Detailed financial statements for Bioventus Inc. (BVS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Bioventus Inc., a medical device company, focuses on relieving pain and addressing musculoskeletal therapies in the United States and internationally. The company’s product portfolio includes pain treatments, which comprise various intra-articular and hyaluronic acid injections; peripheral nerve stimulation products, such as Durolane, GELSYN-3, and SUPARTZ for the treatment of knee osteoarthritis; and Stimrouter to treat chronic peripheral pain, and TalisMann provides stimula...
Analysis Summary
Bioventus Inc. reported revenue of $568.1M in the most recent fiscal year, growing at a 5-year CAGR of 12.1%. Net income reached $22.7M, with a 6.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 68.0%, operating margin 10.6%, net margin 9.4%. Free cash flow grew at 6.9% CAGR over 5 years.
At the current price of $13.20, BVS trades at a P/E of 15.25 and an ROE of 28.39%. Market capitalisation stands at $894M.
Balance sheet quality for BVS: current ratio of 1.7, net debt of $260.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $71.4M represents 314% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $274.5M | $292.1M | $319.2M | $340.1M | $321.2M | $430.9M | $512.1M | $512.3M | $573.3M | $568.1M |
| Cost of Revenue | $91.4M | $92.1M | $84.2M | $90.9M | $87.6M | $128.2M | $181.0M | $184.2M | $185.1M | $185.7M |
| Gross Profit | $183.1M | $200.0M | $235.0M | $249.2M | $233.5M | $302.7M | $331.1M | $328.2M | $388.2M | $382.4M |
| Research & Development | $7.9M | $8.1M | $8.1M | $11.1M | $11.2M | $19.0M | $23.9M | $13.4M | $13.6M | $12.1M |
| Selling, General & Admin | $160.3M | $164.8M | $191.7M | $198.5M | $193.1M | $254.3M | $332.1M | $303.9M | $327.1M | $311.8M |
| Operating Expenses | $168.2M | $172.9M | $209.5M | $218.0M | $212.3M | $290.6M | $498.3M | $409.9M | $400.2M | $323.9M |
| Operating Income | $14.9M | $27.0M | $25.5M | $31.2M | $21.2M | $12.1M | -$167.2M | -$81.7M | -$12.0M | $58.5M |
| EBITDA | $44.0M | $59.8M | $54.5M | $61.6M | $54.3M | $45.5M | -$121.6M | -$23.1M | $39.2M | $99.2M |
| Interest Expense | $15.9M | $18.9M | $19.2M | $21.6M | $9.8M | $1.1M | $12.0M | $40.7M | $38.8M | $26.5M |
| Pre-tax Income | -$5.7M | $8.7M | $6.1M | $9.7M | $15.9M | $9.5M | -$189.0M | -$121.1M | -$49.1M | $25.7M |
| Income Tax | $1.1M | -$785000 | $1.7M | $1.6M | $1.2M | -$2.0M | -$44.4M | $85000 | -$5.3M | -$1.6M |
| Net Income | -$18.0M | -$1.6M | -$12.2M | $6.9M | $16.4M | $19.4M | -$158.7M | -$156.2M | -$33.5M | $22.7M |
| EPS | $-0.41 | $-0.13 | $-0.22 | $0.12 | $0.44 | $0.43 | $-2.59 | $-2.49 | $-0.52 | $0.34 |
| EPS (Diluted) | $-0.41 | $-0.13 | $-0.22 | $0.12 | $0.44 | $0.43 | $-2.59 | $-2.49 | $-0.52 | $0.33 |
| Shares Outstanding (Diluted) | $56.8M | $56.8M | $56.8M | $56.8M | $37.7M | $45.5M | $61.4M | $62.6M | $65.4M | $68.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $138.7M | $157.9M | $132.1M | $153.2M |
| Gross Profit | $92.8M | $107.5M | $89.7M | $105.7M |
| Operating Income | $12.1M | $21.7M | $8.9M | $19.1M |
| EBITDA | $22.2M | $31.1M | $20.0M | $19.4M |
| Net Income | $3.2M | $14.8M | $3.1M | $33.4M |
| EPS | $0.05 | $0.22 | $0.05 | $0.49 |
| EPS (Diluted) | $0.05 | $0.21 | $0.04 | $0.47 |
Balance Sheet (10y)
| Year | 2014 | 2015 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.8M | $5.0M | $42.8M | $64.5M | $86.8M | $43.9M | $30.2M | $37.0M | $41.6M | $51.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $47.1M | $54.5M | $73.0M | $85.1M | $88.3M | $125.0M | $136.3M | $122.8M | $127.4M | $128.3M |
| Inventory | $26.7M | $35.2M | $27.4M | $27.3M | $29.1M | $61.7M | $84.8M | $91.3M | $92.5M | $82.2M |
| Total Current Assets | $95.2M | $99.4M | $148.4M | $183.0M | $211.8M | $263.1M | $272.6M | $268.0M | $275.6M | $272.8M |
| Property, Plant & Equipment | $10.4M | $9.6M | $4.8M | $19.8M | $21.8M | $40.2M | $44.1M | $50.0M | $33.5M | $27.0M |
| Goodwill | $50.0M | $58.7M | $49.8M | $49.8M | $49.8M | $147.6M | $7.5M | $7.5M | $7.5M | $7.5M |
| Intangible Assets | $274.3M | $319.2M | $237.0M | $216.5M | $191.7M | $695.2M | $639.9M | $482.4M | $404.7M | $368.4M |
| Total Assets | $430.4M | $487.4M | $442.7M | $472.4M | $494.5M | $1.23B | $1.37B | $810.9M | $728.0M | $683.6M |
| Accounts Payable | $5.4M | $8.4M | $8.2M | $6.4M | $4.4M | $16.9M | $36.7M | $23.0M | $23.7M | $10.9M |
| Short-term Debt | $7.2M | $36.5M | $5.2M | $10.0M | $15.0M | $18.0M | $33.1M | $27.8M | $27.3M | $19.2M |
| Total Current Liabilities | $52.2M | $87.7M | $65.4M | $89.0M | $122.6M | $180.9M | $304.0M | $175.5M | $210.4M | $160.4M |
| Long-term Debt | $162.3M | $157.6M | $189.6M | $188.0M | $173.4M | $339.6M | $385.0M | $367.0M | $308.3M | $279.0M |
| Total Liabilities | $252.9M | $295.0M | $297.5M | $326.8M | $350.3M | $692.1M | $960.4M | $589.8M | $542.4M | $455.1M |
| Retained Earnings | -$56.5M | -$91.8M | -$139.8M | -$141.7M | -$144.5M | -$6.6M | -$165.3M | -$321.5M | -$355.1M | -$334.9M |
| Total Equity | $177.5M | $192.3M | $145.3M | $143.0M | $142.2M | $458.9M | $325.2M | $173.6M | $147.9M | $184.1M |
| Total Debt | $171.0M | $196.5M | $194.8M | $198.0M | $188.4M | $357.7M | $418.1M | $394.8M | $335.6M | $311.3M |
| Net Debt | $155.2M | $191.6M | $152.1M | $133.4M | $101.5M | $313.7M | $387.9M | $357.9M | $294.0M | $260.1M |
| Working Capital | $43.1M | $11.7M | $82.9M | $94.0M | $89.2M | $82.2M | -$31.4M | $92.5M | $65.2M | $112.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $42.2M | $51.2M | $35.8M | $29.5M |
| Total Assets | $701.6M | $683.6M | $650.5M | $673.3M |
| Total Liabilities | $494.3M | $455.1M | $416.3M | $395.9M |
| Total Equity | $166.1M | $184.1M | $188.9M | $228.3M |
| Total Debt | $322.6M | $311.3M | $272.1M | $263.7M |
Cash Flow (10y)
| Year | 2014 | 2015 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$12.9M | -$34.1M | $4.4M | $8.1M | $14.7M | $11.5M | -$144.7M | -$121.2M | -$318000 | $27.3M |
| Depreciation & Amortization | $28.8M | $33.1M | $29.2M | $30.3M | $28.6M | $34.9M | $55.4M | $57.4M | $49.6M | $47.0M |
| Stock-based Compensation | 0 | 0 | $14.3M | 0 | $10.1M | $19.8M | $17.6M | $2.7M | $10.1M | $12.7M |
| Change in Working Capital | -$12.0M | -$10.6M | $2.9M | -$13.6M | $15.3M | -$15.1M | -$29.7M | -$3.2M | -$11.8M | -$13.8M |
| Operating Cash Flow | $15.1M | $18.9M | $45.2M | $40.7M | $71.8M | $23.0M | -$13.5M | $15.3M | $38.8M | $74.0M |
| Capital Expenditure | -$20.8M | -$7.4M | -$6.1M | -$8.3M | -$20.7M | -$20.9M | -$1.5M | -$7.4M | -$1.0M | -$2.6M |
| Acquisitions | -$10.5M | -$51.5M | 0 | $430000 | 0 | -$262.9M | 0 | $34.7M | 0 | -$686000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$2.4M | -$1.0M | -$7.8M | -$9.1M | -$19.9M | -$367000 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.7M | $11.5M | $39.1M | $32.4M | $51.1M | $2.1M | -$15.0M | $8.0M | $37.8M | $71.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $30.1M | $38.0M | $8.9M | $19.9M |
| Capital Expenditure | -$473000 | -$580000 | -$574000 | -$960000 |
| Free Cash Flow | $29.6M | $37.4M | $8.4M | $18.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.2M | $3.4M | $3.3M | $5.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.4% | +9.3% | +6.6% | -5.6% | +34.2% | +18.8% | +0.0% | +11.9% | -0.9% | |
| Net Income Growth (YoY) | +90.9% | -644.8% | +156.1% | +139.5% | +18.1% | -919.1% | +1.6% | +78.5% | +167.8% | |
| EPS Growth (YoY) | +68.3% | -69.2% | +154.5% | +266.7% | -2.3% | -702.3% | +3.9% | +79.1% | +165.4% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | -33.7% | +20.6% | +35.0% | +2.0% | +4.3% | +5.4% | |
| FCF Growth (YoY) | +300.6% | +240.9% | -17.3% | +57.9% | -95.9% | -814.7% | +153.2% | +373.4% | +89.0% | |
| Gross Margin | 66.7% | 68.5% | 73.6% | 73.3% | 72.7% | 70.3% | 64.6% | 64.1% | 67.7% | 67.3% |
| Operating Margin | 5.4% | 9.3% | 8.0% | 9.2% | 6.6% | 2.8% | -32.7% | -16.0% | -2.1% | 10.3% |
| EBITDA Margin | 16.0% | 20.5% | 17.1% | 18.1% | 16.9% | 10.6% | -23.7% | -4.5% | 6.8% | 17.5% |
| Net Margin | -6.5% | -0.6% | -3.8% | 2.0% | 5.1% | 4.5% | -31.0% | -30.5% | -5.9% | 4.0% |
| FCF Margin | -2.1% | 3.9% | 12.3% | 9.5% | 15.9% | 0.5% | -2.9% | 1.6% | 6.6% | 12.6% |
| Effective Tax Rate | -19.3% | -9.1% | 27.2% | 16.3% | 7.5% | -20.7% | 23.5% | -0.1% | 10.8% | -6.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.10 | $0.20 | $0.69 | $0.57 | $1.36 | $0.05 | $-0.24 | $0.13 | $0.58 | $1.04 |
| Dividends Per Share | $0.04 | $0.02 | $0.14 | $0.16 | $0.53 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $56.8M | $56.8M | $56.8M | $56.8M | $37.7M | $45.5M | $61.4M | $62.6M | $65.4M | $66.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 28.39% |
| Return on Invested Capital | 11.37% |
| Return on Assets | 8.09% |
| Gross Margin | 68.00% |
| Operating Margin | 10.63% |
| Net Margin | 9.36% |
Financial Health
| Debt / Equity | 1.16 |
| Current Ratio | 1.69 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -46.85 | -147.77 | -87.32 | 160.08 | 43.66 | 33.70 | -1.01 | -2.12 | -20.19 | 21.88 |
| P/B | 0.00 | 0.00 | 7.51 | 7.63 | 5.09 | 1.44 | 0.49 | 1.90 | 4.64 | 2.69 |
| P/S | 3.98 | 3.74 | 3.42 | 3.21 | 2.25 | 1.53 | 0.31 | 0.64 | 1.20 | 0.87 |
| Gross Margin | 66.7% | 68.5% | 73.6% | 73.3% | 72.7% | 70.3% | 64.6% | 64.1% | 67.7% | 67.3% |
| Operating Margin | 5.4% | 9.3% | 8.0% | 9.2% | 6.6% | 2.8% | -32.7% | -16.0% | -2.1% | 10.3% |
| Net Margin | -6.5% | -0.6% | -3.8% | 2.0% | 5.1% | 4.5% | -31.0% | -30.5% | -5.9% | 4.0% |
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