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BVS

Bioventus Inc.

BVS

Bioventus Inc. • NASDAQ
$7.59 ▼ -0.78% (-0.06)
Market Cap $507.98 M
52w High $12.41
52w Low $5.81
Dividend Yield 0%
P/E 47.44
Volume 129.29K
Outstanding Shares 66.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $138.651M ▼ $80.727M ▼ $3.155M ▼ 2.275% ▼ $0.047 ▼ $22.25M ▼
Q2-2025 $147.66M ▲ $83.722M ▲ $7.459M ▲ 5.051% ▲ $0.11 ▲ $29.856M ▲
Q1-2025 $123.876M ▼ $78.187M ▼ $-2.637M ▼ -2.129% ▼ $-0.04 ▼ $15.957M ▼
Q4-2024 $153.642M ▲ $94.668M ▲ $-156K ▲ -0.102% ▲ $0 ▲ $21.634M ▲
Q3-2024 $138.964M $89.477M $-4.824M -3.471% $-0.07 $16.975M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $42.164M ▲ $701.593M ▼ $494.338M ▼ $166.096M ▲
Q2-2025 $32.91M ▲ $706.788M ▲ $505.489M ▼ $161.242M ▲
Q1-2025 $22.802M ▼ $691.414M ▼ $505.935M ▼ $148.144M ▲
Q4-2024 $41.582M ▼ $727.956M ▼ $542.352M ▼ $147.94M ▼
Q3-2024 $43.074M $769.492M $582.659M $148.738M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.155M ▼ $30.098M ▲ $-473K ▲ $-19.977M ▼ $9.254M ▼ $29.625M ▲
Q2-2025 $9.272M ▲ $25.938M ▲ $-1.369M ▼ $-14.663M ▼ $10.108M ▲ $25.255M ▲
Q1-2025 $-3.322M ▼ $-19.331M ▼ $-826K ▼ $947K ▲ $-18.78M ▼ $-20.157M ▼
Q4-2024 $-318K ▲ $19.322M ▲ $24.104M ▲ $-42.855M ▼ $-1.492M ▼ $18.748M ▲
Q3-2024 $-5.421M $10.316M $-64K $362K $11.08M $10.252M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
International Segment
International Segment
 $20.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
US Segment
US Segment
 $140.00M ▲$110.00M ▼$130.00M ▲$120.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, roughly doubling from early levels, which shows the underlying demand for Bioventus’s products is real and persistent. At the same time, profitability has moved in the opposite direction: the company went from small profits around the IPO period to meaningful losses in the following years, driven by higher operating expenses and integration-related costs. More recently, losses have narrowed, but the business is still not consistently profitable on either an operating or net income basis. Gross margins remain healthy, but the company has yet to bring overhead, R&D, and other costs in line with its scale. Overall, the income statement tells a story of solid top-line growth, paired with an unfinished turnaround on the cost and earnings side.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown quickly, made acquisitions, and then retrenched. Assets increased sharply and then came down from their peak, reflecting portfolio reshaping and write-downs. Equity has been eroded over time by losses and impairments, leaving a much thinner cushion than a few years ago. Debt sits at a level that matters: it’s not extreme for a medical device company, but it is meaningful relative to equity and cash. Cash on hand is modest, which reduces financial flexibility and increases reliance on ongoing cash generation and lending relationships. In simple terms, the balance sheet is serviceable but tight, with less room for large missteps.

Cash Flow

Cash Flow Despite accounting losses, Bioventus has generally managed to generate positive cash from operations in most recent years, although the amounts are not large. This suggests that working capital management and non-cash charges help support cash flow even when reported earnings are negative. Capital spending needs are relatively light, so free cash flow has hovered around breakeven to modestly positive. That said, the margin of safety is thin: cash inflows are not yet strong enough to comfortably offset debt, fund growth initiatives, and absorb shocks at the same time. The cash flow profile is improving versus the worst year, but it still reflects a business in stabilization mode rather than one throwing off abundant surplus cash.

Competitive Edge

Competitive Edge Bioventus competes in attractive niches of orthopedics, pain management, and surgical solutions, where clinical outcomes and reimbursement drive adoption. Its key products, such as the EXOGEN bone-healing device, hyaluronic acid injections for osteoarthritis, and ultrasonic surgical tools, have strong clinical backing and long-standing physician familiarity. The company benefits from proprietary technologies, patents, and a global commercial footprint that would be difficult for smaller newcomers to replicate quickly. Deep relationships with orthopedic surgeons and pain specialists, plus a focus on cost-effective, evidence-based therapies, reinforce its position. However, it operates in a crowded space with large diversified device makers and specialty players, and it remains exposed to reimbursement changes, hospital budget pressures, and switching by physicians if competitors launch superior or cheaper solutions. Overall, its moat is real but not invulnerable, and continued execution is essential to maintain share.

Innovation and R&D

Innovation and R&D Bioventus’s story leans heavily on innovation. It has built a portfolio around technologies that enhance the body’s own healing processes and reduce the need for invasive surgery. The EXOGEN ultrasound system for bone healing, DUROLANE single-injection therapy for osteoarthritis, and the StimRouter peripheral nerve stimulation system for chronic pain are all examples of differentiated, technology-based products backed by clinical data. Through acquisitions like Misonix, it has also assembled a strong ultrasonic surgical platform, including precision tools for spine and neurosurgery. Looking ahead, next-generation PNS devices (such as TalisMann and StimTrial), enhancements to its neXus surgical platform, and long-term cartilage regeneration opportunities provide a pipeline of potential growth drivers. The company appears to prioritize focused, clinically supported innovation over splashy but unproven bets, though successful commercialization and reimbursement will ultimately determine how much these efforts translate into stronger financial performance.

Summary

Bioventus is a specialized medical device company with a focused portfolio in bone healing, pain management, and ultrasonic surgical solutions. It has built a respectable competitive position anchored in proprietary technologies, extensive clinical evidence, and strong physician relationships. Revenue has grown well, but profitability has lagged, with the company moving from modest profits to notable losses and only recently showing signs of operational improvement. The balance sheet and cash flows are adequate but tight, leaving less room for execution errors, especially given the level of debt relative to cash and equity. On the positive side, the business is asset-light, cash generation is stabilizing, and capital needs are modest. Future performance will depend heavily on Bioventus’s ability to: convert its innovation pipeline into commercially successful products, improve cost discipline, manage its leverage, and defend its niche against larger competitors. The setup is that of a company with meaningful technological strengths and clear market opportunities, but also with financial and competitive risks that need careful monitoring.

NEWS

November 25, 2025 · 4:15 PM UTC

Bioventus to Present at the Piper Sandler 37th Annual Healthcare Conference

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November 4, 2025 · 7:30 AM UTC

Bioventus Reports Third Quarter Financial Results

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October 28, 2025 · 7:00 AM UTC

Bioventus to Report Third Quarter of Fiscal Year 2025 Financial Results on November 4, 2025

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October 22, 2025 · 7:08 PM UTC

Halper Sadeh LLC Encourages Bioventus Inc. Shareholders to Contact the Firm to Discuss Their Rights

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September 3, 2025 · 7:30 AM UTC

Bioventus to Present at the Morgan Stanley 23rd Annual Global Healthcare Conference

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