Bioventus Inc. · NASDAQ:BVS
Bioventus — Q4 2021 Earnings Presentation
20 slides from Bioventus's earnings presentation, Mar 10, 2022
Slide 1: Fourth Quarter 2021 Financial Results
Fourth Quarter 2021 Financial Results March 10, 2022
Slide 2: Agenda and Speakers
Agenda and Speakers Ken Reali Dave Crawford Chief Executive Officer Vice President Investor Relations and Treasurer Q4 2021 Review Q4 2021 Results 2022 Priorities 2022 Guidance
Slide 3: 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 4: Transformational Year for Bioventus
Transformational Year for Bioventus • Entire organization rallied to strengthen the company’s long-term outlook through a variety of actions • February marked the one-year anniversary of the company’s IPO • Built out the company’s three verticals with our acquisitions of Bioness and Misonix • Exceed
Slide 5: Fourth Quarter Results: Revenue Increased 32% to $130M
Fourth Quarter Results: Revenue Increased 32% to $130M • Delivered a strong quarter of 5% organic growth despite headwinds from the pandemic and three fewer selling days • Pain Treatments saw double-digit revenue growth driven by market share gains for Durolane and Gelsyn • Well-positioned to take a
Slide 6: Fourth Quarter Results: Revenue Increased 32% to $130M
Fourth Quarter Results: Revenue Increased 32% to $130M • Restorative Therapies saw double-digit growth underpinned by recently acquired advanced rehabilitation and Misonix wound therapy • International segment grew 71%, enhanced by Bioness and Misonix acquisitions • International organic growth of 9
Slide 7: 2022 Priorities
2022 Priorities • First priority: maintain double-digit growth across three areas • Pain Treatments, driven by share gains in Durolane and Gelsyn • Surgical Solutions, as hardware-agnostic strategy drives penetration into new accounts for bone graft substitutes • Misonix, leverage scale to achieve f
Slide 8: New CFO Mark Singleton
New CFO Mark Singleton • Spent last seven years at Teleflex and held previous financial leadership roles with IBM and Lenovo • Partnered with leadership to deliver improved operating results and integrate acquired assets • Will help drive expanded operating margin leverage and enhance the company’s
Slide 9: Plan to Build Momentum Across Bioventus' Businesses
Plan to Build Momentum Across Bioventus’ Businesses • Executing on the growth strategy • Driving further market penetration across our three customer focused verticals • Delivering on cost synergies from acquisitions • Enhancing growth profile by leveraging scale and commercial infrastructure • Deli
Slide 10: Fourth Quarter Results and 2022 Guidance
Fourth Quarter Results 2022 Guidance Dave Crawford Vice President Investor Relations and Treasurer 10
Slide 11: Fourth Quarter Performance
Fourth Quarter Performance • Revenue of $130 million increased 32% compared to last year • 5 percentage point increase in organic revenue • 27 percentage point benefit related to Bioness and Misonix • Organic sales growth impacted by three fewer selling days • Hospital utilization negatively impacte
Slide 12: Fourth Quarter Performance
Fourth Quarter Performance Pain Treatments Revenue Surgical Solutions Revenue Restorative Therapies Revenue Millions Millions Millions $63 $31 $37 $52 $27 $19 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 • Pain Treatments grew 20% • Surgical Solutions grew 61% • Restorative Therapies grew 35% • 1
Slide 13: Fourth Quarter Performance
Fourth Quarter Performance Adjusted Gross Profit • Adjusted gross margin declined 340 basis points Millions Adjusted Gross Margin • Lower adjusted gross margins due to recent $100 acquisitions $79 • Slightly increased transportation costs from global supply chain challenges 79.7% 76.3% 79% 79% • Adj
Slide 14: Fourth Quarter Performance
Fourth Quarter Performance $0.26 Adjusted Diluted Earnings Per Share Adjusted EBITDA Adjusted Operating Income Adjusted Net Income Millions Millions Millions $28 $28 $22 $18 $17 $13 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 14
Slide 15: 2021 Performance
2021 Performance Net Sales Adjusted EBITDA Adjusted Gross Margin Millions Millions 34% $431 $81 79% 78% $72 $321 2020 2021 2020 2021 Q4 2020 Q4 2021 • 19 percentage points of organic • Lower gross margins due to recent growth acquisitions • 15 percentage point contribution • Slightly increased trans
Slide 16: 2022 Guidance
2022 Guidance • 2022 revenue guidance of $545 million - $565 million • Incorporates both Bioness and Misonix • Adjusted EBITDA guidance of $94 million - $107 million • Similar to historical seasonality, management expects first-quarter revenue and adjusted EBITDA to be lowest in the first quarter an
Slide 17: Bioventus: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 18: Reconciliation of Net (Loss) Income to Adjusted EBITDA
Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited) (a) Includes for the three months ended December 31, 2021 and December 31, 2020 and the year ended December 31, 2021 and December 31, 2020, respectively, depreciation and amortization of $8,980, $5,093, $26,471 and $21,169 in cost of
Slide 19: 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 December 31, 2021 and 2020 (a) Includes for the three months ended December 31, 2021 and December 31, 2020 respectively, depreciation and amortization of $8,980, $5,093, in cost of sales and $2,708, $2,134, i
Slide 20: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures, Year 2021
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures For Year Ended 2021 and 2020 (a) Includes for the year ended December 31, 2021 and December 31, 2020, respectively, depreciation and amortization of $26,471 and $21,169 in cost of sales and $8,363 and $7,439 in operating expenses,