Bioventus Inc. · NASDAQ:BVS
Bioventus — Q4 2025 Earnings Presentation
24 slides from Bioventus's earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results March 5, 2026
Slide 2: Agenda and Speakers
Agenda and Speakers Rob Claypoole Mark Singleton President and Senior Vice-President Chief Executive Officer and Chief Financial Officer Update on Business and Q4 2025 Results 2026 Priorities 2026 Financial Guidance 2
Slide 3: Forward Looking Statements and Use of Estimates
Forward Looking Statements and Use of Estimates 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 contained i
Slide 4: Summary of GAAP Results for the Fourth Quarter
Summary of GAAP Results for the Fourth Quarter • Reported net sales of $158 million compared to net sales of $154 million in the prior year (growth impacted due to divestiture of Advanced Rehabilitation business) • Net income of $17 million compared to net loss of $1 million in the prior year • Gros
Slide 5: Delivered Another Quarter of Strong Financial Results
Delivered Another Quarter of Strong Financial Results • Concluded a successful year across our strategic priorities • Established a strong track record of meeting or exceeding financial guidance over the past three years • Enhanced our portfolio and strengthened capabilities • Bioventus is entering
Slide 6: Significant YOY Acceleration in the Fourth Quarter
Significant YOY Acceleration in the Fourth Quarter • Delivered 10% organic* revenue growth and achieved second half revenue growth acceleration • Increased Adjusted EBITDA* $8 million compared to the prior TalisMann year • Expanded Adjusted EBITDA margin* almost 500 bps compared to the prior year St
Slide 7: Strong Performance in 2025
Strong Performance in 2025 • Delivered above-market organic* revenue growth • Drove solid growth in HA and added two new potential growth drivers in PNS and PRP across our Pain Treatments business • Received strong contribution to growth from Surgical Solutions and solidified plan to accelerate the
Slide 8: Strong Performance in 2025
Strong Performance in 2025 • Leveraged the combination of strong organic* revenue growth, peer-leading gross margin and operational efficiencies to increase operating margin • Drove nearly 150 bps of Adjusted EBITDA margin* expansion compared to 2024, which surpassed the goal of 100 bps • Generated
Slide 9: Increasing Investment in 2026 to Accelerate Revenue Growth
Increasing Investment in 2026 to Accelerate Revenue Growth • Remain focused on driving above-market revenue growth across core businesses TalisMann • Expect to utilize profit from core business to increase investment by approximately $13 million in 2026 to accelerate future growth drivers: PNS, PRP,
Slide 10: Increasing Investment in 2026 to Accelerate Revenue Growth
Increasing Investment in 2026 to Accelerate Revenue Growth • PNS expected to receive largest share of incremental investment • Rapidly expanding market and differentiated technology TalisMann • Successful pilot launch and positive feedback from physicians and patients • PRP also completed successful
Slide 11: Objective to Increase Earnings and Strengthen Cash Flow while Accelerating Investment
Objective to Increase Earnings and Strengthen Cash Flow while Accelerating Investment • Expect earnings growth to outpace revenue growth despite increased investment • Believe Bioventus’ strong business model provides the flexibility to invest more aggressively in 2026 to accelerate future growth •
Slide 12: Fourth Quarter Results
Fourth Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 12
Slide 13: Fourth Quarter Performance
Fourth Quarter Performance • Revenue of $158 million increased 3% compared to prior year quarter • Organic* revenue growth was 10% with strong performance across Pain Treatments and Restorative Therapies • Generated Adjusted EBITDA* of $37 million, $8 million higher compared to the prior year quarte
Slide 14: Fourth Quarter Performance
Fourth Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $80 $54 $56 $31 $69 $23 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 • Pain Treatments increased 15% • Surgical Solutions increased 3% • Restorative Therapies dec
Slide 15: Fourth Quarter Performance
Fourth Quarter Performance Adjusted Gross Profit* Millions Adjusted Gross Margin* • Adjusted Gross Margin* $119 increased 180 basis points $113 • Improved product mix and 73.7% 75.5% favorable comparison to prior year, offsetting the impact of tariffs and foreign exchange rates Q4 2024 Q4 2025 * See
Slide 16: Fourth Quarter Performance
Fourth Quarter Performance $0.24 Adjusted Earnings Per Diluted Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $37 $33 $21 $19 $28 $26 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 • Adjusted EBITDA* improved due to an increase • Total Adjusted R&
Slide 17: Fourth Quarter Performance: Balance Sheet and Cash Flow
Fourth Quarter Performance: Balance Sheet and Cash Flow • Cash from operations accelerated significantly and was an inflow of $38 million • Nearly double compared to fourth quarter last year • Results driven by higher profitability, lower interest expense and reduction in inventories • For the full
Slide 18: 2026 Financial Guidance
2026 Financial Guidance • 2026 net sales to be in the range of $600 million to $610 million representing growth of approximately 6% to 7% • 2026 Adjusted Earnings Per Diluted Share* to be in the range of $0.73 to $0.77 representing growth of approximately 7% to 13% • 2026 cash from operations of $82
Slide 19: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 20: Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited)
Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited) (a) Includes for the three months ended December 31, 2025 and December 31, 2024 and the years ended December 31, 2025 and December 31, 2024, respectively, depreciation and amortization of $10.4 million, $10.6 Three Months Ended Years
Slide 21: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Three Months Ended)
Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (for Three Months Ended) Three Months Ended December 31, Operating Operating Diluted 2025 Gross Profit Expenses(a) R&D Income Net Income EPS(m) (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GA
Slide 22: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Twelve Months Ended)
Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (for Twelve Months Ended) Operating Operating Diluted Year Ended December 31, 2025 Gross Profit Expenses(a) R&D Income Net Income EPS(m) (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP oper
Slide 23: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Organic Revenue Growth The Company defines the term “organic revenue” as revenue in the stated period excluding the impact from business acquisitions and divestitures. The Company uses the related term “organic revenue growth” or "organic growth" to refer to the fi
Slide 24: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Prior Period Recast We identified an immaterial error in our equity-based compensation expense, which impacted annual and interim financial statements for fiscal year 2024. Financial information relating to 2024 has been revised to correct this immaterial error. Re