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Bioventus reported 2Q23 orthopedic sales of $117.4 million, -1.9% compared to the second quarter of 2022. The company generated $224.9 million in orthopedic sales in the first half of 2023, -1.3% compared to the first half of 2022.
Through the first half of the year, the company significantly improved its financial position with adjusted EBITDA growth of 50% while paying down debt. Bioventus was able to achieve revenue within expected ranges while keeping tight control of costs.
The move from wholesale acquisition cost to average selling price continued to impact the company’s HA pain treatment business. However, double-digit volume growth from DUROLANE and SUPARTZ offset the losses.
Bone graft substitute sales growth slowed due to increased distributor churn, but the company expects growth to accelerate in the second half. Bioventus sought to re-engage with surgeons and get newer reps up to speed on its EXOGEN product after salesforce realignment last year.
The company furthered dialogue with its Board of Directors to assess areas for focused investment and growth or potential divestment. “We’ve narrowed our focus,” said Bioventus CEO Tony Bihl. “We are focused on the desire to reduce debt, to simplify the business, to enable appropriate investment in all of our remaining businesses. If we can achieve a deal that substantially reduces our debt and it’s accretive to improving our leverage ratio, that sounds good to us.”
Bioventus expects total sales, inclusive of non-orthopedic products, between $490 million and $505 million for 2023, representing declines between -4.3% and -1.4%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $89.8 | $90.3 | ($0.5) | (0.6%) |
| Other (Bone Sitm) | $27.6 | $29.3 | ($1.7) | (5.8%) |
| Total | $117.4 | $119.6 | ($2.2) | (1.9%) |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $170.8 | $173.3 | ($2.5) | (1.4%) |
| Other (Bone Sitm) | $54.2 | $54.6 | ($0.5) | (0.9%) |
| Total | $224.9 | $227.9 | ($3.0) | (1.3%) |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $103.5 | $107.7 | ($4.2) | (3.9%) |
| OUS | $13.9 | $12.0 | $1.9 | 16.3% |
| Total | $117.4 | $119.6 | ($2.2) | (1.9%) |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $197.4 | $203.8 | ($6.3) | (3.1%) |
| OUS | $27.5 | $24.1 | $3.4 | 14% |
| Total | $224.9 | $227.9 | ($3.0) | (1.3%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $137.1 | |
| Cost of Sales | $47.9 | 35% |
| Selling and Admin | $74.8 | 54.6% |
| R&D | $3.4 | 2.5% |
| Other | $14.6 | 10.6% |
| Net Earnings | ($3.7) | (2.7%) |
Bioventus reported 2Q23 orthopedic sales of $117.4 million, -1.9% compared to the second quarter of 2022. The company generated $224.9 million in orthopedic sales in the first half of 2023, -1.3% compared to the first half of 2022.
Through the first half of the year, the company significantly improved its financial position with adjusted...
Bioventus reported 2Q23 orthopedic sales of $117.4 million, -1.9% compared to the second quarter of 2022. The company generated $224.9 million in orthopedic sales in the first half of 2023, -1.3% compared to the first half of 2022.
Through the first half of the year, the company significantly improved its financial position with adjusted EBITDA growth of 50% while paying down debt. Bioventus was able to achieve revenue within expected ranges while keeping tight control of costs.
The move from wholesale acquisition cost to average selling price continued to impact the company’s HA pain treatment business. However, double-digit volume growth from DUROLANE and SUPARTZ offset the losses.
Bone graft substitute sales growth slowed due to increased distributor churn, but the company expects growth to accelerate in the second half. Bioventus sought to re-engage with surgeons and get newer reps up to speed on its EXOGEN product after salesforce realignment last year.
The company furthered dialogue with its Board of Directors to assess areas for focused investment and growth or potential divestment. “We’ve narrowed our focus,” said Bioventus CEO Tony Bihl. “We are focused on the desire to reduce debt, to simplify the business, to enable appropriate investment in all of our remaining businesses. If we can achieve a deal that substantially reduces our debt and it’s accretive to improving our leverage ratio, that sounds good to us.”
Bioventus expects total sales, inclusive of non-orthopedic products, between $490 million and $505 million for 2023, representing declines between -4.3% and -1.4%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $89.8 | $90.3 | ($0.5) | (0.6%) |
| Other (Bone Sitm) | $27.6 | $29.3 | ($1.7) | (5.8%) |
| Total | $117.4 | $119.6 | ($2.2) | (1.9%) |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $170.8 | $173.3 | ($2.5) | (1.4%) |
| Other (Bone Sitm) | $54.2 | $54.6 | ($0.5) | (0.9%) |
| Total | $224.9 | $227.9 | ($3.0) | (1.3%) |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $103.5 | $107.7 | ($4.2) | (3.9%) |
| OUS | $13.9 | $12.0 | $1.9 | 16.3% |
| Total | $117.4 | $119.6 | ($2.2) | (1.9%) |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $197.4 | $203.8 | ($6.3) | (3.1%) |
| OUS | $27.5 | $24.1 | $3.4 | 14% |
| Total | $224.9 | $227.9 | ($3.0) | (1.3%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $137.1 | |
| Cost of Sales | $47.9 | 35% |
| Selling and Admin | $74.8 | 54.6% |
| R&D | $3.4 | 2.5% |
| Other | $14.6 | 10.6% |
| Net Earnings | ($3.7) | (2.7%) |
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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.
