Bioventus Q2 2021 Earnings Report
Key Takeaways
Bioventus reported strong second quarter results with net sales of $109.8 million, up 89.3% year-over-year. The company updated its full year 2021 financial guidance, reaffirming net sales growth guidance of 26% to 29% year-over-year and raising Non-GAAP guidance. Recent acquisitions of Bioness and Misonix raise the Total Addressable Market to $15 billion.
Net Sales of $109.8 million, up $51.8 million, or 89.3%, year-over-year.
Net Sales from legacy Bioventus Inc. of $97.9 million, representing organic revenue growth of 68.8% year-over-year.
Net Sales from the acquisition of Bioness Inc., of $11.9 million.
Adjusted EBITDA of $19.9 million, up $12.9 million, or 186.5% year-over-year.
Bioventus
Bioventus
Bioventus Revenue by Geographic Location
Forward Guidance
The Company now expects net sales of $405 million to $415 million, up approximately 26% to 29% year-over-year. Net income of $13.0 million to $17.6 million. Non-GAAP net income of $67.1 million to $69.5 million. Adjusted EBITDA of $77.8 million to $82.0 million.
Positive Outlook
- Net sales of $405 million to $415 million, up approximately 26% to 29% year-over-year.
- Net sales from legacy Bioventus Inc. of $372.5 million to $380.5 million, representing organic revenue growth in the range of approximately 16% to 18% year-over-year.
- Net sales from the acquisition of Bioness Inc. of approximately $32.5 million to $34.5 million.
- Net income of $13.0 million to $17.6 million, compared to net income of $14.7 million for the twelve months ended December 31, 2020.
- Non-GAAP net income of $67.1 million to $69.5 million, compared to $47.4 million for the twelve months ended December 31, 2020.
Challenges Ahead
- The severity and duration of the COVID-19 pandemic are outside of the Company’s control.
- The COVID-19 pandemic could cause the Company’s future operating results to be different from our current expectations, particularly if the impact of the pandemic worsens.
- Dependence on a limited number of products.
- The proposed down-classification of non-invasive bone growth stimulators by the U.S. Food and Drug Administration (FDA).
- The negative impact on our ability to market our HA products due to the reclassification of HA products from medical devices to drugs in the United States by the FDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income