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Bioventus reported 3Q22 orthopedic revenue of $115.8 million, +20.5% compared to the third quarter of 2021.
The company lowered its 2022 guidance by $25.5 million, to a revised range of $527 million to $532 million. Reimbursement changes to hyaluronic acid (HA) therapies combined with salesforce realignment and supply chain issues in its Restorative Therapies business caused the reduction.
Bioventus’ Gelsyn three-injection HA treatment sustained a significant impact from Medicare’s mid-2022 reimbursement change to average selling pricing reporting.
Durolane, the company’s single-injection treatment, remained unaffected by the change. However, Bioventus experienced volatility in its broader HA portfolio due to customer ordering patterns and higher-than-normal rebate claims due to a private payor error.
The company still sees a clear path to the number one market position in HA treatments. Bioventus CEO Ken Reali cited four factors: exclusive and preferred payer contracts, a complete portfolio, Durolane’s clinical differentiation and the largest salesforce in the space.
After an acquisitive year that brought Bioness, Misonix and CartiHeal into the fold, Bioventus is pausing further M&A activity. Additionally, the company undertook a comprehensive review of spending to carefully manage its resources.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $85.1 | $77.8 | $7.3 | 9.4% |
| Other (Stim Products) | $30.7 | $18.3 | $12.4 | 67.9% |
| Total | $115.8 | $96.1 | $19.7 | 20.5% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $258.4 | $214.8 | $43.6 | 20.3% |
| Other (Stim Products) | $85.3 | $59.9 | $25.4 | 42.5% |
| Total | $343.7 | $274.7 | $69.0 | 25.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $105.4 | $87.5 | $17.8 | 20.4% |
| OUS | $10.5 | $8.6 | $1.9 | 21.8% |
| Total | $115.8 | $96.1 | $19.7 | 20.5% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $309.1 | $249.0 | $60.1 | 24.1% |
| OUS | $34.6 | $25.6 | $9.0 | 34.9% |
| Total | $343.7 | $274.7 | $69.0 | 25.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $137.1 | |
| Cost of Sales | $45.3 | 33.1% |
| Selling and Admin | $84.3 | 61.5% |
| R&D | $6.4 | 4.7% |
| Other | ($0.2) | (0.2%) |
| Net Earnings | $1.2 | 0.9% |
Bioventus reported 3Q22 orthopedic revenue of $115.8 million, +20.5% compared to the third quarter of 2021.
The company lowered its 2022 guidance by $25.5 million, to a revised range of $527 million to $532 million. Reimbursement changes to hyaluronic acid (HA) therapies combined with salesforce realignment and supply chain issues in its...
Bioventus reported 3Q22 orthopedic revenue of $115.8 million, +20.5% compared to the third quarter of 2021.
The company lowered its 2022 guidance by $25.5 million, to a revised range of $527 million to $532 million. Reimbursement changes to hyaluronic acid (HA) therapies combined with salesforce realignment and supply chain issues in its Restorative Therapies business caused the reduction.
Bioventus’ Gelsyn three-injection HA treatment sustained a significant impact from Medicare’s mid-2022 reimbursement change to average selling pricing reporting.
Durolane, the company’s single-injection treatment, remained unaffected by the change. However, Bioventus experienced volatility in its broader HA portfolio due to customer ordering patterns and higher-than-normal rebate claims due to a private payor error.
The company still sees a clear path to the number one market position in HA treatments. Bioventus CEO Ken Reali cited four factors: exclusive and preferred payer contracts, a complete portfolio, Durolane’s clinical differentiation and the largest salesforce in the space.
After an acquisitive year that brought Bioness, Misonix and CartiHeal into the fold, Bioventus is pausing further M&A activity. Additionally, the company undertook a comprehensive review of spending to carefully manage its resources.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $85.1 | $77.8 | $7.3 | 9.4% |
| Other (Stim Products) | $30.7 | $18.3 | $12.4 | 67.9% |
| Total | $115.8 | $96.1 | $19.7 | 20.5% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $258.4 | $214.8 | $43.6 | 20.3% |
| Other (Stim Products) | $85.3 | $59.9 | $25.4 | 42.5% |
| Total | $343.7 | $274.7 | $69.0 | 25.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $105.4 | $87.5 | $17.8 | 20.4% |
| OUS | $10.5 | $8.6 | $1.9 | 21.8% |
| Total | $115.8 | $96.1 | $19.7 | 20.5% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $309.1 | $249.0 | $60.1 | 24.1% |
| OUS | $34.6 | $25.6 | $9.0 | 34.9% |
| Total | $343.7 | $274.7 | $69.0 | 25.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $137.1 | |
| Cost of Sales | $45.3 | 33.1% |
| Selling and Admin | $84.3 | 61.5% |
| R&D | $6.4 | 4.7% |
| Other | ($0.2) | (0.2%) |
| Net Earnings | $1.2 | 0.9% |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
