olivLaw · US equity research
Bioventus Inc. BVS
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Bioventus is a global medical device company selling pain-relief and musculoskeletal products, from hyaluronic acid knee injections to ultrasonic surgical systems. It is currently reviewing strategic alternatives after an unsolicited acquisition proposal, which makes its direction a matter of public interest.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Bioventus Inc. (BVS) stock was 10.68 USD (−6.48% on the day), with P/E 13.3 on diluted EPS of 0.80 USD over the last 12 months, beta 0.91, 52-week range 6.53–15.26 USD. Latest reported quarter (Q3 2026): revenue of 142.4 m USD (+2.7% YoY), net income of 6.0 m USD (+89.8% YoY), diluted EPS 0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.3
- weak (30–45)
- Bollinger (20, 2)
- 11.08 – 15.98
- below the lower band · %B -0.08 · band width 36.2%
- SMA 50 / 200
- 13.50 / 10.97
- mixed trend
- MACD (12, 26, 9)
- -0.45 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.5% | −5.9% | −12.5 pp | — |
| 3 months | −23.6% | −4.6% | −19.0 pp | — |
| 6 months | +0.3% | +0.2% | +0.1 pp | — |
| Year to date | +43.5% | +7.4% | +36.1 pp | — |
| 1 year | +44.7% | +8.2% | +36.5 pp | −46.0% |
| 3 years | +197.1% | +68.4% | +128.6 pp | −26.9% |
| 5 years | −34.9% | +56.5% | −91.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 153.6 m | 123.9 m | 147.7 m | 138.7 m | 157.9 m | 132.1 m | 153.2 m | 142.4 m |
| Cost of revenue | 51.0 m | 40.8 m | 45.6 m | 44.4 m | 49.1 m | 41.3 m | 47.5 m | 45.3 m |
| Gross profit | 102.7 m | 83.1 m | 102.1 m | 94.2 m | 108.8 m | 90.8 m | 105.7 m | 97.1 m |
| Research & development | 3.3 m | 3.0 m | 3.2 m | 2.9 m | 3.0 m | 2.5 m | 3.2 m | 3.4 m |
| SG&A | 86.9 m | 73.5 m | 79.1 m | 78.7 m | 82.8 m | 78.3 m | 82.7 m | 82.9 m |
| Operating income | 7.7 m | 4.9 m | 18.4 m | 11.3 m | 19.5 m | 8.4 m | 19.1 m | 9.7 m |
| Depreciation & amortisation | 12.4 m | 11.9 m | 1.4 m | 1.4 m | 11.7 m | 11.2 m | 1.0 m | 1.0 m |
| Pre-tax income | -53.0 k | -3.4 m | 10.3 m | 4.7 m | 14.1 m | 4.5 m | 15.3 m | 6.2 m |
| Income tax | 550.0 k | -95.0 k | 1.0 m | 664.0 k | -3.2 m | 571.0 k | -20.9 m | -701.0 k |
| Net income | -388.0 k | -2.6 m | 7.5 m | 3.2 m | 14.8 m | 3.1 m | 33.4 m | 6.0 m |
| Diluted EPS | -0.01 ≈ | -0.04 | 0.11 | 0.05 | 0.21 ≈ | 0.04 | 0.47 | 0.08 |
| Operating cash flow | 19.3 m | -19.3 m | 25.9 m ≈ | 30.1 m ≈ | 38.0 m | 8.9 m | 19.9 m ≈ | 20.7 m ≈ |
| Capex | 574.0 k | 826.0 k | 683.0 k ≈ | 473.0 k ≈ | 580.0 k | 574.0 k | 960.0 k ≈ | 334.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 5-quarter history (min 12.7, median 21.6, max 58.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 340.1 m | 321.2 m | 430.9 m | 512.1 m | 512.3 m | 573.3 m | 568.1 m |
| Revenue YoY | unavailable | −5.6% | +34.2% | +18.8% | +0.0% | +11.9% | −0.9% |
| Net income | 6.9 m | 16.4 m | 19.4 m | -158.7 m | -156.2 m | -36.1 m | 22.7 m |
| Net income YoY | unavailable | +139.5% | +18.1% | −919.1% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.15 | -2.59 | -2.49 | -0.56 | 0.33 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 2.0% | 5.1% | 4.5% | -31.0% | -30.5% | -6.3% | 4.0% |
| Free cash flow | 38.4 m | 55.2 m | 9.5 m | -15.0 m | 8.0 m | 37.8 m | 72.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.2 m USD
- Financial debt
- 294.0 m USD
- Net debt
- 242.7 m USD
- Equity
- 228.4 m USD
- Total assets
- 683.6 m USD
- Debt / equity
- 1.29x
- Current ratio
- 1.70x
- ROE
- 11.0%
- ROA
- 3.2%
- FCF margin
- 12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 321.2 m | 430.9 m | 512.1 m | 512.3 m | 573.3 m | 568.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 87.6 m | 128.2 m | 181.0 m | 184.2 m | 185.1 m | 179.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Gross profit | 233.5 m | 302.7 m | 331.1 m | 328.2 m | 388.2 m | 388.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Research & development | 11.2 m | 19.0 m | 23.9 m | 13.4 m | 14.0 m | 12.1 m | SEC (XBRL)· 05 Mar 2026verified |
| SG&A | 193.1 m | 254.3 m | 332.1 m | 303.9 m | 343.8 m | 314.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | 21.2 m | 12.1 m | -167.2 m | -81.7 m | -15.2 m | 54.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 28.6 m | 34.9 m | 55.4 m | 57.4 m | 49.6 m | 47.0 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | 49.9 m ≈ | 46.9 m ≈ | -111.8 m ≈ | -24.4 m ≈ | 34.4 m ≈ | 101.0 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Pre-tax income | 15.9 m | 9.5 m | -189.0 m | -121.1 m | -52.3 m | 25.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 1.2 m | -2.0 m | -44.4 m | 85.0 k | -5.3 m | -1.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | 16.4 m | 19.4 m | -158.7 m | -156.2 m | -36.1 m | 22.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | — | -0.15 | -2.59 | -2.49 | -0.56 | 0.33 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | — | 45.5 m | 61.4 m | 62.6 m | 64.5 m | 68.9 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 86.8 m | 43.9 m | 30.2 m | 37.0 m | 41.6 m | 51.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 88.3 m | 125.0 m | 136.3 m | 122.8 m | 127.4 m | 128.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Inventories | 29.1 m | 61.7 m | 84.8 m | 91.3 m | 92.5 m | 82.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 211.8 m | 263.1 m | 272.6 m | 268.0 m | 275.6 m | 272.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 6.9 m | 23.0 m | 27.6 m | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Goodwill | 49.8 m | 147.6 m | 7.5 m | 7.5 m | 7.5 m | 7.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 191.7 m | 695.2 m | 639.9 m | 482.4 m | 404.7 m | 368.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 494.5 m | 1.2 bn | 1.4 bn | 810.9 m | 728.0 m | 683.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 4.4 m | 16.9 m | 36.7 m | 23.0 m | 23.7 m | 10.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Short-term debt | 15.0 m | 18.0 m | 33.1 m | 27.8 m | 27.3 m | 15.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Long-term debt | 173.4 m | 339.6 m | 385.0 m | 367.0 m | 308.3 m | 279.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 122.6 m | 180.9 m | 304.0 m | 175.5 m | 210.4 m | 160.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 350.3 m | 618.2 m | 960.4 m | 589.8 m | 542.4 m | 455.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | — | 607.7 m | 412.2 m | 221.1 m | 185.6 m | 228.4 m | SEC (XBRL)· 05 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 71.8 m | 23.0 m | -13.5 m | 15.3 m | 38.8 m | 74.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 16.6 m | 13.5 m | 1.5 m | 7.4 m | 1.0 m | 2.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | 55.2 m ≈ | 9.5 m ≈ | -15.0 m ≈ | 8.0 m ≈ | 37.8 m ≈ | 72.1 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | -20.5 m | -283.8 m | -116.4 m | 15.8 m | 23.0 m | -3.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | -29.6 m | 273.4 m | 62.1 m | -26.7 m | -54.6 m | -62.1 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.64 – 26.86 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E15.64 – 26.86 (Mid 20.43)11 companies used · median multiple 25.4x · quartiles 19.5x – 33.5xBSX, DXCM, GMED, MMM, MMSI, NEPH, PODD, RMD, SYK, TFX, WST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.7% | 67 (vs peers) | 19% |
| Net margin · Quality | 9.8% | 70 (vs peers) | 11% |
| FCF conversion · Quality | 148.3% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 3.5% | 29 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.4x | 36 (vs peers) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 74 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.3x | 100 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth· partial29/100 · 1/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIOVENTUS INC. (BVS). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 568.1 m USD in 2025; YoY growth -0.9%; net margin 9.8%; ROE 28.2%; net debt/EBITDA 2.4x.
The estimated value range is 15.64–26.86 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.43 USD, the price of 10.68 USD leaves a potential of 91.3% (value / price − 1) and a margin of safety of 47.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.8%
- FCF conversion: 148.3%
- Current ratio: 1.7x
- P/E (TTM): 13.3x
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 3.5%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 127.6 bn | 35.7 | 16.0% | 13.8% | +11.2% | −10% / +13% |
| MMM3m Company | 97.0 bn | 28.0 | 80.8% | 14.0% | +1.5% | +9% / +127% |
| BSXBoston Scientific Corporation | 64.7 bn | 18.9 | 14.3% | 16.6% | +19.9% | −56% / −20% |
| BDXBecton, Dickinson And Company | 58.2 bn | 64.5 | 3.8% | 4.0% | +8.2% | +40% / +15% |
| RMDResMed Inc. | 33.7 bn | 21.8 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 31.5 bn | 33.3 | 37.7% | 19.4% | +15.6% | +33% / −27% |
| WSTWest Pharmaceutical Services, Inc. | 27.3 bn | 44.1 | 21.2% | 18.8% | +6.3% | +42% / +12% |
| GMEDGlobus Medical, Inc. | 10.9 bn | 20.0 | 12.1% | 17.8% | +16.7% | −11% / +81% |
| PODDInsulet Corporation | 10.8 bn | 25.4 | 28.9% | 13.4% | +30.7% | −52% / −17% |
| TFXTeleflex Incorporated | 6.0 bn | 18.5 | 8.3% | 13.5% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| IRTCiRhythm Holdings, Inc. | 4.4 bn | — | -25.8% | -4.5% | +26.2% | −31% / +53% |
| ICUIIcu Medical Inc | 4.2 bn | 69.6 | 2.8% | 2.8% | −6.3% | +13% / +91% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +6% / +10% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -36.7% | -4.6% | +7.9% | −14% / −11% |
| ATECAlphatec Holdings, Inc. | 1.2 bn | — | -1,888.0% | -10.3% | +25.0% | −65% / −34% |
| MDXGMimedx Group, Inc. | 478.6 m | — | -8.5% | -6.3% | +20.0% | −52% / −58% |
| BWAYBrainsway Ltd. | 415.5 m | 212.2 | 5.6% | 7.1% | +29.0% | +21% / +238% |
| SSIISs Innovations International, Inc. | 380.7 m | — | -26.1% | -23.7% | +105.7% | −72% / unavailable |
| CLPTClearPoint Neuro, Inc. | 278.6 m | — | -167.5% | -79.4% | +17.8% | −40% / +51% |
| TMCITreace Medical Concepts, Inc. | 271.8 m | — | -72.0% | -29.0% | +1.6% | +40% / −52% |
| PROFProfound Medical Corp. | 252.0 m | — | -87.0% | -137.5% | +50.7% | +4% / −37% |
| LUCDLucid Diagnostics Inc. | 79.3 m | — | -556.3% | -959.8% | +8.3% | −63% / −74% |
| MBOTMicrobot Medical Inc. | 71.9 m | — | -32.9% | — | unavailable | −56% / −15% |
| LNSRLensar, Inc. | 67.6 m | — | — | 57.6% | +9.2% | −46% / +121% |
1- and 3-year price returns: for BVS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Bioventus is a global medical device company selling pain-relief and musculoskeletal products, from hyaluronic acid knee injections to ultrasonic surgical systems. It is currently reviewing strategic alternatives after an unsolicited acquisition proposal, which makes its direction a matter of public interest 13.
SWOT
Strengths
- A diversified portfolio with product lines across three clinical areas and an established physician base using hyaluronic acid and PRP 1.
- Improving profitability and cash flow in recent quarters, with debt reduced through discretionary prepayments 23.
- Recent FDA clearances for new neuromodulation systems that extend the commercial offering 1.
Weaknesses
- High dependence on a limited number of products, especially hyaluronic acid treatments, which generate a majority of revenue 1.
- Selling, general and administrative expenses remain large relative to sales, which limits margin 2.
- Debt under the 2025 credit agreement carries financial restrictions that can limit flexibility 1.
Opportunities
- Expansion of peripheral nerve stimulation and PRP therapy through the existing sales force 1.
- Extending fracture care indications to additional fresh fractures, especially for high-risk patients 1.
- Interest from third parties could lead to a transaction that realizes the value of the company's assets 23.
Risks
- Dependence on hyaluronic acid productshigh
A major part of revenue depends on one product group, so any problem with market acceptance or distribution could affect results 1.
- Credit facility restrictionsmedium
The 2025 credit agreement contains limits on debt, distributions and acquisitions, and failure to comply could lead to an event of default 1.
- Strategic reviewhigh
There is no timetable for completing the review and no assurance it will lead to a transaction, which creates uncertainty for shareholders 23.
- Shareholder litigationmedium
The company is a party to derivative litigation and has been a defendant in securities class actions, which could generate significant costs 1.
- Internal controlslow
The company is nearing the loss of emerging growth company status, and any weaknesses in internal controls could affect investor confidence in reporting 1.
Investment thesis
What would need to be true (bull case)
- Growth in hyaluronic acid and PRP sales, combined with lower debt, could support faster profitability growth if the second-quarter pace holds 23.
- The launch of neuromodulation products cleared in 2025 could open a new revenue source in chronic pain 1.
- Interest from third parties could lead to a transaction that delivers value to shareholders if the strategic review has a favorable outcome 23.
What would break the thesis
- If reimbursement policy affects the price of hyaluronic acid products, a major part of revenue could be affected 1.
- Surgical Solutions and Restorative Therapies both declined in the second quarter, which could signal growth difficulties outside pain treatments 3.
- If the strategic review does not lead to a transaction, uncertainty could persist without a clear timetable 23.
What to watch
- Outcome of the strategic alternatives reviewnext announcements
- Delivery of 600 to 610 million USD net sales guidance2026
- Sales trend of TalisMann and StimTrial systemsQ3 2026
- Any reimbursement policy changes for hyaluronic acid2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Bioventus presents itself as a global medical device company that aims to help patients recover by relieving pain and addressing musculoskeletal problems 1. The business is organized in two reporting segments, U.S. and International, the first accounting for 88% of net sales in fiscal 2025 and the second 12% 1. Net sales in fiscal 2025 were 568.1 million USD 1, and in the first half of 2026 reached 285.3 million USD 2.
Segments
Pain Treatments
This line includes hyaluronic acid injections for knee osteoarthritis, such as Durolane, and the StimRouter peripheral nerve stimulation system, to which FDA clearances for TalisMann and StimTrial were added in July 2025 1. In the second quarter of 2026 sales were 81.7 million USD, up 11.5% 3.
Surgical Solutions
The segment includes the neXus and BoneScalpel ultrasonic systems used in spine and neurosurgery, as well as bone graft products such as SIGNAFUSE and PUREBONE 1. In the second quarter of 2026 sales fell to 50.4 million USD, down 4.5%, partly due to a timing shift of capital placements 3.
Market context
The company operates in the medical device market for orthopedics, sports medicine, spine and neurosurgery 1. Guidance for 2026 calls for net sales of 600 to 610 million USD, growth of about 6% to 7% 3. The market remains sensitive to reimbursement policy, and the sources show that Medicare pricing changes could affect hyaluronic acid products 1.
Trends
- Reimbursement pressureheadwind
Changes to the average sales price calculation methodology by the Centers for Medicare and Medicaid Services could signal a policy shift that later targets the hyaluronic acid portfolio 1.
- Launch of PNS systemstailwind
FDA clearances for TalisMann and StimTrial in July 2025 open an expansion of the neuromodulation portfolio, with the broader launch starting in early 2026 1.
- Growth in hyaluronic acid salestailwind
Durolane generated higher volumes in the second quarter of 2026, which supported growth in the U.S. segment 23.
- Strategic review and uncertaintymixed
The review of strategic alternatives, which includes a possible sale of the company, could change the structure and direction of the business, with no set timetable 23.
Competitive position
The analyzed sources do not name competitors, so this section relies on how the company describes its positioning. Bioventus states it focuses on gaining market share in its differentiated HA, BGS and Fracture Care products 1. Competition is described as intense and fast-changing, which makes continuous introduction of new products necessary 1.
- Hyaluronic acid and orthopedic products
Not named in the sources; the company only mentions a competitive and rapidly changing orthopedic market 1.
- Ultrasonic surgery providers
Not named in the sources; the company only describes its ultrasonic systems as an alternative to conventional rotary instruments 1.
- Peripheral nerve stimulation providers
Not named in the sources; alternative treatments such as nerve blocks are the only ones mentioned 1.
- Bone graft substitute providers
Not named in the analyzed sources, which describe only the company's own products in this area 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote
- Current report21 May 2026Regulation FD disclosure
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report05 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bioventus Inc. · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Bioventus Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bioventus Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.