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Bioventus Announces Preliminary Fourth Quarter and Full-Year 2021 Revenue

DURHAM, NC – January 11, 2022 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced today preliminary revenue results for the fourth quarter and full-year 2021.

Preliminary, unaudited revenue for the fourth quarter 2021 is expected to be in the range of $128.5 to $131.5 million, reflecting 30% to 33% growth compared to the prior-year period. Preliminary, unaudited full-year 2021 revenue is expected to be in the range of $429 to $432 million, reflecting an increase of approximately 34% compared to full-year 2020.

“I am proud of our team’s continued strong execution during the fourth quarter. Despite a challenging macro environment, we built upon our existing momentum and now expect revenue to be at or above the high-end of our previously issued guidance,” commented Ken Reali, Bioventus’ Chief Executive Officer. “We continued to deliver above-market growth in Pain Treatments and Bone Graft Substitutes, with the latter showing sequential improvement during the quarter as elective procedural volume recovered. Additionally, revenue from our recent acquisitions is expected to meet or exceed our expectations. As we begin 2022, I am confident that our enhanced portfolio will enable us to expand our customer relationships and further strengthen our growth levers.”

Selected preliminary financial results for the fourth quarter and full year 2021

Included above are certain estimated preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2021. We have provided ranges, rather than specific amounts, for these periods because these results are preliminary and subject to change, and there is a possibility that our actual results may differ materially from these preliminary estimates. These ranges are based on the information available to us as of the date of this announcement.

These estimated preliminary results for the fourth quarter and full year 2021 are derived from the preliminary internal financial records of Bioventus Inc. and are subject to revisions based on our procedures and controls associated with the completion of our financial reporting, including the audit of our financial statements and all customary reviews and approvals.

These estimated preliminary results should not be viewed as a substitute for financial statements prepared in accordance with U.S. GAAP. Our independent registered public accounting firm has not audited and does not express an opinion or any other form of assurance with respect to, these estimated preliminary results. It is possible that we or our independent registered public accounting firm may identify items that would require us to make adjustments to the preliminary estimates set forth above as we complete our financial statements and that our actual results may differ materially from these preliminary estimates. Accordingly, undue reliance should not be placed on these preliminary estimates. These preliminary estimates are not necessarily indicative of any future period and should be read together with “Risk Factors,” “Special Note Regarding Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our previous reports filed with the Securities and Exchange Commission.

About Bioventus
Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for pain treatment, restorative therapies and surgical solutions. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com, and follow the Company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning Bioventus’s preliminary estimated revenue and revenue growth for the fourth quarter and full year 2021, performance of and expectations regarding recent acquisitions, estimated market growth in Pain Treatments and Bone Graft Substitutes, and future growth and strategy. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the factors discussed in “Selected preliminary financial results for the fourth quarter and full year 2021” above, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner, including the potential CartiHeal acquisition; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’ Annual Report on Form 10-K for the period ended December 31, 2020, as updated by the Company’s Quarterly Report on Form 10-Q for the quarter ended October 2, 2021, and as such factors may be further updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie

Bioventus to Present at the 40th Annual J.P. Morgan Healthcare Conference

DURHAM, NC – December 28, 2021 – Bioventus Inc. (Nasdaq: BVS), a global leader in innovations for active healing, today announced that Ken Reali, chief executive officer, will present at the 40^th Annual J.P. Morgan Healthcare Conference via webcast on Wednesday, January 12, 2022, at 5:15 p.m. ET.

The live webcast of the presentation, including Q&A, will be available on the Investors section of the Bioventus website and will be archived on that site.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie

Bioventus Appoints Michelle McMurry-Heath to Board of Directors

DURHAM, NC – December 21, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, has announced the appointment of Michelle McMurry-Heath, MD, PhD, to the Company’s Board of Directors, effective January 1, 2022.

Over the past 20 years, as both a physician and scientist, McMurry-Heath has served in dynamic policy, regulatory, commercial health care and advocacy roles. She will join the Board as an independent director.

“We are thrilled Michelle will be joining the Bioventus Board of Directors,” said Ken Reali, CEO. “Bioventus will leverage her background as a global medical innovation strategist as well as her experience in global regulatory affairs, health care policy and valuable insights gained with the Food and Drug Administration as we grow our portfolio of offerings for pain treatments, restorative therapies and surgical solutions.”

“It is my privilege to join the Bioventus Board. I am excited to bring my experience to the Company as it continues to grow globally and help them accelerate patient access to their products, as I believe medical innovation can improve lives and unlock opportunities for people around the world,” said McMurry-Heath.

“We welcome Michelle to the Board and expect her opinion, perspective and critical thinking will serve as additional strategic guidance for Bioventus,” said William Hawkins, Chairman of the Bioventus Board of Directors.

Currently, McMurry-Heath is President and Chief Executive Officer of the Biotechnology Innovation Organization (BIO), a membership and advocacy organization focused on strengthening opportunities for biotech research and applying biotech innovations to the biggest challenges of our age.

She previously served as Johnson & Johnson’s Vice President, External Innovation, Global Leader for Regulatory Science and Executive Director of Scientific Partnerships for JLABS@DC. McMurry-Heath joined J&J in 2014, first as its Worldwide Vice President and Global Head, Regulatory Affairs and later adding responsibilities for the company’s International Clinical Evidence and Strategic Operations.

Prior to that, she served as Associate Center Director for Science, Center for Devices and Radiological Health at the US Food and Drug Administration. From 2005 to 2010, McMurry-Heath was Director Health, Biomedical Science and Society Policy Program at the Aspen Institute.

McMurry-Heath began her career as a Senior Policy Advisor for Senator Joseph Lieberman for Health, Social, and Biomedical Innovation Policy. Later serving as a Robert Wood Johnson Health and Society Scholar at the University of California, San Francisco and Berkeley and a Mcarthur Fellow, Global Health for the Council on Foreign Relations.

She has an MD/PhD in Immunology from Duke University and received an AB in Biochemistry from Harvard University.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning Bioventus’s future growth and strategy and the expected contributions of Ms. McMurry-Heath to the Company’s Board. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’ Annual Report on Form 10-K for the period ended December 31, 2020, as updated by the Company’s Quarterly Report on Form 10-Q for the quarter ended October 2, 2021, and as such factors may be further updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie

Bioventus Receives US FDA Clearance for BoneScalpel® Access™

DURHAM, NC – December 20, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, announced the US Food and Drug Administration (FDA) has granted 510(k) clearance for the Company’s neXus^® BoneScalpel^®Access^™ handpiece. The BoneScalpel Access handpiece is powered by the neXus Ultrasonic Surgical Aspirator System, a next-generation integrated ultrasonic surgical platform driven by a proprietary digital algorithm resulting in more power, versatility, and control. The neXus system combines all the features of soft and hard (e.g. bone) tissue removal into a single fully integrated offering.

“The BoneScalpel Access handpiece provides surgeons with a new option for confined spaces during minimally invasive surgery, enabling safe and powerful bone removal with maximum visualization. In addition, BoneScalpel Access allows for en-bloc resection and the shaving and sculpting of bone, with built-in irrigation and aspiration with improved ergonomics for the end user,” said Sharon Klugewicz, Senior Vice President, Quality and Regulatory Affairs, Bioventus.

“The BoneScalpel Access handpiece represents the latest innovation in our best-in-class ultrasonic surgical platform, and we anticipate that surgeons will want to leverage our portfolio of bone graft substitutes to achieve bone fusion for their patients,” she added.

Bioventus plans to launch BoneScalpel Access in 2022. The neXus Ultrasonic Surgical Aspirator System has been commercialized successfully in the US, Canada, Europe, and Australia.

Summary of Indications for Use
The BoneScalpel Access handpiece is indicated for use in the fragmentation and aspiration of soft and hard (e.g., bone) tissue in the following surgical specialties: Neurosurgery, Gastrointestinal and Affiliated Organ Surgery, Urological Surgery, Plastic and Reconstructive Surgery, General Surgery, Orthopedic Surgery, Gynecology, External Genitalia – condyloma – benign tumors – (lipomas, fibromas, and leiomyomas) malignant primary metastatic tumors of all types and the following cystic lesions: Bartholin’s cysts, Vestibular adenitis, Inclusion cysts, Sebaceous cysts. Abdominal Area – any abnormal growth, cystic or solid, benign or malignant, involving the ovary, fallopian tube, uterus, or the supporting structures of the uterus except as contraindicated for uterine fibroids. Thoracic Surgery – limited pulmonary reception such as segmetectomies, nonanatomical subsegmetectomies and metastatectomies.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie

Bioventus to Expand Operations and Manufacturing in Memphis

MEMPHIS, TN – November 18, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, has signed a lease agreement to double its current operations and manufacturing space and relocate from its current facility in suburban Memphis. Bioventus expects to move its 116 employees into the new space in early Q3 of 2022 and add another 40 jobs in the next five years.

“As we revised our operational plan in alignment with the Company’s strategy, we determined that the expansion of our Memphis location would be required to manage our organic growth, vertical integration of key manufacturing capabilities and our additional growth through acquisitions,” said Miguel Beltran-Delgado, Senior Vice President of Operations, Bioventus. “We are very pleased we could identify and secure this new location, which is right across the way from our current site, minimizing the disruption to our employees and customers, while meeting our near and long term operations and manufacturing needs.”

The current location began operations in 2012 and the new facility will be located at 7101 Goodlett Farms Parkway in Cordova, TN. It includes approximately 90,000 total square feet of space and will feature approximately 55,000 square feet dedicated to light manufacturing and operations. The remaining 35,000 square feet will be developed for offices, conference rooms and shared workspaces.

Cushman & Wakefield│Commercial Advisors represented Bioventus on the lease for this new facility.

Investor Inquiries:
Dave Crawford
Bioventus
919-474-6787
[email protected]

by Scott Petrie

Bioventus Announces Chief Financial Officer Transition Plan

DURHAM, NC – November 15, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or “the Company”), a global leader in innovations for active healing, today announced that Greg Anglum is transitioning from his role as Senior Vice President and Chief Financial Officer (CFO) to pursue other career opportunities. To ensure a smooth transition, Mr. Anglum will remain in his current role until a successor is named.

“I want to thank Greg for his dedication to Bioventus over the past five years,” commented Ken Reali, Bioventus’ Chief Executive Officer. “I am grateful for his contributions through our initial public offering and our recent acquisitions of Bioness and Misonix. Greg has instilled the appropriate financial controls as we have made the transition to a public entity, and his efforts to strengthen our balance sheet have positioned us well to continue to invest in an innovative, rapidly growing active healing portfolio. We are working diligently to identify a CFO who brings robust experience leading a rapidly expanding organization and can work with me and my executive team to help take Bioventus to the next level of growth by enhancing the results-driven foundation and culture that we have built.”

Mr. Anglum said, “As I begin the next chapter of my career, I am grateful for my experience working with Ken and the talented team at Bioventus. It has been a privilege to work alongside these dedicated individuals to bring innovative active healing solutions to market and improve the lives of countless patients.”

Bioventus has been actively working with Spencer Stuart to identify a successor to Mr. Anglum.

Mr. Anglum’s departure is unrelated to Bioventus’ business performance, financial reporting, or controls, and the Company is reaffirming its previously issued 2021 financial guidance.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning Mr. Anglum’s continued service until a successor is named and the Company’s future financial results. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner, including the Misonix acquisition; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’s Annual Report on Form 10-K for the period ended December 31, 2020, as updated by Bioventus’s Quarterly Report on Form 10-Q for the period ended October 2, 2021 and as such factors may be updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie

Bioventus Reports Third Quarter Results; Updates Full-Year 2021 Financial Guidance

DURHAM, NC – November 9, 2021 – Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or "the Company"), a global leader in innovations for active healing, today reported financial results for three and nine months ended October 2, 2021.

Q3 Financial Summary & Recent Highlights:

Net Sales of $108.9 million, up $23.0 million, or 26.8%, year-over-year, comprising:
- Net Sales from legacy Bioventus Inc. of $98.1 million, representing organic revenue growth* of 14.2% year-over-year, and
- Net Sales from the acquisition of Bioness Inc. of $10.8 million.
Net Loss of ($2.3) million, compared to Net Income of $8.0 million in prior year.
Adjusted EBITDA* of $21.3 million, compared to $23.1 million in prior year.
Updates full-year 2021 Net Sales guidance to $425-$430 million, up from $405-$415 million, driven by strong Q3 results, Q4 expectations, and the inclusion of the Company's recent acquisition of Misonix Inc.

“During the third quarter, we continued building momentum across our diversified portfolio as the Bioventus team demonstrated strong execution and resiliency, driving double-digit organic growth despite some pandemic related headwinds in our Bone Graft Substitutes business,” stated Ken Reali, Bioventus’ chief executive officer. “The strong performance of our organization has enabled us to again raise our full-year revenue guidance.”

Mr. Reali continued, “We are on-track to complete the integration of Bioness in the first quarter of 2022 and deliver on our cost synergy targets over the course of the next year. Finally, we are excited to have closed our acquisition of Misonix and to welcome the Misonix employees to Bioventus. This is a significant milestone that will enable multiple growth levers within the combined business. Our new Bioventus organization will allow us to go deeper with our customers leveraging our infrastructure and driving significant shareholder value over the near and medium term.”

Third Quarter 2021 Financial Results:

The following table represents net sales by geographic region, and by vertical, for the three months ended October 2, 2021 and September 26, 2020, respectively:

	Three Months Ended				Change
($ thousands, except for percentage)	October 2, 2021		September 26, 2020		$		%
By Geographic Region:
U.S.	$	99,162	$	78,886	$	20,276	25.7	%
International	9,728		7,022		2,706		38.5	%
Net Sales	$	108,890	$	85,908	$	22,982	26.8	%
By Vertical:
Pain Treatments and Joint Preservation	$	60,635	$	48,781	$	11,854	24.3	%
Restorative Therapies	30,475		20,000		10,475		52.4	%
Bone Graft Substitutes	17,780		17,127		653		3.8	%
Net Sales	$	108,890	$	85,908	$	22,982	26.8	%

Net sales of $108.9 million compared to $85.9 million for the third quarter of 2020, an increase of $23.0 million, or 26.8%, year-over-year, primarily due to acquisitions, strong commercial execution and ongoing recovery from the COVID-19 pandemic. International net sales for the third quarter of 2021 increased 38.5% year-over-year, or 34.7% on a constant currency* basis.

Gross profit was $79.1 million, or 72.6% of net sales, compared to $62.5 million, or 72.7% of net sales, for the third quarter of 2020, an increase of $16.6 million, or 26.6%, year-over-year. Non-GAAP gross profit* was $85.7 million, or 78.7% of net sales, compared to $67.9 million, or 79.1% of net sales, for the third quarter of 2020, an increase of $17.8 million, or 26.1%, year-over-year.

Operating loss was ($1.0) million, compared to operating income of $6.9 million for the third quarter of 2020, a decrease of ($8.0) million, or (115.1%), year-over-year. Operating margin was (1.0%) of net sales, compared to 8.1% of net sales for the third quarter of 2020.

Non-GAAP operating income* was $15.1 million, compared to $14.7 million for the third quarter of 2020, an increase of $0.3 million, or 2.3%, year-over-year. Non-GAAP operating margin* was 13.8% of net sales, compared to 17.1% of net sales for the third quarter of 2020.

Net Loss was ($2.3) million compared to net income of $8.0 million for the third quarter of 2020, a change of ($10.2) million or (128.5%), year-over-year.

Adjusted EBITDA* was $21.3 million, compared to $23.1 million for the third quarter of 2020, a decrease of ($1.8) million, or (7.7%), year-over-year.

Non-GAAP net income* was $13.8 million, compared to $12.6 million, for the third quarter of 2020, an increase of $1.3 million, or 10.1%, year-over-year.

As of October 2, 2021, the Company had $80.9 million in cash and cash equivalents and $177.4 million in debt obligations, compared to $86.8 million in cash and cash equivalents and $188.4 million in debt obligations as of December 31, 2020.

Updated Full Year 2021 Financial Guidance:

For the twelve months ending December 31, 2021, the Company now expects:

Net sales of $425 million to $430 million, up approximately 32% to 34% year-over-year. The full year 2021 net sales guidance range is comprised of:
- Net sales from legacy Bioventus Inc. of $378.1 million to $382.1 million, representing organic revenue growth* in the range of approximately 18% to 19% year-over-year, and,
- Net sales from the recent acquisitions of Bioness Inc and Misonix Inc of approximately $46.9 million to $47.9 million.
Net income of $1.8 million to $3.7 million, compared to net income of $14.7 million for the twelve months ended December 31, 2020.
Non-GAAP net income* of $72.1 million to $75.6 million, compared to $47.4 million for the twelve months ended December 31, 2020.
Adjusted EBITDA* of $77.8 million to $82.0 million, compared to $72.4 million for the twelve months ended December 31, 2020.

The Company's guidance reflects its current expectations regarding the impact of COVID-19 on its business. The severity and duration of the COVID-19 pandemic are outside of the Company’s control and, given the uncertain nature of the pandemic, could cause the Company’s future operating results to be different from our current expectations, particularly if the impact of the pandemic worsens.

Presentation: This press release presents historical results, for the periods presented, of Bioventus Inc., including Bioventus LLC, the predecessor of Bioventus Inc. for financial reporting purposes.

Third Quarter 2021 Earnings Conference Call:

Management will host a conference call to discuss the Company’s financial results and provide a business update, with a question and answer session, at 8:30 a.m. Eastern Time on November 9, 2021. Those who would like to participate may dial 844-945-2085 (442-268-1266 for international callers) and provide access code 9652759.

A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company's website at https://ir.bioventus.com/.

The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until November 8, 2022.

About Bioventus

Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for pain treatments, restorative therapies and surgical solutions. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com, and follow the Company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our business strategy, position and operations; expected sales trends, opportunities and growth; the ongoing COVID-19 pandemic; the expected benefits and impact of Bioventus’ products, including in certain regions, and biologic drug candidates; the benefits of and expected completion of integration efforts for the Bioness and Misonix acquisitions; and the Company’s financial guidance and expected financial performance. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, statements about the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration ("FDA"); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize, including any potential changes by Centers for Medicare and Medicaid Services in the manner in which our HA viscosupplementation products are reimbursed, our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; including the Misonix acquisition; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not produce results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’ Annual Report on Form 10-K for the year ended December 31, 2020, as updated in our Quarterly Report on Form 10-Q for the three months ended October 2, 2021 and as such factors may be further updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ materially from those set forth in the forward-looking statements.

BIOVENTUS INC.
Consolidated condensed balance sheets
As of October 2, 2021 and December 31, 2020
(Amounts in thousands, except share amounts) (unaudited)

	October 2, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	80,917	$	86,839
Accounts receivable, net	105,442		88,283
Inventory	36,565		29,120
Prepaid and other current assets	23,154		7,552
Total current assets	246,078		211,794
Restricted cash	50,000		—
Property and equipment, net	10,297		6,879
Goodwill	52,885		49,800
Intangible assets, net	248,794		191,650
Operating lease assets	16,938		14,961
Deferred tax assets	481		—
Investment and other assets	29,317		19,382
Total assets	$	654,790	494,466
Liabilities and Members’ Equity
Current liabilities:
Accounts payable	$	10,897	$	4,422
Accrued liabilities	107,554		88,187
Accrued equity-based compensation	10,875		11,054
Current portion of long-term debt	15,000		15,000
Current portion of contingent consideration	13,386		—
Other current liabilities	2,993		3,926
Total current liabilities	160,705		122,589
Long-term debt, less current portion	162,437		173,378
Accrued equity-based compensation, less current portion	—		29,249
Deferred income taxes	47,687		3,362
Contingent consideration, less current portion	30,906		—
Other long-term liabilities	22,558		21,728
Total liabilities	424,293		350,306
Stockholders’ and Members’ Equity:
Members' equity	—		144,160
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued
Class A common stock, $0.001 par value, 250,000,000 shares authorized, 41,097,292 shares issued and outstanding	41		—
Class B common stock, $0.001 par value, 50,000,000 shares authorized, 15,786,737 shares issued and outstanding	16		—
Additional paid-in capital	158,480		—
Accumulated deficit	(6,238)		—
Accumulated other comprehensive income	204		—
Total stockholders’ equity attributable to Bioventus Inc. and members’ equity	152,503		144,160
Noncontrolling interest	77,994		—
Total stockholders’ and members’ equity	230,497		144,160
Total liabilities and stockholders’ and members’ equity	$	654,790	$	494,466

BIOVENTUS INC.
Consolidated condensed statements of operations and comprehensive (loss) income
(Amounts in thousands, except share and per share data, unaudited)

	Three Months Ended				Nine Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net sales	$	108,890	$	85,908	$	300,484	$	222,570
Cost of sales (including depreciation and amortization of $6,637 and $5,477, $17,491 and $16,076 respectively)	29,821		23,444		85,546		62,521
Gross profit	79,069		62,464		214,938		160,049
Selling, general and administrative expense	69,636		50,295		173,372		131,104
Research and development expense	6,153		3,569		11,936		8,311
Restructuring costs	1,798		—		1,798		—
Change in fair value of contingent consideration	651		—		1,292		—
Depreciation and amortization	1,878		1,667		5,655		5,305
Impairment of variable interest entity assets	—		—		5,674		—
Operating (loss) income	(1,047)		6,933		15,211		15,329
Interest expense	1,347		1,880		152		7,095
Other expense (income)	757		(3,285)		2,821		(4,539)
Other expense (income)	2,104		(1,405)		2,973		2,556
(Loss) income before income taxes	(3,151)		8,338		12,238		12,773
Income tax (benefit) expense	(882)		373		759		302
Net (loss) income	(2,269)		7,965		11,479		12,471
Loss attributable to noncontrolling interest	1,198		492		8,260		1,164
Net (loss) income attributable to Bioventus Inc.	$	(1,071)	$	8,457	$	19,739	$	13,635

Net (loss) income	$	(2,269)	$	7,965	$	11,479	$	12,471
Other comprehensive (loss) income, net of tax
Change in foreign currency translation adjustments	(366)		943		(1,225)		687
Comprehensive (loss) income	(2,635)		8,908		10,254		13,158
Comprehensive loss attributable to noncontrolling interest	1,300		492		8,182		1,164
Comprehensive (loss) income attributable to Bioventus Inc.	$	(1,335)	$	9,400	$	18,436	$	14,322

Loss per share of Class A common stock⁽¹⁾:
Basic and diluted	$	(0.03)			$	(0.15)
Weighted-average shares of Class A common stock outstanding⁽¹⁾:
Basic and diluted	41,837,581				41,816,706

⁽¹⁾ Per share information for the nine months ended October 2, 2021 represents loss per share of Class A common stock and weighted-average shares of Class A common stock outstanding from February 16, 2021 through October 2, 2021, the period following Bioventus Inc.'s initial public offering and related transactions described in Note 1. Organization and Note 7. Earnings per share within the Notes to the Unaudited Condensed Consolidated Financial Statements in the Company's Quarterly Report on Form 10-Q for the quarter ended October 2, 2021.

BIOVENTUS INC.
Consolidated condensed statements of cash flows
(Amounts in thousands, unaudited)

	Three Months Ended				Nine Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Operating activities:
Net (loss) income	$	(2,269)	$	7,965	$	11,479	$	12,471
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization	8,522		7,276		23,185		21,789
Equity-based compensation	5,938		7,390		(10,621)		619
Change in fair value of contingent consideration	651		—		1,292		—
Change in fair value of Equity Participation Rights	—		—		(2,774)		(788)
Change in fair value of interest rate swap	(81)		(21)		(1,391)		1,980
Impairments related to variable interest entity	—		—		7,043		—
Other, net	404		(205)		(210)		823
Changes in working capital	(2,578)		(1,164)		(18,129)		9,858
Net cash from operating activities - continuing operations	10,587		21,241		9,874		46,752
Net cash from operating activities - discontinued operations	—		(400)		—		(400)
Net cash from operating activities	10,587		20,841		9,874		46,352
Investing activities:
Purchase of Bioness, Inc., net of cash acquired	(1,000)		—		(46,790)		—
Investments	(11,124)		(16,630)		(11,124)		(16,630)
Purchase of property and equipment	(1,926)		(1,281)		(4,568)		(2,331)
Other	864		152		—		—
Net cash from investing activities - continuing operations	(13,186)		(17,759)		(62,482)		(18,961)
Net cash from investing activities - discontinued operations	—		—		—		172
Net cash from investing activities	(13,186)		(17,759)		(62,482)		(18,789)
Financing activities:
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discounts and offering costs	—		—		107,777		—
Proceeds from issuance of Class A and B common stock	417		—		747		—
Borrowing on revolver	—		—		—		49,000
Payments on revolver	—		(49,000)		—		(49,000)
Payments on long-term debt	(3,750)		(2,500)		(11,250)		(5,000)
Refunds (distributions) - members	(996)		(5,616)		(183)		(14,691)
Other, net	(17)		—		(28)		—
Net cash from financing activities	(4,346)		(57,116)		97,063		(19,691)
Effect of exchange rate changes on cash	(206)		272		(377)		86
Net change in cash, cash equivalents and restricted cash	(7,151)		(53,762)		44,078		7,958
Cash, cash equivalents and restricted cash at the beginning of the period	138,068		126,240		86,839		64,520
Cash, cash equivalents and restricted cash at the end of the period	$	130,917	$	72,478	$	130,917	$	72,478

Use of Non-GAAP Financial Measures

Net Sales and International Net Sales Growth on a Constant Currency Basis

Net Sales and International Net Sales Growth on a Constant Currency Basis is a non-GAAP measure, which is calculated by translating current and prior year results at the same foreign currency exchange rate. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to facilitate the comparison sales in foreign currencies to prior periods and analyze net sales performance without the impact of changes in foreign currency exchange rates.

Organic Revenue Growth

The Company defines the term “organic revenue” as revenue in the stated period excluding the impact from business acquisitions and divestitures. The Company uses the related term “organic revenue growth” to refer to the financial performance metric of comparing the stated period organic revenue with the reported revenue of the corresponding period in the prior year. The Company believes that these non-GAAP financial measures, when taken together with our GAAP financial measures, allows the Company and its investors to better measure the Company’s performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of the Company’s performance with prior and future periods and relative comparisons to its peers. The Company excludes the effect of acquisitions and divestitures because these activities can have a significant impact on the Company's reported results, which the Company believes makes comparisons of long-term performance trends difficult for management and investors.

Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Earnings per share of Class A Common Stock.

We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Earnings per share of Class A Common Stock, all non-GAAP financial measures, to supplement our financial reporting, because we believe these measures are useful indicators of our operating performance.

We define Adjusted EBITDA as net income (loss) from continuing operations before depreciation and amortization, provision of income taxes and interest expense (income), adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include equity compensation, restructuring costs, loss on debt retirement and modification, COVID-19 benefits, net, succession and transition charges, foreign currency impact, acquisitions and integration costs, inventory step-up costs, equity loss in unconsolidated investments, change in fair value of contingent consideration, impairments related to variable interest entity and other non-recurring costs. See the table below for a reconciliation of net income to Adjusted EBITDA. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties often use it in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections.

Our management uses Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin and Non-GAAP Net Income principally as measures of our operating performance and believe that these non-GAAP financial measures are useful to better understand the long term recurring performance of our core business and to facilitate comparison of our results to those of peer companies. Our management also uses these non-GAAP financial measures for planning purposes, including the preparation of our annual operating budget and financial projections.

We define Non-GAAP Gross Profit as gross profit, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold and acquisition costs in cost of goods sold. We define Non-GAAP Gross Margin as the calculated ratio of Non-GAAP Gross Profit to net sales. See the table below for a reconciliation of gross profit and gross margin to Non-GAAP Gross Profit and Gross Margin.

We define Non-GAAP Operating Income as operating income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold, amortization included in operating expenses, restructuring costs, change in fair value of contingent consideration, COVID-19 expense, succession and transition charges, acquisition and integration costs, inventory step-up costs, impairments related to variable interest entity and other non-recurring costs. Non-GAAP Operating Margin is defined as defined as Non-GAAP Operating Income divided by net sales. See the table below for a reconciliation of Operating Income and operating margin to Non-GAAP Operating Income and Non-GAAP Operating Margin.

We define Non-GAAP Operating Expense as operating expenses, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include amortization included in operating expenses, restructuring costs, change in fair value of contingent consideration, COVID-19 expense, succession and transition charges, acquisition and integration costs, impairments related to variable interest entity and other non-recurring costs. See the table below for a reconciliation of Operating Expenses to Non-GAAP Operating Expenses.

We define Non-GAAP Net Income as Net Income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold, amortization included in operating expenses, restructuring costs, change in fair value of contingent consideration, loss on debt retirement and modification, COVID-19 expense, COVID-19 income, succession and transition charges, acquisition and integration costs, inventory step-up costs, impairments related to variable interest entity and other non-recurring costs. See the table below for a reconciliation of Net Income to Non-GAAP Net Income.

We define Non-GAAP Earnings per Class A share as Earnings per Class A share, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold, amortization included in operating expenses, restructuring costs, change in fair value of contingent consideration, acquisition and integration costs and other non-recurring costs, divided by weighted average number of shares of Class A common stock outstanding during the period. See the table below for a reconciliation of loss per Class A share to Non-GAAP Earnings per Class A share.

Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited)

	Three Months Ended				Nine Months Ended
($, thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net (loss) income	$	(2,269)	$	7,965	$	11,479	$	12,471
Depreciation and amortization^(a)	8,522		7,276		23,185		21,789
Income tax (benefit) expense	(882)		373		759		302
Interest expense	1,347		1,880		152		7,095
Equity compensation^(b)	5,938		7,390		(10,621)		619
Restructuring costs^(c)	1,798		—		1,798		—
COVID-19 benefits, net^(d)	—		(3,057)		—		(4,158)
Succession and transition charges^(e)	—		771		344		5,345
Foreign currency impact^(f)	17		(98)		(47)		(58)
Acquisition and integration costs^(g)	1,575		—		6,604		—
Inventory step-up costs^(h)	—		—		2,106		—
Equity loss in unconsolidated investments⁽ⁱ⁾	419		—		1,320		—
Change in fair value of contingent consideration^(j)	651		—		1,292		—
Impairments related to variable interest entity^(k)	—		—		7,043		—
Other non-recurring costs^(l)	4,199		601		6,858		884
Adjusted EBITDA	$	21,315	$	23,101	$	52,272	$	44,289

Includes for the three months ended October 2, 2021 and September 26, 2020 and the nine months ended October 2, 2021 and September 26, 2020, respectively, depreciation and amortization of $6,637, $5,477, $17,491 and $16,076 in cost of sales and $1,878, $1,667, $5,655 and $5,305 presented in the consolidated statements of operations and comprehensive (loss) income with the balance in research and development.
The three and nine months ended October 2, 2021 primarily includes equity-based compensation expense (income) resulting from awards granted under the Company’s current equity based compensation plan (2021 Plan) and compensation costs. The nine months ended October 2, 2021 also includes the change in fair market value of accrued equity-based compensation related to the BV LLC Phantom Profits Interest Plan (Phantom Plan) due to expected pricing with our IPO. Equity compensation expenses for the three and nine months ended September 26, 2020 represents compensation from the Company’s management incentive plan and Phantom Plan as well as the change in fair market value of accrued equity-based compensation related to the plans due to the impact of the COVID-19 pandemic on our business.
Costs incurred as a result of adopting a restructuring plan for businesses recently acquired to reduce headcount, reorganize management structure and consolidate certain facilities.
Represents income resulting from the Coronavirus Aid, Relief and Economic Security ("CARES") Act offset by additional cleaning and disinfecting expenses and contract termination fees for canceled events.
Primarily represents costs related to the CEO transition.
Foreign currency impact represents realized and unrealized gains and losses from fluctuations in foreign currency and is included within other (income) loss in the consolidated statements of operations and comprehensive (loss) income.
Represents costs incurred to acquire and integrate Bioness.
Amortization of the inventory step-up associated with the Bioness acquisition.
Represents CartiHeal equity investment losses.
Represents changes in fair value of contingent consideration associated with the Bioness acquisition.
Represents loss on impairment on Harbor's long-lived assets, and the Company's investment in Harbor.
Other non-recurring costs primarily includes charges associated with strategic transactions, such as potential acquisitions and public company preparation costs, primarily accounting and legal fees.

Reconciliation of Net (Loss) Income to Non-GAAP Net Income (unaudited)

	Three Months Ended				Nine Months Ended
($, thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Net (loss) income	$	(2,269)	$	7,965	$	11,479	$	12,471
Depreciation & amortization included in cost of goods sold	6,637		5,477		17,491		16,076
Amortization included in operating expenses	1,241		1,408		3,813		4,537
Restructuring costs^(a)	1,798		—		1,798		—
Change in fair value of contingent consideration	651		—		1,292		—
COVID-19 expense^(b)	—		130		—		277
COVID-19 income^(c)	—		(3,187)		—		(4,435)
Succession and transition charges^(d)	—		771		344		5,345
Acquisition and Integration costs^(e)	1,575		—		6,604		—
Inventory step-up costs^(f)	—		—		2,106		—
Impairments related to variable interest entity^(g)	—		—		7,043		—
Other non-recurring items^(h)	4,199		—		6,858		—
Non-GAAP Net income	$	13,832	$	12,564	$	58,828	$	34,271

Costs incurred as a result of adopting a restructuring plan for businesses recently acquired to reduce headcount, reorganize management structure and consolidate certain facilities.
Additional cleaning and disinfection expenses and contract termination fees for canceled events included in operating expenses.
Represents income resulting from the Coronavirus Aid, Relief and Economic Security ("CARES") Act.
Primarily represents costs related to the CEO transition.
Represents costs incurred to acquire and integrate Bioness.
Amortization of the inventory step-up associated with the Bioness acquisition.
Represents loss on impairment on Harbor's long-lived assets, and the Company's investment in Harbor.
Other non-recurring costs primarily includes charges associated with strategic transactions, such as potential acquisitions and public company preparation costs, primarily accounting and legal fees.

Reconciliation of Loss per share of Class A Common Stock to Non-GAAP Earnings per share of Class A Common Stock (unaudited)

	Three Months Ended October 2, 2021
Weighted average Class A Common Stock outstanding, basic & diluted	41,837,581
Loss per share of Class A Common Stock (basic & diluted)	$	(0.03)
Depreciation and amortization included in cost of goods sold	0.12
Amortization included in operating expenses	0.02
Restructuring costs^(a)	0.03
Change in fair value of contingent consideration	0.01
Acquisition and Integration costs^(b)	0.03
Other non-recurring items^(c)	0.07
Non-GAAP Earnings per share of Class A Common Stock (basic & diluted)	$	0.25

Costs incurred as a result of adopting a restructuring plan for businesses recently acquired to reduce headcount, reorganize management structure and consolidate certain facilities.
Costs related to the Bioness acquisition.
Other non-recurring primarily consists of charges associated with potential strategic transactions, such as potential acquisitions.

Reconciliation of Gross Profit to Non-GAAP Gross Profit and Gross Margin to Non-GAAP Gross Margin (unaudited)

	Three Months Ended						Nine Months Ended
($, thousands)	October 2, 2021			September 26, 2020			October 2, 2021			September 26, 2020
Gross Profit	$	79,069		$	62,464		$	214,938		$	160,049
Gross Margin	72.6		%	72.7		%	71.5		%	71.9		%
Depreciation and Amortization included in cost of goods sold	6,637			5,477			17,491			16,076
Acquisition costs in cost of goods sold	—			—			2,106			—
Non-GAAP Gross Profit	$	85,706		$	67,941		$	234,535		$	176,125
Non-GAAP Gross Margin	78.7		%	79.1		%	78.1		%	79.1		%

Reconciliation of Operating (Loss) Income to Non-GAAP Operating Income and Operating Margin to Non-GAAP Operating Margin (unaudited)

	Three Months Ended						Nine Months Ended
($, thousands)	October 2, 2021			September 26, 2020			October 2, 2021			September 26, 2020
Operating (loss) income	$	(1,047)		$	6,933		$	15,211		$	15,329
Operating Margin	(1.0		%)	8.1		%	5.1		%	6.9		%
Depreciation and Amortization included in cost of goods sold	6,637			5,477			17,491			16,076
Amortization included in operating expenses	1,241			1,408			3,813			4,537
Restructuring costs^(a)	1,798			—			1,798			—
Change in fair value of contingent consideration	651			—			1,292			—
COVID-19 expense^(b)	—			130			—			277
Succession and transition charges^(c)	—			771			344			5,345
Acquisition and Integration costs^(d)	1,575			—			6,604			—
Inventory step-up costs^(e)	—			—			2,106			—
Impairments related to variable interest entity^(f)	—			—			5,674			—
Other non-recurring items^(g)	4,199			—			6,858			—
Non-GAAP Operating Income	$	15,054		$	14,719		$	61,191		$	41,564
Non-GAAP Operating Margin	13.8		%	17.1		%	20.4		%	18.7		%

Costs incurred as a result of adopting a restructuring plan for businesses recently acquired to reduce headcount, reorganize management structure and consolidate certain facilities.
Additional cleaning and disinfection expenses and contract termination fees for canceled events included in operating expenses.
Primarily represents costs related to the CEO transition.
Costs related to the Bioness acquisition.
Amortization of the inventory step-up associated with the Bioness acquisition.
Represents loss on impairment on Harbor's long-lived assets.
Other non-recurring primarily consists of charges associated with potential strategic transactions, such as potential acquisitions.

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses (unaudited)

	Three Months Ended				Nine Months Ended
($, thousands)	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Operating Expenses	$	80,116	$	55,531	$	199,727	$	144,720
Amortization included in operating expenses	1,241		1,408		3,813		4,537
Restructuring costs^(a)	1,798		—		1,798		—
Change in fair value of contingent consideration	651		—		1,292		—
COVID-19 expense^(b)	—		130		—		277
Succession and transition charges^(c)	—		771		344		5,345
Acquisition and Integration costs^(d)	1,575		—		6,604		—
Impairments related to variable interest entity^(e)	—		—		5,674		—
Other non-recurring items^(f)	4,199		—		6,858		—
Non-GAAP Operating Expenses	$	70,652	$	53,222	$	173,344	$	134,561

Costs incurred as a result of adopting a restructuring plan for businesses recently acquired to reduce headcount, reorganize management structure and consolidate certain facilities.
Additional cleaning and disinfection expenses and contract termination fees for canceled events included in operating expenses.
Primarily represents costs related to the CEO transition.
Costs related to the Bioness acquisition.
Represents loss on impairment on Harbor's long-lived assets.
Other non-recurring primarily consists of charges associated with potential strategic transactions, such as potential acquisitions.

Reconciliation of Guidance Range for Gross Profit to Non-GAAP Gross Profit and Gross Margin to Non-GAAP Gross Margin for the twelve months ending December 31, 2021

($, thousands)	2021 Guidance Low			2021 Guidance High			Twelve Months Ended December 31, 2020
Net Sales	$	425,000		$	430,000		$	321,161
Cost of Sales	123,700			125,600			87,642
Gross Profit	301,300			304,400			233,519
Gross Margin	70.9		%	70.8		%	72.7		%
Depreciation and Amortization included in cost of goods sold	25,200			26,000			21,169
Acquisition costs in cost of goods sold	4,100			4,100			—
Non-GAAP Gross Profit	$	330,600		$	334,500		$	254,688
Non-GAAP Gross Margin	77.8		%	77.8		%	79.3		%

Reconciliation of Guidance Range for Net Income to Non-GAAP Net Income for the twelve months ending December 31, 2021

($, thousands)	2021 Guidance Low		2021 Guidance High		Twelve Months Ended December 31, 2020
Net income	$	1,800	$	3,700	$	14,722
Depreciation and Amortization included in cost of goods sold	25,600		26,400		21,168
Amortization included in operating expenses	5,500		5,500		5,868
Loss on debt retirement and modification	2,000		2,000		—
COVID-19 expense	—		—		576
COVID-19 income	—		—		(4,699)
Succession & Transition	300		300		5,609
Restructuring costs	2,800		3,000		563
Acquisition and Integration costs	13,100		13,100		—
Inventory step-up costs	4,100		4,100		—
Change in fair value of contingent consideration	1,900		2,000		—
Impairments related to variable interest entity	7,000		7,000		—
Other non-recurring costs (a)	8,000		8,500		3,590
Non-GAAP Net income	$	72,100	$	75,600	$	47,397

Represents anticipated charges in connection with potential strategic investments.

Reconciliation of Guidance Range for Net Income to Adjusted EBITDA

for the twelve months ending December 31, 2021

($, thousands)	2021 Guidance Low		2021 Guidance High		Twelve Months Ended December 31, 2020
Net Income	$	1,800	$	3,700	$	14,722
Depreciation and amortization	33,700		34,500		28,643
Loss on debt retirement and modification	2,000		2,000		—
Income tax expense	2,400		2,900		1,192
Interest expense	2,800		3,000		9,751
Equity compensation	(3,900)		(3,900)		10,103
COVID-19 benefits, net	—		—		(4,123)
Succession and transition charges	300		300		5,609
Restructuring costs	2,800		3,000		563
Foreign currency impact	—		—		(117)
Equity loss in unconsolidated investments	1,800		1,800		467
Acquisition and Integration costs	13,100		13,100		—
Inventory step-up costs	4,100		4,100		—
Change in fair value of contingent consideration	1,900		2,000		—
Impairments related to variable interest entity	7,000		7,000		—
Other non-recurring costs ^(a)	8,000		8,500		5,633
Adjusted EBITDA	$	77,800	$	82,000	$	72,443

Represents anticipated charges in connection with potential strategic investments.

Investor Inquiries:
Dave Crawford
Bioventus
919-474-6787
[email protected]

by Scott Petrie

Sharon Klugewicz Joins Bioventus as Senior Vice President, Quality and Regulatory Affairs

DURHAM, NC – November 1, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, has appointed Sharon Klugewicz as Senior Vice President, Quality and Regulatory Affairs. In this role, she will be responsible for all regulatory and quality functions globally, facilitating strong alignment across commercial, operations and R&D teams.

“We are very pleased to welcome Sharon to Bioventus as she helps us integrate Misonix into the Company and lead this important function,” said Ken Reali, CEO, Bioventus. “We will leverage her significant experience in quality assurance, regulatory affairs, product development, and manufacturing operations as we continue to grow our overall business and expand globally with our offerings for pain treatment, restorative therapies and surgical solutions.”

Since 2019, Klugewicz served as Chief Operating Officer of Misonix, a global ultrasonic surgical equipment and medical technology company recently acquired by Bioventus. During her tenure, Klugewicz played a key role in the launch of the company’s revolutionary ultrasonic surgical platform, the neXus^®Ultrasonic Surgical System, in the US, EU and Canada.

Prior to that, she spent nearly seven years at Chembio Diagnostic Systems, joining first as its Vice President, QA/QC/Technical Operations, before being promoted to COO, then later President, Americas Region. She served as the company’s interim CEO for five months in 2017 and was later named Chief Quality & Regulatory Affairs Officer. Klugewicz began her career at Pall Corporation in 1991 serving in several progressive technical, marketing and quality roles during her 21 year tenure with the company’s Medical, Biopharmaceuticals, and Life Sciences Divisions. In 2009, she was promoted to Senior Vice President, Global Scientific & Laboratory Services and led that function until 2012.

Klugewicz received a Master of Science in Biochemistry from Adelphi University and a Bachelor of Science in Neurobiology from Stony Brook University.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning Bioventus’s future growth, strategy and integration of Misonix. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner, including the Misonix acquisition; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’s Annual Report on Form 10-K for the period ended December 31, 2020, as updated by Bioventus’s Quarterly Report on Form 10-Q for the period ended July 3, 2021 and as such factors may be updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Inquiries:
Dave Crawford
Bioventus
919-474-6787
[email protected]

by Scott Petrie

Bioventus Completes the Acquisition of Misonix

DURHAM, NC – October 29, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, has completed the acquisition of Misonix, Inc. (“Misonix”), a provider of minimally invasive therapeutic ultrasonic technologies and regenerative medicine that are designed to enhance clinical outcomes, for cash and common stock. Pursuant to the terms of the merger agreement, Misonix has become a wholly owned subsidiary of Bioventus.

As of the effective time of the transaction, Misonix stockholders have the right to receive either (i) 1.6839 shares of Bioventus class A common stock or (ii) $28.00 in cash, without interest, for each share of Misonix common stock they hold, subject to proration based on an aggregate maximum cash amount payable by Bioventus equal to $10.50 per share of Misonix common stock outstanding shortly prior to the completion of the transaction.

The completed transaction creates a high growth medical device company that will conduct business as Bioventus Inc. With a $15B total addressable market and the ability to gain significant market share across multiple surgical applications as well as wound healing the combined organization can deliver consistent double digit revenue growth. The acquisition is directly aligned with Bioventus’ mission of delivering innovations for active healing to patients and providers. The deal also furthers the Company’s strategy of accelerated revenue growth through acquisitions that leverage the Company’s existing infrastructure. Together the Company will have a significant sales force focused across surgical applications in spinal fusion, neurosurgery of the cranium and wound treatments including diabetic foot ulcers.

“The commercial reach of the new Bioventus is significantly broader, deeper and even more global. The acquisition has significant revenue growth opportunities via sales call point synergies that we share with Misonix including spinal and lower extremity surgeons. We expect it will accelerate the adoption of the recently launched neXus^® platform used to facilitate ultrasonic procedures across spinal decompressions using the BoneScalpel^®, SonaStar^® for tumor ablation in the cranium and SonicOne^® for tissue debridement in chronic wounds. Leading wound products including TheraSkin^® will now be available to the entire customer continuum from the office to the wound centers,” said Ken Reali, CEO, Bioventus. “The combination with Misonix allows us to go deeper with our customer base leveraging our infrastructure and benefiting patients, physicians, surgeons as well as our more than 1,200 employees worldwide.”

Governance
Stavros Vizirgianakis and Patrick Beyer, each of whom were members of Misonix’s Board of Directors, have joined the Bioventus Board of Directors as of the closing of the transaction.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning Bioventus’s future growth and strategy and the benefits of the Misonix acquisition. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner, including the Misonix acquisition; competition against other companies; 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; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’s Annual Report on Form 10-K for the period ended December 31, 2020, as updated by Bioventus’s Quarterly Report on Form 10-Q for the period ended July 3, 2021 and as such factors may be updated from time to time in Bioventus’ other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.

Investor Inquiries:
Dave Crawford
Bioventus
919-474-6787
[email protected]

by Scott Petrie

Bioventus to Release Third Quarter of Fiscal Year 2021 Financial Results on November 9, 2021

DURHAM, NC – October 27, 2021 – Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today announced that third quarter of fiscal year 2021 financial results will be released before the market opens on Tuesday, November 9, 2021.

Management will host a conference call to discuss its financial results and provide a business update, with a question and answer session, at 8:30 a.m. Eastern Time on November 9, 2021. Those who would like to participate may dial 844-945-2085 (442-268-1266 for international callers) and provide access code 9652759. A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company’s website at https://ir.bioventus.com/.

The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until November 9, 2022.

About Bioventus
Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for pain treatment, restorative therapies and bone graft substitutes. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com, and follow the Company on LinkedIn and Twitter. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC.

Investor Inquiries:
Dave Crawford
919-474-6787
[email protected]

by Scott Petrie