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Bioventus reported 1Q24 orthopedic sales of $112.5 million, up 14.6% compared to the first quarter of 2023.
The company drove strong results for its non-surgical hyaluronic acid (HA) pain treatments and surgical bone graft substitutes (BGS), with both growing in the double digits.
With reimbursement headwinds now behind Bioventus’ HA business, the company leveraged DUROLANE’s significant volume growth, which now accounts for a third of its total HA revenue.
“The awareness and recognition of DUROLANE’s compelling clinical differentiation is spreading,” said Bioventus CEO Robert Claypoole. Bioventus also has the largest fully dedicated HA commercial team in the US. These volume growth drivers will be supported by continued sequential price increases that we expect will ramp up during the second half of this year. We currently only have about a 25% market share in the single-injection market, which further enables us to grow our HA business well above market over the next few years.”
Bioventus also sees untapped potential in its international markets and expects durable, double-digit growth as its presence builds in those markets.
The company expects 2024 total sales between $535 million and $550 million, with its HA and BGS businesses growing in the double digits.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $85.6 | $72.3 | $13.3 | 18.3% |
| Other | $26.9 | $25.8 | $1.1 | 4.2% |
| Total | $112.5 | $98.2 | $14.3 | 14.6% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $99.4 | $85.7 | $13.7 | 16% |
| OUS | $13.1 | $12.4 | $0.6 | 5.1% |
| Total | $112.5 | $98.2 | $14.3 | 14.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $129.3 | |
| Cost of Sales | $41.1 | 31.8% |
| Selling and Admin | $78.4 | 60.6% |
| R&D | $2.6 | 2% |
| Other | $11.8 | 9.1% |
| Net Earnings | ($4.6) | (3.5%) |
Bioventus reported 1Q24 orthopedic sales of $112.5 million, up 14.6% compared to the first quarter of 2023.
The company drove strong results for its non-surgical hyaluronic acid (HA) pain treatments and surgical bone graft substitutes (BGS), with both growing in the double digits.
With reimbursement headwinds now behind Bioventus' HA...
Bioventus reported 1Q24 orthopedic sales of $112.5 million, up 14.6% compared to the first quarter of 2023.
The company drove strong results for its non-surgical hyaluronic acid (HA) pain treatments and surgical bone graft substitutes (BGS), with both growing in the double digits.
With reimbursement headwinds now behind Bioventus’ HA business, the company leveraged DUROLANE’s significant volume growth, which now accounts for a third of its total HA revenue.
“The awareness and recognition of DUROLANE’s compelling clinical differentiation is spreading,” said Bioventus CEO Robert Claypoole. Bioventus also has the largest fully dedicated HA commercial team in the US. These volume growth drivers will be supported by continued sequential price increases that we expect will ramp up during the second half of this year. We currently only have about a 25% market share in the single-injection market, which further enables us to grow our HA business well above market over the next few years.”
Bioventus also sees untapped potential in its international markets and expects durable, double-digit growth as its presence builds in those markets.
The company expects 2024 total sales between $535 million and $550 million, with its HA and BGS businesses growing in the double digits.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Orthobiologics | $85.6 | $72.3 | $13.3 | 18.3% |
| Other | $26.9 | $25.8 | $1.1 | 4.2% |
| Total | $112.5 | $98.2 | $14.3 | 14.6% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $99.4 | $85.7 | $13.7 | 16% |
| OUS | $13.1 | $12.4 | $0.6 | 5.1% |
| Total | $112.5 | $98.2 | $14.3 | 14.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $129.3 | |
| Cost of Sales | $41.1 | 31.8% |
| Selling and Admin | $78.4 | 60.6% |
| R&D | $2.6 | 2% |
| Other | $11.8 | 9.1% |
| Net Earnings | ($4.6) | (3.5%) |
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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.
