Bioventus Reports $573.3 Million in Net Sales for Fiscal Year 2024, Significant Loss Reduction

Bioventus Inc. reported net sales of $573.3 million for the fiscal year ended December 31, 2024, a 11.9% increase compared to $512.3 million in 2023. The company's net loss from continuing operations was $43.8 million in 2024, a significant improvement from a loss of $121.2 million in 2023. Adjusted EBITDA, a non-GAAP measure, increased to $108.9 million in 2024 from $88.9 million in 2023. The improvement in profitability was partially attributed to the divestiture of the Advanced Rehabilitation Business and the Wound Business.

Significant changes compared to the previous fiscal year included a 12.7% increase in U.S. net sales, driven primarily by growth in Pain Treatments (18.7% increase) and Surgical Solutions (18.2% increase), partially offset by a 5.3% decrease in Restorative Therapies due to divestitures and lower volume in certain product lines. International net sales increased by 6.4%, primarily due to volume growth in Pain Treatments and Surgical Solutions. The company also reclassified SonicOne revenue from Restorative Therapies to Surgical Solutions during the first quarter of 2024. Impairment charges related to the divestitures of the Advanced Rehabilitation and Wound Businesses significantly impacted the company's overall financial results.

Strategic developments during the year included the divestiture of the Advanced Rehabilitation Business for $24.7 million (net of fees), with potential for additional earn-out payments. The company also completed the sale of certain assets within its Wound Business for $84.7 million (including potential earn-out payments). The Allograft Delivery Device, a customized delivery system for the OSTEOAMP Flowable product, received FDA clearance in June 2024. The company also received EU MDR certification for its EXOGEN Bone Stimulation System in April 2024.

Operationally, Bioventus had approximately 930 employees as of December 31, 2024, with 98 employees located outside the United States. The company's product portfolio includes hyaluronic acid injections for knee osteoarthritis, peripheral nerve stimulation devices, ultrasonic surgical systems, bone graft substitutes, and bone growth stimulators. The company faces significant competition in the medical device industry and is subject to extensive governmental regulation in the United States and internationally. The company's financial performance was also impacted by shareholder litigation, resulting in a $15.3 million settlement.

Bioventus' outlook is dependent on several factors, including continued market acceptance of its products, successful development and commercialization of new products, and maintaining adequate levels of coverage and reimbursement from third-party payers. The company anticipates continued investment in research and development and strategic growth in international markets. The company also faces various risks, including those related to its financial position, dependence on a limited number of products, competition, governmental regulation, and intellectual property protection, as detailed in the 10-K filing.