Bioventus reports $512M sales, narrows losses

Bioventus Inc. has recently released its annual report, providing a detailed look at the company's financial performance and operations. Bioventus is a medical device company that specializes in developing and commercializing treatments aimed at enhancing the body's natural healing process. The company's product portfolio includes pain treatments, surgical solutions, and restorative therapies, catering to physicians across various orthopedic specialties. Bioventus was founded in 2011 and is headquartered in Durham, North Carolina.

In its 10-K report, Bioventus reported total net sales of $512,345,000 for the year ended December 31, 2023, compared to $512,117,000 for the previous year. The company's net loss from continuing operations decreased from $144,651,000 in 2022 to $121,196,000 in 2023. Additionally, Bioventus reported an increase in Adjusted EBITDA, reaching $88,862,000 in 2023 compared to $68,610,000 in 2022.

The report also highlighted significant transactions, including the sale of certain assets within the Wound Business for potential consideration of $84.7 million. This sale resulted in the recognition of a $78.6 million impairment within the consolidated statements of operations and comprehensive income for the year ended December 31, 2023. Additionally, Bioventus acquired CartiHeal for an aggregate purchase price of approximately $315.0 million, with an additional $135.0 million becoming payable after closing upon the achievement of a certain sales milestone.

Furthermore, the 10-K report discussed the company's Credit and Guaranty Agreement, which was amended in conjunction with the CartiHeal Acquisition to provide for an $80.0 million term loan facility. Bioventus also provided an update on its decision to discontinue the development of MOTYS, incurring expenditures of $1.0 million and $4.3 million during the years ended December 31, 2023 and 2022, respectively.

Following these announcements, the company's shares moved 9.6%, and are now trading at a price of $5.82. If you want to know more, read the company's complete 10-K report here.

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