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Bioventus reported 4Q23 orthopedic sales of $119 million, +13.5% compared to the fourth quarter of 2022. The company generated $454.1 million in orthopedic sales in 2023, growing 3.2% compared to the prior year.
New CEO Rob Claypoole laid out the company’s three priorities for 2024: accelerate revenue growth, improve operational efficiency and improve cash flow and liquidity.
Double-digit volume growth for DUROLANE combined with improving pricing will be key to accelerating revenue in 2024. Bioventus’ strong contract position helps assume that the volume growth will continue through 2024.
“We have a really strong contract position that is driving a lot of the volume growth,” said Bioventus CFO Mark Singleton. “The sales team is doing a great job of executing around these contracts and pulling in the other, more profitable volume around the contracts. We expect that to continue into 2024.”
Operationally, Bioventus aims to streamline the organization after several acquisitions and has a significant opportunity to better integrate business processes. Cash flow and liquidity are metrics in the leadership teams’ incentive compensation and the company expects a material change in operating cash flow and inventory reduction in the second half.
For 2024, the company expects total revenue between $520 million and $535 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $89.4 | $76.2 | $13.2 | 17.4% |
| Other | $29.6 | $28.7 | $1.0 | 3.4% |
| Total | $119.0 | $104.8 | $14.2 | 13.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $340.5 | $326.3 | $14.2 | 4.4% |
| Other | $113.6 | $113.9 | ($0.3) | (0.3%) |
| Total | $454.1 | $440.2 | $13.9 | 3.2% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $104.4 | $90.5 | $14.0 | 15.4% |
| OUS | $14.6 | $14.4 | $0.2 | 1.5% |
| Total | $119.0 | $104.8 | $14.2 | 13.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $398.7 | $391.4 | $7.3 | 1.9% |
| OUS | $55.4 | $48.9 | $6.5 | 13.4% |
| Total | $454.1 | $440.2 | $13.9 | 3.2% |
Company Earnings
Bioventus reported 4Q23 orthopedic sales of $119 million, +13.5% compared to the fourth quarter of 2022. The company generated $454.1 million in orthopedic sales in 2023, growing 3.2% compared to the prior year.
New CEO Rob Claypoole laid out the company’s three priorities for 2024: accelerate revenue growth, improve operational efficiency...
Bioventus reported 4Q23 orthopedic sales of $119 million, +13.5% compared to the fourth quarter of 2022. The company generated $454.1 million in orthopedic sales in 2023, growing 3.2% compared to the prior year.
New CEO Rob Claypoole laid out the company’s three priorities for 2024: accelerate revenue growth, improve operational efficiency and improve cash flow and liquidity.
Double-digit volume growth for DUROLANE combined with improving pricing will be key to accelerating revenue in 2024. Bioventus’ strong contract position helps assume that the volume growth will continue through 2024.
“We have a really strong contract position that is driving a lot of the volume growth,” said Bioventus CFO Mark Singleton. “The sales team is doing a great job of executing around these contracts and pulling in the other, more profitable volume around the contracts. We expect that to continue into 2024.”
Operationally, Bioventus aims to streamline the organization after several acquisitions and has a significant opportunity to better integrate business processes. Cash flow and liquidity are metrics in the leadership teams’ incentive compensation and the company expects a material change in operating cash flow and inventory reduction in the second half.
For 2024, the company expects total revenue between $520 million and $535 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $89.4 | $76.2 | $13.2 | 17.4% |
| Other | $29.6 | $28.7 | $1.0 | 3.4% |
| Total | $119.0 | $104.8 | $14.2 | 13.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $340.5 | $326.3 | $14.2 | 4.4% |
| Other | $113.6 | $113.9 | ($0.3) | (0.3%) |
| Total | $454.1 | $440.2 | $13.9 | 3.2% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $104.4 | $90.5 | $14.0 | 15.4% |
| OUS | $14.6 | $14.4 | $0.2 | 1.5% |
| Total | $119.0 | $104.8 | $14.2 | 13.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $398.7 | $391.4 | $7.3 | 1.9% |
| OUS | $55.4 | $48.9 | $6.5 | 13.4% |
| Total | $454.1 | $440.2 | $13.9 | 3.2% |
Company Earnings
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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.
