Bioventus Inc. Stock Price, News & Analysis

Bioventus Inc. (Nasdaq: BVS) has amended its acquisition agreement for CartiHeal, reducing the upfront cash payment to $50 million, down from $315 million. The remainder, $215 million, will be deferred to CartiHeal stockholders based on milestone achievements, payable in five tranches from 2023 to 2027. Bioventus aims to finance the acquisition through additional debt, while expecting to close the deal by the end of July 2022. The amendment is viewed as beneficial, allowing continued investment in growth initiatives while maintaining financial flexibility.

Bioventus reported Q1 2022 financial results, with net sales of $117.3 million, a significant increase of 43.4% year-over-year. However, the company saw a net loss of ($14.8) million, contrasting sharply with a net income of $24.5 million in the same period last year. Adjusted EBITDA was $7.1 million, down from $11.1 million in Q1 2021. Looking ahead, Bioventus reaffirmed its full-year guidance, expecting net sales between $545 million to $565 million.

Bioventus (Nasdaq: BVS) has withdrawn its offering of senior notes due to unfavorable market conditions, prioritizing the interests of stakeholders. The Company is considering alternative financing methods to fund its call option for the acquisition of CartiHeal Ltd. CEO Ken Reali expressed optimism about growth drivers leading to sustained double-digit growth. Bioventus reaffirmed its 2022 net sales guidance of $545 million to $565 million and adjusted EBITDA guidance of $94 million to $107 million, indicating strong operational performance despite the debt offering withdrawal.

Bioventus (Nasdaq: BVS) has secured a nationwide contract with Cigna® effective July 1, 2022, offering access to its knee osteoarthritis treatments, DUROLANE and GELSYN-3. DUROLANE, a single-injection treatment, will be exclusive to Cigna patients, while GELSYN-3 will be among two multi-injection options available. Both products are hyaluronic acid-based therapies designed to alleviate knee OA pain, addressing the degeneration of joint tissues. Tim Donovan, Bioventus Vice President, expressed confidence in the therapeutic benefits of these products for Cigna members.

Bioventus (Nasdaq: BVS) announced preliminary financial results for Q1 2022, projecting net sales between $116.5 million to $118.5 million, marking a 42% to 45% increase compared to the prior year. Despite strong sales growth in Pain Treatments and recovering Surgical Solutions revenue, the company expects a net loss of $(19.4 million) to $(19.0 million). Adjusted EBITDA is estimated at $6.8 million to $7.3 million. The results are preliminary and subject to change, particularly as Bioventus integrates its upcoming acquisition of CartiHeal.

Bioventus Inc. (Nasdaq: BVS) announced plans to offer $415 million in senior notes due 2027, subject to market conditions. The proceeds will fund its acquisition of CartiHeal, repay some borrowings, and cover offering expenses. The Issuer requires the acquisition to close within 75 days; otherwise, all notes will be redeemed. Concurrently, amendments to credit facilities will be sought to support the offering and acquisition. The notes will be offered to qualified institutional buyers in an exemption under the Securities Act, without registration.

Bioventus (BVS) will report its Q1 2022 financial results on May 10, 2022, before market opening. Following the report, management will host a conference call at 8:30 a.m. ET to discuss the results and provide a business update. Participants can join via a domestic call at 1-844-945-2085 or international at +1-442-268-1266, using access code 1795461. A live webcast and materials will be available on the Investor Relations section of their website, with archived access until May 9, 2023.

Bioventus (Nasdaq: BVS) announced that TheraSkin coverage has been expanded to include three of the four largest U.S. commercial plans, as well as Medicare, impacting over 17 million medical lives. TheraSkin is a treatment for chronic wounds, with new data showing statistically significant healing benefits compared to standard care. This expansion signifies a growing recognition of TheraSkin's value, now accessible to approximately 200 million patients in the U.S. TheraSkin is FDA-authorized for multiple wound types, including diabetic foot and pressure ulcers.

Bioventus (Nasdaq: BVS) announced the issuance of equity inducement awards to Mark Singleton, newly appointed Senior Vice President and CFO, on April 4, 2022. The awards entail 74,500 restricted share units and options to purchase 223,200 shares of Class A common stock. These will vest in four equal installments over four years, contingent upon Mr. Singleton's continued employment. The options carry an exercise price of $13.29. This decision was made in compliance with Nasdaq Listing Rule 5635(c)(4).