Bioventus Inc - A · Q1 2023 earnings

Briefing

Reported financial results for the three months ended April 1, 2023.

Bioventus reported net sales of $119.1 million, a 1.5% increase year-over-year, with a net loss from continuing operations of $100.0 million. Adjusted EBITDA exceeded expectations at $17.0 million, compared to $7.2 million in the prior-year period.

• Net Sales of $119.1 million, up 1.5% year-over-year as reported (1.9% constant currency).
• Net Loss from continuing operations of $100.0 million, compared to Net Loss from continuing operations of $14.4 million in prior-year period.
• Adjusted EBITDA of $17.0 million, compared to $7.2 million in prior-year period, exceeding the Company's expectations.
• Signed a Purchase Agreement on May 10, 2023 to divest of Wound Business, which is expected to enhance liquidity and enable a greater focus on execution within the remaining business

Headline financials

Revenue & EPS history

The company is confident in achieving Adjusted EBITDA of at least $68 million for fiscal 2023. This outlook excludes the Wound Business, with annual revenues of approximately $40 million, and Adjusted EBITDA of approximately $5 million.