Bioventus Inc.
- Open
- 13.69
- Day high
- 13.94
- Day low
- 13.62
- Prev close
- 13.65
- Volume
- 23K
- Mkt cap
- $951M
- P/E (TTM)
- 17.3
- EPS (TTM)
- $0.80
- P/B
- 4.2
- P/S
- 1.6
- Yield
- —
- Per share
- —
Bioventus Inc. (BVS) is a Healthcare company listed on NASDAQ. The stock is up 88% over the past year. Drillr has 1 published research article covering BVS.
Bioventus Inc. (BVS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BVS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.22 | $0.22 | +1.7% | $153M | -1.4% |
| May 6, 2026 | $0.09 | $0.15 | +66.7% | $132M | +1.7% |
| Mar 5, 2026 | $0.22 | $0.24 | +11.2% | $158M | +19.7% |
| Mar 11, 2025 | $0.08 | $0.15 | +87.5% | $154M | +23.4% |
| Mar 12, 2024 | $0.06 | $0.07 | +16.7% | $135M | +9.2% |
| May 16, 2023 | $-0.11 | $-0.26 | -136.4% | $119M | +2.1% |
| Mar 31, 2023 | $0.05 | $-0.06 | -220.0% | $126M | -5.2% |
| Nov 21, 2022 | $0.13 | $0.05 | -61.5% | $129M | -9.1% |
| Aug 11, 2022 | $0.14 | $0.10 | -28.6% | $140M | +1.4% |
| Mar 10, 2022 | $0.20 | $0.26 | +30.0% | $130M | +0.1% |
| Aug 10, 2021 | $0.10 | $0.16 | +60.0% | $110M | +0.0% |
| May 12, 2021 | $-0.01 | $-0.02 | -57.9% | $82M | -82.9% |
BVS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 4, 2026 | Cowdy Philip G.director | Grant | 25,146 | — |
| Jun 4, 2026 | Beyer Patdirector | Grant | 25,146 | — |
| Jun 4, 2026 | NEELS GUIDO Jdirector | Option | 32,282 | — |
| Jun 4, 2026 | NEELS GUIDO Jdirector | Grant | 25,146 | — |
| Jun 4, 2026 | McMurry-Heath Michelledirector | Option | 32,282 | — |
| Jun 4, 2026 | McMurry-Heath Michelledirector | Grant | 25,146 | — |
| Jun 4, 2026 | Ladone Mary Kaydirector | Option | 32,282 | — |
| Jun 4, 2026 | Ladone Mary Kaydirector | Grant | 25,146 | — |
| Jun 4, 2026 | HAWKINS WILLIAM Adirector | Option | 39,789 | — |
| Jun 4, 2026 | HAWKINS WILLIAM Adirector | Grant | 30,994 | — |
| Jun 4, 2026 | Cowdy Philip G.director | Option | 32,282 | — |
| Jun 4, 2026 | Beyer Patdirector | Option | 32,282 | — |
| Jun 4, 2026 | Bartholdson John A.director, 10 percent owner: | Option | 32,282 | — |
| Jun 4, 2026 | Bartholdson John A.director, 10 percent owner: | Grant | 25,146 | — |
| Jun 4, 2026 | SUTTER MARTIN Pdirector, 10 percent owner: | Option | 32,282 | — |
Source: BVS SEC Form 4 filings, latest Jun 4, 2026. For informational purposes only — not investment advice.
See the full BVS insider & 13F page →Bioventus Inc. company profile
Overview
Bioventus Inc. (NASDAQ:BVS) is a medical device company founded in 2011 and headquartered in Durham, North Carolina. The company went public in February 2021 and focuses on developing and commercializing clinical treatments that engage and enhance the body's natural healing processes. Bioventus serves physicians across the orthopedic continuum in various settings including physician offices, ambulatory surgical centers, and hospitals. The company has experienced significant operational challenges in recent years but has been working to stabilize its business and return to profitable growth through strategic divestitures and operational improvements.
Business
Bioventus operates in the medical device industry, specifically focusing on orthopedic and regenerative medicine solutions. The company's business is organized into four main segments: Pain Treatments (approximately 35-40% of revenue): This segment centers around non-surgical joint pain injection therapies, primarily hyaluronic acid (HA) products for treating knee osteoarthritis. The flagship product is DUROLANE, a single-injection viscosupplement that lubricates joints and reduces pain. Hyaluronic acid is a naturally occurring substance in joint fluid that diminishes with age and arthritis. These treatments provide an alternative to surgery for patients with knee pain, offering relief that can last several months. The segment also includes peripheral nerve stimulation products. Surgical Solutions (approximately 30-35% of revenue): This division provides bone graft substitutes and ultrasonic medical devices. Bone graft substitutes are materials used to promote bone fusion and growth during spinal and orthopedic surgeries, serving as alternatives to harvesting bone from the patient's own body. The Ultrasonics product line includes precision surgical tools that use ultrasonic energy for bone sculpting, tumor removal, and tissue debridement during surgical procedures. These devices allow surgeons to work with greater precision while minimizing damage to surrounding soft tissues. Restorative Therapies (approximately 20-25% of revenue): The primary product in this segment is Exogen, an ultrasonic bone healing system used for fracture care. This non-invasive device uses low-intensity pulsed ultrasound to accelerate bone healing in patients with fresh fractures or non-healing fractures. The segment previously included skin allografts and wound care products, but the company has been divesting non-core assets in this area, including the Advanced Rehabilitation business. International Operations (approximately 10-15% of revenue): This segment markets the company's products outside the United States, with a focus on targeted geographic expansion in high-return markets.
Revenue model
Bioventus generates revenue primarily through product sales to healthcare providers, distributors, and hospitals. The company operates under several distinct business models across its segments: Direct Sales Model: For pain treatments like DUROLANE, Bioventus employs a dedicated sales force that sells directly to orthopedic practices, sports medicine clinics, and pain management centers. Revenue is generated when healthcare providers purchase the products and subsequently bill insurance companies or patients for the treatments. The company benefits from strong payer contracts and the shift toward single-injection therapies, which command premium pricing. Distributor Model: In surgical solutions, particularly for bone graft substitutes, the company works through a network of distributors who sell to hospitals and surgical centers. This approach allows broader market reach while leveraging existing distributor relationships and expertise in specific geographic regions. Capital Equipment and Consumables: For ultrasonic devices, Bioventus follows a razor-and-blade model, selling capital equipment (generators) and recurring consumable products (handpieces and accessories). This creates ongoing revenue streams once the capital equipment is placed. Several factors influence the company's margins and profitability. Positive margin drivers include the ongoing shift from multi-injection to single-injection therapies in pain treatments, which allows for premium pricing; expanding market penetration of ultrasonic devices in spine, neurosurgery, and general surgery; and operational efficiency improvements from recent restructuring efforts. Negative margin pressures come from increasing rebate demands from large payers like United Healthcare, competitive pricing pressure in the hyaluronic acid market, and the costs associated with regulatory compliance and clinical studies required for medical devices. The company's high debt levels also create significant interest expense burdens that impact overall profitability.
Competitive moat
Bioventus operates in a competitive medical device landscape with limited sustainable competitive advantages. The company's strongest moat elements include its clinical differentiation in specific product areas and established relationships with healthcare providers and payers. Clinical Differentiation: DUROLANE's single-injection formulation provides some competitive advantage over multi-injection alternatives, supported by clinical data demonstrating efficacy. However, this advantage is not insurmountable as competitors can develop similar formulations. The ultrasonic surgical devices offer precision benefits, but the technology is not proprietary to Bioventus. Regulatory Barriers: Medical devices require FDA clearance and clinical studies, creating some barriers to entry. However, these are temporary advantages as competitors can obtain similar approvals with sufficient investment and time. Payer Relationships: The company has established contracts with major insurance providers, which provides some stability. However, these relationships are subject to renegotiation and pricing pressure, as evidenced by challenges with United Healthcare. Competitive Threats: The company faces significant competition from larger, better-capitalized medical device companies like Johnson & Johnson, Stryker, and Zimmer Biomet in various segments. Generic competition in hyaluronic acid products poses ongoing pricing pressure. Additionally, alternative treatments including newer biologic therapies and minimally invasive surgical techniques could disrupt traditional markets. Overall, Bioventus operates in a moderately competitive industry with limited sustainable moats. The company's success depends more on execution, operational efficiency, and maintaining clinical relevance rather than structural competitive advantages.
Risks & safety
Bioventus presents moderate to high financial risk with limited margin of safety: Liquidity and Solvency: • Cash position of $22.8 million as of Q1 2025, down from $41.6 million in Q4 2024 • Negative free cash flow of -$20.2 million in Q1 2025, though management expects significant improvement • High debt-to-equity ratio of 2.34x indicates substantial leverage • Current ratio of 1.43x provides modest liquidity cushion • Net leverage ratio above 3x, with company targeting reduction below 2.5x by year-end Valuation Metrics: • EV/EBITDA of 14.4x based on recent quarter appears reasonable for a medical device company • Price-to-book ratio of 4.0x suggests potential overvaluation relative to tangible assets • Trading at $6.20 per share with significant volatility in recent years Other Considerations: • Company has successfully divested non-core assets to improve focus and liquidity • Debt covenant relief agreements provide some flexibility but indicate past financial stress • Revenue growth momentum provides some support, but profitability remains inconsistent
Recent development
Over the past few years, Bioventus has undergone significant strategic transformation focused on portfolio optimization and operational efficiency. The company completed a major restructuring in 2022-2023, generating $9-10 million in annual cost savings while prioritizing investments in key growth drivers. Portfolio Rationalization: Management has systematically divested non-core assets to improve focus and liquidity. The company sold its wound care business, divested the Advanced Rehabilitation business for $25 million in 2024, and eliminated $350 million in deferred purchase obligations related to the CartiHeal acquisition. These moves allow greater focus on the core pain treatments, surgical solutions, and bone healing businesses. Product Development and Market Expansion: The company has expanded its ultrasonic surgery platform beyond spine into neurosurgery and general surgery markets, representing a significant growth opportunity in a $1 billion addressable market. In pain treatments, Bioventus signed an exclusive distribution agreement for the XCELL PRP system, expanding into the regenerative medicine space. The company received FDA clearance for OSTEOAMP Cannula and continues developing the TalisMann peripheral nerve stimulation system. Operational Improvements: Following challenges in 2022-2023 with unexpected rebate claims and pricing pressures, the company has focused on improving sales execution and operational efficiency. Management has strengthened its commercial organization, particularly in pain treatments where DUROLANE has returned to double-digit growth. The international business has been restructured with new leadership to unlock growth potential in targeted markets. Financial Stabilization: After experiencing significant losses and cash flow challenges, the company has worked to stabilize its financial position through improved EBITDA generation, debt reduction, and enhanced liquidity management. The focus has shifted toward achieving sustainable profitability and positive free cash flow generation.
BVS company profile · for informational purposes only — not investment advice.
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