Bioventus (BVS) Piper Sandler 37th Annual Healthcare Conference summary

Business Overview and Market Position

• Operates in pain treatments, surgical solutions, and restorative therapies, with leadership in each category and a focus on patient recovery.

• Generates over $550 million in annual revenue, with $564M in LTM global proforma revenue as of September 2025, targeting a $6.4 billion market opportunity.

• Achieved above-market growth for eight consecutive quarters, with plans for continued expansion.

• Multiple value creation paths through a broad portfolio and large, growing markets, emphasizing emerging growth drivers like peripheral nerve stimulation, platelet rich plasma, and international expansion.

Financial Performance and Outlook

• Accelerated revenue growth, aiming for nearly double the weighted average market growth rate this year, with organic growth and adjusted EBITDA margin improving year-over-year.

• EBITDA margin guidance for the year is just over 20%, a 100 basis point improvement, with further gains expected in 2025.

• Cash from operations projected to nearly double from 2024 to 2025, reaching $66.1 million, driven by higher EBITDA, lower interest expense, and efficient working capital.

• Leverage projected to drop below 2.5x by year-end 2025, increasing capital deployment flexibility.

• Free cash flow yield projected at approximately 60% in 2025, supporting future capital deployment flexibility.

Growth Drivers and Innovation

• Core growth from HA therapy, bone graft substitutes, and fracture care, all showing strong or restored growth.

• Expansion drivers include ultrasonics technology and international markets, both expected to deliver double-digit growth.

• Emerging drivers PNS and PRP are in pilot launch, with significant ramp-up expected from 2026 and at least 200 basis points of growth next year.

• Recent FDA clearance for StimTrial and exclusive distribution agreement for Excel PRP system enhance innovation pipeline.