ) | 2,235 | (52 | ) | |||||||||
| Change in fair value of contingent consideration | — | 345 | — | 1,423 | |||||||||||
| Depreciation and amortization | 1,297 | 1,768 | 5,727 | 7,652 | |||||||||||
| Impairment of assets | — | 2,456 | — | 36,357 | |||||||||||
| Loss on disposals | — | 292 | 81 | 292 | |||||||||||
| Operating income (loss) | 19,486 | 7,703 | 53,975 | (15,195 | ) | ||||||||||
| Interest expense, net | 5,306 | 8,997 | 26,486 | 38,792 | |||||||||||
| Loss on extinguishment | — | — | 326 | — | |||||||||||
| Other expense (income) | 37 | (1,241 | ) | 1,454 | (1,645 | ) | |||||||||
| Other expense | 5,343 | 7,756 | 28,266 | 37,147 | |||||||||||
| Income (loss) before income taxes | 14,143 | (53 | ) | 25,709 | (52,342 | ) | |||||||||
| Income tax (benefit) expense, net | (3,175 | ) | 550 | (1,565 | ) | (5,293 | ) | ||||||||
| Net income (loss) | 17,318 | (603 | ) | 27,274 | (47,049 | ) | |||||||||
| (Income) loss attributable to noncontrolling interest | (2,563 | ) | 215 | (4,542 | ) | 10,924 | |||||||||
| Net income (loss) attributable to Bioventus Inc. | $ | 14,755 | $ | (388 | ) | $ | 22,732 | $ | (36,125 | ) | |||||
| Income (loss) per share of Class A common stock from: | |||||||||||||||
| Basic | $ | 0.22 | $ | — | $ | 0.34 | $ | (0.56 | ) | ||||||
| Diluted | $ | 0.21 | $ | — | $ | 0.33 | $ | (0.56 | ) | ||||||
| Weighted-average shares of Class A common stock outstanding: | |||||||||||||||
| Basic | 67,019,060 | 65,451,881 | 66,622,631 | 64,547,474 | |||||||||||
| Diluted | 69,261,177 | 65,451,881 | 68,914,895 | 64,547,474 | |||||||||||
(1) The three months ended December 31, 2025 and December 31, 2024 covered the periods beginning September 28, 2025 and September 29, 2024, respectively.
| BIOVENTUS INC. Consolidated condensed statements of cash flows (Amounts in thousands) (unaudited) | |||||||||||||||
| Three Months Ended(1) | Year Ended | ||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||
| Operating activities: | |||||||||||||||
| Net income (loss) | $ | 17,318 | $ | (603 | ) | $ | 27,274 | $ | (47,049 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||||||
| Depreciation and amortization | 11,694 | 12,405 | 47,011 | 49,555 | |||||||||||
| Equity-based compensation | 3,440 | 2,016 | 12,673 | 13,274 | |||||||||||
| Change in fair value of contingent consideration | — | 345 | — | 1,423 | |||||||||||
| Impairments of assets | — | 2,456 | — | 36,357 | |||||||||||
| Loss on disposals | — | 292 | 81 | 292 | |||||||||||
| Loss on extinguishment | — | — | 326 | — | |||||||||||
| Deferred income taxes | (1,131 | ) | 3,215 | (909 | ) | (5,394 | ) | ||||||||
| Unrealized gain on foreign currency fluctuations | (27 | ) | (126 | ) | (360 | ) | (259 | ) | |||||||
| Other, net | 467 | 1,430 | 2,417 | 2,376 | |||||||||||
| Changes in working capital | 6,207 | (2,108 | ) | (13,840 | ) | (11,780 | ) | ||||||||
| Net cash from operating activities | 37,968 | 19,322 | 74,673 | 38,795 | |||||||||||
| Investing activities: | |||||||||||||||
| Proceeds (settlement) from the sale of a business | — | 24,678 | (686 | ) | 24,678 | ||||||||||
| Purchase of property and equipment | (580 | ) | (574 | ) | (2,562 | ) | (1,006 | ) | |||||||
| Investments and acquisition of distribution rights | — | — | — | (709 | ) | ||||||||||
| Net cash from investing activities | (580 | ) | 24,104 | (3,248 | ) | 22,963 | |||||||||
| Financing activities: | |||||||||||||||
| Proceeds from issuance of Class A and B common stock | 511 | 1,103 | 2,074 | 2,442 | |||||||||||
| Tax withholdings on equity-based compensation | — | — | (9 | ) | — | ||||||||||
| Receipt of deferred consideration | — | 4,500 | — | 4,500 | |||||||||||
| Payment of contingent consideration | — | — | (19,771 | ) | — | ||||||||||
| Borrowing on revolver | — | — | 45,000 | — | |||||||||||
| Payment on revolver | (25,000 | ) | (15,000 | ) | (45,000 | ) | (15,000 | ) | |||||||
| Proceeds from the issuance of long-term debt, net of discount | — | — | 31,907 | — | |||||||||||
| Payments on the extinguishment of long-term debt | — | — | (65,765 | ) | — | ||||||||||
| Debt financing costs | — | — | (697 | ) | (1,180 | ) | |||||||||
| Payments on long-term debt | (3,750 | ) | (33,264 | ) | (9,052 | ) | (44,584 | ) | |||||||
| Other, net | (208 | ) | (194 | ) | (827 | ) | (758 | ) | |||||||
| Net cash from financing activities | (28,447 | ) | (42,855 | ) | (62,140 | ) | (54,580 | ) | |||||||
| Effect of exchange rate changes on cash | 133 | (2,063 | ) | 371 | (2,560 | ) | |||||||||
| Net change in cash and cash equivalents | 9,074 | (1,492 | ) | 9,656 | 4,618 | ||||||||||
| Cash and cash equivalents at the beginning of the period | 42,164 | 43,074 | 41,582 | 36,964 | |||||||||||
| Cash and cash equivalents at end of the period | $ | 51,238 | $ | 41,582 | $ | 51,238 | $ | 41,582 | |||||||
(1) The three months ended December 31, 2025 and 2024 covered the periods beginning September 28, 2025 and September 29, 2024, respectively.
| Use of Non-GAAP Financial Measures |
| Organic Revenue Growth The Company defines the term “organic revenue” as revenue in the stated period excluding the impact from business acquisitions and divestitures. The Company uses the related term “organic revenue growth” or "organic growth" to refer to the financial performance metric of comparing the stated period's organic revenue with the comparable reported revenue of the corresponding period in the prior-year period. The Company believes that these non-GAAP financial measures, when taken together with GAAP financial measures, allow the Company and its investors to better measure the Company’s performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of the Company’s performance with prior and future periods and relative comparisons to its peers. The Company excludes the effect of acquisitions and divestitures because these activities can have a significant impact on the Company's reported results, which the Company believes makes comparisons of long-term performance trends difficult for management and investors. Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, and Adjusted Earnings per Share of Class A Common Stock We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP (or Adjusted) Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, and Adjusted Earnings per Share of Class A common stock, all non-GAAP financial measures, to supplement our GAAP financial reporting because we believe these measures are useful indicators of our operating performance. We define Adjusted EBITDA as net income (loss) before depreciation and amortization, provision of income taxes and interest expense, net, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, equity-based compensation expense, debt refinancing, loss on extinguishment of debt and other items. See the table below for a reconciliation of net income (loss) to Adjusted EBITDA. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Our management uses Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin and Non-GAAP Net Income principally as measures of our operating performance and believes that these non-GAAP financial measures are useful to better understand the long term performance of our core business and to facilitate comparison of our results to those of peer companies. Our management also uses these non-GAAP financial measures for planning purposes, including the preparation of our annual operating budget and financial projections. We define Non-GAAP Gross Profit as gross profit, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold and acquisition and divestiture related costs in the cost of goods sold. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by net sales. See the table below for a reconciliation of gross profit and gross margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define Non-GAAP Operating Income as operating income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, debt refinancing and other items. Non-GAAP Operating Margin is defined as Non-GAAP Operating Income divided by net sales. See the table below for a reconciliation of operating income (loss) and operating margin to Non-GAAP Operating Income and Non-GAAP Operating Margin. We define Non-GAAP Operating Expenses as operating expenses, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, debt refinancing and other items. See the table below for a reconciliation of operating expenses to Non-GAAP Operating Expenses. We define Non-GAAP R&D as research and development, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and divestiture related costs, restructuring costs, and other items. See the table below for a reconciliation of operating expenses to Non-GAAP R&D. We define Non-GAAP Net Income as Net Income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and divestiture related costs, certain shareholder litigation costs, restructuring costs, impairment of assets, debt refinancing, loss on extinguishment of debt, other items, the tax effect of adjusting items and discrete tax items. Discrete tax items include the tax impact related to significant transactions that are not part of our ongoing operating performance, and current and deferred income tax expense commensurate with Non-GAAP Net Income. See the table below for a reconciliation of Net Income (Loss) to Non-GAAP Net Income. We define Adjusted Earnings per Class A share as Earnings per Class A share, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and divestiture related costs, certain shareholder litigation costs, restructuring costs, impairment of assets, debt refinancing, loss on extinguishment of debt, other items, and the tax effect of adjusting items divided by weighted average number of shares of Class A common stock outstanding during the period. We also modify Adjusted Earnings per Class A share for discrete tax items as discussed above. These discrete tax items are recorded at the Bioventus Inc. parent company level and therefore are not adjusted to remove the impact of noncontrolling interest. See the table below for a reconciliation of loss per Class A share to Non-GAAP Earnings per Class A share. Net Sales, International Net Sales Growth and Constant Currency Basis Net Sales, International Net Sales Growth and Constant Currency Basis are non-GAAP measures, which are calculated by translating current and prior year results at the same foreign currency exchange rate. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to facilitate the comparison of sales in foreign currencies to prior periods and analyze net sales performance without the impact of changes in foreign currency exchange rates. Prior Period Recast We identified an immaterial error in our equity-based compensation expense, which impacted annual and interim financial statements for fiscal year 2024. Financial information relating to 2024 has been revised to correct this immaterial error. Refer to Note 1. Organization in our Form 10-K for the period ended December 31, 2025, filed on March 5, 2026, for further details regarding the immaterial error in equity-based compensation. In 2025, we began adjusting Non-GAAP Net Income and Adjusted Earnings per Share of Class A common stock for discrete tax items relating to significant transactions that are not part of our ongoing operating performance. We have recast prior periods to include the comparable adjustments. Limitations of the Usefulness of Non-GAAP Measures Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for, or as superior to, the financial information prepared and presented in accordance with GAAP. These measures might exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures. Additionally, other companies might define their non-GAAP financial measures differently than we do. Investors are encouraged to review the reconciliation of the non-GAAP measures provided in this press release, including in the tables below, to their most directly comparable GAAP measures. Additionally, the Company does not provide U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the impact and timing of acquisition and divestiture related expenses, accounting fair-value adjustments and certain other reconciling items without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with U.S. GAAP. |
Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited)
| Three Months Ended | Years Ended | ||||||||||||||
| ($, thousands) | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||
| Net income (loss) | $ | 17,318 | $ | (603 | ) | $ | 27,274 | $ | (47,049 | ) | |||||
| Interest expense, net | 5,306 | 8,997 | 26,486 | 38,792 | |||||||||||
| Income tax (benefit) expense, net | (3,175 | ) | 550 | (1,565 | ) | (5,293 | ) | ||||||||
| Depreciation and amortization(a) | 11,694 | 12,405 | 47,011 | 49,555 | |||||||||||
| Acquisition and related costs(b) | — | 345 | — | 1,339 | |||||||||||
| Shareholder litigation costs(c) | 1 | 82 | 51 | 13,802 | |||||||||||
| Restructuring costs(d) | 2,235 | (124 | ) | 2,235 | (57 | ) | |||||||||
| Equity-based compensation(e) | 3,440 | 2,016 | 12,673 | 13,274 | |||||||||||
| Debt refinancing(f) | (1 | ) | — | 902 | 351 | ||||||||||
| Loss on extinguishment(g) | — | — | 326 | — | |||||||||||
| Impairment of assets(h) | — | 2,456 | — | 36,357 | |||||||||||
| Loss on disposal of a business(i) | — | 292 | 81 | 292 | |||||||||||
| Other items(j) | (108 | ) | 1,834 | 803 | 7,519 | ||||||||||
| Adjusted EBITDA | $ | 36,710 | $ | 28,250 | $ | 116,277 | $ | 108,882 | |||||||
| (a) | Includes for the three months ended December 31, 2025 and December 31, 2024 and the years ended December 31, 2025 and December 31, 2024, respectively, depreciation and amortization of |
| (b) | Includes acquisition and integration costs related to completed acquisitions and changes in fair value of contingent consideration. |
| (c) | Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations. |
| (d) | Restructuring costs in 2025 primarily related to severance associated with the elimination of several positions and the consolidation of certain administrative functions and roles. Costs incurred during 2024 reflect a reversal of expenses associated with employee transitions resulting from the sale of the Advanced Rehabilitation Business and certain contract terminations. |
| (e) | Includes compensation expense resulting from awards granted under our equity-based compensation plans. |
| (f) | Debt refinancing in 2025 related to certain third-party fees associated with our 2025 Credit Agreement. Activity in 2024 is attributable to advisory fees and debt amendment related costs related to our 2019 Credit and Guaranty Agreement, as amended. |
| (g) | Losses recognized in connection with the refinancing of long-term debt. |
| (h) | Includes a non-cash impairment charge of |
| (i) | Represents the loss on the disposal of the Advanced Rehabilitation Business. |
| (j) | During the year ended December 31, 2025, other items primarily consisted of Other items for the three months ended and year ended December 31, 2024 primarily consisted of: (i) |
| Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures | ||||||||||||||||||||||
| Three Months Ended December 31, 2025 | Gross Profit | Operating Expenses(a) | R&D | Operating Income | Net Income | Diluted EPS(m) | ||||||||||||||||
| Reported GAAP measure | $ | 108,782 | $ | 86,289 | $ | 3,007 | $ | 19,486 | $ | 17,318 | $ | 0.21 | ||||||||||
| Reported GAAP margin | 68.9 | % | 12.3 | % | ||||||||||||||||||
| Depreciation and amortization(b) | 10,388 | 1,297 | 9 | 11,694 | 11,694 | 0.14 | ||||||||||||||||
| Shareholder litigation costs(d) | — | 1 | — | 1 | 1 | — | ||||||||||||||||
| Restructuring costs(e) | — | 2,235 | — | 2,235 | 2,235 | 0.03 | ||||||||||||||||
| Debt refinancing(f) | — | (1 | ) | — | (1 | ) | (1 | ) | — | |||||||||||||
| Other items(j) | — | (83 | ) | 12 | (71 | ) | (108 | ) | — | |||||||||||||
| Tax effect of adjusting items(k) | — | — | — | — | (3,470 | ) | (0.04 | ) | ||||||||||||||
| Discrete tax items(l) | — | — | — | — | (7,084 | ) | (0.10 | ) | ||||||||||||||
| Non-GAAP measure | $ | 119,170 | $ | 82,840 | $ | 2,986 | $ | 33,344 | $ | 20,585 | $ | 0.24 | ||||||||||
| Non-GAAP margin | 75.5 | % | 21.1 | % | ||||||||||||||||||
| Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Income | Adjusted EPS | |||||||||||||||||
| Three Months Ended December 31, 2024 | Gross Profit | Operating Expenses(a) | R&D | Operating Income | Net Loss | Diluted EPS(m) | ||||||||||||||||
| Reported GAAP measure | $ | 102,656 | $ | 91,682 | $ | 3,271 | $ | 7,703 | $ | (603 | ) | $ | — | |||||||||
| Reported GAAP margin | 66.8 | % | 5.0 | % | ||||||||||||||||||
| Depreciation and amortization(b) | 10,630 | 1,768 | 7 | 12,405 | 12,405 | 0.15 | ||||||||||||||||
| Acquisition and related costs(c) | — | 345 | — | 345 | 345 | — | ||||||||||||||||
| Shareholder litigation costs(d) | — | 82 | — | 82 | 82 | — | ||||||||||||||||
| Restructuring costs(e) | — | (124 | ) | — | (124 | ) | (124 | ) | — | |||||||||||||
| Impairment of assets(h) | — | 2,456 | — | 2,456 | 2,456 | 0.03 | ||||||||||||||||
| Loss on disposal of a business(i) | — | 292 | — | 292 | 292 | — | ||||||||||||||||
| Other items(j) | — | 2,646 | 86 | 2,732 | 1,834 | 0.02 | ||||||||||||||||
| Tax effect of adjusting items(k) | — | — | — | — | (4,355 | ) | (0.05 | ) | ||||||||||||||
| Discrete tax items(l) | — | — | — | — | 7,146 | 0.11 | ||||||||||||||||
| Non-GAAP measure | $ | 113,286 | $ | 84,217 | $ | 3,178 | $ | 25,891 | $ | 19,478 | $ | 0.26 | ||||||||||
| Non-GAAP margin | 73.7 | % | 16.9 | % | ||||||||||||||||||
| Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Income | Adjusted EPS | |||||||||||||||||
| Year Ended December 31, 2025 | Gross Profit | Operating Expenses(a) | R&D | Operating Income | Net Income | Diluted EPS(m) | |||||||||||||||
| Reported GAAP measure | $ | 388,157 | $ | 322,069 | $ | 12,113 | $ | 53,975 | $ | 27,274 | $ | 0.33 | |||||||||
| Reported GAAP margin | 68.3 | % | 9.5 | % | |||||||||||||||||
| Depreciation and amortization(b) | 41,251 | 5,727 | 33 | 47,011 | 47,011 | 0.55 | |||||||||||||||
| Shareholder litigation costs(d) | — | 51 | — | 51 | 51 | — | |||||||||||||||
| Restructuring costs(e) | — | 2,235 | — | 2,235 | 2,235 | 0.03 | |||||||||||||||
| Debt refinancing(f) | — | 902 | — | 902 | 902 | 0.01 | |||||||||||||||
| Loss on extinguishment(g) | — | — | — | — | 326 | — | |||||||||||||||
| Loss on disposal of a business(i) | — | 81 | — | 81 | 81 | — | |||||||||||||||
| Other items(j) | — | 859 | 216 | 1,075 | 803 | 0.01 | |||||||||||||||
| Tax effect of adjusting items(k) | — | — | — | — | (12,904 | ) | (0.15 | ) | |||||||||||||
| Discrete tax items(l) | — | — | — | — | (7,084 | ) | (0.10 | ) | |||||||||||||
| Non-GAAP measure | $ | 429,408 | $ | 312,214 | $ | 11,864 | $ | 105,330 | $ | 58,695 | $ | 0.68 | |||||||||
| Non-GAAP margin | 75.6 | % | 18.5 | % | |||||||||||||||||
| Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Income | Adjusted EPS | ||||||||||||||||
| Year Ended December 31, 2024 | Gross Profit | Operating Expenses(a) | R&D | Operating Loss | Net Loss | Diluted EPS(m) | ||||||||||||||||
| Reported GAAP measure | $ | 388,226 | $ | 389,470 | $ | 13,951 | $ | (15,195 | ) | $ | (47,049 | ) | $ | (0.56 | ) | |||||||
| Reported GAAP margin | 67.7 | % | (2.7 | %) | ||||||||||||||||||
| Depreciation and amortization(b) | 41,882 | 7,652 | 21 | 49,555 | 49,555 | 0.62 | ||||||||||||||||
| Acquisition and related costs(c) | — | 1,339 | — | 1,339 | 1,339 | 0.02 | ||||||||||||||||
| Shareholder litigation costs(d) | — | 13,802 | — | 13,802 | 13,802 | 0.17 | ||||||||||||||||
| Restructuring costs(e) | — | (57 | ) | — | (57 | ) | (57 | ) | — | |||||||||||||
| Debt refinancing(f) | — | 351 | — | 351 | 351 | — | ||||||||||||||||
| Impairment of assets(h) | — | 36,357 | — | 36,357 | 36,357 | 0.45 | ||||||||||||||||
| Loss on disposal of a business(i) | — | 292 | — | 292 | 292 | — | ||||||||||||||||
| Other items(j) | — | 7,894 | 514 | 8,408 | 7,519 | 0.09 | ||||||||||||||||
| Tax effect of adjusting items(k) | — | — | — | — | (27,620 | ) | (0.34 | ) | ||||||||||||||
| Discrete tax items(l) | — | — | — | — | 7,146 | 0.11 | ||||||||||||||||
| Non-GAAP measure | $ | 430,108 | $ | 321,840 | $ | 13,416 | $ | 94,852 | $ | 41,635 | $ | 0.56 | ||||||||||
| Non-GAAP margin | 75.0 | % | 16.5 | % | ||||||||||||||||||
| Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Income | Adjusted EPS | |||||||||||||||||
| (a) | The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating expense line items, excluding research and development. |
| (b) | Includes for the three months ended December 31, 2025 and December 31, 2024 and the years ended December 31, 2025 and December 31, 2024, respectively, depreciation and amortization of |
| (c) | Includes acquisition and integration costs related to completed acquisitions and changes in fair value of contingent consideration. |
| (d) | Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations. |
| (e) | Restructuring costs in 2025 primarily related to severance associated with the elimination of several positions and the consolidation of certain administrative functions and roles. Costs incurred during 2024 reflect a reversal of expenses associated with employee transitions resulting from the sale of the Advanced Rehabilitation Business and certain contract terminations. |
| (f) | Debt refinancing in 2025 related to certain third-party fees associated with our 2025 Credit Agreement. Activity in 2024 is attributable to advisory fees and debt amendment related costs related to our 2019 Credit and Guaranty Agreement, as amended. |
| (g) | Losses recognized in connection with the refinancing of long-term debt. |
| (h) | Includes a non-cash impairment charge of |
| (i) | Represents the loss on the disposal of the Advanced Rehabilitation Business. |
| (j) | During the year ended December 31, 2025, other items primarily consisted of Other items for the three months ended and year ended December 31, 2024 primarily consisted of: (i) |
| (k) | An estimated tax impact for the remaining adjustments to Non-GAAP Net Income was calculated by applying a rate of |
| (l) | Discrete tax items include: (i) For the three months ended and year ended December 31, 2025 and December 31, 2024, the removal of uncertain tax positions of ( (ii) For the three months ended and year ended December 31, 2025 and December 31, 2024, the removal of ( |
| (m) | Adjustments are pro-rated to exclude the weighted average noncontrolling interest ownership of |
*See below under “Use of Non-GAAP Financial Measures” for more details.
**The prior-year period has been recast to conform to the current period presentation of Adjusted EPS*. See below under “Prior Period Recast” for further information.
Investor Inquiries and Media:
Dave Crawford
Bioventus
investor.relations@bioventus.com
FAQ
What were Bioventus (BVS) fourth-quarter 2025 revenue and organic growth figures?
Bioventus reported Q4 2025 revenue of $157.9 million, growing 2.8% reported and 10.0% organic. According to the company, organic growth was driven by double-digit gains in Pain Treatments and Surgical Solutions and improved commercial execution.
How did Bioventus (BVS) perform on earnings and adjusted EBITDA for full-year 2025?
Bioventus reported FY 2025 GAAP EPS of $0.33 and adjusted EBITDA of $116.3 million. According to the company, adjusted EBITDA rose 6.8% due to stronger organic revenue and gross margin expansion.
What guidance did Bioventus (BVS) give for 2026 revenue, adjusted EPS, and cash from operations?
Bioventus expects 2026 net sales of $600–610 million, adjusted EPS of $0.73–0.77, and cash from operations of $82–87 million. According to the company, this reflects continued above-market growth, higher earnings, and robust cash generation.
Why did Bioventus (BVS) report a year-over-year revenue decline in 2025 despite organic growth?
Reported FY revenue fell 0.9% mainly due to the divestiture of the Advanced Rehabilitation Business. According to the company, on an organic basis revenue grew 7.5% across its three business lines.
What operational cash and balance-sheet improvements did Bioventus (BVS) report in Q4 2025?
Bioventus generated $38 million of cash from operations in Q4 and reduced debt by $29 million. According to the company, these moves strengthened liquidity and increased capital allocation optionality heading into 2026.