Business
Bioventus Reports Second Quarter Financial Results; Introduces Full Year 2023 Financial Guidance
DURHAM, N.C., Aug. 08, 2023 (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., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (\"Bioventus\" or \"the Company\"), a global leader in innovations for active healing, today reported financial results for the three and six months ended July 1, 2023. Q2 Financial Summary: Net Sales of $137.1 million, down $3.3 million, or 2.3%, year-over-year as reported (2.3% constant currency*), excluding revenues from divested assets, underlying organic sales decreased $0.5 million, or 0.3% year-over-yearNet Loss from continuing operations of $4.7 million, compared to Net Loss from continuing operations $7.7 million in prior-year periodAdjusted EBITDA* of $28.2 million increased 26.1%, compared to $22.3 million in prior-year periodLoss per share of Class A common stock from continuing operations of $0.06, compared to a loss of $0.11 in prior-year periodNon-GAAP earnings per share of Class A common stock from continuing operations* of $0.14, compared to $0.10 in prior-year period Recent Highlights: The Company has taken multiple steps in recent months intended to stabilize operations and improve its financial position, including the following: Closed the sale of our Wound Business, generating $31.0 million in net proceeds, which was used to repay debtRepaid $60.3 million of our term loan and revolverTotal net leverage ratio, calculated in accordance with our Amended 2019 Credit Agreement, reduced to 4.33 compared to 5.50 at December 31, 2022. “We are pleased with our team’s strong execution in the second quarter resulting in significant growth in adjusted EBITDA and cash flow,” commented Tony Bihl, Bioventus’ interim chief executive officer. “We remain committed to strengthening our financial position, enhancing liquidity and improving profitability as we accelerate revenue growth and maintain spending discipline over the long-term to create value for our stakeholders.” Second Quarter 2023 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended July 1, 2023 and July 2, 2022, respectively: Three months ended Change as Reported Constant Currency* Change July 1, 2023 July 2, 2022 $ % %U.S. Pain Treatments$55,617 $58,055 $(2,438) (4.2%) (4.2%)Restorative Therapies 31,844 35,433 (3,589) (10.1)% (10.1)%Surgical Solutions 33,386 32,822 564 1.7% 1.7%Total U.S. net sales 120,847 126,310 (...