Business
Bioventus Reports Second Quarter Results; Updates Full-Year 2022 Financial Guidance
DURHAM, N.C., Aug. 11, 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., Aug. 11, 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 three and six months ended July 2, 2022. Q2 Financial Summary & Recent Highlights: Net Sales of $140.3 million, up $30.5 million, or 27.8%, year-over-year as reported (28.6% constant currency*) and 8.1% organically* (8.8% constant currency*)Net Loss of ($8.0) million, compared to ($10.8) million in prior-year periodAdjusted EBITDA* of $22.9 million, compared to $19.9 million in prior-year periodLoss per share of Class A common stock of ($0.11), compared to ($0.10) in prior-year periodNon-GAAP earnings per share of Class A common stock* of $0.10, compared to $0.11 in prior-year period \"Our team achieved strong growth in the second quarter and continued to make meaningful progress with our integration plans from our recent acquisitions. We continue to drive above market growth and market share gains across our pain treatments and surgical solutions businesses as we look to meet our goal of total double digit organic business growth for the year,\" commented Ken Reali, Bioventus’ chief executive officer. \"We are encouraged by the sustained momentum across our key short- and mid-term growth drivers and believe our recently completed acquisition of CartiHeal, a breakthrough product for cartilage repair, will bolster our mid-term growth.\" Second Quarter 2022 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended July 2, 2022 and July 3, 2021, respectively: Three Months Ended Change($ thousands, except for percentage) July 2, 2022 July 3, 2021 $ %By Geographic Region: U.S. $126,310 $98,682 $27,628 28.0%International 14,021 11,134 2,887 25.9%Net Sales $140,331 $109,816 $30,515 27.8%By Vertical: Pain Treatments $63,914 $56,704 $7,210 12.7%Restorative Therapies 39,902 32,511 7,391 22.7%Surgical Solutions 36,515 20,601 15,914 77.2%Net Sales $140,331 $109,816 $30,515 27.8% Net sales were $140.3 million compared to $109.8 million for the second quarter of 2021, an increase of $30.5 million, or 27.8%, year-over-year, primarily due to acquisitions. International net sales for the second quarter of 2022 increased 25.9% year-over-year, or 34.0% on a constant currency* bas...