Bioventus Inc. BVS
We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions. We manage our business through two reporting segments, U.S. and International, which accounted for 88% and 12%, respectively, of our total net sales during the fiscal year ended December 31, 2025.
Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments & PRP ("Pain Treatments"), (ii) Surgical Solutions and (iii) Restorative Therapies.
◦Knee Osteoarthritis ("KOA"): Our product portfolio includes a range of intra-articular, hyaluronic acid ("HA") injections that help relieve patient discomfort and improve quality of life. In the U.S., we also distribute the XCELL Platelet-Rich Plasma ("PRP") system, a technology that is synergistic with our existing physician call points, as many surgeons who use HA also use PRP.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $568.1M | $573.3M | $512.3M | $512.1M | $430.9M | $321.2M | $340.1M | — |
| Cost of revenue | $179.9M | $185.1M | $184.2M | $181.0M | $128.2M | $87.6M | $90.9M | — |
| Gross profit | $388.2M | $388.2M | $328.2M | $331.1M | $302.7M | $233.5M | $249.2M | — |
| R&D | $12.1M | $14.0M | $13.4M | $23.9M | $19.0M | $11.2M | $11.1M | — |
| SG&A | $314.0M | $343.8M | $303.9M | $332.1M | $254.3M | $193.1M | $198.5M | — |
| Operating income | $54.0M | -$15.2M | -$81.7M | -$167.2M | $12.1M | $21.2M | $31.2M | — |
| Pre-tax income | $25.7M | -$52.3M | -$121.1M | -$189.0M | $9.5M | $15.9M | $9.7M | — |
| Income tax | $1.6M | $5.3M | $85.0K | $44.4M | $2.0M | $1.2M | $1.6M | — |
| Net income | $22.7M | -$36.1M | -$156.2M | -$158.7M | $19.4M | $16.4M | $6.9M | — |
| EPS, basic | 0.34 | -0.56 | -2.49 | -2.59 | -0.15 | — | — | — |
| EPS, diluted | 0.33 | -0.56 | -2.49 | -2.59 | -0.15 | — | — | — |
| Shares, diluted (wtd. avg.) | $68.9M | $64.5M | $62.6M | $61.4M | $45.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $51.2M | $41.6M | $37.0M | $31.8M | $99.2M | $86.8M | $64.5M | $42.8M |
| Receivables | $128.3M | $127.4M | $122.8M | $136.3M | $125.0M | $88.3M | — | — |
| Inventory | $82.2M | $92.5M | $91.3M | $84.8M | $61.7M | $29.1M | — | — |
| Total current assets | $272.8M | $275.6M | $268.0M | $272.6M | $263.1M | $211.8M | — | — |
| Property, plant and equipment | — | — | — | $27.6M | $23.0M | $6.9M | — | — |
| Goodwill | $7.5M | $7.5M | $7.5M | $7.5M | $147.6M | $49.8M | — | — |
| Other intangibles | $368.4M | $404.7M | $482.4M | $639.9M | $695.2M | $191.7M | — | — |
| Total assets | $683.6M | $728.0M | $810.9M | $1.37B | $1.23B | $494.5M | — | — |
| Accounts payable | $10.9M | $23.7M | $23.0M | $36.7M | $16.9M | $4.4M | — | — |
| Short-term debt | $15.0M | $27.3M | $27.8M | $33.1M | $18.0M | $15.0M | — | — |
| Total current liabilities | $160.4M | $210.4M | $175.5M | $304.0M | $180.9M | $122.6M | — | — |
| Long-term debt | $279.0M | $308.3M | $367.0M | $385.0M | $339.6M | $173.4M | — | — |
| Total liabilities | $455.1M | $542.4M | $589.8M | $960.4M | $618.2M | $350.3M | — | — |
| Retained earnings | -$334.9M | -$357.7M | -$321.5M | -$165.3M | -$6.6M | — | — | — |
| Total equity | $184.1M | $147.9M | $221.1M | $412.2M | $607.7M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $74.7M | $38.8M | $15.3M | -$13.5M | $23.0M | $71.8M | $40.7M | — |
| Depreciation and amortisation | $47.0M | $49.6M | $57.4M | $55.4M | $34.9M | $28.6M | $30.3M | — |
| Stock-based compensation | $12.7M | $13.3M | $2.7M | $17.6M | $19.8M | $0 | $0 | — |
| Capital expenditure | $2.6M | $1.0M | $7.4M | $1.5M | $13.5M | $16.6M | $2.3M | — |
| Investing cash flow | -$3.2M | $23.0M | $15.8M | -$116.4M | -$283.8M | -$20.5M | -$7.9M | — |
| Financing cash flow | -$62.1M | -$54.6M | -$26.7M | $62.1M | $273.4M | -$29.6M | -$11.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001665988-26-000011.
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