Bioventus Inc. · NASDAQ:BVS
Bioventus — Q3 2024 Earnings Presentation
18 slides from Bioventus's earnings presentation, Nov 5, 2024
Slide 1: Third Quarter 2024 Financial Results
Third Quarter 2024 Financial Results November 5, 2024
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 2024 Priorities Q3 2024 Results Update to 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: Strong Execution - Revenue and Profitability Acceleration
Strong Execution - Revenue and Profitability Acceleration • Third quarter 15% revenue growth • Fourth straight quarter of double-digit organic revenue growth* • Pleased to raise revenue guidance to the high-end of our previous expectations • Accelerated growth in Surgical Solutions in both Ultrasoni
Slide 5: Strong Execution - Revenue and Profitability Acceleration
Strong Execution - Revenue and Profitability Acceleration • Delivered double-digit growth again in HA business • Significant volume expansion in Durolane • Enhancing commercial execution with large IDN and regional customers • Opportunity for sustained, above-market growth through our clinical diffe
Slide 6: Strong Execution - Revenue and Profitability Acceleration
Strong Execution - Revenue and Profitability Acceleration • Increased our Adjusted EBITDA* to $24 million • Driven year-to-date nearly 150 basis point increase in Adjusted EBITDA margin* year-to-date compared to prior year • Committed to expanding our Adjusted EBITDA margin* by 100 basis points annu
Slide 7: Third Quarter Results
Third Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 7
Slide 8: Third Quarter Performance
Third Quarter Performance • Encouraged by results to date and progress on goals and objectives • Believe we are well positioned to enhance our growth, profitability and cash flow • Revenue of $139 million increased 15% compared to the prior year quarter • Generated Adjusted EBITDA* of $24 million, i
Slide 9: Third Quarter Performance: Adjusted Gross Profit and Margin
Third Quarter Performance Adjusted Gross Profit* Millions Adjusted Gross Margin* • Adjusted Gross Margin* $104 declined 10 basis points $90 74.8% 74.7% Q3 2023 Q3 2024 * See important disclosures on non-GAAP financial measures and the reconciliation of reported GAAP measures to non-GAAP measures on
Slide 10: Third Quarter Performance: Revenue by Segment
Third Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $63 $46 $30 $54 $39 $28 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 • Pain Treatments increased 18% • Surgical Solutions increased 16% • Restorative Therapies inc
Slide 11: Third Quarter Performance: Adjusted EBITDA and Income
Third Quarter Performance $0.06 Adjusted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $20 $21 $5 $24 $5 $22 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 • 8% Adjusted EBITDA* growth • 2% increase in Adjusted Operating • 10% increa
Slide 12: Third Quarter Performance: Balance Sheet and Cash Flow
Third Quarter Performance: Balance Sheet and Cash Flow • Ended third quarter with $43 million of cash, an increase of $11 million compared to prior quarter • $384 million of debt outstanding • $15 million drawn on revolving credit facility • Expect to end the year with zero balance on revolver • Cas
Slide 13: 2024 Updated Financial Guidance
2024 Updated Financial Guidance • 2024 net sales to now be in the range of $562 million to $567 million • 2024 Adjusted Earnings Per Share* to now be in the range of $0.40 to $0.42 • Adjusted EBITDA* unchanged, remains in the range of $104 million to $107 million * The Company does not provide U.S.
Slide 14: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 15: 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 September 28, 2024 and September 30, 2023 and the nine months ended September 28, 2024 and September 30, 2023, respectively, depreciation and amortization of $10.2 mi
Slide 16: 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 September 28, Operating Operating Continuing Continuing (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating 2024 Gross P
Slide 17: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Nine Months)
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Nine Months Ended Year-to-Date) Net Loss EPS from Nine Months Ended September 28, Operating Operating Continuing Continuing (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating 2
Slide 18: 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