Bioventus Inc. · NASDAQ:BVS
Bioventus — Q1 2022 Earnings Presentation
19 slides from Bioventus's earnings presentation, May 10, 2022
Slide 1: First Quarter 2022 Financial Results
First Quarter 2022 Financial Results May 10, 2022
Slide 2: Agenda and Speakers
Agenda and Speakers Ken Reali Mark Singleton Chief Executive Officer Senior Vice-President and Chief Financial Officer Q1 2022 Review Q1 2022 Results Progress on 2022 Priorities 2022 Guidance
Slide 3: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements
Slide 4: Strong Start to the Year
Strong Start to the Year • Entire organization continues to strengthen the company’s long-term outlook and is looking forward to building on the company’s momentum • Continued progress against 2022 priorities • CartiHeal received PMA approval, but pursuing alternative financing options and evaluatin
Slide 5: First Quarter Results: Revenue Increased 43% to $117M
First Quarter Results: Revenue Increased 43% to $117M • Delivered a strong quarter of 9% organic growth1 despite headwinds from the pandemic • Pain Treatments saw double-digit revenue growth driven by market share gains for Durolane and Gelsyn • Well-positioned to take advantage of the shift towards
Slide 6: First Quarter Results: Revenue Increased 43% to $117M
First Quarter Results: Revenue Increased 43% to $117M • Surgical Solutions impacted by Omicron-related disruptions, reducing growth to high- single digits • Disruptions also impacted revenue from Misonix • Encouraged by sequential monthly improvement • Continue to execute and innovate as exemplified
Slide 7: Update on 2022 Priorities
Update on 2022 Priorities • First priority: achieve double-digit organic growth for the year • Pain Treatments: enhanced market access with exclusive contract with Cigna for Durolane • Surgical Solutions: strong reception to rollout of our new BoneScalpel Access • Restorative Therapies: gained addit
Slide 8: Building Momentum Across Bioventus' Businesses
Building Momentum Across Bioventus’ Businesses • Execute on the growth strategy • Drive further market penetration across our three customer-focused verticals • Deliver on cost synergies from acquisitions • Enhance growth profile by leveraging scale and commercial infrastructure • Deliver consistent
Slide 9: First Quarter Results and 2022 Guidance Update
First Quarter Results 2022 Guidance Update Mark Singleton Senior Vice-President and Chief Financial Officer 9
Slide 10: New CFO Mark Singleton
New CFO Mark Singleton • Honored to be part of the Bioventus team • Spent last seven years at Teleflex • Held previous financial leadership roles with IBM and Lenovo • Partnered with leadership to deliver improved operating results and integrate acquired assets • Brings robust experience in the heal
Slide 11: First Quarter Performance
First Quarter Performance • Revenue of $117 million increased 43% compared to last year • 9 percentage point increase in organic1 revenue • 34 percentage point benefit related to Bioness and Misonix • Benefited from diversified portfolio and execution of commercial teams • Sales performance drove ad
Slide 12: First Quarter Performance
First Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $52 $31 $34 $42 $18 $22 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q12022 • Pain Treatments grew 25% • Surgical Solutions grew 68% • Restorative Therapies grew 57% • 23
Slide 13: First Quarter Performance
First Quarter Performance Adjusted Gross Profit • Adjusted gross margin declined 320 basis points Millions Adjusted Gross Margin • Lower adjusted gross margins due to recent $89 acquisitions $65 • Adjusted operating expenses increased $56 million • Bioness- and Misonix-related costs 79.2% 76.0% • Pr
Slide 14: First Quarter Performance
First Quarter Performance $0.04 Adjusted Diluted Earnings Per Share Adjusted EBITDA Adjusted Operating Income Adjusted Net Income Millions Millions Millions $11 $33 $33 $7 $2 $3 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 14
Slide 15: First Quarter Performance: Balance Sheet and Cash Flow
First Quarter Performance: Balance Sheet and Cash Flow • Ended quarter with $27 million of cash • $368 million of debt outstanding, including $15 million draw on revolving credit facility • Operating cash outflow of $21 million impacted by: • $18 million related to annual bonus payments to employees
Slide 16: 2022 Guidance
2022 Guidance • Reaffirming guidance based on current trends in our business • 2022 revenue guidance of $545 million - $565 million • Incorporates both Bioness and Misonix • Mid-point reflects double-digit organic growth • Adjusted EBITDA guidance of $94 million - $107 million1 • Will provide adjust
Slide 17: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 18: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited) (a) Includes for the three months ended April 2, 2022 and April 3, 2021 respectively, depreciation and amortization of $9,218 and $5,236 in cost of sales and $3,261 and $1,948 in operating expenses presented in the consolidated state
Slide 19: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (a) Includes for the three months ended April 2, 2022 and April 3, 2021 respectively, depreciation and amortization of $9,218 and $5,236 in cost of sales and $3,261 and $1,948 in operating expenses presented in the consolidated sta