Slide 1: First Quarter 2024 Financial Results
First Quarter 2024 Financial Results May 7, 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 Q1 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 Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • First quarter 9% revenue growth and 15% organic revenue growth* • HA delivered double-digit revenue growth driven by Durolane • Platform for sustained growth in HA: • Market shift from multi-injection to single injection • Growing a
Slide 5: Strong Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • Surgical Solutions also grew double digits in both ultrasonics and bone graft substitutes • Ultrasonics possesses unique technology providing surgeons with more control and versatility • Believe ultrasonics can become standard of ca
Slide 6: Strong Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • Gross margin in mid-70’s combined with accelerating revenue paves the way for sustained EBITDA* and operating margin growth • Drove 300 basis point increase in Adjusted EBITDA margin* • Plan to continuously explore areas to reduce c
Slide 7: Strong Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • Excited about excellent teamwork across organization • Continually improving our fundamentals • Focused on consistently delivering strong results • Believe revenue, operating margin and cash flow acceleration will translate into sig
Slide 8: First Quarter Results
First Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 8
Slide 9: First Quarter Performance
First Quarter Performance • Robust execution by commercial organization • Made tangible progress on enhancing processes • Consistently approach business with continuous improvement mindset • Revenue of $129 million increased 9% compared to the prior year quarter • Organic revenue growth* increased 1
Slide 10: First Quarter Performance: Adjusted Gross Profit
First Quarter Performance Adjusted Gross Profit* Millions • Adjusted Gross Margin* increased 190 Adjusted Gross Margin* basis points $98 $88 • Favorable revenue mix from growth of higher margin HA and Surgical Solutions 74.1% 76.0% and impact from divestiture of Wound Business Q1 2023 Q1 2024 * See
Slide 11: First Quarter Performance: Segment Revenue
First Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $57 $42 $36 $46 $36 $30 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 • Pain Treatments increased 22% • Surgical Solutions grew 16% compared • Restorative Therapies
Slide 12: First Quarter Performance: Adjusted EBITDA and Income
First Quarter Performance $0.07 Adjusted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $23 $20 $17 $14 $5 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 • 33% Adjusted EBITDA* growth • 39% increase in Adjusted Operating • Operating e
Slide 13: First Quarter Performance: Balance Sheet and Cash Flow
First Quarter Performance: Balance Sheet and Cash Flow • Ended quarter with $25 million of cash • $391 million of debt outstanding • $15 million draw on revolving credit facility • Drove net leverage ratio below four times at end of quarter • Remained well within compliance of our leverage and inter
Slide 14: 2024 Updated Financial Guidance
2024 Updated Financial Guidance • Increased 2024 net sales to now be in the range of $535 million to $550 million • Increased 2024 Adjusted EBITDA* to now be in the range of $94 million to $99 million • Increased 2024 Adjusted Earnings Per Share* to now be in the range of $0.25 to $0.33 * The Compan
Slide 15: Bioventus - Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 16: 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 March 30, 2024 and April 1, 2023, respectively, depreciation and amortization of $10,025 and $14,339 in cost of sales and $1,760 and $2,134 in operating expenses pres
Slide 17: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Three 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 Three Months Ended March 30, 2024 Gross Profi
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