Bioventus Inc. Files Q3 2024 10-Q Report
Ticker: BVS · Form: 10-Q · Filed: Nov 5, 2024 · CIK: 1665988
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
Bioventus Q3 10-Q filed. Check financials for latest performance.
AI Summary
Bioventus Inc. filed its 10-Q for the period ending September 28, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial details and operational updates are provided, though specific dollar amounts for revenue or profit are not detailed in this header information.
Why It Matters
This report provides investors with an update on Bioventus Inc.'s financial performance and operational status for the third quarter of 2024, crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial health and operational details within this report will determine the actual risk.
Key Numbers
- 2024-09-28 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 2024-11-05 — Filing Date (The date Bioventus Inc. submitted this 10-Q to the SEC.)
Key Players & Entities
- Bioventus Inc. (company) — Filer of the 10-Q report
- 2024-09-28 (date) — End of the reporting period
- 2024-11-05 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the period ending September 28, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 5, 2024.
What is the company's Central Index Key (CIK)?
Bioventus Inc.'s Central Index Key (CIK) is 0001665988.
What is the Standard Industrial Classification (SIC) code for Bioventus Inc.?
The SIC code for Bioventus Inc. is 3841, which corresponds to SURGICAL & MEDICAL INSTRUMENTS & APPARATUS.
What is the company's state of incorporation?
Bioventus Inc. is incorporated in Delaware (DE).
Filing Stats: 4,684 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-05 07:36:42
Key Financial Figures
- $0.001 — which registered Class A Common Stock, $0.001 par value per share BVS The Nasdaq Glob
Filing Documents
- bvs-20240928.htm (10-Q) — 1513KB
- exhibit311-q32024.htm (EX-31.1) — 10KB
- exhibit312-q32024.htm (EX-31.2) — 10KB
- exhibit32-q32024.htm (EX-32) — 8KB
- 0001628280-24-045114.txt ( ) — 8690KB
- bvs-20240928.xsd (EX-101.SCH) — 57KB
- bvs-20240928_cal.xml (EX-101.CAL) — 111KB
- bvs-20240928_def.xml (EX-101.DEF) — 395KB
- bvs-20240928_lab.xml (EX-101.LAB) — 791KB
- bvs-20240928_pre.xml (EX-101.PRE) — 591KB
- bvs-20240928_htm.xml (XML) — 1096KB
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 and nine months ended September 28, 2024 and September 30, 2023 1 Consolidated Condensed Balance Sheets as of September 28, 2024 and December 31, 2023 2 Consolidated Condensed Statements of Changes in Stockholders' Equity for the three and nine months ended September 28, 2024 and September 30, 2023 3 Consolidated Condensed Statements of Cash Flows for the nine months ended September 28, 2024 and September 30, 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 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.
Controls and Procedures
Controls and Procedures 34
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securitie s 36 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37 Signature 39 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, the impact of the planned divestiture of our Advanced Rehabilitation Business on our financial condition and operations, 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 inflation and ongoing conflicts in Ukraine and the Middle East. In some cases, you can identify forward-looking st
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. Bioventus Inc. Consolidated Condensed Statements of Operations and Comprehensive Loss Three and Nine Months Ended September 28, 2024 and September 30, 2023 (Amounts in thousands, except share amounts) (Unaudited) Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 138,964 $ 120,794 $ 419,638 $ 376,922 Cost of sales (including depreciation and amortization of $ 10,206 , $ 11,506 , $ 31,252 and $ 38,146 , respectively) 45,413 41,944 134,068 135,030 Gross profit 93,551 78,850 285,570 241,892 Selling, general and administrative expense 81,090 69,820 254,281 225,522 Research and development expense 3,808 3,015 10,393 10,184 Restructuring costs — ( 26 ) — 911 Change in fair value of contingent consideration 483 ( 98 ) 1,078 429 Depreciation and amortization 2,065 2,317 5,884 6,740 Impairments of assets 2,031 — 33,901 78,615 Loss on disposals — 1,404 — 2,381 Operating income (loss) 4,074 2,418 ( 19,967 ) ( 82,890 ) Interest expense, net 9,532 10,115 29,795 30,396 Other (income) expense ( 626 ) 494 ( 404 ) ( 581 ) Other expense 8,906 10,609 29,391 29,815 Loss before income taxes ( 4,832 ) ( 8,191 ) ( 49,358 ) ( 112,705 ) Income tax expense (benefit), net 589 600 ( 5,843 ) 835 Net loss from continuing operations ( 5,421 ) ( 8,791 ) ( 43,515 ) ( 113,540 ) Loss from discontinued operations, net of tax — — — ( 74,429 ) Net loss ( 5,421 ) ( 8,791 ) ( 43,515 ) ( 187,969 ) Loss attributable to noncontrolling interest - continuing operations 597 1,488 10,129 22,898 Loss attributable to noncontrolling interest - discontinued operations — — — 14,937 Net loss attributable to Bioventus Inc. $ ( 4,824 ) $ ( 7,303 ) $ ( 33,386 ) $ ( 150,134 ) Net loss $ ( 5,421 ) $ ( 8,791 ) $ ( 43,515 ) $ ( 187,969 ) Other comprehensive (loss) income, net of tax Change in foreign currency translation adjustments 575 ( 324 ) ( 436 ) 636 Comprehensive loss ( 4,846