A Business at a Glance
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Unless the context requires otherwise, in this Annual Report on Form 10-K (“Annual Report”) the terms “we,” “us,” “our,” the “Company,” “Bioventus,” “Bioventus Inc.” and similar references refer to the combined operations of Bioventus Inc. and its consolidated subsidiaries and affiliates, including Bioventus LLC (“BV LLC”). Company overview We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions. We manage our business through two reporting segments, U.S. and International, which accounted for 88% and 12%, respectively, of our total net sales during the fiscal year ended December 31, 2024. Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments, (ii) Surgical Solutions and (iii) Restorative Therapies.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 564M | 573M | 512M | 512M | 431M | 321M |
| Net Income | 7.8M | -34M | -156M | -159M | 19M | 16M |
| EPS | $0.12 | $-0.52 | $-2.49 | $-2.59 | $-0.15 | $0.21 |
| Free Cash Flow | 53M | 38M | 8.0M | -24M | 16M | 68M |
| ROIC | 7.5% | -7.4% | -28.9% | -22.3% | 1.7% | 8.1% |
| Gross Margin | 67.8% | 67.7% | 64.1% | 64.6% | 70.3% | 72.7% |
| Debt/Equity | 1.94 | 2.27 | 2.27 | 1.29 | 0.78 | 1.31 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 42M | -12M | -82M | -167M | 12M | 21M |
| Operating Margin | 7.5% | -2.1% | -16.0% | -32.7% | 2.8% | 6.6% |
| ROE | 4.7% | -20.9% | -90.0% | -48.8% | 4.2% | 11.4% |
| Shares Outstanding | 67M | 65M | 63M | 61M | 78M | 76M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 321M | 431M | 512M | 512M | 573M | 564M |
| Gross Margin | 72.7% | 70.3% | 64.6% | 64.1% | 67.7% | 67.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 21M | 12M | -167M | -82M | -12M | 42M |
| Op. Margin | 6.6% | 2.8% | -32.7% | -16.0% | -2.1% | 7.5% |
| Net Income | 16M | 19M | -159M | -156M | -34M | 7.8M |
| Net Margin | 5.1% | 4.5% | -31.0% | -30.5% | -5.9% | 1.4% |
| Non-Recurring | 563K | 2.5M | 131M | -2.7M | -240K | -240K |
| Returns on Capital | ||||||
| ROIC | 8.1% | 1.7% | -22.3% | -28.9% | -7.4% | 7.5% |
| ROE | 11.4% | 4.2% | -48.8% | -90.0% | -20.9% | 4.7% |
| ROA | 3.3% | 1.6% | -11.6% | -19.3% | -4.4% | 1.1% |
| Cash Flow | ||||||
| Op. Cash Flow | 72M | 23M | -14M | 15M | 39M | 56M |
| Free Cash Flow | 68M | 16M | -24M | 8.0M | 38M | 53M |
| Owner Earnings | 43M | -32M | -87M | -45M | -21M | -3.6M |
| CapEx | 4.1M | 7.4M | 10M | 7.4M | 1.0M | 2.6M |
| Maint. CapEx | 29M | 35M | 55M | 57M | 50M | 50M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 29M | 35M | 55M | 57M | 50M | 50M |
| CapEx/OCF | N/A | 32.1% | N/A | 48.0% | 2.6% | 4.6% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 20M | 18M | 2.7M | 10M | 10M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 102M | 314M | 388M | 358M | 294M | 280M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 42M |
| Long-Term Debt | 173M | 340M | 385M | 367M | 308M | 308M |
| Debt/Equity | 1.31 | 0.78 | 1.29 | 2.27 | 2.27 | 1.94 |
| Interest Coverage | 2.2 | 10.8 | -13.9 | -2.0 | -0.3 | -0.3 |
| Equity | 144M | 459M | 325M | 174M | 148M | 166M |
| Total Assets | 494M | 1.2B | 1.4B | 811M | 728M | 702M |
| Total Liabilities | 350M | 692M | 960M | 590M | 542M | 494M |
| Intangibles | 241M | 843M | 647M | 490M | 412M | 412M |
| Retained Earnings | N/A | -6.6M | -165M | -322M | -355M | -355M |
| Working Capital | 89M | 82M | -31M | 93M | 65M | 65M |
| Current Assets | 212M | 263M | 273M | 268M | 276M | 276M |
| Current Liabilities | 123M | 181M | 304M | 175M | 210M | 210M |
| Per Share Data | ||||||
| EPS | 0.21 | -0.15 | -2.59 | -2.49 | -0.52 | 0.12 |
| Owner EPS | 0.56 | -0.41 | -1.41 | -0.71 | -0.32 | -0.05 |
| Book Value | 1.89 | 5.88 | 5.31 | 2.77 | 2.29 | 2.48 |
| Cash Flow/Share | 0.94 | 0.29 | -0.22 | 0.24 | 0.60 | 0.86 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 76.4M | 78.1M | 61.3M | 62.7M | 64.5M | 67.0M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 82.6 |
| P/FCF | N/A | 69.6 | N/A | 42.0 | 18.1 | 12.4 |
| EV/EBIT | N/A | 116.1 | N/A | N/A | N/A | 22.2 |
| Price/Book | N/A | 2.4 | 0.5 | 1.9 | 4.6 | 4.0 |
| Price/Sales | N/A | 2.7 | 1.1 | 0.3 | 0.9 | 1.2 |
| FCF Yield | N/A | 1.4% | -15.5% | 2.4% | 5.5% | 8.1% |
| Market Cap | N/A | 1.1B | 153M | 335M | 685M | 664M |
| Avg. Price | N/A | 15.10 | 9.05 | 2.82 | 7.72 | 9.91 |
| Year-End Price | N/A | 13.92 | 2.49 | 5.34 | 10.62 | 9.91 |
Bioventus Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Bioventus Inc. trades at 82.6x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 12.4x vs a median of 42.0x. The company's 5-year average gross margin is 67.9%. At current prices, the estimated annualized return to fair value is -15.5%.
Bioventus Inc. (BVS) has a current P/E ratio of 82.6, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
Bioventus Inc. (BVS) has a 5-year average return on invested capital (ROIC) of -9.8%. This is below average and may indicate limited pricing power.
Bioventus Inc. (BVS) has a market capitalization of $664M. It is classified as a small-cap stock.
Bioventus Inc. (BVS) does not currently pay a regular dividend.
Based on historical P/E analysis, Bioventus Inc. (BVS) appears expensive. The current P/E of 82.6 is 451% above its historical median of 15.0.
Bioventus Inc. (BVS) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
Bioventus Inc. (BVS) reported annual revenue of $573 million in its most recent fiscal year, based on SEC EDGAR filings.
Bioventus Inc. (BVS) has a net profit margin of -5.9%. The company is currently unprofitable.
Bioventus Inc. (BVS) generated $38 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bioventus Inc. (BVS) has a debt-to-equity ratio of 2.27. This indicates higher leverage, which may increase financial risk.
Bioventus Inc. (BVS) reported earnings per share (EPS) of $-0.52 in its most recent fiscal year.
Bioventus Inc. (BVS) has a return on equity (ROE) of -20.9%. A negative ROE may indicate losses or negative equity.
Bioventus Inc. (BVS) has a 5-year average gross margin of 67.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Bioventus Inc. (BVS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bioventus Inc. (BVS) has a book value per share of $2.29, based on its most recent annual SEC filing.