Michael Barbella, Managing Editor05.08.24
Bioventus Inc. is off to a solid start to its fiscal year, reporting an 8.7% jump in first-quarter revenue and better gross margin.
Revenue for the three months ended March 30 was $129.5 million, a $10 million increase compared with the same period in 2023. On an organic basis, revenue swelled15.3%, driven by growth in Pain Treatments and Surgical Solutions. The $6 million net loss reported in Q1 was significantly lower than the $100 million loss reported in the first quarter of 2023. Adjusted EBITDA from continuing operations ballooned 33.5% to $22.6 million due to strong revenue growth and increased gross margin. Loss per share of Class A common stock from continuing operations was $0.07 in the first quarter, compared to a loss of $1.28 in the prior-year period. Non-GAAP earnings per share of Class A common stock from continuing operations was $0.07 in the first quarter, compared to a loss of $0.26 in the prior-year period.
“We are pleased with the strong start to the year driven by double-digit revenue growth in both Pain Treatments and Surgical Solutions leading to a substantial increase in our profitability,” Bioventus President/CEO Rob Claypoole said. "As we look ahead, we remain laser focused on executing on our priorities to accelerate revenue growth, enhance profitability and reduce our leverage. The increase in our financial guidance signals the confidence we have in our ability to build on our momentum throughout 2024 and create further value for our stakeholders.”
Net sales in the United States fared better than those conducted overseas: U.S. sales grew 9.9% to $114.3 million, while international transactions climbed 0.6% to $15.1 million. Increases in U.S. Pain Treatments and Surgical Solutions revenue offset lower Restorative Therapies proceeds.
Bioventus is raising its full-year financial guidance, expecting 2024 sales to span $535 million to $550 million (a $15 million increase from previous estimates), and adjusted EBITDA to range between $94 million to $99 million (a $5 million jump). Non-GAAP earnings per share is now anticipated to fall anywhere from $0.25 to $0.33 (a $0.13 increase from original guidance).
Recent Business Highlights:
Amended its Credit and Guaranty Agreement in January with enhanced terms to provide additional covenant flexibility expected through the third quarter of 2025.
Obtained EU MDR Certification for its Exogen Bone Stimulation System in April.
Revenue for the three months ended March 30 was $129.5 million, a $10 million increase compared with the same period in 2023. On an organic basis, revenue swelled15.3%, driven by growth in Pain Treatments and Surgical Solutions. The $6 million net loss reported in Q1 was significantly lower than the $100 million loss reported in the first quarter of 2023. Adjusted EBITDA from continuing operations ballooned 33.5% to $22.6 million due to strong revenue growth and increased gross margin. Loss per share of Class A common stock from continuing operations was $0.07 in the first quarter, compared to a loss of $1.28 in the prior-year period. Non-GAAP earnings per share of Class A common stock from continuing operations was $0.07 in the first quarter, compared to a loss of $0.26 in the prior-year period.
“We are pleased with the strong start to the year driven by double-digit revenue growth in both Pain Treatments and Surgical Solutions leading to a substantial increase in our profitability,” Bioventus President/CEO Rob Claypoole said. "As we look ahead, we remain laser focused on executing on our priorities to accelerate revenue growth, enhance profitability and reduce our leverage. The increase in our financial guidance signals the confidence we have in our ability to build on our momentum throughout 2024 and create further value for our stakeholders.”
Net sales in the United States fared better than those conducted overseas: U.S. sales grew 9.9% to $114.3 million, while international transactions climbed 0.6% to $15.1 million. Increases in U.S. Pain Treatments and Surgical Solutions revenue offset lower Restorative Therapies proceeds.
Bioventus is raising its full-year financial guidance, expecting 2024 sales to span $535 million to $550 million (a $15 million increase from previous estimates), and adjusted EBITDA to range between $94 million to $99 million (a $5 million jump). Non-GAAP earnings per share is now anticipated to fall anywhere from $0.25 to $0.33 (a $0.13 increase from original guidance).
Recent Business Highlights:
Amended its Credit and Guaranty Agreement in January with enhanced terms to provide additional covenant flexibility expected through the third quarter of 2025.
Obtained EU MDR Certification for its Exogen Bone Stimulation System in April.