Business
Bioventus Reports First Quarter Results; Reaffirms Full-Year 2022 Financial Guidance
DURHAM, N.C., May 10, 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 10, 2022 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (\"Bioventus\" or \"the Company\"), a global leader in innovations for active healing, today reported financial results for three months ended April 2, 2022. Q1 Financial Summary & Recent Highlights: Net Sales of $117.3 million, up $35.5 million, or 43.4%, year over year as reported and 8.6% organically*Net Loss of ($14.8) million, compared to Net Income of $24.5 million in prior-year periodAdjusted EBITDA* of $7.1 million, compared to $11.1 million in prior-year period \"We are pleased with our strong start to the year as we continue to build our market penetration and drive growth despite a challenging macro environment. Our commercial organization executed well, and we saw progress with our integration plans,” commented Ken Reali, Bioventus’ chief executive officer. “As we celebrate the 10-year anniversary of Bioventus, we are encouraged by the momentum we’re seeing across our key short- and mid-term growth drivers, which position us for sustained double-digit growth and margin expansion.\" *See below under “Use of Non-GAAP Financial Measures” for more details. First Quarter 2022 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended April 2, 2022 and April 3, 2021, respectively: Three Months Ended Change($ thousands, except for percentage)April 2, 2022 April 3, 2021 $ %By Geographic Region: U.S.$104,081 $74,538 $29,543 39.6%International 13,209 7,240 5,969 82.4%Net Sales$117,290 $81,778 $35,512 43.4%By Vertical: Pain Treatments$52,053 $41,530 $10,523 25.3%Restorative Therapies 34,360 21,821 12,539 57.5%Surgical Solutions 30,877 18,427 12,450 67.6%Net Sales$117,290 $81,778 $35,512 43.4% Net sales were $117.3 million compared to $81.8 million for the first quarter of 2021, an increase of $35.5 million, or 43.4%, year-over-year, primarily due to acquisitions. International net sales for the first quarter of 2021 increased 82.4% year over year, or 88.8% on a constant currency* basis. Gross profit was $75.7 million, or 64.5% of net sales, compared to $59.6 million, or 72.8% of net sales, for the first quarter of 2021, an increase of $16.1 million year-over-year. Non-GAAP gross profit* was $89.1 million, or 76.0% of net sales, compared to $64.8 million, or 79.2% of net sales, for the fi...