The most arresting statistic in Bioventus’s June 2024 quarter report was cash from operations—up a whopping 40.5% to $15.2 million. The June report shows that, under new CEO Rob Claypoole, Bioventus has bounced back smartly from its dark days of just 13 months ago, when the company had to shed assets just to keep itself solvent.
Bioventus Sales up 14%, Cash up 40%
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Total non-organic sales for the June quarter were $134 million, up a respectable 10.3%.
In what appears to be near record time, Claypoole and his team are reporting that organic sales (that doesn’t mean pesticide-free, it means actual sales of actual goods, ignoring currency fluctuations) grew 13.9%.
There were two big product category winners in the quarter: Pain Treatments, up 17.2% and Surgical Solutions, up 18.6%.
Pain treatments are Bioventus’s largest business, accounting for $65.2 million in sales for the June quarter or 49% of total sales. Number 2 is Surgical Solutions at $41.8 million or 31% of total sales. And bringing up the rear is Restorative Therapies at $27 million, down 8.6%.
One year ago, investors could have snapped up shares of Bioventus for just $2.92. Today it will cost an investor $7.54 to buy that same share. That’s 2.5x the return in one year.
" data-large-file="https://i0.wp.com/ryortho.com/wp-content/uploads/2024/08/Bioventus_Table_WEB.jpg?fit=850%2C588&ssl=1" src="https://i0.wp.com/ryortho.com/wp-content/uploads/2024/08/Bioventus_Table_WEB.jpg?resize=850%2C588&ssl=1" alt="" width="850" height="588">Courtesy of Bioventus, Inc.
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This is a fascinating development. In my practice we've seen similar outcomes with the revised protocol. The key differentiator seems to be patient selection criteria. Has anyone else noticed the correlation with BMI thresholds?
Great point. I'd push back slightly on the conclusion, the sample size in the cited study is too small to draw population-level inferences. That said, the directional signal is compelling and worth a larger RCT.
We implemented a similar approach last year. Early results are promising but we're still gathering 12-month follow-up data. Happy to share our protocol if anyone is interested.
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