Business
Bioventus Reports Third Quarter Results; Updates Full-Year 2022 Financial Guidance
DURHAM, N.C., Nov. 08, 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., Nov. 08, 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 nine months ended October 1, 2022. Q3 Financial Summary & Recent Highlights: Net Sales of $137.1 million, up $28.2 million, or 25.9%, year-over-year as reported (26.8% constant currency*) and 7.3% organically* (8.1% constant currency*)Net Income of $3.2 million, compared to Net Loss of $2.3 million in prior-year periodAdjusted EBITDA* of $22.7 million, compared to $21.3 million in prior-year periodBasic earnings per share of Class A common stock of $0.03, compared to a loss per share of ($0.03) in prior-year periodNon-GAAP earnings per share of Class A common stock* of $0.08, compared to $0.19 in prior-year period “Our team continues to drive long-term growth by integrating our acquisitions, advancing our transformation and gaining market share with our innovative and proven medical devices,\" commented Ken Reali, Bioventus’ chief executive officer. “Though we experienced some temporary reimbursement related volatility, we drove above-market growth, demonstrating the success of our ongoing integrations and the strength of our diversified portfolio. We are excited by the recent CartiHeal acquisition which will drive significant growth for Bioventus as we enter a fast growing and large market in cartilage replacement.\" Third Quarter 2022 Financial Results: The following table represents net sales by geographic region, and by vertical, for the three months ended October 1, 2022 and October 2, 2021, respectively: Three Months Ended Change as Reported Constant Currency* Change October 1, 2022 October 2, 2021 $ % %U.S. Pain Treatments$55,419 $55,963 $(544) (1.0%) (1.0%)Restorative Therapies 38,096 25,634 12,462 48.6% 48.6%Surgical Solutions 31,182 17,565 13,617 77.5% 77.5%Total U.S. net sales 124,697 99,162 25,535 25.8% 25.8%International Pain Treatments 5,090 4,672 418 8.9% 20.5%Restorative Therapies 4,047 4,841 (794) (16.4%) (9.6%)Surgical Solutions 3,237 215 3,022 NM NM Total International net sales 12,374 9,728 2,646 27.2% 38.9%Total net sales$137,071 $108,890 $28,181 25.9% 26.8% Total net sales were $137.1 million compared to $108.9 million for the third quarter of 2021, an increase of $28.2 million, or 25.9%, year-ov...