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Bioventus (BVS) lifts 2026 EPS outlook after Q1 revenue and cash-flow gains

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bioventus Inc. reported stronger first-quarter 2026 results, with revenue of $132.1 million, up 6.6% year over year, driven by growth across Pain Treatments, Surgical Solutions and Restorative Therapies.

Net income attributable to Bioventus was $3.1 million, reversing a $2.6 million loss a year earlier, and GAAP diluted EPS improved to $0.04 from a $0.04 loss. Non-GAAP diluted EPS rose to $0.15 from $0.08, supported by higher gross profit, lower interest expense and a 24% increase in Adjusted EBITDA to $23.9 million.

Cash from operations was $8.9 million, compared with a $19.3 million outflow in the prior-year quarter. The company made a $22.0 million discretionary term-loan prepayment and raised full-year 2026 guidance for Adjusted EPS to $0.75–$0.79 and cash from operations to $84–$89 million, while reaffirming net sales guidance of $600–$610 million, implying approximately 6%–7% growth.

Positive

  • None.

Negative

  • None.

Insights

Bioventus delivered solid Q1 growth, margin expansion and higher 2026 guidance.

Bioventus posted Q1 2026 revenue of $132.1 million, up 6.6% year over year, with all three business areas contributing. Mix and cost control helped lift gross profit to $90.8 million and Adjusted EBITDA to $23.9 million, a 24% increase.

GAAP diluted EPS improved to $0.04 from a $0.04 loss, while Non-GAAP EPS nearly doubled to $0.15. Cash from operations swung to an $8.9 million inflow from a $19.3 million outflow, supporting a discretionary $22.0 million term-loan prepayment under the 2025 Credit Agreement.

Management raised full-year 2026 guidance for Adjusted EPS to $0.75–$0.79 and cash from operations to $84–$89 million, while reaffirming net sales of $600–$610 million, or roughly 6%–7% growth. Future filings will show whether revenue momentum, rebate benefits and lower interest expense persist through the remainder of 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $132.1M Net sales for the three months ended March 28, 2026; up 6.6% year over year
Q1 2026 Net Income attributable to Bioventus $3.1M Compared with a $2.6M net loss attributable to Bioventus in Q1 2025
Q1 2026 GAAP diluted EPS $0.04 per share Improved from a $0.04 diluted loss per share in the prior-year period
Q1 2026 Non-GAAP diluted EPS $0.15 per share Up from $0.08 per diluted share in Q1 2025; 88% increase
Q1 2026 Adjusted EBITDA $23.9M Increased 24% from $19.2M in the prior-year quarter
Q1 2026 Cash from Operations $8.9M Improved by $28.3M versus a $19.3M cash outflow in Q1 2025
2026 Net Sales Guidance $600M–$610M Full-year 2026 outlook; reflects approximately 6%–7% growth
2026 Adjusted EPS Guidance $0.75–$0.79 Raised full-year 2026 range; $0.02 higher than previous guidance
Adjusted EBITDA financial
"Adjusted EBITDA* of $23.9 million advanced 24% from $19.2 million in the prior-year period"
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.
Non-GAAP Gross Margin financial
"We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by net sales."
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
hyaluronic acid therapies medical
"Pain Treatments, driven by the Company's differentiated hyaluronic acid therapies for knee osteoarthritis."
2025 Credit Agreement financial
"Relates to certain third-party fees associated with our 2025 Credit Agreement."
noncontrolling interest financial
"Noncontrolling interest | 45,364 | | | 44,342 |"
The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.
constant currency financial
"Change as Reported | | Constant Currency* Change"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
Revenue $132.1M +6.6% YoY
Net income attributable to Bioventus $3.1M from $2.6M loss YoY
GAAP diluted EPS $0.04 from $(0.04) YoY
Non-GAAP diluted EPS $0.15 +88% YoY from $0.08
Adjusted EBITDA $23.9M +24% YoY from $19.2M
Cash from operations $8.9M from $(19.3)M YoY
Guidance

For 2026, Bioventus expects net sales of $600–$610M (~6%–7% growth), Adjusted EPS of $0.75–$0.79 (raised by $0.02), and cash from operations of $84–$89M (raised by $2M).

Understanding 8-K Material Events →
0001665988FALSE00016659882026-05-062026-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 6, 2026
 
Bioventus Inc.
(Exact name of registrant as specified in charter)
 
Delaware
 
001-37844
 
81-0980861
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification Number)
4721 Emperor Boulevard, Suite 100
Durham, North Carolina 27703
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (919) 474-6700
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17     CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Class A common Stock, $0.001 par value per share
 
BVS
 
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☒


Item 2.02.    Results of Operations and Financial Condition.
On May 6, 2026, Bioventus Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 28, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.
  
Description
99.1
  
Press Release Dated May 6, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
BIOVENTUS INC.
Date: May 6, 2026
By:
/s/ Anthony D’Adamio
Anthony D’Adamio
Senior Vice President and General Counsel


Exhibit 99.1

image_0a.jpg
Bioventus Reports First Quarter Financial Results
•Q1 reported revenue of $132.1 million increased 7%
•First quarter GAAP earnings of $0.04 per diluted share compared to the prior-year period loss of $0.04 per diluted share
•Non-GAAP earnings* of $0.15 per diluted share compared to $0.08 per diluted share in the prior-year period
•Cash from operations of $8.9 million increased $28.3 million compared to the $19.3 million cash outflow in the prior-year period
•Company raises Non-GAAP EPS* and Cash from Operations guidance and reaffirms revenue guidance for full year 2026

DURHAM, NC – May 6, 2026 – Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or the "Company"), a global leader in innovations for active healing, today reported financial results for the three months ended March 28, 2026.

“Our team delivered a strong start to 2026, driven by continued momentum in our core businesses and disciplined execution across our commercial and operational priorities,” said Rob Claypoole, Bioventus President and Chief Executive Officer. “We are focused on delivering above market growth for the year, while maintaining peer-leading gross margins, which allows us to reinvest in our multiple growth drivers, expand profitability, and generate strong cash flow, positioning Bioventus to deliver sustainable long-term shareholder value.”

First Quarter 2026 Financial Results
For the first quarter, worldwide revenue of $132.1 million advanced 7%, driven by growth across all three areas of the Company's broad portfolio.
Net income attributable to Bioventus Inc. was $3.1 million, compared to a net loss attributable to Bioventus Inc. of $2.6 million in the prior-year period.
Adjusted EBITDA* of $23.9 million advanced 24% from $19.2 million in the prior-year period as a result of higher revenue growth, increased gross profit and favorable foreign currency movements.
GAAP earnings of $0.04 per diluted share of Class A common stock improved from the diluted loss of $0.04 per share in the prior-year period. Non-GAAP earnings of Class A common stock* of $0.15 per diluted share reflects an increase of 88% from $0.08 per diluted share in the prior-year period, driven by improved operating profit and lower interest expense.



*See below under “Use of Non-GAAP Financial Measures” for more details.


Revenue By Business
The following tables represent net sales by business and geographic region for the three months ended March 28, 2026 and March 29, 2025:
Three Months Ended
Change as Reported
Constant
Currency*
Change
(in thousands, except for percentage)
March 28, 2026
March 29, 2025
$
%
%
Pain treatments
$
63,426 
$
58,918 
$
4,508 
7.7 
%
6.9 
%
Surgical solutions
48,028 
45,234 
2,794 
6.2 
%
5.7 
%
Restorative therapies(a)
20,635 
19,724 
911 
4.6 
%
3.8 
%
Total net sales
$
132,089 
$
123,876 
$
8,213 
6.6 
%
6.0 
%
(a)Global revenue from the Advanced Rehabilitation Business, divested on December 31, 2024, totaled $128 and $330 for the three months ended March 28, 2026 and March 29, 2025, respectively.
Pain Treatments: Global revenue of $63.4 million increased 7.7%, primarily due to a $4.2 million favorable rebate benefit related to a billing process change implemented by a third-party private insurance payer in the United States, which was partially offset by one fewer selling day compared to the prior-year period and the expected reduction in distributor inventory levels.
Surgical Solutions: Global revenue of $48.0 million advanced 6.2%. This performance was driven by higher U.S. demand for both Bone Graft Substitutes and Ultrasonics.
Restorative Therapies: Global revenue of $20.6 million increased 4.6% due to continued commercial effectiveness and sales force execution with the EXOGEN Bone Stimulation System.
Three Months Ended
Change as Reported
Constant Currency* Change
(in thousands, except for percentage)
March 28, 2026
March 29, 2025
$
%
%
U.S.
Pain Treatments
$
56,157 
$
52,686 
$
3,471 
6.6
%
6.6
%
Surgical Solutions
42,541 
40,844 
1,697 
4.2
%
4.2
%
Restorative Therapies(b)
17,747 
16,990 
757 
4.5
%
4.5
%
Total U.S. net sales
116,445 
110,520 
5,925 
5.4
%
5.4
%
International
Pain Treatments
7,269 
6,232 
1,037 
16.6
%
9.1
%
Surgical Solutions
5,487 
4,390 
1,097 
25.0
%
19.6
%
Restorative Therapies(b)
2,888 
2,734 
154 
5.6
%
0.0 
%
Total International net sales
15,644 
13,356 
2,288 
17.1
%
10.7
%
Total net sales
$
132,089 
$
123,876 
$
8,213 
6.6
%
6.0
%
(b)U.S. revenue from the Advanced Rehabilitation Business totaled $116 and $330 for the three months ended March 28, 2026 and March 29, 2025, respectively. International revenue from the Advanced Rehabilitation Business totaled $12 and none for the three months ended March 28, 2026 and March 29, 2025, respectively.
U.S.: Revenue of $116.4 million increased 5.4% driven by favorable rebates, demand for Surgical Solutions products and growth for our EXOGEN Bone Stimulation System.
International: Revenue of $15.6 million increased 17.1%, primarily due to volume growth in Surgical Solutions, which was attributable to the growth in Ultrasonics and Pain Treatments, driven by the Company's differentiated hyaluronic acid therapies for knee osteoarthritis.



*See below under “Use of Non-GAAP Financial Measures” for more details.

Recent Business Highlights
Bioventus continues to advance its strategic priorities with key achievements, including the following:
•On March 27, 2026, the Company made a discretionary principal prepayment of $22.0 million on its term loan, driven by strong operating cash flows. The reduction in long-term debt lowered future interest payments and borrowing costs and improved the Company’s financial metrics.
2026 Financial Guidance
Based on accelerated cash flow and faster than anticipated debt repayment, Bioventus is raising its full-year 2026 financial guidance for Adjusted EPS* and Cash from Operations. For the twelve months ending December 31, 2026, the Company expects:
•Adjusted EPS* of $0.75 to $0.79, an increase of $0.02 from previous guidance.
•Cash from Operations of $84 million to $89 million, an increase of $2 million from previous guidance.
Bioventus is reaffirming its 2026 Financial Guidance provided on March 5, 2026. For the twelve months ending December 31, 2026, the Company continues to expect:
•Net sales of $600 million to $610 million. This reflects growth of approximately 6% to 7%.
The Company does not provide U.S. GAAP financial measures, other than net sales and cash from operations, 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.
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.
First Quarter 2026 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 May 6, 2026. Those who would like to participate in the conference call may dial 1-833-636-0497 (domestic or international) and refer to the Bioventus Inc. Conference Call.
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 May 5, 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;



*See below under “Use of Non-GAAP Financial Measures” for more details.

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 condensed balance sheets
As of March 28, 2026 and December 31, 2025
(Amounts in thousands, except share amounts) (unaudited)
 
March 28, 2026
 
December 31, 2025
Assets
 
Current assets:
 
Cash and cash equivalents
$
35,846 
 
$
51,238 
Accounts receivable, net
120,525 
 
128,303 
Inventory
83,187 
 
82,236 
Prepaid and other current assets
10,255 
 
11,065 
Total current assets
249,813 
 
272,842 
Property and equipment, net
21,294 
21,899 
Goodwill
7,462 
7,462 
Intangible assets, net
359,659 
368,419 
Operating lease assets
4,687 
5,122 
Deferred tax assets
5,522 
5,522 
Investment and other assets
2,102 
2,293 
Total assets
$
650,539 
 
$
683,559 
Liabilities and Stockholders’ Equity
 
Current liabilities:
 
Accounts payable
$
24,050 
$
10,928 
Accrued liabilities
101,135 
130,242 
Current portion of long-term debt
18,750 
15,000 
Other current liabilities
4,160 
4,210 
Total current liabilities
148,095 
 
160,380 
Long-term debt, less current portion
253,326 
278,951 
Deferred income taxes liabilities
568 
433 
Other long-term liabilities
14,285 
15,348 
Total liabilities
416,274 
 
455,112 
Stockholders’ Equity:
 
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued
Class A common stock, $0.001 par value, 250,000,000 shares authorized as of March 28, 2026 and December 31, 2025, 67,639,073 and 67,097,716 shares issued and outstanding as of March 28, 2026 and December 31, 2025, respectively
68 
67 
Class B common stock, $0.001 par value, 50,000,000 shares authorized, 15,786,737 shares issued and outstanding as of March 28, 2026 and December 31, 2025
16 
16 
Additional paid-in capital
522,912 
520,851 
Accumulated deficit
(331,816)
(334,929)
Accumulated other comprehensive loss
(2,279)
(1,900)
Total stockholders’ equity attributable to Bioventus Inc.
188,901 
 
184,105 
Noncontrolling interest
45,364 
44,342 
Total stockholders’ equity
234,265 
 
228,447 
Total liabilities and stockholders’ equity
$
650,539 
$
683,559 


BIOVENTUS INC.
Consolidated condensed statements of operations and comprehensive income (loss)
(Amounts in thousands, except share and per share data, unaudited)
 
Three Months Ended
 
March 28, 2026
 
March 29, 2025
Net sales
$
132,089 
$
123,876 
Cost of sales (including depreciation and amortization of $10,087 and $10,265, respectively)
41,320 
40,820 
Gross profit
90,769 
 
83,056 
Selling, general and administrative expense
78,325 
73,502 
Research and development expense
2,467 
3,011 
Restructuring costs
454 
— 
Depreciation and amortization
1,107 
1,593 
Loss on disposals
— 
81 
Operating income
8,416 
 
4,869 
Interest expense, net
4,326 
7,509 
Other (income) expense
(427)
777 
Other expense
3,899 
 
8,286 
Income (loss) before income taxes
4,517 
 
(3,417)
Income tax expense (benefit), net
571 
(95)
Net income (loss)
3,946 
 
(3,322)
(Income) loss attributable to noncontrolling interest
(833)
685 
Net income (loss) attributable to Bioventus Inc.
$
3,113 
 
$
(2,637)
Income (loss) per share of Class A common stock:
Basic
$
0.05 
$
(0.04)
Diluted
$
0.04 
$
(0.04)
Weighted-average shares of Class A common stock outstanding:
Basic
67,296,336
66,008,683
Diluted
70,008,291
66,008,683



BIOVENTUS INC.
Consolidated condensed statements of cash flows
(Amounts in thousands, unaudited)
Three Months Ended
 
March 28, 2026
 
March 29, 2025
Operating activities:
 
Net income (loss)
$
3,946 
$
(3,322)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization
11,205 
11,865 
Equity-based compensation
3,264 
2,414 
Deferred income taxes
135 
43 
Unrealized loss (gain) on foreign currency fluctuations
54 
(242)
Loss on disposals
— 
81 
Other, net
505 
1,031 
Changes in working capital
(10,175)
(31,201)
Net cash from operating activities
8,934 
 
(19,331)
Investing activities:
 
Purchase of property and equipment
(574)
(826)
Net cash from investing activities
(574)
 
(826)
Financing activities:
 
Proceeds from issuance of Class A common stock
120 
150 
Tax withholdings on equity-based compensation
(1,044)
— 
Payment of contingent consideration
— 
(9,000)
Borrowing on revolver
— 
15,000 
Payment on revolver
— 
(5,000)
Payments on long-term debt
(22,000)
— 
Other, net
(220)
(203)
Net cash from financing activities
(23,144)
 
947 
Effect of exchange rate changes on cash
(608)
430 
Net change in cash and cash equivalents
(15,392)
 
(18,780)
Cash and cash equivalents at the beginning of the period
51,238 
41,582 
Cash and cash equivalents at the end of the period
$
35,846 
 
$
22,802 



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. 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 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.
*See “Use of Non-GAAP Financial Measures” for more details.

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.
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 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 GAAP.
*See “Use of Non-GAAP Financial Measures” for more details.


Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited)
Three Months Ended
Twelve Months Ended
($, thousands)
March 28, 2026
March 29, 2025
December 31, 2025
Net income (loss)
$
3,946
$
(3,322)
$
27,274
Interest expense, net
4,326
7,509
26,486
Income tax expense (benefit), net
571
(95)
(1,565)
Depreciation and amortization(a)
11,205
11,865
47,011
Restructuring costs(b)
454
—
2,235
Equity compensation(c)
3,264
2,414
12,673
Shareholder litigation costs(d)
19
23
51
Debt refinancing(e)
—
—
902
Loss on extinguishment(f)
—
—
326
Loss on disposals(g)
—
81
81
Other items(h)
130
737
803
Adjusted EBITDA
$
23,915
$
19,212
$
116,277
(a)Includes for the three months ended March 28, 2026 and March 29, 2025, respectively, depreciation and amortization of $10.1 million and $10.3 million in cost of sales and $1.1 million and $1.6 million in operating expenses presented in the consolidated condensed statements of operations and comprehensive income (loss).
The year ended December 31, 2025 includes depreciation and amortization of $41.3 million in cost of sales and $5.7 million in operating expenses.
(b)Restructuring costs primarily related to severance associated with the elimination of several positions and the consolidation of certain administrative functions and roles.
(c)Includes compensation expense resulting from awards granted under our equity-based compensation plans.
(d)Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.
(e)Relates to certain third-party fees associated with our 2025 Credit Agreement.
(f)Losses recognized in connection with the refinancing of long-term debt.
(g)Represents the loss on the disposal of the Advanced Rehabilitation Business.
(h)Other items during the three months ended March 28, 2026 primarily consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance.
Other items during the three months ended March 29, 2025 primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business.
During the year ended December 31, 2025, other items primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.
Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures
Three Months Ended March 28, 2026
Gross Profit
Operating Expenses(a)
R&D
Operating
Income
Net Income
Diluted EPS(h)
Reported GAAP measure
$
90,769 
$
79,886 
$
2,467 
$
8,416 
$
3,946 
$
0.04 
Reported GAAP margin
68.7 
%
6.4
%
Depreciation and amortization(b)
10,087 
1,107 
11
11,205 
11,205 
0.13 
Restructuring costs(c)
— 
454 
— 
454 
454 
0.01 
Shareholder litigation costs(d)
— 
19 
— 
19 
19 
— 
Other items(f)
— 
184 
— 
184 
130 
— 
Tax effect of adjusting items(g)
— 
— 
— 
— 
(2,964)
(0.03)
Non-GAAP measure
$
100,856 
$
78,122 
$
2,456 
$
20,278 
$
12,790 
$
0.15 
Non-GAAP margin
76.4 
%
15.4 
%
Non-GAAP Gross Margin
Non-GAAP Operating Expenses
Non-GAAP R&D
Non-GAAP Operating Income
Non-GAAP Net Income
Adjusted EPS

*See “Use of Non-GAAP Financial Measures” for more details.

Three Months Ended March 29, 2025
Gross Profit
Operating Expenses(a)
R&D
Operating Income
Net Loss
Diluted EPS(h)
Reported GAAP measure
$
83,056 
$
75,176 
$
3,011 
$
4,869 
$
(3,322)
$
(0.04)
Reported GAAP margin
67.0 
%
3.9
%
Depreciation and amortization(b)
10,265 
1,593 
7 
11,865 
11,865 
0.15 
Shareholder litigation costs(d)
— 
23 
— 
23 
23 
— 
Loss on disposal of a business(e)
— 
81 
— 
81 
81 
— 
Other items(f)
— 
792 
69 
861 
737 
0.01 
Tax effect of adjusting items(g)
— 
— 
— 
— 
(3,189)
(0.04)
Non-GAAP measure
$
93,321 
$
72,687 
$
2,935 
$
17,699 
$
6,195 
$
0.08 
Non-GAAP margin
75.3 
%
14.3 
%
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 March 28, 2026 and March 29, 2025, respectively, depreciation and amortization of $10.1 million and $10.3 million in cost of sales and $1.1 million and $1.6 million in operating expenses presented in the consolidated condensed statements of operations and comprehensive income (loss).
(c)Restructuring costs primarily resulted from severance associated with the elimination of several positions and the consolidation of certain administrative functions and roles.
(d)Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.
(e)Represents the loss on disposal of the Advanced Rehabilitation Business.
(f)Other items include charges associated with strategic initiatives, such as potential acquisitions or divestitures, as well as costs related to a transformative project aimed at redesigning the Company's systems and information processing infrastructure.
Other items during the three months ended March 28, 2026 primarily consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance.
Other items during the three months ended March 29, 2025, primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.
(g)An estimated tax impact for adjustments to Non-GAAP Net Income was calculated by applying a rate of 25.1% for the three months ended March 28, 2026 and March 29, 2025.
(h)Adjustments are pro-rated to exclude the weighted average non-controlling interest ownership of 18.9% and 19.2%, respectively, for the three months ended March 28, 2026 and March 29, 2025.


Investor Inquiries and Media:
Dave Crawford
Bioventus
investor.relations@bioventus.com



Source: View Original Filing on SEC EDGAR

FAQ

How did Bioventus (BVS) perform financially in Q1 2026?

Bioventus reported Q1 2026 revenue of $132.1 million, up 6.6% year over year. Net income attributable to Bioventus was $3.1 million, compared with a $2.6 million loss a year earlier, and GAAP diluted EPS improved to $0.04 from a $0.04 loss.

What were Bioventus (BVS) Q1 2026 non-GAAP earnings and Adjusted EBITDA?

Non-GAAP diluted EPS for Q1 2026 was $0.15, up from $0.08 in the prior-year period. Adjusted EBITDA reached $23.9 million, a 24% increase from $19.2 million, driven by higher revenue, increased gross profit and favorable foreign currency movements.

How did Bioventus (BVS) cash flow and debt position change in Q1 2026?

Cash from operations in Q1 2026 was $8.9 million, compared with a $19.3 million outflow in the prior-year quarter. On March 27, 2026, Bioventus made a $22.0 million discretionary principal prepayment on its term loan, reducing long-term debt and future interest costs.

What is Bioventus (BVS) 2026 financial guidance after this update?

For 2026, Bioventus expects net sales of $600–$610 million, reflecting about 6%–7% growth. It raised Adjusted EPS guidance to $0.75–$0.79 and increased cash from operations guidance to $84–$89 million, citing accelerated cash flow and faster-than-anticipated debt repayment.

How did Bioventus (BVS) revenue by business segment perform in Q1 2026?

In Q1 2026, Pain Treatments revenue was $63.4 million, up 7.7%; Surgical Solutions revenue was $48.0 million, up 6.2%; and Restorative Therapies revenue was $20.6 million, up 4.6%. Total net sales were $132.1 million, an increase of 6.6% year over year.

When is the Bioventus (BVS) Q1 2026 earnings call replay available until?

Management hosted its Q1 2026 earnings call at 8:30 a.m. Eastern Time on May 6, 2026. A replay of the webcast is available on Bioventus’ investor relations website and will remain accessible until May 5, 2027 for interested listeners.

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