Business
Bioventus Inc. Reports Fourth Quarter and Full Year 2020 Financial Results; Introduces Full Year 2021 Financial Guidance
DURHAM, N.C., March 25, 2021 (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., March 25, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today reported financial results for the fourth quarter and year ended December 31, 2020. This press release presents historical results, for the periods presented, of Bioventus, LLC, the predecessor of Bioventus Inc. for financial reporting purposes. Fourth Quarter 2020 Financial Results Summary: Net sales of $98.6 million, up $1.0 million, or 1%, year-over-year. Net sales, by geography, is based upon: U.S. net sales of $89.7 million, up $2.8 million, or 3%, year-over-year.International net sales of $8.9 million, down $1.8 million, or 17%, year-over-year. International net sales declined 19% year-over-year on a constant currency basis.* Net sales, by vertical, is based upon: Net sales of osteoarthritic (OA) joint pain treatment and joint preservation products of $52.2 million, down $2.2 million, or 4%, year-over-year.Net sales of minimally invasive fracture treatment products of $27.2 million, up $0.4 million, or 2%, year-over-year.Net sales of bone graft substitutes products of $19.2 million, up $2.8 million, or 17%, year-over-year. Net income from continuing operations of $2.3 million, down $3.1 million, or 58%, year-over-year.Adjusted EBITDA* was $28.2 million, down $2.6 million, or 8% year-over-year.Net income attributable to common unit holders of $0.5 million, down $2.0 million, or 80%, year-over-year.Non-GAAP net income attributable to common unit holders* of $11.4 million, up $1.6 million, or 16%, year-over-year. Full Year 2020 Financial Results Summary: Net sales of $321.2 million, down $19.0 million, or 6%, year-over-year. Net sales, by vertical, is based upon: Net sales of OA joint pain treatment and joint preservation products of $171.2 million, down $10.9 million, or 6.0%, year-over-year.Net sales of minimally invasive fracture treatment products of $88.6 million, down $14.9 million, or 14%, year-over-year.Net sales of bone graft substitutes products of $61.4 million, up $6.8 million, or 12%, year-over-year. Net income from continuing operations of $14.7 million, up $6.6 million, or 81%, year-over-year.Adjusted EBITDA of $72.4 million, down $6.7 million, or 9% year-over-year.Net income (loss) attributable to common unit holders of $4.4 million, up $5.0 mill...