Bioventus Inc. · NASDAQ:BVS
Bioventus — Q3 2022 Earnings Presentation
12 slides from Bioventus's earnings presentation, Nov 8, 2022
Slide 1: Revised Third Quarter 2022 Financial Results
Revised Third Quarter 2022 Financial Results November 21, 2022
Slide 2: 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 3: Third Quarter Results: Revenue Increased 18% to $129M
Third Quarter Results: Revenue Increased 18% to $129M • Delivered -1% organic revenue growth1, or flat on a constant currency2 basis • The revenue shortfall was primarily due to a higher rebate accrual for a large private payer and transitory headwinds to Gelsyn • Two primary Gelsyn-related headwind
Slide 4: Third Quarter Performance
Third Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $61 $42 $34 $52 $30 $18 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 • Pain Treatments’ revenue • Surgical Solutions grew 94% • Restorative Therapies grew 38% decl
Slide 5: Third Quarter Performance
Third Quarter Performance Adjusted Gross Profit Millions • Adjusted gross margin* decreased 420 basis points due to: $96 • Unfavorable product mix $86 • Higher than expected rebate claims • Higher freight costs 78.7% 74.5% • Adjusted operating expenses* increased $10 million primarily from Misonix-r
Slide 6: Third Quarter Performance
Third Quarter Performance $0.05 Adjusted Diluted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $16 $16 $11 $21 $21 $6 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 * See important disclosures on non-GAAP financial measures and the r
Slide 7: 2022 Guidance Update
2022 Guidance Update Updated Range Prior Range Comments November 21, 2022 August 11, 2022 • Higher than expected rebates to a large private payer • Gelsyn sales headwind related to the transition from WAC to ASP Total Revenue $517 - $522 $547.5 - $562.5 • Slower-than-expected recovery of Exogen Mill
Slide 8: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 9: 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 October 1, 2022 and October 2, 2021 and the nine months ended October 1, 2022 and October 2, 2021, respectively, depreciation and amortization of $11,331, $6,637, $30,233 and $17,491 in cost of
Slide 10: 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) a) Includes for the three months ended October 1, 2022 and October 2, 2021, respectively, depreciation and amortization of $11,331 and $6,637 in cost of sales and $7,449 and $1,885 in operating expenses pre
Slide 11: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Nine Months Ended)
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Nine Months Ended) a) Includes for the nine months ended October 1, 2022 and October 2, 2021, respectively, depreciation and amortization of $30,233 and $17,491 in cost of sales and $13,410 and $5,694 in operating expenses pre
Slide 12: 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” to refer to the financial performance