Bioventus Inc. Files 10-Q for Period Ending March 30, 2024

AI Summary

Bioventus Inc. (BVS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Bioventus Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's principal executive offices are located in Durham, NC. Bioventus Inc. is incorporated in Delaware. The filing includes financial data for the periods ending March 30, 2024, December 31, 2023, and April 1, 2023.

Why It Matters

For investors and stakeholders tracking Bioventus Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of Bioventus Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — Bioventus Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or significant events that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Bioventus Inc.'s performance and outlook.

Key Numbers

• 2024-03-30 — Reporting Period End Date (The end date for the reporting period of the 10-Q)
• 2024-05-07 — Filing Date (The date the 10-Q was filed with the SEC)
• 2024-01-01 — Quarter Start Date (The start date of the reporting quarter)
• 1231 — Fiscal Year End (The company's fiscal year end date)

Key Players & Entities

• Bioventus Inc. (company) — Filer of the 10-Q report
• DURHAM (location) — City where Bioventus Inc. is located
• DE (location) — State of incorporation for Bioventus Inc.

FAQ

Industry Context

Bioventus Inc. operates in the medical device industry, specifically focusing on musculoskeletal health solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review any disclosures regarding significant risks or legal proceedings.
3. Compare the current quarter's performance to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending March 30, 2024. Previous filings would include the 10-K annual report and prior 10-Q reports.

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share BVS The Nasdaq Glob

Filing Documents

• bvs-20240330.htm (10-Q) — 1014KB
• exhibit311-q12024.htm (EX-31.1) — 10KB
• exhibit312-q12024.htm (EX-31.2) — 10KB
• exhibit32-q12024.htm (EX-32) — 8KB
• 0001628280-24-020846.txt ( ) — 6828KB
• bvs-20240330.xsd (EX-101.SCH) — 53KB
• bvs-20240330_cal.xml (EX-101.CAL) — 92KB
• bvs-20240330_def.xml (EX-101.DEF) — 308KB
• bvs-20240330_lab.xml (EX-101.LAB) — 702KB
• bvs-20240330_pre.xml (EX-101.PRE) — 512KB
• bvs-20240330_htm.xml (XML) — 757KB

FINANCIAL INFORMATIO N

PART I. FINANCIAL INFORMATIO N Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Condensed Statements of Operations and Comprehensive Loss for the three months ended March 30, 2024 and April 1, 2023 1 Consolidated Condensed Balance Sheets as of March 30, 2024 and December 31, 2023 2 Consolidated Condensed Statements of Changes in Stockholders' Equity for the three months ended March 30, 2024 and April 1, 2023 3 Consolidated Condensed Statements of Cash Flows for the three months ended March 30, 2024 and April 1, 2023 4 Notes to the Unaudited Consolidated Condensed Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securitie s 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30 Signature 32 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS As used in this Quarterly Report on Form 10-Q, unless expressly indicated or the context otherwise requires, references to "Bioventus," "we," "us," "our," "the Company," and similar references refer to Bioventus Inc. and its consolidated subsidiaries, including Bioventus LLC ("BV LLC"). This Quarterly Report on Form 10-Q 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, statements regarding our business strategy, including, without limitation, 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, recent dispositions of non-core assets, our domestic and international operations and expected financial performance and condition, and impacts of the COVID-19 pandemic, inflation and ongoing conflicts in Israel. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Bioventus Inc. Consolidated Condensed Statements of Operations and Comprehensive Loss Three Months Ended March 30, 2024 and April 1, 2023 (Amounts in thousands, except share amounts) (Unaudited) Three Months Ended March 30, 2024 April 1, 2023 Net sales $ 129,457 $ 119,059 Cost of sales (including depreciation and amortization of $ 10,025 and $ 14,339 , respectively) 41,077 45,140 Gross profit 88,380 73,919 Selling, general and administrative expense 78,406 80,858 Research and development expense 2,597 3,771 Restructuring costs — 317 Change in fair value of contingent consideration 295 287 Depreciation and amortization 1,755 2,129 Impairments of assets — 78,615 Operating income (loss) 5,327 ( 92,058 ) Interest expense, net 10,339 9,694 Other expense (income) 63 ( 1,588 ) Other expense 10,402 8,106 Loss before income taxes ( 5,075 ) ( 100,164 ) Income tax expense (benefit), net 907 ( 146 ) Net loss from continuing operations ( 5,982 ) ( 100,018 ) Loss from discontinued operations, net of tax — ( 74,429 ) Net loss ( 5,982 ) ( 174,447 ) Loss attributable to noncontrolling interest - continuing operations 1,412 20,360 Loss attributable to noncontrolling interest - discontinued operations — 14,937 Net loss attributable to Bioventus Inc. $ ( 4,570 ) $ ( 139,150 ) Net loss $ ( 5,982 ) $ ( 174,447 ) Other comprehensive (loss) income, net of tax Change in foreign currency translation adjustments ( 585 ) 657 Comprehensive loss ( 6,567 ) ( 173,790 ) Comprehensive loss attributable to noncontrolling interest - continuing operations 1,528 20,226 Comprehensive loss attributable to noncontrolling interest - discontinued operations — 14,937 Comprehensive loss attributable to Bioventus Inc. $ ( 5,039 ) $ ( 138,627 ) Loss per share of Class A common stock from continuing operations, basic and diluted: $ ( 0.07 ) $ ( 1.28 ) Loss per share of Class A common stock from discontinued operations, basic and diluted: —

View Full Filing

View this 10-Q filing on SEC EDGAR