Business
Bioventus Reports Second Quarter Results; Updates Full Year 2021 Financial Guidance
DURHAM, N.C., Aug. 10, 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., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) (\"Bioventus\" or \"the Company\"), a global leader in innovations for active healing, today reported financial results for three and six months ended July 3, 2021. Q2 Financial Summary & Recent Highlights: Net Sales of $109.8 million, up $51.8 million, or 89.3%, year-over-year, comprising: Net Sales from legacy Bioventus Inc. of $97.9 million, representing organic revenue growth* of 68.8% year-over-year, andNet Sales from the acquisition of Bioness Inc., of $11.9 million. Net Loss of ($10.8) million, an increase of ($4.8) million, or 80.3% year-over-year.Adjusted EBITDA* of $19.9 million, up $12.9 million, or 186.5% year-over-year.Updates full year 2021 financial guidance, and reaffirms recently raised1 Net Sales growth guidance of 26% to 29% year-over-year and raises Non-GAAP guidance.Recently closed and announced acquisitions of Bioness and Misonix respectively raises Total Addressable Market to $15 billion. *See below under “Use of Non-GAAP Financial Measures” for a definition and reconciliation of this measure. 1 Prior guidance was provided on July 29, 2021 “Bioventus delivered strong second quarter results, driven by our team's ability to build upon the momentum we saw exiting the first quarter. We achieved significant sequential quarterly growth and year over year growth while also obtaining double digit organic growth in comparison to Q2 2019 for legacy Bioventus,” stated Ken Reali, Chief Executive Officer of Bioventus. \"We have raised our full year 2021 financial guidance and we believe we are well positioned to execute our strategy to accelerate our multi-year growth profile.\" Mr. Reali continued: “Our integration of Bioness, which we acquired at the end of the first quarter, is being executed per our plan and we expect will be largely complete by the end of Q4. We were also very pleased to announce that we entered into a definitive agreement to acquire Misonix, Inc., an important strategic transaction that we expect to close in Q4. Our pending acquisition of Misonix, in addition to Bioness, will expand our total addressable market and deepens our portfolio of products. We view both acquisitions as important strategic additions that will be accretive to our long-term growth profile while leveraging our significant global commercial presence ...