- Raises Full-Year 2024 Financial Guidance Reflecting Enhanced Revenue Growth and Strong Execution of Strategic Priorities
- Accelerated First Quarter Revenue Growth by 8.7%, Organic Growth* by 15.3%
- Gross Margin Expanded 620 bps and Adjusted Gross Margin* 190 bps
“We are pleased with the strong start to the year driven by double-digit revenue growth in both Pain Treatments and Surgical Solutions leading to a substantial increase in our profitability,” said
First Quarter 2024 Financial Results:
For the first quarter, worldwide revenue totaled
The Company also reported a first quarter net loss from continuing operations of
Loss per share of Class A common stock from continuing operations was
Revenue By Business
The following table represents net sales by geographic region, and by business, for the three months ended
Three Months Ended | Change as Reported | Constant Currency* Change | |||||||
(in thousands, except for percentage) | $ | % | % | ||||||
Pain Treatments | $ 50,637 | $ 40,995 | $ 9,642 | 23.5% | 23.5% | ||||
Restorative Therapies(a) | 25,304 | 30,776 | (5,472) | (17.8%) | (17.8%) | ||||
Surgical Solutions(a) | 38,340 | 32,207 | 6,133 | 19.0% | 19.0% | ||||
Total | 114,281 | 103,978 | 10,303 | 9.9% | 9.9% | ||||
International | |||||||||
Pain Treatments | 6,052 | 5,331 | 721 | 13.5% | 12.5% | ||||
Restorative Therapies(a) | 5,170 | 5,549 | (379) | (6.8%) | (7.1%) | ||||
Surgical Solutions(a) | 3,954 | 4,201 | (247) | (5.9%) | (6.0%) | ||||
15,176 | 15,081 | 95 | 0.6% | 0.2% | |||||
Total net sales | $ 129,457 | $ 119,059 | $ 10,398 | 8.7% | 7.3% |
(a) | Sales from the SonicOne product were reclassified from Restorative Therapies to Surgical Solutions on a prospective and retrospective basis during 2024 as its abilities to remove devitalized or necrotic tissue and fiber deposits more closely aligns with Surgical Solutions' soft tissue management. SonicOne revenue reclassified for the three months ended |
Recent Business Highlights
- Revenue growth in Pain Treatments and Surgical Solutions and increased gross margin resulting in a 33.5% increase in Adjusted EBITDA*.
- Continued to enhance liquidity position through increased Adjusted EBITDA*.
- Amended its Credit and Guaranty Agreement in
January 2024 with enhanced terms to provide additional covenant flexibility expected through the third quarter of 2025. - Obtained EU MDR Certification for its Exogen Bone Stimulation System in
April 2024 .
2024 Financial Guidance:
Based on strong execution and significant momentum across the business,
- Net sales of
$535 million to$550 million—An increase of$15 million from previous guidance - Adjusted EBITDA* of
$94 million to$99 million—An increase of$5 million from previous guidance - Non-GAAP EPS* of
$0.25 to$0 .33—An increase of$0.13 from previous guidance
The Company does not provide
About
First Quarter 2024 Earnings Conference Call:
Management will host a conference call to discuss the Company’s financial results and provide a business update, with a question and answer session, at
A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company's website at https://ir.bioventus.com/.
The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our future financial results and liquidity; the impact of our recent amendment to our Credit and Guaranty Agreement on our financial condition, operations, and liquidity; our business strategy, position and operations; and expected sales trends, opportunities, market position and growth. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause our actual results to differ materially from those contemplated in this press release include, but are not limited to the risk that if we are unable to meet our current operating projections or secure other sources of liquidity, substantial doubt about our ability to continue as a going concern may arise; the risk that we might not meet certain of our debt covenants under our Credit and Guaranty Agreement and might be required to repay our indebtedness; risks associated with the disposition of our Wound Business and expected impacts on our business; restrictions on operations and other costs associated with our indebtedness; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; we maintain cash at financial institutions, often in balance that exceed federally insured limits; we are subject to securities class action litigation and may be subject to similar or other litigation in the future, which will require significant management time and attention, result in significant legal expenses and may result in unfavorable outcomes; our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and highly qualified personnel; we are highly dependent on a limited number of products; our long-term growth depends on our ability to develop, acquire and commercialize new products, line extensions or expanded indications; we may be unable to successfully commercialize newly developed or acquired products or therapies in
Consolidated balance sheets As of (Amounts in thousands, except share amounts) (unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 25,173 | $ | 36,964 | |||
Accounts receivable, net | 125,541 | 122,789 | |||||
Inventory | 97,005 | 91,333 | |||||
Prepaid and other current assets | 18,184 | 16,913 | |||||
Total current assets | 265,903 | 267,999 | |||||
Property and equipment, net | 34,532 | 36,605 | |||||
7,462 | 7,462 | ||||||
Intangible assets, net | 470,668 | 482,350 | |||||
Operating lease assets | 12,462 | 13,353 | |||||
Investment and other assets | 3,211 | 3,141 | |||||
Total assets | $ | 794,238 | $ | 810,910 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 19,099 | $ | 23,038 | |||
Accrued liabilities | 113,605 | 119,795 | |||||
Current portion of long-term debt | 35,811 | 27,848 | |||||
Other current liabilities | 4,806 | 4,816 | |||||
Total current liabilities | 173,321 | 175,497 | |||||
Long-term debt, less current portion | 355,430 | 366,998 | |||||
Deferred income taxes | 1,294 | 1,213 | |||||
Contingent consideration | 18,445 | 18,150 | |||||
Other long-term liabilities | 28,316 | 27,934 | |||||
Total liabilities | 576,806 | 589,792 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, | |||||||
Class A common stock, | 64 | 63 | |||||
Class B common stock, | 16 | 16 | |||||
Additional paid-in capital | 496,977 | 494,254 | |||||
Accumulated deficit | (326,106 | ) | (321,536 | ) | |||
Accumulated other comprehensive income | 325 | 794 | |||||
Total stockholders’ equity attributable to | 171,276 | 173,591 | |||||
Noncontrolling interest | 46,156 | 47,527 | |||||
Total stockholders’ equity | 217,432 | 221,118 | |||||
Total liabilities and stockholders’ equity | $ | 794,238 | $ | 810,910 |
Consolidated statements of operations and comprehensive loss (Amounts in thousands, except share and per share data, unaudited) | |||||||
Three Months Ended | |||||||
Net sales | $ | 129,457 | $ | 119,059 | |||
Cost of sales (including depreciation and amortization of $10,025 and | 41,077 | 45,140 | |||||
Gross profit | 88,380 | 73,919 | |||||
Selling, general and administrative expense | 78,406 | 80,858 | |||||
Research and development expense | 2,597 | 3,771 | |||||
Restructuring costs | — | 317 | |||||
Change in fair value of contingent consideration | 295 | 287 | |||||
Depreciation and amortization | 1,755 | 2,129 | |||||
Impairments of assets | — | 78,615 | |||||
Operating income (loss) | 5,327 | (92,058 | ) | ||||
Interest expense, net | 10,339 | 9,694 | |||||
Other expense (income) | 63 | (1,588 | ) | ||||
Other expense | 10,402 | 8,106 | |||||
Loss before income taxes | (5,075 | ) | (100,164 | ) | |||
Income tax expense (benefit), net | 907 | (146 | ) | ||||
Net loss from continuing operations | (5,982 | ) | (100,018 | ) | |||
Loss from discontinued operations, net of tax | — | (74,429 | ) | ||||
Net loss | (5,982 | ) | (174,447 | ) | |||
Loss attributable to noncontrolling interest - continuing operations | 1,412 | 20,360 | |||||
Loss attributable to noncontrolling interest - discontinued operations | — | 14,937 | |||||
Net loss attributable to | $ | (4,570 | ) | $ | (139,150 | ) | |
Loss per share of Class A common stock from continuing operations, basic and diluted: | $ | (0.07 | ) | $ | (1.28 | ) | |
Loss per share of Class A common stock from discontinued operations, basic and diluted: | — | (0.96 | ) | ||||
Loss per share of Class A common stock, basic and diluted | $ | (0.07 | ) | $ | (2.24 | ) | |
Weighted-average shares of Class A common stock outstanding: | |||||||
Basic and diluted | 63,380,187 | 62,124,752 | |||||
Consolidated condensed statements of cash flows (Amounts in thousands, unaudited) | |||||||
Three Months Ended | |||||||
Operating activities: | |||||||
Net loss | $ | (5,982 | ) | $ | (174,447 | ) | |
Less: Loss from discontinued operations, net of tax | — | (74,429 | ) | ||||
Loss from continuing operations | (5,982 | ) | (100,018 | ) | |||
Adjustments to reconcile net loss to net cash from operating activities: | |||||||
Depreciation and amortization | 11,785 | 16,473 | |||||
Equity-based compensation | 2,591 | 1,846 | |||||
Change in fair value of contingent consideration | 295 | 287 | |||||
Impairment of assets | — | 78,615 | |||||
Deferred income taxes | 81 | (2,664 | ) | ||||
Unrealized loss on foreign currency | 377 | 747 | |||||
Other, net | (395 | ) | 1,303 | ||||
Changes in working capital | (14,757 | ) | 8,070 | ||||
Net cash from operating activities - continuing operations | (6,005 | ) | 4,659 | ||||
Net cash from operating activities - discontinued operations | — | (2,169 | ) | ||||
Net cash from operating activities | (6,005 | ) | 2,490 | ||||
Investing activities: | |||||||
Purchase of property and equipment | (291 | ) | (3,560 | ) | |||
Investments and acquisition of distribution rights | (709 | ) | — | ||||
Net cash from investing activities - continuing operations | (1,000 | ) | (3,560 | ) | |||
Net cash from investing activities - discontinued operations | — | (11,506 | ) | ||||
Net cash from investing activities | (1,000 | ) | (15,066 | ) | |||
Financing activities: | |||||||
Proceeds from issuance of Class A common stock | 177 | 84 | |||||
Borrowing on revolver | — | 49,000 | |||||
Payment on revolver | — | (20,000 | ) | ||||
Debt refinancing costs | (1,180 | ) | (1,668 | ) | |||
Payments on long-term debt | (3,056 | ) | — | ||||
Other, net | (183 | ) | (36 | ) | |||
Net cash from financing activities | (4,242 | ) | 27,380 | ||||
Effect of exchange rate changes on cash | (544 | ) | 461 | ||||
Net change in cash, cash equivalents and restricted cash | (11,791 | ) | 15,265 | ||||
Cash, cash equivalents and restricted cash at the beginning of the period | 36,964 | 31,837 | |||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 25,173 | $ | 47,102 |
Use of Non-GAAP Financial Measures
Organic Revenue Growth
The Company defines the term “organic revenue” as revenue in the stated period excluding the impact from business acquisitions and divestitures. The Company uses the related term “organic revenue growth” or "organic growth" to refer to the financial performance metric of comparing the stated period's organic revenue with the comparable reported revenue of the corresponding period in the prior year. The Company believes that these non-GAAP financial measures, when taken together with GAAP financial measures, allow the Company and its investors to better measure the Company’s performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of the Company’s performance with prior and future periods and relative comparisons to its peers. The Company excludes the effect of acquisitions and divestitures because these activities can have a significant impact on the Company's reported results, which the Company believes makes comparisons of long-term performance trends difficult for management and investors.
Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Earnings per share of Class A Common Stock
We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP (or Adjusted) Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, and Non-GAAP Earnings per share of Class A common stock, all non-GAAP financial measures, to supplement our GAAP financial reporting, because we believe these measures are useful indicators of our operating performance.
We define Adjusted EBITDA as net loss from continuing operations before depreciation and amortization, provision of income taxes and interest expense, net, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include acquisition and related costs, certain shareholder litigation costs, impairment of assets, restructuring and succession charges, equity compensation expense, financial restructuring costs and other items. See the table below for a reconciliation of net loss from continuing operations to Adjusted EBITDA. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections.
Our management uses Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin and Non-GAAP Net Income principally as measures of our operating performance and believes that these non-GAAP financial measures are useful to better understand the long term performance of our core business and to facilitate comparison of our results to those of peer companies. Our management also uses these non-GAAP financial measures for planning purposes, including the preparation of our annual operating budget and financial projections.
We define Non-GAAP Gross Profit as gross profit, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold and acquisition and related costs in the cost of goods sold. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by net sales. See the table below for a reconciliation of gross profit and gross margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin.
We define Non-GAAP Operating Income as operating income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and related costs, certain shareholder litigation costs, impairment of assets, restructuring and succession charges, financial restructuring costs and other items. Non-GAAP Operating Margin is defined as Non-GAAP Operating Income divided by net sales. See the table below for a reconciliation of operating income (loss) and operating margin to Non-GAAP Operating Income and Non-GAAP Operating Margin.
We define Non-GAAP Operating Expenses as operating expenses, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and related costs, certain shareholder litigation costs, impairment of assets, restructuring and succession charges, financial restructuring costs and other items. See the table below for a reconciliation of operating expenses to Non-GAAP Operating Expenses.
We define Non-GAAP R&D as research and development, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and related costs, restructuring and succession charges, and other items. See the table below for a reconciliation of operating expenses to Non-GAAP R&D.
We define Non-GAAP Net Income from continuing operations as Net Income from continuing operations, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and related costs, certain shareholder litigation costs, restructuring and succession charges, impairment of assets, financial restructuring costs, other items and the tax effect of adjusting items. See the table below for a reconciliation of Net loss from continuing operations to Non-GAAP Net Income from continuing operations.
We define Non-GAAP Earnings per Class A share as Earnings per Class A share, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, acquisition and related costs, certain shareholder litigation costs, restructuring and succession charges, impairment of assets, financial restructuring costs, other items and the tax effect of adjusting items divided by weighted average number of shares of Class A common stock outstanding during the period. See the table below for a reconciliation of loss per Class A share to Non-GAAP Earnings per Class A share.
In the first quarter of 2024, we included certain shareholder litigation costs as a new item within our calculation of certain Non-GAAP financial measures as set forth above since it was the first period in which costs related to this type of litigation were material to our business. Costs related to this shareholder litigation are unrelated to our ongoing operations and were nominal in prior periods.
Prior Period Recast for Discontinued Operations
On
Limitations of the Usefulness of Non-GAAP Measures
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for, or as superior to, the financial information prepared and presented in accordance with GAAP. These measures might exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company's performance and should be reviewed in conjunction with the GAAP financial measures. Additionally, other companies might define their non-GAAP financial measures differently than we do. Investors are encouraged to review the reconciliation of the non-GAAP measures provided in this press release, including in the tables below, to their most directly comparable GAAP measures. Additionally, the Company does not provide
Reconciliation of Net (Loss) Income from Continuing Operations to Adjusted EBITDA (unaudited) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
($, thousands) | |||||||||||
Net loss from continuing operations | $ | (5,982 | ) | $ | (100,018 | ) | $ | (121,196 | ) | ||
Interest expense, net | 10,339 | 9,694 | 40,676 | ||||||||
Income tax expense (benefit), net | 907 | (146 | ) | 85 | |||||||
Depreciation and amortization(a) | 11,785 | 16,473 | 57,365 | ||||||||
Acquisition and related costs(b) | 211 | 1,175 | 5,694 | ||||||||
Shareholder litigation costs(c) | 1,168 | — | — | ||||||||
Restructuring and succession charges(d) | 53 | 317 | 2,331 | ||||||||
Equity compensation(e) | 2,591 | 1,846 | 2,722 | ||||||||
Financial restructuring costs(f) | 352 | 5,330 | 7,291 | ||||||||
Impairment of assets(g) | — | 78,615 | 78,615 | ||||||||
Loss on disposal of a business(h) | — | — | 1,539 | ||||||||
Other items(i) | 1,199 | 3,665 | 13,740 | ||||||||
Adjusted EBITDA | $ | 22,623 | $ | 16,951 | $ | 88,862 |
(a) | Includes for the three months ended The year ended |
(b) | Includes acquisition and integration costs related to completed acquisitions, amortization of inventory step-up associated with acquired entities, loss on disposal of fixed assets related to acquired businesses and changes in fair value of contingent consideration. |
(c) | Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations. |
(d) | Costs incurred were the result of adopting restructuring plans to reduce headcount, reorganize management structure, and consolidate certain facilities. |
(e) | Includes compensation expense resulting from awards granted under our equity-based compensation plans. The year ended |
(f) | Financial restructuring costs include advisory fees and debt amendment related costs. |
(g) | Represents a non-cash impairment charge for intangible assets attributable to our Wound Business due to our decision to divest the business. |
(h) | Represents the loss on disposal of the Wound Business. |
(i) | Other items primarily includes charges associated with strategic transactions, such as potential acquisitions or divestitures and a transformative project to redesign systems and information processing. |
Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures | |||||||||||||||||||||
Three Months Ended | Gross Profit | Operating Expenses(a) | R&D | Operating Income | Net Loss Continuing Operations | EPS from Continuing Operations(j) | |||||||||||||||
Reported GAAP measure | $ | 88,380 | $ | 80,456 | $ | 2,597 | $ | 5,327 | $ | (5,982 | ) | $ | (0.07 | ) | |||||||
Reported GAAP margin | 68.3 | % | 4.1 | % | |||||||||||||||||
Depreciation and amortization(b) | 10,025 | 1,755 | 5 | 11,785 | 11,785 | 0.15 | |||||||||||||||
Acquisition and related costs(c) | — | 211 | — | 211 | 211 | — | |||||||||||||||
Shareholder litigation costs(d) | — | 1,168 | — | 1,168 | 1,168 | 0.01 | |||||||||||||||
Restructuring and succession charges(e) | — | 53 | — | 53 | 53 | — | |||||||||||||||
Financial restructuring costs(g) | — | 352 | — | 352 | 352 | 0.01 | |||||||||||||||
Other items(h) | — | 1,113 | 86 | 1,199 | 1,199 | 0.02 | |||||||||||||||
Tax effect of adjusting items(i) | — | — | — | — | (3,706 | ) | (0.05 | ) | |||||||||||||
Non-GAAP measure | $ | 98,405 | $ | 75,804 | $ | 2,506 | $ | 20,095 | $ | 5,080 | $ | 0.07 | |||||||||
Non-GAAP margin | 76.0 | % | 15.5 | % | |||||||||||||||||
Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Income Continuing Operations | Adjusted EPS Continuing Operations |
Three Months Ended | Gross Profit | Operating Expenses(a) | R&D | Operating Loss | Net Loss Continuing Operations | EPS from Continuing Operations(j) | |||||||||||||||
Reported GAAP measure | $ | 73,919 | $ | 162,206 | $ | 3,771 | $ | (92,058 | ) | $ | (100,018 | ) | $ | (1.28 | ) | ||||||
Reported GAAP margin | 62.1 | % | (77.3 | %) | |||||||||||||||||
Depreciation and amortization(b) | 14,339 | 2,129 | 5 | 16,473 | 16,473 | 0.21 | |||||||||||||||
Acquisition and related costs(c) | — | 1,175 | — | 1,175 | 1,175 | 0.02 | |||||||||||||||
Restructuring and succession charges(e) | — | 317 | — | 317 | 317 | — | |||||||||||||||
Impairment of assets(f) | — | 78,615 | — | 78,615 | 78,615 | 1.01 | |||||||||||||||
Financial restructuring costs(g) | — | 5,330 | — | 5,330 | 5,330 | 0.07 | |||||||||||||||
Other items(h) | — | 2,785 | 880 | 3,665 | 3,665 | 0.05 | |||||||||||||||
Tax effect of adjusting items(i) | — | — | — | — | (22,044 | ) | (0.34 | ) | |||||||||||||
Non-GAAP measure | $ | 88,258 | $ | 71,855 | $ | 2,886 | $ | 13,517 | $ | (16,487 | ) | $ | (0.26 | ) | |||||||
Non-GAAP margin | 74.1 | % | 11.4 | % | |||||||||||||||||
Non-GAAP Gross Margin | Non-GAAP Operating Expenses | Non-GAAP R&D | Non-GAAP Operating Income | Non-GAAP Net Loss Continuing Operations | Adjusted EPS Continuing Operations |
(a) | The "Reported GAAP Measure" under the "Operating Expenses" column is a sum of all GAAP operating expense line items, excluding research and development. |
(b) | Includes for the three months ended |
(c) | Includes acquisition and integration costs related to completed acquisitions, amortization of inventory step-up associated with acquired entities, loss on disposal of fixed assets related to acquired businesses, and changes in fair value of contingent consideration. |
(d) | Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations. |
(e) | Costs incurred were the result of adopting restructuring plans to reduce headcount, reorganize management structure, and consolidate certain facilities. |
(f) | Represents a non-cash impairment charge for intangible assets attributable to our Wound Business due to our decision to divest the business. |
(g) | Financial restructuring costs include advisory fees and debt amendment related costs. |
(h) | Other items primarily includes charges associated with strategic transactions, such as potential acquisitions or divestitures and a transformative project to redesign systems and information processing. |
(i) | Calculated by applying a rate of 25.1% to those adjustments for the three months ended |
(j) | Adjustments are pro-rated to exclude the weighted average non-controlling interest ownership of 19.9% and 20.2%, respectively, for the three and three months ended |
Investor Inquiries and Media:
investor.relations@bioventus.com
*See below under “Use of Non-GAAP Financial Measures” for more details.
Source:
2024 GlobeNewswire, Inc., source