On November 7, 2023, Bioventus Inc (BVS, Financial), a global leader in innovations for active healing, reported its financial results for the third quarter of 2023. Despite a decrease in net sales, the company's financial results exceeded expectations with improved performance in Pain Treatments and continued cost management.
Financial Performance
For the third quarter of 2023, Bioventus Inc (BVS, Financial) reported net sales of $120.8 million, a decrease of 6.1% year-over-year. The net loss from continuing operations was $8.8 million, a significant improvement compared to the net loss of $101.0 million in the same period of the previous year. Adjusted EBITDA from continuing operations slightly decreased to $21.7 million, compared to $21.9 million in the prior-year period.
Key Financial Highlights
The company's Pain Treatments revenue advanced by 3.1%, driven by continued volume gains and receding price pressures compared to the prior year. The company's gross margin of 65.3% was slightly down compared to the prior year's gross margin of 65.7%. Operating income improved to $2.4 million compared to a loss of $126.8 million in the third quarter of 2022, driven by disciplined cost management.
Balance Sheet Overview
As of September 30, 2023, Bioventus Inc (BVS, Financial) had $26.8 million in cash and cash equivalents and $394.6 million in debt obligations. This compares to $30.2 million in cash and cash equivalents and $418.1 million in debt obligations as of December 31, 2022.
2023 Financial Guidance
With Adjusted EBITDA ahead of expectations in the third quarter, continued diligent management of expenses, and improved visibility in Pain Treatments, the company is raising its full-year earnings guidance. For the twelve months ending December 31, 2023, the company now expects net sales of $498 million to $505 million, Adjusted EBITDA of $84 million to $87 million, and Non-GAAP EPS of ($0.12) to ($0.09).
Company's Commentary
“We are pleased with our continued strong execution in the third quarter resulting in significant increase in Adjusted EBITDA and a return to growth for our Pain Treatments business,” commented Tony Bihl, Bioventus’ interim chief executive officer. “The enhanced visibility and predictability in our business, combined with our teams’ robust performance has enabled us to raise our full-year adjusted earnings guidance. We remain committed to further strengthening our financial position and improving profitability through revenue growth and spending discipline to create value for our stakeholders.”
Explore the complete 8-K earnings release (here) from Bioventus Inc for further details.
