Bioventus (BVS) Q4 2024 earnings summary

Executive summary

• Achieved double-digit organic revenue growth in all four quarters of 2024, with full-year organic growth at 14.4% and Q4 revenue up 14% year-over-year.

• Adjusted EBITDA for 2024 reached $109 million, up 23%, with Q4 Adjusted EBITDA at $28.3 million, up 28% year-over-year.

• Divested Advanced Rehabilitation Business in Q4, generating $24.7 million in proceeds and reducing long-term debt by $48.3 million.

• Paid down nearly $50 million in debt in Q4, reducing net leverage ratio to just above 3x by year-end.

• Enhanced execution, recruited new talent, and improved company culture and employee engagement.

Financial highlights

• Q4 2024 revenue: $154 million, up 14% year-over-year; Adjusted EBITDA: $28 million, up 28%.

• Q4 Adjusted gross margin: 73.7%, up 230 basis points year-over-year.

• Q4 Adjusted operating income: $26 million, up 34% year-over-year; Adjusted operating margin: 17%.

• Q4 Adjusted net income: $13 million, more than doubled year-over-year; Adjusted EPS: $0.15.

• Ended Q4 with $42 million cash and $336 million debt; $48 million debt repaid in Q4.

Outlook and guidance

• 2025 net sales expected at $560–$570 million, reflecting 6.1–8.0% organic growth after divestiture impact.

• 2025 Adjusted EBITDA guidance: $112–$116 million, up 8–12% after adjusting for divestiture.

• 2025 Adjusted EPS expected at $0.64–$0.68, up 30.6–39%.

• Net leverage projected below 2.5x by end of 2025.

• Q1 2025 expected to be seasonally lowest for revenue and EBITDA due to strong Q4 and fewer selling days.