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Bioventus
🇺🇸 NASDAQ:BVS
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Apr 03, 2021

Bioventus Q1 2021 Earnings Report

Reported better-than-expected first quarter revenue results, driven primarily by accelerating U.S. sales growth trends and completed acquisition of Bioness.

Key Takeaways

Bioventus Inc. reported a 4.0% increase in net sales, a 133.9% increase in net income, and completed the acquisition of Bioness. They also raised full year 2021 revenue guidance by $4 million.

Net Sales of $81.8 million, up 4.0% year-over-year.

Net Income of $24.5 million, up 133.9% year-over-year.

Adjusted EBITDA of $11.1 million, down 22.3% year-over-year.

Completed acquisition of Bioness on March 30, 2021.

Total Revenue
$81.8M
Previous year: $78.6M
+4.0%
EPS
$0.15
Previous year: $0.197
-23.7%
Adjusted EBITDA
$11.1M
Previous year: $14.2M
-21.8%
Non-GAAP Gross Profit
$64.8M
Gross Profit
$59.6M
Previous year: $57.2M
+4.1%
Cash and Equivalents
$124M
Free Cash Flow
-$19.4M
Total Assets
$643M

Bioventus

Bioventus

Bioventus Revenue by Geographic Location

Forward Guidance

The Company now expects net sales of $394 million to $406 million, up approximately 23% to 26% year-over-year.

Positive Outlook

  • Net sales from legacy Bioventus Inc. of $364 million to $374 million, representing Organic Revenue Growth in the range of approximately 13% to 16% year-over-year.
  • Net sales from the acquisition of Bioness Inc., following the closing date of March 30, 2021, of approximately $30 million to $32 million.
  • Net income from legacy Bioventus, Inc. of $33.8 million to $38.2 million
  • Non-GAAP net income from legacy Bioventus Inc. of $69.0 million to $71.7 million
  • Adjusted EBITDA from legacy Bioventus, Inc. of $81.2 million to $85.4 million

Challenges Ahead

  • Net income of $12.0 million to $19.2 million, compared to net income of $14.7 million for the twelve months ended December 31, 2020.
  • Net loss from the acquisition of Bioness, Inc., following the closing date of March 30, 2021, of approximately ($21.8) million to ($19.0) million.
  • Non-GAAP net loss from the acquisition of Bioness, Inc., following the closing date of March 30, 2021, of approximately ($9.3) million to ($6.5) million.
  • Adjusted EBITDA loss from the acquisition of Bioness, Inc., following the closing date of March 30, 2021, of approximately ($7.3) million to ($4.5) million.
  • Net sales of $394 million to $406 million

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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