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Bioventus reported 3Q23 orthopedic sales of $110.1 million, +2.5% compared to the third quarter of 2022. For the first nine months of the year, the company generated $335.1 million in orthopedic sales, -0.1% compared to the prior year.
Double-digit volume gains for DUROLANE helped offset ongoing average selling price declines for both DUROLANE and GELSYN. The return to growth for Bioventus’ hyaluronic acid treatments comes a quarter earlier than expected. The company expects the segment to grow in the mid- to high-single digits in 2024.
Bone graft substitutes recovered more slowly than expected due to channel overlap and conflict. Starting with the fourth quarter Bioventus put its BGS sales solely in the hands of its distributors, while its direct sales reps focused on ultrasonic products.
EXOGEN sales declined slightly as the company looks to reengage with customers after a sales force realignment last year.
Bioventus expects 2023 total sales between $490 million and $505 million, representing a decline of -2.9% at the mid-point.
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $80.3 | $76.9 | $3.5 | 4.5% |
| Other (Sitm Products) | $29.8 | $30.6 | ($0.8) | (2.7%) |
| Total | $110.1 | $107.5 | $2.6 | 2.5% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $251.1 | $250.1 | $1.0 | 0.4% |
| Other (Sitm Products) | $84.0 | $85.3 | ($1.3) | (1.5%) |
| Total | $335.1 | $335.4 | ($0.3) | (0.1%) |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $96.9 | $97.2 | ($0.3) | (0.3%) |
| OUS | $13.3 | $10.3 | $2.9 | 28.5% |
| Total | $110.1 | $107.5 | $2.6 | 2.5% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $294.3 | $300.9 | ($6.6) | (2.2%) |
| OUS | $40.8 | $34.5 | $6.3 | 18.3% |
| Total | $335.1 | $335.4 | ($0.3) | (0.1%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $120.8 | |
| Cost of Sales | $41.9 | 34.7% |
| Selling and Admin | $69.8 | 57.8% |
| R&D | $3.0 | 2.5% |
| Other | $13.3 | 11% |
| Net Earnings | ($7.3) | (6%) |
Bioventus reported 3Q23 orthopedic sales of $110.1 million, +2.5% compared to the third quarter of 2022. For the first nine months of the year, the company generated $335.1 million in orthopedic sales, -0.1% compared to the prior year.
Double-digit volume gains for DUROLANE helped offset ongoing average selling price declines for both...
Bioventus reported 3Q23 orthopedic sales of $110.1 million, +2.5% compared to the third quarter of 2022. For the first nine months of the year, the company generated $335.1 million in orthopedic sales, -0.1% compared to the prior year.
Double-digit volume gains for DUROLANE helped offset ongoing average selling price declines for both DUROLANE and GELSYN. The return to growth for Bioventus’ hyaluronic acid treatments comes a quarter earlier than expected. The company expects the segment to grow in the mid- to high-single digits in 2024.
Bone graft substitutes recovered more slowly than expected due to channel overlap and conflict. Starting with the fourth quarter Bioventus put its BGS sales solely in the hands of its distributors, while its direct sales reps focused on ultrasonic products.
EXOGEN sales declined slightly as the company looks to reengage with customers after a sales force realignment last year.
Bioventus expects 2023 total sales between $490 million and $505 million, representing a decline of -2.9% at the mid-point.
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $80.3 | $76.9 | $3.5 | 4.5% |
| Other (Sitm Products) | $29.8 | $30.6 | ($0.8) | (2.7%) |
| Total | $110.1 | $107.5 | $2.6 | 2.5% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $251.1 | $250.1 | $1.0 | 0.4% |
| Other (Sitm Products) | $84.0 | $85.3 | ($1.3) | (1.5%) |
| Total | $335.1 | $335.4 | ($0.3) | (0.1%) |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $96.9 | $97.2 | ($0.3) | (0.3%) |
| OUS | $13.3 | $10.3 | $2.9 | 28.5% |
| Total | $110.1 | $107.5 | $2.6 | 2.5% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $294.3 | $300.9 | ($6.6) | (2.2%) |
| OUS | $40.8 | $34.5 | $6.3 | 18.3% |
| Total | $335.1 | $335.4 | ($0.3) | (0.1%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $120.8 | |
| Cost of Sales | $41.9 | 34.7% |
| Selling and Admin | $69.8 | 57.8% |
| R&D | $3.0 | 2.5% |
| Other | $13.3 | 11% |
| Net Earnings | ($7.3) | (6%) |
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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.
