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Bioventus Cancels Proposed $415 Million Offering of Senior Notes; Reaffirms Full-Year 2022 Financial Guidance
DURHAM, N.C., May 03, 2022 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing,
About this update from Bioventus Inc.
[{"type":"text","content":"DURHAM, N.C., May 03, 2022 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced today that its subsidiary, Bioventus LLC, has withdrawn its offering of senior notes that was announced on Tuesday, April 26, 2022. The Company believes that current market conditions are not conducive for an offering on terms that would be in the best interests of its stakeholders. The Company is exploring alternative financing options to finance the upfront consideration of its previously announced call option to acquire CartiHeal Ltd. “We are encouraged by the momentum we’re seeing across our key short- and mid-term growth drivers, which position us for sustained double-digit growth.” commented Ken Reali, Bioventus’ chief executive officer. “While we are no longer exploring a senior notes offering to finance an acquisition of CartiHeal, we are looking into alternative financing options.” In addition, based on current trends in its business, the Company is reaffirming its full-year 2022 net sales guidance of $545 million to $565 million, including Bioness and Misonix, and its full-year adjusted EBITDA guidance of between $94 million and $107 million. About BioventusBioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for Pain Treatment, Restorative Therapies and Surgical Solutions. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC. Forward-Looking Statements This press release contains forward-looking statements within the meaning of federal securities laws. Any statements contained herein that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the Company’s expected financial results and alternative financing options for the CartiHeal Ltd. acquisition. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “cou...