Bioventus Inc. is a global medical device company focused on developing and commercializing innovative, clinically differentiated, cost-efficient, and minimally invasive treatments that enhance the body’s natural healing processes. The company aims to help patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through its diverse portfolio of high-quality, clinically proven solutions. Bioventus operates through two reporting segments: U.S. and International, which accounted for 88% and 12% of total net sales, respectively, during fiscal years 2023 and 2024.
- Pain Treatments - Offers non-surgical pain injection therapies, including hyaluronic acid (HA) viscosupplementation for osteoarthritis pain and peripheral nerve stimulation (PNS) products for acute, temporary, and chronic pain relief.
- Surgical Solutions - Provides bone graft substitutes to stimulate bone healing in spinal fusions and other orthopedic surgeries, and ultrasonic products for precise bone cutting, sculpting, and tissue management in various surgeries.
- Restorative Therapies - Features bone stimulation systems and devices designed to help patients regain leg or hand function due to stroke, multiple sclerosis, or other central nervous system disorders, as well as minimally invasive fracture treatments and rehabilitation products.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert E. Claypoole ExecutiveBoard | President and Chief Executive Officer | Robert E. Claypoole is the CEO of BVS since January 10, 2024 and also serves as a Director on the Board. He has over 20 years of global leadership experience in the medical device industry. | View Report → | |
Mark L. Singleton Executive | Senior Vice President and Chief Financial Officer | Mark L. Singleton is the Senior Vice President and Chief Financial Officer at Bioventus since March 2022. He has extensive finance experience with previous roles at Teleflex Inc. and Lenovo Group Limited. |
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Given the delays in expanding your Ultrasonic portfolio into neurosurgery and general surgery until 2026 and beyond, can you provide more specific timelines and strategies for penetrating those markets without diluting your focus on the spine segment?
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With the supply challenges that impacted your Bone Graft Substitutes business in 2024, what measures have you implemented to prevent similar issues in the future, and what gives you confidence in achieving double-digit growth in BGS in the second half of 2025?
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As competitors in the Pain Treatments market shift strategies and pricing, how do you plan to maintain above-market growth with DUROLANE, and what risks do you foresee regarding price sensitivity and market share?
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International expansion seems to be a focus but also presents challenges; can you elaborate on your specific plans and timeline for OUS growth, and what hurdles you anticipate in achieving meaningful contributions from international markets?
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Your guidance indicates adjusted EBITDA will be lower in the first half of 2025 compared to the prior year; can you explain the factors contributing to this projected decline and how confident are you in offsetting this with significantly higher performance in the second half?
Research analysts who have asked questions during Bioventus earnings calls.
Caitlin Cronin
Canaccord Genuity
4 questions for BVS
Chase Knickerbocker
Craig-Hallum Capital Group
4 questions for BVS
Robert Marcus
JPMorgan Chase & Co.
3 questions for BVS
Lilia-Celine Lozada
JPMorgan Chase & Co.
1 question for BVS
Matthew Park
Cantor Fitzgerald
1 question for BVS
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Ferring Pharmaceutical Inc. | Competes in the Pain Treatments segment, specifically with products for knee osteoarthritis and peripheral nerve stimulation. |
Fidia Farmaceutici S.p.A. | Competes in the Pain Treatments segment, specifically with products for knee osteoarthritis and peripheral nerve stimulation. |
DePuy Orthopaedics, Inc. (Johnson & Johnson) | Competes in both Pain Treatments and Surgical Solutions segments, offering products for knee osteoarthritis, peripheral nerve stimulation, and surgical solutions. |
Competes across Pain Treatments, Surgical Solutions, and Restorative Therapies segments, providing products for knee osteoarthritis, surgical solutions, and restorative therapies. | |
Competes in the Pain Treatments segment, specifically with products for knee osteoarthritis. | |
OrthogenRx Inc. (Avanos) | Competes in the Pain Treatments segment, specifically with products for knee osteoarthritis. |
SPR Therapeutics | Competes in the Pain Treatments segment, specifically for peripheral nerve stimulation. |
Nalu | Competes in the Pain Treatments segment, specifically for peripheral nerve stimulation. |
Stimwave | Competes in the Pain Treatments segment, specifically for peripheral nerve stimulation. |
Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. | |
Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. | |
NuVasive, Inc. | Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. |
Competes across Surgical Solutions and Restorative Therapies segments, providing products for precision bone resection and restorative therapies. | |
Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. | |
Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. | |
Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. | |
Söring | Competes in the Surgical Solutions segment, offering products for precision bone resection and other surgical applications. |
Competes in the Restorative Therapies segment, providing products for fracture care and other restorative therapies. | |
XFT Medical | Competes in the Restorative Therapies segment, providing products for fracture care and other restorative therapies. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
One Customer | Major purchaser of BVS products | Primarily U.S. | Revenue: $59.74M (10.4% in FY 2024). Accounts Receivable Concentration: 20.4% (FY 2024) and 16.0% (FY 2023). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CartiHeal (2009) Ltd. | 2022 |
Recent press releases and 8-K filings for BVS.
- BioStem Technologies reported preliminary net revenue of $49.3 million and a GAAP net loss of $0.6 million for the second quarter ended June 30, 2025.
- The company achieved its sixth consecutive quarter of positive adjusted EBITDA with $2.5 million reported for Q2 2025, despite a 34% decrease in net revenue compared to Q2 2024, primarily due to increased competition and broader reimbursement uncertainty.
- Brandon Poe was appointed as the new Chief Financial Officer, and BioStem continues to prioritize its uplisting to Nasdaq, working to finalize audited financial statements and address SEC comments on its Form 10 registration statement.
- Bioventus Inc. reported Q2 2025 revenue of $148 million with 6% organic growth, and Adjusted EPS of $0.21, reflecting a 23% Adjusted EBITDA Margin.
- The company reaffirmed its full-year 2025 financial guidance, projecting net sales between $560 million and $570 million (6% to 8% organic growth), Adjusted EBITDA between $112 million and $116 million, and Adjusted EPS between $0.64 and $0.68.
- Bioventus received FDA 510(k) clearance for StimTrial and TalisMann for Peripheral Nerve Stimulation, with a limited commercial release planned for Q3 2025 and a broader rollout in early 2026, representing a potential for $100 million or more in revenue.
- The company refinanced its credit facility with a new $300 million term loan and $100 million revolving credit facility, lowering the interest rate by 75 basis points and extending the term loan maturity to 2030.
- Q1 revenue reached $124M with 5% organic growth, despite an overall decline of 4.3% from the prior period
- Adjusted EPS improved to $0.08 (up 33%), with net loss per share improving to $0.04 and net loss narrowing from $4.9M to $2.6M
- The divestiture of the Advanced Rehabilitation business led to a 4% revenue decline in Restorative Therapies
- Surgical Solutions and Pain Treatments delivered solid growth of 7% and 4%, while strategic investments—including a new PRP portfolio and double-digit DUROLANE growth—underline expanding growth drivers
- The company reaffirmed its full-year 2025 guidance with organic revenue growth of 6–8%, net sales of $560–$570M, adjusted EBITDA of $112–$116M, and EPS of $0.64–$0.68, anticipating accelerated growth in H2 2025
- Adjusted EBITDA was reported at $19.2M with solid gross margin performance, despite headwinds from foreign currency losses and lower EBITDA in certain segments
- Achieved $154M in Q4 2024 revenue (noting $153.6M with 13.5% growth)
- Reported $28M Adjusted EBITDA in Q4 2024, reflecting a 28.3% increase and significant margin expansion
- Full-year 2024 revenue reached $573.3M, with improved net loss and EBITDA, alongside robust 2025 guidance of $560–570M in net sales and $112–116M in Adjusted EBITDA
- Emphasized portfolio optimization by focusing on core segments like Surgical Solutions, Pain Treatments, and a turnaround in Exogen, supported by strategic divestitures
- Improved liquidity with an ending cash position of $42M and significant debt repayment, reinforcing strong balance sheet management
- CEO Rob Claypoole emphasized that 2024 was transformational with marked progress in revenue growth, margin expansion, and debt reduction, stating the company is "just trotting up to the starting line" for further 2025 advancements.
- Bioventus showcased its strategic vision at the 43rd Annual J.P. Morgan Healthcare Conference 2025, outlining a diversified approach to capture a $6.4B market opportunity.
- The company reported robust 2024 organic revenue growth of 13.2% alongside improved adjusted EBITDA performance.
- A $50 million debt reduction was announced in Q4 2024, with ambitions to lower net leverage below 3 and double free cash flow in 2025.
- Plans include driving margin expansion, enhancing cash flow, and capitalizing on cost efficiencies through focused commercial execution.
- Strategic divestiture of the advanced rehab business and a sharpened focus on key products—ultrasonics, bone graft substitutes, and emerging peripheral nerve stimulation—were highlighted to propel future growth.