Bioventus Inc. · NASDAQ:BVS
Bioventus — Q2 2024 Earnings Presentation
18 slides from Bioventus's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Financial Results
Second Quarter 2024 Financial Results August 6, 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 Q2 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 • Second quarter 10% revenue growth and 14% organic revenue growth* • Third straight quarter of double-digit organic revenue growth* • Expect to deliver double-digit organic revenue growth* for the full year • Accelerated growth in Su
Slide 5: Strong Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • Delivered double-digit growth again in HA business • Significant volume expansion in Durolane • Opportunity for sustained growth through our clinical differentiation, dedicated commercial team, private payer coverage and geographic
Slide 6: Strong Start to the Year - Revenue and Profitability Acceleration
Strong Start to the Year - Revenue and Profitability Acceleration • Significantly increased our Adjusted EBITDA* to over $34 million • Drove 224 basis point increase in Adjusted EBITDA margin* compared to prior year • Opportunity to selectively invest in second half of 2024 to drive profitable growt
Slide 7: Second Quarter Results
Second Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 7
Slide 8: Second Quarter Performance
Second Quarter Performance • Sustained improvement throughout our business • Well positioned to enhance our growth, profitability and cash flow • Revenue of $151 million increased 10% compared to the prior year quarter • Organic revenue growth* increased 14% compared to the prior year quarter when a
Slide 9: Second Quarter Performance: Adjusted Gross Profit
Second Quarter Performance Adjusted Gross Profit* Millions • Adjusted Gross Margin* increased 180 Adjusted Gross Margin* basis points $115 $101 • Favorable revenue mix from growth of higher margin HA and Surgical Solutions, 74.0% 75.8% favorable private payer rebates, and impact from divestiture of
Slide 10: Second Quarter Performance: Revenue by Segment
Second Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $72 $47 $35 $41 $32 $62 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 • Pain Treatments increased 17% • Surgical Solutions grew 16% compared • Restorative Therapie
Slide 11: Second Quarter Performance: Adjusted EBITDA, Operating Income, Net Income
Second Quarter Performance $0.19 Adjusted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $31 $15 $34 $28 $28 $11 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 • 22% Adjusted EBITDA* growth • 12% increase in Adjusted Operating • 37% i
Slide 12: Second Quarter Performance: Balance Sheet and Cash Flow
Second Quarter Performance: Balance Sheet and Cash Flow • Ended quarter with $32 million of cash • $383 million of debt outstanding • $15 million drawn on revolving credit facility • Cash from operations of $15 million increased sequentially • Further reduced net leverage in the second quarter • Exp
Slide 13: 2024 Updated Financial Guidance
2024 Updated Financial Guidance • Increased 2024 net sales to now be in the range of $557 million to $567 million • Increased 2024 Adjusted EBITDA* to now be in the range of $104 million to $107 million • Increased 2024 Adjusted Earnings Per Share* to now be in the range of $0.36 to $0.42 * The Comp
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) Twelve Months (a) Includes for the three months ended June 29, 2024 and July 1, 2023 and the six months ended June 29, 2024 Three Months Ended Six Months Ended Ended and July 1, 2023, respectively, deprecia
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 (a) The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating expense Operating Operating Continuing Continuing Three Months Ended June 29, 2024 Gros
Slide 17: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures (Six Months)
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Six Months Ended Year-to-Date) 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 Six Months Ended June 29,
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