Business
Bioventus Files for Extension to File Form 10-Q for the Period Ended October 1, 2022
DURHAM, N.C., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active
About this update from Bioventus Inc.
[{"type":"text","content":"DURHAM, N.C., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced today the Company has filed a Form 12b-25, Notification of Late Filing for its Quarterly Report on Form 10-Q for the period ended October 1, 2022. As a result of the recent decline in the Company’s market capitalization subsequent to its previously announced financial results for the third quarter of 2022 (\"Q3 Earnings Release\"), Bioventus requires additional time to complete a review in accordance with generally accepted accounting principles to assess whether a non-cash impairment charge is required for the third quarter of 2022. The preliminary review indicates an impairment charge in the range of $185 million to $205 million. In addition, Bioventus is seeking resolution related to the validity of a revised invoice received subsequent to the Company's Q3 Earnings Release. The invoice is for rebate claims from a large private payer in relation to our Pain Treatments vertical, which likely will adversely affect the Company’s previously announced third quarter 2022 financial results. The recognition of additional rebates may impact Bioventus’ recently announced revenue guidance. However, at this time, the Company expects no change in its adjusted EBITDA guidance for the full year 2022 due to the reversal of other accruals for general and administrative expenses in the third quarter and the elimination of planned expense in the fourth quarter. As a result of the foregoing, the Company’s management has concluded that its internal controls related to the timely recognition of quarterly rebates were inadequate specifically for the period ended October 1, 2022. In light of these factors and before consideration of any mitigation steps, the Company’s management is also evaluating whether the Company will be able to meet all of its financial obligations as they come due within one year after the date its financial statements for the period ended October 1, 2022, are issued. The Company’s management is committed to evaluating all options and taking the necessary steps to strengthen its financial profile. As permitted by the Form 12b-25 filing, the Company expects to file its Form 10-Q for the period ended October 1, 2022, by November 21, 2022. About Bioventus Bioventu...