Business
Bioventus Reports Fourth Quarter and Full Year 2021 Financial Results; Introduces Full Year 2022 Financial Guidance
DURHAM, N.C., March 10, 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., March 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 the fourth quarter and full-year ended December 31, 2021. Fourth Quarter Financial Summary & Recent Highlights: Net Sales of $130.4 million, up $31.8 million, or 32.3%, year over year as reported and 5.1% organically*Net Loss of ($1.9) million, compared to Net Income of $2.3 million in the prior yearAdjusted EBITDA* of $28.5 million, compared to $28.2 million in the prior year FY 2021 Financial Summary: Net Sales of $430.9 million, up $109.7 million, or 34.2%, year over year as reported and 18.8% organically*Net Income of $9.6 million, decreased ($5.1) million, or (34.9%) year over yearAdjusted EBITDA* of $80.8 million, up $8.3 million, or 11.5% year over year 2021 Highlights of a Transformational Year Successful Initial Public Offering – FebruaryAcquisition of Bioness – MarchDecision to Proceed with Option Structure to Acquire CartiHeal – AugustAcquisition of Misonix – OctoberAcquisition of Curavisc – NovemberCompleted New Board of Directors Appointments Improving Board Diversity to 33% “The Bioventus team exhibited strong execution and resilience through a transformational year in 2021. We were able to significantly strengthen our business through M&A while also driving above-market growth in Pain Treatments and Surgical Solutions,” commented Ken Reali, Bioventus’ chief executive officer. “With the last significant milestone in the integration of Bioness complete and the Misonix integration underway, we enter 2022 keenly focused on achieving double-digit organic revenue growth, delivering on our cost-synergy commitments, and completing our anticipated acquisition of CartiHeal, which we believe is a transformational technology in the treatment of knee osteoarthritis. I am confident that our enhanced portfolio will enable us to expand our customer relationships, further penetrate the markets we compete in and strengthen our growth levers as we create value for all our stakeholders over 2022 and beyond.” *See below under “Use of Non-GAAP Financial Measures” for a definition and reconciliation of this measure. Fourth Quarter 2021 Financial Results: The following table represents net sales by geographic region, and by vertical, for t...