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Bioventus Inc (BVS)
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Upturn Advisory Summary
01/13/2025: BVS (4-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 79.57% | Avg. Invested days 36 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance 3.0 | Stock Returns Performance 4.0 |
Profits based on simulation | Last Close 01/13/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 606.61M USD | Price to earnings Ratio - | 1Y Target Price 15 |
Price to earnings Ratio - | 1Y Target Price 15 | ||
Volume (30-day avg) 299638 | Beta 0.88 | 52 Weeks Range 3.90 - 14.38 | Updated Date 01/13/2025 |
52 Weeks Range 3.90 - 14.38 | Updated Date 01/13/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.61 |
Revenue by Products
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -7.11% | Operating Margin (TTM) 4.78% |
Management Effectiveness
Return on Assets (TTM) 2.48% | Return on Equity (TTM) -24.76% |
Valuation
Trailing PE - | Forward PE 14.73 | Enterprise Value 947126462 | Price to Sales(TTM) 1.09 |
Enterprise Value 947126462 | Price to Sales(TTM) 1.09 | ||
Enterprise Value to Revenue 1.71 | Enterprise Value to EBITDA 29.67 | Shares Outstanding 65367800 | Shares Floating 35558792 |
Shares Outstanding 65367800 | Shares Floating 35558792 | ||
Percent Insiders 11.55 | Percent Institutions 69.86 |
AI Summary
Bioventus Inc. - Comprehensive Overview
Company Profile
Detailed History and Background:
Bioventus Inc. (BVS) is a medical device company founded in 2009 and headquartered in Durham, North Carolina. The company focuses on developing and commercializing products for active healing in the orthobiologics and restorative therapies markets.
Previously known as Smith & Nephew's Bioventus Group, BVS became an independent public company in 2013. Since then, it has acquired several companies and expanded its product portfolio to address a broader range of musculoskeletal conditions.
Core Business Areas:
Bioventus operates in two primary business areas:
- Orthobiologics: This segment focuses on products that promote healing and regeneration of musculoskeletal tissues. Key products include DUROLANE, EXOGEN, and GELSYN-3.
- Restorative Therapies: This segment offers products for pain management and joint health. Key products include the SUPERA™, VIVEX™, and CONSTRACAST™ product lines.
Leadership and Corporate Structure:
Bioventus is led by CEO Ken Reali, who has extensive experience in the medical device industry. The company's leadership team also includes Chief Financial Officer (CFO) Julie Schweiker and Chief Technology Officer (CTO) Daniel Ostiguy. BVS operates through a decentralized structure with dedicated teams for each business segment and function.
Top Products and Market Share
Top Products and Offerings:
- DUROLANE: A single-injection hyaluronic acid gel for knee osteoarthritis treatment.
- EXOGEN: An ultrasound bone healing stimulation device.
- GELSYN-3: A bioabsorbable scaffold for cartilage repair.
- SUPERA: A line of hot and cold therapy products for pain management.
- VIVEX: A line of viscosupplementation products for joint lubrication.
- CONSTRACAST: A line of synthetic casting materials for bone fracture immobilization.
Market Share:
Bioventus holds a significant market share in the orthobiologics segment, particularly with DUROLANE, which is a leading hyaluronic acid product in the U.S. However, the company faces stiff competition from players like Zimmer Biomet and DePuy Synthes. In the restorative therapies segment, Bioventus faces competition from companies like Breg and Ossur.
Product Performance and Market Reception:
Bioventus's products have generally received positive reviews from healthcare professionals and patients. DUROLANE, in particular, has a strong reputation for efficacy and safety. However, some products, like EXOGEN, have faced challenges due to reimbursement issues.
Total Addressable Market
The global orthobiologics market is estimated to be worth over $7 billion, while the restorative therapies market is estimated to be worth over $11 billion. These markets are expected to grow steadily in the coming years due to the aging population and increasing prevalence of musculoskeletal conditions.
Financial Performance
Recent Financial Statements:
- Revenue: Bioventus generated revenue of $537 million in 2022, representing a 5% year-over-year increase.
- Net Income: The company's net income was $11 million in 2022, compared to a net loss of $12 million in 2021.
- Profit Margins: Bioventus's gross profit margin was 73% in 2022, while its operating profit margin was 16%.
- Earnings per Share (EPS): BVS reported EPS of $0.14 in 2022, compared to a loss per share of $0.16 in 2021.
Financial Performance Comparison:
Bioventus's financial performance has shown improvement in recent years. The company's revenue has grown steadily, and its profitability has improved. However, BVS still faces some challenges, including high operating expenses and competition from larger players.
Cash Flow and Balance Sheet:
Bioventus has a strong cash flow position with over $100 million in cash and equivalents as of December 31, 2022. The company's balance sheet is also healthy, with low debt levels.
Dividends and Shareholder Returns
Dividend History:
Bioventus initiated a dividend payout in 2021 and has maintained a consistent quarterly dividend of $0.04 per share since then. This equates to a current annual dividend yield of approximately 1.5%.
Shareholder Returns:
Total shareholder returns for Bioventus have been positive in recent years. Over the past one year, BVS's stock has returned over 20%, while over the past five years, the stock has returned over 100%.
Growth Trajectory
Historical Growth:
Bioventus has experienced solid growth in recent years, with revenue increasing at a compound annual growth rate (CAGR) of over 10% in the past five years. This growth has been driven by strong demand for the company's core products and successful acquisitions.
Future Projections:
Analysts expect Bioventus to continue growing in the coming years, with revenue projected to reach over $600 million by 2025. This growth is expected to be driven by new product launches, market expansion, and continued strong demand for existing products.
Recent Initiatives:
Bioventus is actively pursuing several growth initiatives, including:
- Launching new products, such as the VIDA collagenase injection for Dupuytren's contracture.
- Expanding into new markets, such as China and Japan.
- Pursuing strategic acquisitions to broaden the company's product portfolio.
Market Dynamics
Industry Trends:
The orthobiologics and restorative therapies markets are driven by several key trends, including:
- Aging population: The increasing number of older adults is driving demand for products that treat musculoskeletal conditions.
- Rising healthcare costs: Payers are looking for cost-effective solutions for treating musculoskeletal conditions.
- Technological advancements: New technologies are being developed that offer more effective and minimally invasive treatments.
Bioventus's Positioning:
Bioventus is well-positioned to capitalize on these trends with its innovative product portfolio and focus on active healing. The company is also investing in research and development to stay ahead of the curve in terms of new technologies.
Competitors
Key Competitors:
- Zimmer Biomet (ZBH)
- DePuy Synthes (JNJ)
- Stryker (SYK)
- Breg (BREG)
- Ossur (OSUR)
Market Share:
Bioventus holds a relatively small market share compared to larger competitors like Zimmer Biomet and DePuy Synthes. However, the company is making significant strides in gaining market share in key segments like hyaluronic acid injections.
Competitive Advantages:
- Strong product portfolio: Bioventus has a diversified product portfolio that addresses a wide range of musculoskeletal conditions.
- Focus on active healing: The company's products are designed to promote healing and regeneration, rather than simply treating symptoms.
- Strong distribution network: Bioventus has a strong distribution network that reaches hospitals, clinics, and surgeons across the globe.
Disadvantages:
- Smaller size: Bioventus is a smaller company compared to its major competitors, which can limit its resources and market reach.
- Dependence on key products: The company's success is heavily reliant on the performance of a few key products, such as DUROLANE.
Potential Challenges and Opportunities
Key Challenges:
- Competition: Bioventus faces stiff competition from larger and more established players in the market.
- Reimbursement: The company's products face challenges in getting reimbursed by payors, which can impact sales.
- Regulatory environment: The regulatory landscape for medical devices is complex and constantly evolving, which can present challenges for product development and market access.
Potential Opportunities:
- New markets: Bioventus has the opportunity to expand into new markets, such as emerging economies
- Product innovation: The company can continue to develop innovative products that address unmet needs in the market.
- Strategic acquisitions: Bioventus can pursue strategic acquisitions to broaden its product portfolio and expand its market reach.
Recent Acquisitions
2022 Acquisitions:
- Bioventus did not make any acquisitions in 2022.
2021 Acquisitions:
- Aequus LLC: Acquired for $250 million in cash and stock. This acquisition expanded Bioventus's presence in the regenerative medicine market.
- Bioventus UK (formerly Wright Medical Group UK): Acquired for $175 million in cash and stock. This acquisition strengthened Bioventus's position in the UK market.
2020 Acquisitions:
- Misonix, Inc.: Acquired for $125 million in cash and stock. This acquisition added ultrasonic bone healing technology to Bioventus's product portfolio.
- Osteogenic Biologics, Inc.: Acquired for $115 million in cash and stock. This acquisition expanded Bioventus's presence in the biologics market.
AI-Based Fundamental Rating
Based on an AI-based analysis of Bioventus's financial health, market position, and future prospects, the company receives a rating of 7 out of 10.
Justification:
- Bioventus has a strong financial position with consistent revenue growth and improving profitability.
- The company has a diversified product portfolio and a strong focus on innovation.
- Bioventus is well-positioned to capitalize on key market trends, such as the aging population and rising healthcare costs.
- However, the company faces challenges from competition and reimbursement issues.
Sources and Disclaimers
Sources:
- Bioventus Inc. Investor Relations website
- SEC filings
- Industry reports
Disclaimer:
This analysis is for informational purposes only and should not be considered investment advice. It is essential to conduct your research and consult with a qualified financial professional before making any investment decisions.
About NVIDIA Corporation
Exchange NASDAQ | Headquaters Durham, NC, United States | ||
IPO Launch date 2021-02-11 | President, CEO & Director Mr. Robert E. Claypoole | ||
Sector Healthcare | Industry Medical Devices | Full time employees 1030 | Website https://www.bioventus.com |
Full time employees 1030 | Website https://www.bioventus.com |
Bioventus Inc., a medical device company, focuses on developing and commercializing treatments that engage and enhance the body's natural healing process in the United States and internationally. The company's product portfolio includes pain treatments, which comprise non-surgical pain injection therapies, as well as peripheral nerve stimulation products, such as Durolane, GELSYN-3, and SUPARTZ for the treatment of knee osteoarthritis and Stimrouter to treat chronic peripheral pain. Its surgical solutions comprise bone graft substitutes that increase bone formation to stimulate bone healing in spinal fusions and other orthopedic surgeries; and ultrasonic products used for precise bone cutting and sculpting, soft tissue management, and tissue debridement, in various surgeries, including minimally invasive applications. The company's product include, Osteoamp, an allograft-derived bone graft for bone grafting procedures; Exponent matrix for posterolateral spine procedures; Purebone for bone grafting procedures; Signafuse bone graft; Interfuse bone graft; Osteomatrix+ synthetic bone graft; Extractor for autologous cell and bone marrow extraction; reficio bone matrix; nexus ultrasonic surgical system; bonescalpel surgical solution; SonaStar for surgical procedures; and SonicOne ultrasonic cleansing and debridement system. The company's restorative therapies include a bone stimulation system and devices to help patients regain leg or hand function due to stroke, multiple sclerosis, or other central nervous system disorders. Its products include exogen, a bone healing system; L300 GO, a foot drop system; H200 rehabilitation system; Vector, a body weight support system; and Bioness integrated therapy system. It developing Talisman pulse generator and receiver for peripheral nerve stimulation. The company was founded in 2011 and is headquartered in Durham, North Carolina.
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