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Bioventus reported 1Q23 orthopedic sales of $107.5 million, -0.7% compared to the first quarter of 2022.
After a challenging 2022, interim CEO Tony Bihl identified three focus areas to turn the company around: a strategic revenue of recent headwinds impacting the hyaluronic acid franchise, evaluating divesture options for non-core assets and exploring options to further increase profitability.
“The thing that got us was process,” said Mr. Bihl. “All that we did in the acquisitions and maybe the IPO collectively overwhelmed the processes of the company. The learning is that taking on too much at once without understanding all of the aspects of the impact of those things just overwhelms the organization, but it’s fixable.”
Bioventus expects its HA franchise will continue working through “dark clouds” until the fourth quarter or early 2024. The company continued its strong bone graft substitute sales despite falling a bit behind the curve in adding new distributors. Sales in that business will be softer in the second quarter because of the distributor gap.
Mr. Bihl said his role is to stabilize the team and build upon the positive elements of the company’s growth plan to rebuild its balance sheet over the next several quarters.
Bioventus will provide 2023 revenue guidance later in the year as it considers the impacts of recent changes.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $81.0 | $82.9 | ($2.0) | (2.4%) |
| Other | $26.6 | $25.4 | $1.2 | 4.9% |
| Total | $107.5 | $108.3 | ($0.7) | (0.7%) |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $93.9 | $96.1 | ($2.2) | (2.3%) |
| OUS | $13.6 | $12.2 | $1.4 | 11.7% |
| Total | $107.5 | $108.3 | ($0.7) | (0.7%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $119.1 | |
| Cost of Sales | $45.1 | 37.9% |
| Selling and Admin | $80.9 | 67.9% |
| R&D | $3.8 | 3.2% |
| Other | $128.4 | 107.9% |
| Net Earnings | ($139.2) | (116.9%) |
Bioventus reported 1Q23 orthopedic sales of $107.5 million, -0.7% compared to the first quarter of 2022.
After a challenging 2022, interim CEO Tony Bihl identified three focus areas to turn the company around: a strategic revenue of recent headwinds impacting the hyaluronic acid franchise, evaluating divesture options for non-core assets...
Bioventus reported 1Q23 orthopedic sales of $107.5 million, -0.7% compared to the first quarter of 2022.
After a challenging 2022, interim CEO Tony Bihl identified three focus areas to turn the company around: a strategic revenue of recent headwinds impacting the hyaluronic acid franchise, evaluating divesture options for non-core assets and exploring options to further increase profitability.
“The thing that got us was process,” said Mr. Bihl. “All that we did in the acquisitions and maybe the IPO collectively overwhelmed the processes of the company. The learning is that taking on too much at once without understanding all of the aspects of the impact of those things just overwhelms the organization, but it’s fixable.”
Bioventus expects its HA franchise will continue working through “dark clouds” until the fourth quarter or early 2024. The company continued its strong bone graft substitute sales despite falling a bit behind the curve in adding new distributors. Sales in that business will be softer in the second quarter because of the distributor gap.
Mr. Bihl said his role is to stabilize the team and build upon the positive elements of the company’s growth plan to rebuild its balance sheet over the next several quarters.
Bioventus will provide 2023 revenue guidance later in the year as it considers the impacts of recent changes.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $81.0 | $82.9 | ($2.0) | (2.4%) |
| Other | $26.6 | $25.4 | $1.2 | 4.9% |
| Total | $107.5 | $108.3 | ($0.7) | (0.7%) |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $93.9 | $96.1 | ($2.2) | (2.3%) |
| OUS | $13.6 | $12.2 | $1.4 | 11.7% |
| Total | $107.5 | $108.3 | ($0.7) | (0.7%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $119.1 | |
| Cost of Sales | $45.1 | 37.9% |
| Selling and Admin | $80.9 | 67.9% |
| R&D | $3.8 | 3.2% |
| Other | $128.4 | 107.9% |
| Net Earnings | ($139.2) | (116.9%) |
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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.
