Bioventus triggers $50M option to acquire CartiHeal

Bioventus (NSDQ:BVS) announced today that it chose to make a $50 million escrow payment to acquire CartiHeal and its Agili-C implant.

Durham, N.C.-based Bioventus elected to make its escrow payment pursuant to its option and equity purchase agreement with CartiHeal to signal its intent to move forward with an acquisition of the company.

According to a news release, the decision came on the back of a review of a statistical analysis report of the pivotal clinical trial of Agili-C, reimbursement coding analysis and significant market diligence, including surgeon interviews, with respect to Agili-C and its commercialization opportunity and market potential.

Bioventus’ obligation to consummate the transaction is subject to the exercise of the call option under the agreement or the exercise by CartiHeal of its put option, which may only be exercised following FDA premarket approval for Agili-C, which won FDA breakthrough device designation last year. Ca…

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Bioventus posts Street-beating Q2, raises guidance

Bioventus (NSDQ:BVS) shares ticked up before hours on second-quarter results that beat the consensus forecast.

The Durham, N.C.-based ortho tech company posted losses of -$10.8 million, or -10¢ per share, on sales of $109.8 million for the three months ended July 3, 2021, for a -80.3% bottom-line slide on sales growth of 89.3%.

Adjusted to exclude one-time items, earnings per share were 16¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $97.6 million.

“Bioventus delivered strong second-quarter results, driven by our team’s ability to build upon the momentum we saw exiting the first quarter. We achieved significant sequential quarterly growth and year over year growth while also obtaining double-digit organic growth in comparison to Q2 2019 for legacy Bioventus,” Bioventus CEO Ken Reali said in a news release. “We have raised our full-year 2021 financial guidance and we believe we are well-positioned to execute our strategy to…
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Bioventus rises before hours on Street-beating Q4

Bioventus (NSDQ:BVS) shares ticked up before hours today on fourth-quarter results that topped the consensus forecast.

The Durham, N.C.-based ortho tech company posted profits of $2.3 million, or 10¢ per share, on sales of $98.6 million for the three months ended Dec. 31, 2020, for a 56% bottom-line slide on sales growth of 1.1%.

Adjusted to exclude one-time items, earnings per share were $2.32, an impressive $2.09 ahead of Wall Street, where analysts were looking for sales of $98.1 million.

“Bioventus finished 2020 with improved momentum in our overall business with second-half net sales increasing 3% year-over-year, and fourth-quarter net sales increasing 15% on a quarter-over-quarter basis, as we continued to rebound from the global pandemic,” Bioventus CEO Ken Reali said in a news release. “We are proud of the strong operating and financial performance we delivered in 2020, despite the unprecedented challenges presented by the external environment. W…

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Ortho tech company Bioventus launches IPO

Bioventus today announced the commencement of its initial public offering, selling 7.35 million shares of Class A common stock at $16–18 per share, which could fetch the company roughly $118–132 million.

The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol “BVS.”

The offering will be made only by means of a prospectus, according to a Bioventus news release. Buying and selling will start once a registration statement filed with the U.S. Securities and Exchange Commission becomes effective.

Underwriters have a 30-day option to purchase up to an additional 1,102,500 common stock shares at the IPO price to cover over-allotments.

Morgan Stanley, J.P. Morgan Securities and Goldman Sachs are the joint lead book-running managers and underwriter representatives, and Canaccord Genuity is acting as lead manager for the offering.

Durham, N.C.–based Bioventus’ products include the Exogen ultrasound bone heali…

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