Bioventus (BVS) Goldman Sachs 47th Annual Global Healthcare Conference 2026 summary

Financial performance and outlook

• Revenue guidance for 2026 is $605 million, up from $568 million in 2025, with consistent mid to high single-digit growth and margin expansion from 13% to over 20% EBITDA since 2022.

• Free cash flow turned positive, reaching $100 million over the last 12 months, doubling from 2024 to 2025.

• Leverage reduced from nearly six turns to just over two, with debt at $250 million by end of Q1; focus remains on debt reduction and potential stock buybacks as leverage falls further.

• Q1 2026 saw 7% top-line growth, 25% EBITDA growth, and 100% EPS growth year-over-year, driven by expense management and growth investments.

• EPS and free cash flow guidance raised due to strong profitability, while revenue guidance held steady.

Portfolio strategy and growth drivers

• Portfolio structured around core (HA, BGS, EXOGEN), expansion (Ultrasonics, international), and emerging (PNS, PRP) products.

• Pain segment includes PRP, PNS, and HA; Surgical segment includes Ultrasonics and BGS; Restorative Therapies segment is EXOGEN.

• PNS highlighted as a high-growth, differentiated product for peripheral nerve pain, with a $250 million market growing at 25% annually.

• PRP leverages existing HA sales force, offering a single-spin system and customizable benchtop processor, aiming for accretive growth with minimal incremental investment.

• Ultrasonics seen as a revolutionary technology, providing precision and safety, with potential to change standard of care.

Capital allocation and investment priorities

• Current focus is on debt reduction, with M&A deprioritized in favor of maximizing current portfolio potential.

• Planned investments for 2026 total $13 million, with half dedicated to PNS, supporting sales force expansion, clinical data generation, and increased marketing and education.

• Investment strategy is proactive, not reactive to competitor M&A, aiming to capitalize on market expansion.