Bioventus Inc. Stock Price, News & Analysis

Bioventus Inc. (BVS) announced the resignation of CEO Ken M. Reali as part of a leadership transition aimed at enhancing company performance. The board has appointed Anthony Bihl, a seasoned industry executive, as interim CEO. Bihl brings over 35 years of experience, including a previous tenure at Bioventus from 2013 to 2020. The board expressed gratitude for Reali's contributions while emphasizing the need to address company performance and unlock shareholder value. Bihl aims to stabilize operations and improve execution during this transitional phase, leveraging a differentiated product portfolio.

Bioventus Inc. (Nasdaq: BVS) reported its financial results for the year ended December 31, 2022. For Q4, net sales were $125.8 million, a decline of 3.5% year-over-year, with a net loss of $44.9 million compared to $1.9 million in the previous year. Full-year net sales increased 18.8% to $512.1 million, although the company saw a significant net loss of $213.4 million, down from a $9.6 million profit in 2021. Adjusted EBITDA for Q4 was $15.2 million, down from $28.5 million last year. A recent settlement removed $350 million in liabilities, improving liquidity. CEO Ken Reali highlighted challenges in the Pain Treatments vertical but noted growth in Surgical Solutions.

Bioventus (BVS) announced an amendment to its Credit and Guaranty Agreement with Wells Fargo, offering financial covenant relief until Q1 2024. The adjusted net leverage ratio will reach approximately 7.2x Adjusted EBITDA, enhancing the company's financial flexibility for growth initiatives. The Revolving Credit Facility will now mature on October 29, 2025, with commitments reduced to $45 million by year-end 2023, then $40 million by mid-2024. Interest rates for outstanding debt will be SOFR + 4.25%. The company emphasizes its mission to deliver effective healing solutions for patients while maintaining ethical standards.

Bioventus (BVS) has announced a change in the release schedule of its fourth quarter fiscal year 2022 financial results, now set for March 31, 2023, before market opening. The adjustment allows for additional time to finalize financial statements. Following the announcement, Bioventus will hold a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results and provide updates on business operations. Interested participants can join via telephone or listen through a live webcast on the Investor Relations section of the Bioventus website, which will also host an archived version of the call for replay until March 30, 2024.

Bioventus Inc. (BVS) announced its financial results for the fourth quarter of fiscal year 2022 will be reported on March 30, 2023, before market opens. A conference call will follow at 8:30 a.m. ET to discuss the results and provide a business update. Investors can participate by dialing 1-833-636-0497 domestically or +1-412-902-4241 internationally. The call will be webcasted live and archived on the company’s Investor Relations website, available for replay until March 29, 2024. Bioventus focuses on innovations that promote active healing, showcasing its commitment to high-quality healthcare products.

Bioventus (Nasdaq: BVS) announced a Settlement Agreement with former CartiHeal shareholders, potentially eliminating up to $350 million in deferred purchase price obligations. The agreement allows Bioventus a 30-day period to evaluate funding options to cover $215 million in post-closing tranche payments, while releasing the company from future claims. In exchange for this flexibility, Bioventus will pay $10 million in cash and an additional $150,000 for expenses. If funding isn't secured, ownership of CartiHeal will revert to its sellers. This strategic move aims to enhance financial stability and mitigate potential obligations.