Business
Bioventus Reports Third Quarter Results; Updates Full-Year 2021 Financial Guidance
DURHAM, N.C., Nov. 09, 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., Nov. 09, 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 nine months ended October 2, 2021. Q3 Financial Summary & Recent Highlights: Net Sales of $108.9 million, up $23.0 million, or 26.8%, year-over-year, comprising: Net Sales from legacy Bioventus Inc. of $98.1 million, representing organic revenue growth* of 14.2% year-over-year, andNet Sales from the acquisition of Bioness Inc. of $10.8 million. Net Loss of ($2.3) million, compared to Net Income of $8.0 million in prior year.Adjusted EBITDA* of $21.3 million, compared to $23.1 million in prior year.Updates full-year 2021 Net Sales guidance to $425-$430 million, up from $405-$415 million, driven by strong Q3 results, Q4 expectations, and the inclusion of the Company's recent acquisition of Misonix Inc. “During the third quarter, we continued building momentum across our diversified portfolio as the Bioventus team demonstrated strong execution and resiliency, driving double-digit organic growth despite some pandemic related headwinds in our Bone Graft Substitutes business,” stated Ken Reali, Bioventus’ chief executive officer. “The strong performance of our organization has enabled us to again raise our full-year revenue guidance.” Mr. Reali continued, “We are on-track to complete the integration of Bioness in the first quarter of 2022 and deliver on our cost synergy targets over the course of the next year. Finally, we are excited to have closed our acquisition of Misonix and to welcome the Misonix employees to Bioventus. This is a significant milestone that will enable multiple growth levers within the combined business. Our new Bioventus organization will allow us to go deeper with our customers leveraging our infrastructure and driving significant shareholder value over the near and medium term.” Third Quarter 2021 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended October 2, 2021 and September 26, 2020, respectively: Three Months Ended Change($ thousands, except for percentage)October 2,2021 September 26,2020 $ %By Geographic Region: U.S.$99,162 $78,886 $20,276 25.7%International9,728 7,022 2,706 38.5%Net Sales$108,890 $85,908 $22,982 26.8%By Ver...