Bioventus Inc. · NASDAQ:BVS
Bioventus — Q1 2025 Earnings Presentation
19 slides from Bioventus's earnings presentation, May 6, 2025
Slide 1: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results May 6, 2025
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 Business and Q1 2025 Results 2025 Priorities 2025 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: Delivered Another Quarter of Solid Financial Results
Delivered Another Quarter of Solid Financial Results • Successfully executed on our financial plan and maintained strong momentum in the first quarter • First quarter revenue of $124 million and organic* growth of 5% • Adjusted EPS* of $0.08 increased 33% • Despite increased uncertainty with the mac
Slide 5: Solid Execution in First Quarter
Solid Execution in First Quarter • Revenue growth of 7% in Surgical Solutions • Double-digit growth in Ultrasonics driven by new capital placements • Value proposition continues to resonate with surgeons and hospital administrators • In Restorative Therapies, Exogen maintained momentum • Grew revenu
Slide 6: Solid Execution in First Quarter
Solid Execution in First Quarter • Pain Treatments growth continues to be driven by double digit growth in Durolane • Expanded Pain Treatments portfolio • Signed agreement with Apex Biologix to distribute their XCELL Platelet-Rich Plasma (PRP) system in the U.S. • PRP is a world-class technology tha
Slide 7: 2025 Financial Priorities – Improving Profitability and Accelerating Cash Flow
2025 Financial Priorities – Improving Profitability and Accelerating Cash Flow • Continue to forecast at least 100 basis points of Adjusted EBITDA* margin expansion in 2025 • Margin expansion driven by forecasted second half revenue growth acceleration and peer-leading gross margin • Prepared to swi
Slide 8: Solid Foundation Provides Flexibility for Uncertain Macroenvironment
Solid Foundation Provides Flexibility for Uncertain Macroenvironment • Enhanced financial liquidity and cash flow generation • Assembled diverse portfolio of short, mid, and long-term growth drivers • Revenue composition comprised of consumable products or therapies, many of which help delay more ex
Slide 9: First Quarter Results
First Quarter Results Mark Singleton Senior Vice-President and Chief Financial Officer 9
Slide 10: First Quarter Performance
First Quarter Performance • Pleased with start to the year and progress to improve and strengthen our performance • Revenue of $124 million declined 4% due to the divestiture of the Advanced Rehabilitation business at the end of last year • Organic* growth was 5%, with solid growth in all three busi
Slide 11: First Quarter Performance
First Quarter Performance Surgical Solutions Revenue Pain Treatments Revenue Restorative Therapies Revenue Millions Millions Millions $45 $31 $42 $57 $59 $20 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 • Surgical Solutions increased 7% • Pain Treatments increased 4% • Restorative Therapies decli
Slide 12: First Quarter Performance
First Quarter Performance Adjusted Gross Profit* Millions Adjusted Gross Margin* • Adjusted Gross Margin* decreased 70 basis points $98 $93 • Change in channel mix 76.0% 75.3% • Higher freight costs Q1 2024 Q1 2025 * See important disclosures on non-GAAP financial measures and the reconciliation of
Slide 13: First Quarter Performance
First Quarter Performance $0.08 Adjusted Earnings Per Share* Adjusted EBITDA* Adjusted Operating Income* Adjusted Net Income* Millions Millions Millions $23 $6 $19 $20 $18 $5 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 • Adjusted EBITDA impacted by Advanced • Total Adjusted Operating Expenses* •
Slide 14: First Quarter Performance: Balance Sheet and Cash Flow
First Quarter Performance: Balance Sheet and Cash Flow • Ended first quarter with $23 million of cash and $346 million of debt outstanding, including $10 million drawn on revolving credit facility • As expected, cash from operations was an outflow of $19 million • Timing of annual bonus payments and
Slide 15: 2025 Financial Guidance
2025 Financial Guidance • Reaffirming 2025 financial guidance provided on March 11, 2025 • 2025 net sales to be in the range of $560 million to $570 million representing organic* growth of 6% to 8% • Adjusted EBITDA* to be in the range of $112 million to $116 million • 2025 Adjusted Earnings Per Sha
Slide 16: Innovations For Active Healing
@ bioventus Innovations For Active Healing
Slide 17: 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 29, 2025 and March 30, 2024, respectively, depreciation and amortization of $10.3 million and $10.0 million in cost of sales and $1.6 million and $1.8 million i
Slide 18: Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures
Reconciliation of Other Reported GAAP Measures to Non- GAAP Measures (for Three Months Ended) Operating Operating Three Months Ended March 29, 2025 Gross Profit Expenses(a) R&D Income Net Loss EPS(j) Reported GAAP measure $ 83,056 $ 75,176 $ 3,011 $ 4,869 $ (3,322) $ (0.04) Reported GAAP margin 67.0
Slide 19: 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