Bioventus Inc. Files 2023 Annual Report on Form 10-K

Ticker: BVS · Form: 10-K · Filed: Mar 12, 2024 · CIK: 1665988

Sentiment: neutral

Topics: Bioventus, 10-K, Annual Report, Medical Devices, Financials

TL;DR

<b>Bioventus Inc. has officially submitted its comprehensive 2023 annual report (10-K) detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>

AI Summary

Bioventus Inc. (BVS) filed a Annual Report (10-K) with the SEC on March 12, 2024. Bioventus Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 4721 Emperor Boulevard, Suite 100, Durham, NC 27703. Bioventus Inc. is classified under SIC code 3841 for Surgical & Medical Instruments & Apparatus. The report was filed on March 12, 2024.

Why It Matters

For investors and stakeholders tracking Bioventus Inc., this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of Bioventus's financial health, strategic initiatives, and risk factors for the fiscal year 2023, enabling informed investment decisions. The report's disclosure of financial data, operational segments, and executive compensation offers transparency into the company's performance and management structure within the medical device industry.

Risk Assessment

Risk Level: medium — Bioventus Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the medical device industry, as detailed in the 10-K filing, which could impact its stock price and operational stability.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to assess Bioventus's performance and potential future challenges.

Key Numbers

Key Players & Entities

FAQ

When did Bioventus Inc. file this 10-K?

Bioventus Inc. filed this Annual Report (10-K) with the SEC on March 12, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Bioventus Inc. (BVS).

Where can I read the original 10-K filing from Bioventus Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Bioventus Inc..

What are the key takeaways from Bioventus Inc.'s 10-K?

Bioventus Inc. filed this 10-K on March 12, 2024. Key takeaways: Bioventus Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business address is 4721 Emperor Boulevard, Suite 100, Durham, NC 27703..

Is Bioventus Inc. a risky investment based on this filing?

Based on this 10-K, Bioventus Inc. presents a moderate-risk profile. The company's financial performance and future outlook are subject to the inherent risks and uncertainties of the medical device industry, as detailed in the 10-K filing, which could impact its stock price and operational stability.

What should investors do after reading Bioventus Inc.'s 10-K?

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to assess Bioventus's performance and potential future challenges. The overall sentiment from this filing is neutral.

How does Bioventus Inc. compare to its industry peers?

Bioventus Inc. operates in the medical device industry, specifically focusing on surgical and medical instruments and apparatus.

Are there regulatory concerns for Bioventus Inc.?

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational performance.

Industry Context

Bioventus Inc. operates in the medical device industry, specifically focusing on surgical and medical instruments and apparatus.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational performance.

What Investors Should Do

  1. Review the full 10-K filing for detailed financial statements and management discussion.
  2. Analyze the risk factors section to understand potential challenges facing Bioventus.
  3. Compare the 2023 performance metrics with previous years to identify trends.

Key Dates

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing a comprehensive update compared to previous quarterly filings or prior year's annual reports.

Filing Stats: 4,477 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-03-12 07:51:59

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 22

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 66

Cybersecurity

Item 1C. Cybersecurity 66

Properties

Item 2. Properties 67

Legal Proceedings

Item 3. Legal Proceedings 67

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 69

[Reserved]

Item 6. [Reserved] 70

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 70 I tem 7A. Quantitative and Qualitative Disclosures about Market Risk 86

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 88

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 129

Controls and Procedures

Item 9A. Controls and Procedures 129

Other Information

Item 9B. Other Information 132

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 133

Executive Compensation

Item 11. Executive Compensation 136

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 137

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 137 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 138

Form 10-K Summary

Item 16. Form 10-K Summary 142

SIGNATURES

SIGNATURES 143 TRADEMARKS, TRADE NAMES AND SERVICE MARKS This Annual Report on Form 10-K ("Annual Report") includes our trademarks and trade names that we own or license, and our logos. This Annual Report also includes trademarks, trade names and service marks that are the property of other organizations. Solely for convenience, trademarks and trade names referred to in this Annual Report appear without any "" or "" symbol, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and Section 27A of the Securities Act of 1933, as amended ("Securities Act"), concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements including, without limitation, our business strategy, expectations relating to our integration of Misonix and Bioness, potential acquisitions, expected expansion of our pipeline and research and development investment, cost savings initiatives, new therapy launches, expected timelines for clinical trial results and other development milestones, expected contractual obligations and capital expenditures, our operations and expected financial performance and condition. In some cases, you can identify forward-looking s

Business

Item 1. Business. 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 developing and commercializing clinically differentiated, cost efficient and minimally invasive treatments that engage and enhance the body's natural healing process. 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, 2023. Our portfolio of products is grouped into three areas: Pain Treatments is comprised of non-surgical pain injection therapies as well as peripheral nerve stimulation ("PNS") products to help the patient get back to their normal activities. Surgical Solutions is comprised of bone graft substitutes ("BGS") that increase bone formation to stimulate bone healing in spinal fusions and other orthopedic surgeries, as well as a portfolio of ultrasonic products used for precise bone cutting and sculpting, soft tissue management (i.e., tumor and liver resections) and tissue debridement, in various surgeries, including minimally invasive applications. Restorative Therapies is comprised of a bone stimulation system, as well as devices designed to help patients regain leg or hand function due to stroke, multiple sclerosis or other central nervous system disorders. Financial information regarding our reportable business segments is included in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 14. Segments of this Annual Report. Our products are d

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