Bioventus Inc. · NASDAQ:BVS
Bioventus — Q4 2023 Earnings Presentation
17 slides from Bioventus's earnings presentation, Mar 12, 2024
Slide 1: Fourth Quarter 2023 Financial Results
Fourth Quarter 2023 Financial Results March 12, 2024
Slide 2: Agenda and Speakers
Agenda and Speakers Rob Claypoole Mark Singleton Chief Executive Officer Senior Vice-President and Chief Financial Officer Initial Impressions as CEO Q4 2023 Results 2024 Priorities 2024 Financial Guidance
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: Initial Impressions and Learnings Since Joining Bioventus
Initial Impressions and Learnings Since Joining Bioventus • Met with many team members from around the globe • Participated in each of our national sales meetings • Conducted in person customer visits • Engaged in one-on-one conversations with key opinion leaders and patients • Bioventus is well-pos
Slide 5: 2024 Priorities
2024 Priorities • Accelerating revenue growth • HA volume growth expected to remain above market by leveraging Durolane clinical differentiation and as price dynamics expected to improve • Ultrasonics expected to continue double-digit growth • Opportunity to build on International segment’s past dou
Slide 6: Fourth Quarter Results
Fourth Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 6
Slide 7: Fourth Quarter Performance
Fourth Quarter Performance • Sizable improvement in our leverage, cost structure and internal control environment • Removed going concern • Revenue of $135 million increased 8% compared to the prior year quarter • Organic revenue growth* increased 14% compared to the prior year quarter when adjustin
Slide 8: Fourth Quarter Performance
Fourth Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $38 $59 $44 $39 $32 $48 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 • Pain Treatments increased 23% • Surgical Solutions grew 12% • Restorative Therapies fell 16
Slide 9: Fourth Quarter Performance
Fourth Quarter Performance • Adjusted gross margin* increased 20 basis Adjusted Gross Profit* Millions points Adjusted Gross Margin* • Benefited from a favorable comparison due to $97 higher accruals for private payer rebates last year $90 • Adjusted operating expenses* were similar to 71.2% 71.4% l
Slide 10: Fourth Quarter Performance
Fourth Quarter Performance $0.07 Adjusted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $22 $20 $17 $13 $6 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 $(6) * See important disclosures on non-GAAP financial measures and the reconci
Slide 11: Performance: Balance Sheet and Cash Flow
Fourth Quarter Performance: Balance Sheet and Cash Flow • Ended quarter with $37 million of cash • $395 million of debt outstanding • $15 million draw on revolving credit facility • Operating cash inflow of $10 million • Remain well within compliance of our leverage and interest coverage covenants •
Slide 12: 2024 Guidance
2024 Guidance • Expect 2024 net sales to be in the range of $520 million to $535 million • Expect 2024 adjusted EBITDA* to be in the range of $89 million to $94 million • Expect 2024 adjusted earnings per share* to be in the range of $0.12 to $0.20 • Expect first quarter revenue and adjusted EBITDA
Slide 13: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 14: Reconciliation of Net (Loss) Income from Continuing Operations to Adjusted EBITDA
Reconciliation of Net (Loss) Income from Continuing Operations to Adjusted EBITDA (unaudited) (a) Includes for the three months ended December 31, 2023 and December 31, 2022 and the years ended December 31, 2023 and December 31, 2022, respectively, depreciation and amortization of $10,357, $15,389,
Slide 15: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Three Months)
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Three Months Ended) Net Loss EPS from Three Months Ended December 31, Operating Operating Continuing Continuing (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating expense line
Slide 16: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Twelve Months)
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Twelve Months Ended) Net Loss EPS from Operating Operating Continuing Continuing (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating expense line items, excluding Year Ended Dec
Slide 17: 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