Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or the "Company"), a
global leader in innovations for active healing, today reported
financial results for the three and six months ended June 29,
2024.
“The Bioventus team delivered strong financial results in the
second quarter, including double-digit organic growth for the third
consecutive quarter and a significant increase in profitability,”
said Rob Claypoole, Bioventus President and Chief Executive
Officer. "We are pleased to raise our financial guidance for
full-year 2024 as we remain focused on successfully executing on
our strategic priorities to create shareholder value.”
Second Quarter 2024 Financial Results:
For the second quarter, worldwide revenue of $151.2 million
increased 10.3% compared to the prior-year period. On an organic*
basis, revenue advanced 13.9%, driven by double-digit growth in
Pain Treatments and Surgical Solutions.
Net Loss from continuing operations was $32.1 million, compared
to a net loss from continuing operations of $4.7 million in the
prior-year period. Second quarter results include a non-cash
intangible asset impairment charge of $31.9 million related to the
potential divestiture of our Advanced Rehabilitation Business and
costs for the settlement of shareholder litigation.
Adjusted EBITDA* from continuing operations of $34.5 million
advanced 22.4% compared to the prior year Adjusted EBITDA* of $28.2
million, due to strong revenue growth and gross margin
expansion.
Loss per share of Class A common stock from continuing
operations was $0.37 in the second quarter, compared to a loss of
$0.06 in the prior-year period. Non-GAAP earnings per share of
Class A common stock from continuing operations* was $0.19 in the
second quarter, compared to $0.14 in the prior-year period.
Revenue By Business
The following table represents net sales by geographic region,
and by business, for the three months ended June 29, 2024 and
July 1, 2023:
| |
Three Months Ended |
|
Change as Reported |
|
Constant Currency* Change |
| (in
thousands, except for percentage) |
June 29, 2024 |
|
July 1, 2023 |
|
$ |
|
% |
|
% |
| U.S. |
|
|
|
|
|
|
|
|
|
|
Pain Treatments |
$ |
65,194 |
|
$ |
55,617 |
|
$ |
9,577 |
|
|
17.2 |
% |
|
17.2 |
% |
|
Restorative Therapies(a) |
|
27,435 |
|
|
30,012 |
|
|
(2,577 |
) |
|
(8.6 |
%) |
|
(8.6 |
%) |
|
Surgical Solutions(a) |
|
41,780 |
|
|
35,218 |
|
|
6,562 |
|
|
18.6 |
% |
|
18.6 |
% |
|
Total U.S. net sales |
|
134,409 |
|
|
120,847 |
|
|
13,562 |
|
|
11.2 |
% |
|
11.2 |
% |
|
International |
|
|
|
|
|
|
|
|
|
|
Pain Treatments |
|
7,066 |
|
|
6,024 |
|
|
1,042 |
|
|
17.3 |
% |
|
18.5 |
% |
|
Restorative Therapies(a) |
|
4,185 |
|
|
4,690 |
|
|
(505 |
) |
|
(10.8 |
%) |
|
(9.4 |
%) |
|
Surgical Solutions(a) |
|
5,557 |
|
|
5,508 |
|
|
49 |
|
|
0.9 |
% |
|
1.3 |
% |
|
Total International net sales |
|
16,808 |
|
|
16,222 |
|
|
586 |
|
|
3.6 |
% |
|
4.6 |
% |
|
Total net sales |
$ |
151,217 |
|
$ |
137,069 |
|
$ |
14,148 |
|
|
10.3 |
% |
|
10.4 |
% |
(a) Sales from the SonicOne product were
reclassified from Restorative Therapies to Surgical Solutions on a
prospective and retrospective basis during the first quarter of
2024 as its abilities to remove devitalized or necrotic tissue and
fiber deposits more closely aligns with Surgical Solutions' soft
tissue management. SonicOne revenue reclassified for the three
months ended July 1, 2023 totaled $1,832 and $84 for the U.S.
and International reporting segments, respectively.
Recent Business Highlights
Bioventus continues to advance its strategic priorities with key
achievements, including the following:
- Delivering strong double-digit revenue growth in Pain
Treatments and Surgical Solutions, which contributed to a 22.4%
increase in Adjusted EBITDA*
- Enhancing the Company's liquidity position through an increase
in Adjusted EBITDA* and $8 million debt reduction.
- Receiving FDA clearance for the OSTEOAMP Cannula creating
opportunities for growth in the Minimally Invasive Spine Procedure
market
- Pursuing the divestiture of Advanced Rehabilitation, which is
expected to reduce debt and enable greater focus on execution
within our remaining core business
2024 Financial Guidance:
Based on strong execution and momentum through the first half of
2024, Bioventus is raising financial guidance for the full-year
2024. The Company now expects:
- Net sales of $557 million to $567 million, reflecting an
increase of $19.5 million from the midpoint of previous
guidance
- Adjusted EBITDA* of $104 million to $107 million, reflecting an
increase of $9 million from the midpoint of previous guidance
- Non-GAAP EPS* of $0.36 to $0.42, reflecting an increase of
$0.10 from the midpoint of previous guidance
The Company does not provide U.S. GAAP financial measures, other
than net sales, on a forward-looking basis, because the Company is
unable to predict with reasonable certainty the impact and timing
of acquisition related expenses, accounting fair-value adjustments,
and certain other reconciling items without unreasonable efforts.
These items are uncertain, depend on various factors, and could be
material to the Company’s results computed in accordance with U.S.
GAAP.
*See below under “Use of Non-GAAP Financial Measures”
for more details.
About Bioventus
Bioventus delivers clinically proven, cost-effective products
that help people heal quickly and safely. Its mission is to make a
difference by helping patients resume and enjoy active lives. The
Innovations for Active Healing from Bioventus include offerings for
Pain Treatments, Restorative Therapies and Surgical Solutions.
Built on a commitment to high quality standards, evidence-based
medicine and strong ethical behavior, Bioventus is a trusted
partner for physicians worldwide. For more information, visit
www.bioventus.com and follow the Company on LinkedIn and Twitter.
Bioventus and the Bioventus logo are registered trademarks of
Bioventus LLC.
Second Quarter 2024 Earnings Conference
Call:
Management will host a conference call to discuss the Company’s
financial results and provide a business update, with a question
and answer session, at 8:30 a.m. Eastern Time on August 6,
2024. Those who would like to participate may dial 1-833-636-0497
(domestic and international) and refer to Bioventus Inc.
A live webcast of the call and any accompanying materials will
also be provided on the investor relations section of the Company's
website at https://ir.bioventus.com/.
The webcast will be archived on the Company’s website at
https://ir.bioventus.com/ and available for replay until
August 5, 2025.
Legal Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements concerning our future financial results and liquidity;
the impact of the potential divestiture of our Advanced
Rehabilitation Business financial condition and operations; our
business strategy, position and operations; and expected sales
trends, opportunities, market position and growth. In some cases,
you can identify forward-looking statements by terminology such as
“aim,” “anticipate,” “assume,” “believe,” “contemplate,”
“continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,”
“may,” “objective,” “plan,” “predict,” “potential,” “positioned,”
“seek,” “should,” “target,” “will,” “would” and other similar
expressions that are predictions of or indicate future events and
future trends, or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Factors that could cause our actual results to differ materially
from those contemplated in this press release include, but are not
limited to the risk that: we might not meet certain of our debt
covenants under our Credit and Guaranty Agreement and might be
required to repay our indebtedness; risks associated with the
potential divestiture of our Advanced Rehabilitation Business and
expected impacts on our business; restrictions on operations and
other costs associated with our indebtedness; our ability to
complete acquisitions or successfully integrate new businesses,
products or technologies in a cost-effective and non-disruptive
manner; we maintain cash at financial institutions, often in
balance that exceed federally insured limits; we are subject to
securities class action litigation and may be subject to similar or
other litigation in the future, which will require significant
management time and attention, result in significant legal expenses
or costs not covered by our insurers, and may result in unfavorable
outcomes; our ability to maintain our competitive position depends
on our ability to attract, retain and motivate our senior
management team and highly qualified personnel; we are highly
dependent on a limited number of products; our long-term growth
depends on our ability to develop, acquire and commercialize new
products, line extensions or expanded indications; we may be unable
to successfully commercialize newly developed or acquired products
or therapies in the United States; demand for our existing
portfolio of products and any new products, line extensions or
expanded indications depends on the continued and future acceptance
of our products by physicians, patients, third-party payers and
others in the medical community; the proposed down classification
of non-invasive bone growth stimulators, including our Exogen
system, by the U.S. Food and Drug Administration (“FDA”) could
increase future competition for bone growth stimulators and
otherwise adversely affect the Company’s sales of Exogen; failure
to achieve and maintain adequate levels of coverage and/or
reimbursement for our products or future products, the procedures
using our products, such as our hyaluronic acid (“HA”)
viscosupplements, or future products we may seek to commercialize;
pricing pressure and other competitive factors; governments outside
the United States might not provide coverage or reimbursement of
our products; we compete and may compete in the future against
other companies, some of which have longer operating histories,
more established products or greater resources than we do; if our
HA products are reclassified from medical devices to drugs in the
United States by the FDA, it could negatively impact our ability to
market these products and may require that we conduct costly
additional clinical studies to support current or future
indications for use of those products; our failure to properly
manage our anticipated growth and strengthen our brands; risks
related to product liability claims; fluctuations in demand for our
products; issues relating to the supply of our products, potential
supply chain disruptions, and the increased cost of parts and
components used to manufacture our products due to inflation; our
reliance on a limited number of third-party manufacturers to
manufacture certain of our products; if our facilities are damaged
or become inoperable, we will be unable to continue to research,
develop and manufacture certain of our products; economic,
political, regulatory and other risks related to international
sales, manufacturing and operations; failure to maintain
contractual relationships; security breaches, unauthorized access
to or disclosure of information, cyberattacks, or other incidents
or the perception that confidential information in our or our
vendors’ or service providers’ possession or control is not secure;
failure of key information technology and communications systems,
process or sites; risks related to our debt and future capital
needs; failure to comply with extensive governmental regulation
relevant to us and our products; we may be subject to enforcement
action if we engage in improper claims submission practices and
resulting audits or denials of our claims by government agencies
could reduce our net sales or profits; the FDA regulatory process
is expensive, time-consuming and uncertain, and the failure to
obtain and maintain required regulatory clearances and approvals
could prevent us from commercializing our products; if clinical
studies of our future product candidates do not produce results
necessary to support regulatory clearance or approval in the United
States or elsewhere, we will be unable to expand the indications
for or commercialize these products; legislative or regulatory
reforms; our business may continue to experience adverse impacts as
a result of the COVID-19 pandemic or similar epidemics; risks
related to intellectual property matters; and other the other risks
identified in our Annual Report on Form 10-K for the year ended
December 31, 2023, as such factors may be updated from time to
time in Bioventus’ other filings with the SEC which are accessible
on the SEC’s website at www.sec.gov and the Investor Relations page
of Bioventus’ website at https://ir.bioventus.com. Except to the
extent required by law, the Company undertakes no obligation to
update or review any estimate, projection, or forward-looking
statement. Actual results may differ materially from those set
forth in the forward-looking statements.
| BIOVENTUS
INC.Consolidated balance sheetsAs
of June 29, 2024 and December 31,
2023(Amounts in thousands, except share amounts)
(unaudited) |
| |
| |
June 29, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
31,994 |
|
|
$ |
36,964 |
|
|
Accounts receivable, net |
|
137,305 |
|
|
|
122,789 |
|
|
Inventory |
|
87,606 |
|
|
|
91,333 |
|
|
Prepaid and other current assets |
|
23,570 |
|
|
|
16,913 |
|
|
Assets held for sale |
|
28,408 |
|
|
|
— |
|
| Total current assets |
|
308,883 |
|
|
|
267,999 |
|
| Property and equipment,
net |
|
31,938 |
|
|
|
36,605 |
|
| Goodwill |
|
7,462 |
|
|
|
7,462 |
|
| Intangible assets, net |
|
424,552 |
|
|
|
482,350 |
|
| Operating lease assets |
|
10,366 |
|
|
|
13,353 |
|
| Deferred tax assets |
|
6,884 |
|
|
|
— |
|
| Investment and other
assets |
|
2,088 |
|
|
|
3,141 |
|
| Total assets |
$ |
792,173 |
|
|
$ |
810,910 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
24,437 |
|
|
$ |
23,038 |
|
|
Accrued liabilities |
|
139,978 |
|
|
|
119,795 |
|
|
Current portion of long-term debt |
|
38,566 |
|
|
|
27,848 |
|
|
Current portion of contingent consideration |
|
18,745 |
|
|
|
— |
|
|
Other current liabilities |
|
3,829 |
|
|
|
4,816 |
|
|
Liabilities held for sale |
|
5,908 |
|
|
|
— |
|
| Total current liabilities |
|
231,463 |
|
|
|
175,497 |
|
| Long-term debt, less current
portion |
|
344,716 |
|
|
|
366,998 |
|
| Deferred income taxes |
|
— |
|
|
|
1,213 |
|
| Contingent consideration |
|
— |
|
|
|
18,150 |
|
| Other long-term
liabilities |
|
26,932 |
|
|
|
27,934 |
|
| Total liabilities |
|
603,111 |
|
|
|
589,792 |
|
| Stockholders’
Equity: |
|
|
|
| Preferred stock, $0.001 par
value, 10,000,000 shares authorized, 0 shares issued |
|
|
|
| Class A common stock, $0.001
par value, 250,000,000 shares authorized as of June 29, 2024
and December 31, 2023, 65,172,159 and 63,267,436 shares issued
and outstanding as of June 29, 2024 and December 31,
2023, respectively |
|
65 |
|
|
|
63 |
|
| Class B common stock, $0.001
par value, 50,000,000 shares authorized, 15,786,737 shares issued
and outstanding as of June 29, 2024 and December 31,
2023 |
|
16 |
|
|
|
16 |
|
| Additional paid-in
capital |
|
500,969 |
|
|
|
494,254 |
|
| Accumulated deficit |
|
(350,098 |
) |
|
|
(321,536 |
) |
| Accumulated other
comprehensive (loss) income |
|
(17 |
) |
|
|
794 |
|
| Total stockholders’ equity
attributable to Bioventus Inc. |
|
150,935 |
|
|
|
173,591 |
|
| Noncontrolling interest |
|
38,127 |
|
|
|
47,527 |
|
| Total stockholders’
equity |
|
189,062 |
|
|
|
221,118 |
|
| Total liabilities and
stockholders’ equity |
$ |
792,173 |
|
|
$ |
810,910 |
|
|
BIOVENTUS INC.Consolidated statements of
operations and comprehensive loss(Amounts in
thousands, except share and per share data,
unaudited) |
| |
| |
Three Months Ended |
|
Six Months Ended |
| |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
|
Net sales |
$ |
151,217 |
|
|
$ |
137,069 |
|
|
$ |
280,674 |
|
|
$ |
256,128 |
|
| Cost of sales (including
depreciation and amortization of $11,021, $12,301, $21,046 and
$26,640, respectively) |
|
47,578 |
|
|
|
47,946 |
|
|
|
88,655 |
|
|
|
93,086 |
|
|
Gross profit |
|
103,639 |
|
|
|
89,123 |
|
|
|
192,019 |
|
|
|
163,042 |
|
| Selling, general and
administrative expense |
|
94,785 |
|
|
|
74,844 |
|
|
|
173,191 |
|
|
|
155,702 |
|
| Research and development
expense |
|
3,988 |
|
|
|
3,398 |
|
|
|
6,585 |
|
|
|
7,169 |
|
| Restructuring costs |
|
— |
|
|
|
620 |
|
|
|
— |
|
|
|
937 |
|
| Change in fair value of
contingent consideration |
|
300 |
|
|
|
240 |
|
|
|
595 |
|
|
|
527 |
|
| Depreciation and
amortization |
|
2,064 |
|
|
|
2,294 |
|
|
|
3,819 |
|
|
|
4,423 |
|
| Impairments of assets |
|
31,870 |
|
|
|
— |
|
|
|
31,870 |
|
|
|
78,615 |
|
| Loss on disposals |
|
— |
|
|
|
977 |
|
|
|
— |
|
|
|
977 |
|
|
Operating (loss) income |
|
(29,368 |
) |
|
|
6,750 |
|
|
|
(24,041 |
) |
|
|
(85,308 |
) |
| Interest expense, net |
|
9,924 |
|
|
|
10,587 |
|
|
|
20,263 |
|
|
|
20,281 |
|
| Other expense (income) |
|
159 |
|
|
|
513 |
|
|
|
222 |
|
|
|
(1,075 |
) |
|
Other expense |
|
10,083 |
|
|
|
11,100 |
|
|
|
20,485 |
|
|
|
19,206 |
|
| Loss before income taxes |
|
(39,451 |
) |
|
|
(4,350 |
) |
|
|
(44,526 |
) |
|
|
(104,514 |
) |
| Income tax (benefit) expense,
net |
|
(7,339 |
) |
|
|
381 |
|
|
|
(6,432 |
) |
|
|
235 |
|
| Net loss from continuing
operations |
|
(32,112 |
) |
|
|
(4,731 |
) |
|
|
(38,094 |
) |
|
|
(104,749 |
) |
| Loss from discontinued
operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(74,429 |
) |
| Net loss |
|
(32,112 |
) |
|
|
(4,731 |
) |
|
|
(38,094 |
) |
|
|
(179,178 |
) |
| Loss attributable to
noncontrolling interest - continuing operations |
|
8,120 |
|
|
|
1,050 |
|
|
|
9,532 |
|
|
|
21,410 |
|
| Loss attributable to
noncontrolling interest - discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,937 |
|
| Net loss attributable to
Bioventus Inc. |
$ |
(23,992 |
) |
|
$ |
(3,681 |
) |
|
$ |
(28,562 |
) |
|
$ |
(142,831 |
) |
| |
|
|
|
|
|
|
|
| Loss per share of Class A
common stock from continuing operations, basic and diluted: |
$ |
(0.37 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.45 |
) |
|
$ |
(1.34 |
) |
| Loss per share of Class A
common stock from discontinued operations, basic and diluted: |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.95 |
) |
|
Loss per share of Class A common stock, basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.45 |
) |
|
$ |
(2.29 |
) |
| Weighted-average shares of
Class A common stock outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
64,056,759 |
|
|
|
62,551,285 |
|
|
|
63,720,342 |
|
|
|
62,338,018 |
|
| |
|
|
|
|
|
|
|
|
BIOVENTUS INC.Consolidated condensed
statements of cash flows(Amounts in thousands,
unaudited) |
| |
|
|
|
| |
Three Months Ended |
|
Six Months Ended |
| |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
| Operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
$ |
(32,112 |
) |
|
$ |
(4,731 |
) |
|
$ |
(38,094 |
) |
|
$ |
(179,178 |
) |
| Less: Loss from discontinued
operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(74,429 |
) |
| Loss from continuing
operations |
|
(32,112 |
) |
|
|
(4,731 |
) |
|
|
(38,094 |
) |
|
|
(104,749 |
) |
| Adjustments to reconcile net
loss to net cash from operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
13,090 |
|
|
|
14,600 |
|
|
|
24,875 |
|
|
|
31,073 |
|
|
Equity-based compensation |
|
3,672 |
|
|
|
(2,732 |
) |
|
|
6,263 |
|
|
|
(886 |
) |
|
Change in fair value of contingent consideration |
|
300 |
|
|
|
240 |
|
|
|
595 |
|
|
|
527 |
|
|
Impairment of assets |
|
31,870 |
|
|
|
— |
|
|
|
31,870 |
|
|
|
78,615 |
|
|
Deferred income taxes |
|
(8,179 |
) |
|
|
(876 |
) |
|
|
(8,098 |
) |
|
|
(3,540 |
) |
|
Unrealized loss on foreign currency |
|
159 |
|
|
|
(146 |
) |
|
|
536 |
|
|
|
601 |
|
|
Loss on disposals |
|
— |
|
|
|
977 |
|
|
|
— |
|
|
|
977 |
|
|
Other, net |
|
819 |
|
|
|
476 |
|
|
|
424 |
|
|
|
1,779 |
|
|
Changes in working capital |
|
5,543 |
|
|
|
2,987 |
|
|
|
(9,214 |
) |
|
|
11,057 |
|
| Net cash from operating
activities - continuing operations |
|
15,162 |
|
|
|
10,795 |
|
|
|
9,157 |
|
|
|
15,454 |
|
| Net cash from operating
activities - discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,169 |
) |
| Net cash from operating
activities |
|
15,162 |
|
|
|
10,795 |
|
|
|
9,157 |
|
|
|
13,285 |
|
| Investing
activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of a business |
|
— |
|
|
|
34,897 |
|
|
|
— |
|
|
|
34,897 |
|
|
Purchase of property and equipment |
|
(77 |
) |
|
|
(1,397 |
) |
|
|
(368 |
) |
|
|
(4,957 |
) |
|
Investments and acquisition of distribution rights |
|
— |
|
|
|
— |
|
|
|
(709 |
) |
|
|
— |
|
| Net cash from investing
activities - continuing operations |
|
(77 |
) |
|
|
33,500 |
|
|
|
(1,077 |
) |
|
|
29,940 |
|
| Net cash from investing
activities - discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,506 |
) |
| Net cash from
investing activities |
|
(77 |
) |
|
|
33,500 |
|
|
|
(1,077 |
) |
|
|
18,434 |
|
| Financing
activities: |
|
|
|
|
|
|
|
| Proceeds from issuance of
Class A common stock |
|
609 |
|
|
|
139 |
|
|
|
786 |
|
|
|
223 |
|
| Borrowing on revolver |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49,000 |
|
| Payment on revolver |
|
— |
|
|
|
(22,000 |
) |
|
|
— |
|
|
|
(42,000 |
) |
| Debt refinancing costs |
|
— |
|
|
|
(1,993 |
) |
|
|
(1,180 |
) |
|
|
(3,661 |
) |
| Payments on long-term
debt |
|
(8,264 |
) |
|
|
(38,264 |
) |
|
|
(11,320 |
) |
|
|
(38,264 |
) |
| Other, net |
|
(190 |
) |
|
|
(130 |
) |
|
|
(373 |
) |
|
|
(166 |
) |
| Net cash from financing
activities |
|
(7,845 |
) |
|
|
(62,248 |
) |
|
|
(12,087 |
) |
|
|
(34,868 |
) |
| Effect of exchange
rate changes on cash |
|
(419 |
) |
|
|
240 |
|
|
|
(963 |
) |
|
|
701 |
|
| Net change in cash,
cash equivalents and restricted cash |
|
6,821 |
|
|
|
(17,713 |
) |
|
|
(4,970 |
) |
|
|
(2,448 |
) |
| Cash, cash equivalents
and restricted cash at the beginning of the period |
|
25,173 |
|
|
|
47,102 |
|
|
|
36,964 |
|
|
|
31,837 |
|
| Cash, cash equivalents
and restricted cash at the end of the period |
$ |
31,994 |
|
|
$ |
29,389 |
|
|
$ |
31,994 |
|
|
$ |
29,389 |
|
Use of Non-GAAP Financial
Measures
Organic Revenue Growth
The Company defines the term “organic revenue” as revenue in the
stated period excluding the impact from business acquisitions and
divestitures. The Company uses the related term “organic revenue
growth” or "organic growth" to refer to the financial performance
metric of comparing the stated period's organic revenue with the
comparable reported revenue of the corresponding period in the
prior year. The Company believes that these non-GAAP financial
measures, when taken together with GAAP financial measures, allow
the Company and its investors to better measure the Company’s
performance and evaluate long-term performance trends. Organic
revenue growth also facilitates easier comparisons of the Company’s
performance with prior and future periods and relative comparisons
to its peers. The Company excludes the effect of acquisitions and
divestitures because these activities can have a significant impact
on the Company's reported results, which the Company believes makes
comparisons of long-term performance trends difficult for
management and investors.
Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross
Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses,
Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income,
and Non-GAAP Earnings per share of Class A Common
Stock
We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP (or
Adjusted) Gross Margin, Non-GAAP Operating Income, Non-GAAP
Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin,
Non-GAAP Net Income, and Non-GAAP Earnings per share of Class A
common stock, all non-GAAP financial measures, to supplement our
GAAP financial reporting, because we believe these measures are
useful indicators of our operating performance.
We define Adjusted EBITDA as net loss from continuing operations
before depreciation and amortization, provision of income taxes and
interest expense, net, adjusted for the impact of certain cash,
non-cash and other items that we do not consider in our evaluation
of ongoing operating performance. These items include acquisition
and related costs, certain shareholder litigation costs, impairment
of assets, restructuring and succession charges, equity
compensation expense, financial restructuring costs and other
items. See the table below for a reconciliation of net loss from
continuing operations to Adjusted EBITDA. Our management uses
Adjusted EBITDA principally as a measure of our operating
performance and believes that Adjusted EBITDA is useful to our
investors because it is frequently used by securities analysts,
investors and other interested parties in their evaluation of the
operating performance of companies in industries similar to ours.
Our management also uses Adjusted EBITDA for planning purposes,
including the preparation of our annual operating budget and
financial projections.
Our management uses Non-GAAP Gross Profit, Non-GAAP Gross
Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense,
Non-GAAP Operating Margin and Non-GAAP Net Income principally as
measures of our operating performance and believes that these
non-GAAP financial measures are useful to better understand the
long term performance of our core business and to facilitate
comparison of our results to those of peer companies. Our
management also uses these non-GAAP financial measures for planning
purposes, including the preparation of our annual operating budget
and financial projections.
We define Non-GAAP Gross Profit as gross profit, adjusted for
the impact of certain cash, non-cash and other items that we do not
consider in our evaluation of ongoing operating performance. These
items include depreciation and amortization included in the cost of
goods sold and acquisition and related costs in the cost of goods
sold. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit
divided by net sales. See the table below for a reconciliation of
gross profit and gross margin to Non-GAAP Gross Profit and Non-GAAP
Gross Margin.
We define Non-GAAP Operating Income as operating income,
adjusted for the impact of certain cash, non-cash and other items
that we do not consider in our evaluation of ongoing operating
performance. These items include depreciation and amortization,
acquisition and related costs, certain shareholder litigation
costs, impairment of assets, restructuring and succession charges,
financial restructuring costs and other items. Non-GAAP Operating
Margin is defined as Non-GAAP Operating Income divided by net
sales. See the table below for a reconciliation of operating income
(loss) and operating margin to Non-GAAP Operating Income and
Non-GAAP Operating Margin.
We define Non-GAAP Operating Expenses as operating expenses,
adjusted to exclude certain cash, non-cash and other items that we
do not consider in our evaluation of ongoing operating performance.
These items include depreciation and amortization, acquisition and
related costs, certain shareholder litigation costs, impairment of
assets, restructuring and succession charges, financial
restructuring costs and other items. See the table below for a
reconciliation of operating expenses to Non-GAAP Operating
Expenses.
We define Non-GAAP R&D as research and development, adjusted
to exclude certain cash, non-cash and other items that we do not
consider in our evaluation of ongoing operating performance. These
items include depreciation and amortization, acquisition and
related costs, restructuring and succession charges, and other
items. See the table below for a reconciliation of operating
expenses to Non-GAAP R&D.
We define Non-GAAP Net Income from continuing operations as Net
Income from continuing operations, adjusted for the impact of
certain cash, non-cash and other items that we do not consider in
our evaluation of ongoing operating performance. These items
include depreciation and amortization, acquisition and related
costs, certain shareholder litigation costs, restructuring and
succession charges, impairment of assets, financial restructuring
costs, other items and the tax effect of adjusting items. See the
table below for a reconciliation of Net loss from continuing
operations to Non-GAAP Net Income from continuing operations.
We define Non-GAAP Earnings per Class A share as Earnings per
Class A share, adjusted for the impact of certain cash, non-cash
and other items that we do not consider in our evaluation of
ongoing operating performance. These items include depreciation and
amortization, acquisition and related costs, certain shareholder
litigation costs, restructuring and succession charges, impairment
of assets, financial restructuring costs, other items and the tax
effect of adjusting items divided by weighted average number of
shares of Class A common stock outstanding during the period. See
the table below for a reconciliation of loss per Class A share to
Non-GAAP Earnings per Class A share.
Net Sales, International Net Sales Growth and Constant
Currency Basis
Net Sales, International Net Sales Growth and Constant Currency
Basis are non-GAAP measures, which are calculated by translating
current and prior year results at the same foreign currency
exchange rate. Constant currency can be presented for numerous GAAP
measures, but is most commonly used by management to facilitate the
comparison sales in foreign currencies to prior periods and analyze
net sales performance without the impact of changes in foreign
currency exchange rates.
Prior Period Recast for Discontinued
Operations
On February 27, 2023, the Company ceased to control CartiHeal
for accounting purposes, and therefore, deconsolidated CartiHeal
effective February 27, 2023. CartiHeal was part of the Company’s
International reporting segment. The Company treated the
deconsolidation of CartiHeal as a discontinued operation. Refer to
Note 14. Discontinued operations in the Company's Form 10-Q for the
period ended June 29, 2024, filed on August 6, 2024, for further
details regarding the deconsolidation of CartiHeal.
Limitations of the Usefulness of Non-GAAP
Measures
Non-GAAP financial measures have limitations as an analytical
tool and should not be considered in isolation or as a substitute
for, or as superior to, the financial information prepared and
presented in accordance with GAAP. These measures might exclude
certain normal recurring expenses. Therefore, these measures may
not provide a complete understanding of the Company's performance
and should be reviewed in conjunction with the GAAP financial
measures. Additionally, other companies might define their non-GAAP
financial measures differently than we do. Investors are encouraged
to review the reconciliation of the non-GAAP measures provided in
this press release, including in the tables below, to their most
directly comparable GAAP measures. Additionally, the Company does
not provide U.S. GAAP financial measures on a forward-looking basis
because the Company is unable to predict with reasonable certainty
the impact and timing of acquisitions related expenses, accounting
fair-value adjustments and certain other reconciling items without
unreasonable efforts. These items are uncertain, depend on various
factors, and could be material to the Company’s results computed in
accordance with U.S. GAAP.
|
Reconciliation of Net (Loss) Income from Continuing
Operations to Adjusted EBITDA (unaudited) |
| |
| |
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
| ($,
thousands) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
|
December 31, 2023 |
|
Net loss from continuing operations |
$ |
(32,112 |
) |
|
$ |
(4,731 |
) |
|
$ |
(38,094 |
) |
|
$ |
(104,749 |
) |
|
$ |
(121,196 |
) |
| Interest expense, net |
|
9,924 |
|
|
|
10,587 |
|
|
|
20,263 |
|
|
|
20,281 |
|
|
|
40,676 |
|
| Income tax (benefit) expense,
net |
|
(7,339 |
) |
|
|
381 |
|
|
|
(6,432 |
) |
|
|
235 |
|
|
|
85 |
|
| Depreciation and
amortization(a) |
|
13,090 |
|
|
|
14,600 |
|
|
|
24,875 |
|
|
|
31,073 |
|
|
|
57,365 |
|
| Acquisition and related
costs(b) |
|
300 |
|
|
|
1,448 |
|
|
|
511 |
|
|
|
2,623 |
|
|
|
5,694 |
|
| Shareholder litigation
costs(c) |
|
12,502 |
|
|
|
— |
|
|
|
13,670 |
|
|
|
— |
|
|
|
— |
|
| Restructuring and succession
charges(d) |
|
(40 |
) |
|
|
620 |
|
|
|
13 |
|
|
|
937 |
|
|
|
2,331 |
|
| Equity compensation(e) |
|
3,672 |
|
|
|
(2,732 |
) |
|
|
6,263 |
|
|
|
(886 |
) |
|
|
2,722 |
|
| Financial restructuring
costs(f) |
|
(5 |
) |
|
|
1,257 |
|
|
|
347 |
|
|
|
6,587 |
|
|
|
7,291 |
|
| Impairment of assets(g) |
|
31,870 |
|
|
|
— |
|
|
|
31,870 |
|
|
|
78,615 |
|
|
|
78,615 |
|
| Loss on disposal of a
business(h) |
|
— |
|
|
|
977 |
|
|
|
— |
|
|
|
977 |
|
|
|
1,539 |
|
| Other items(i) |
|
2,590 |
|
|
|
5,751 |
|
|
|
3,789 |
|
|
|
9,416 |
|
|
|
13,740 |
|
| Adjusted
EBITDA |
$ |
34,452 |
|
|
$ |
28,158 |
|
|
$ |
57,075 |
|
|
$ |
45,109 |
|
|
$ |
88,862 |
|
|
(a) |
Includes for the three months ended June 29, 2024 and
July 1, 2023 and the six months ended June 29, 2024 and
July 1, 2023, respectively, depreciation and amortization of
$11,021, $12,301, $21,046 and $26,640 in cost of sales and $2,069,
$2,299, $3,829 and $4,433 in operating expenses presented in the
consolidated statements of operations and comprehensive loss. |
| (b) |
Includes acquisition and
integration costs related to completed acquisitions, amortization
of inventory step-up associated with acquired entities, loss on
disposal of fixed assets related to acquired businesses and changes
in fair value of contingent consideration. |
| (c) |
Costs incurred as a result of
certain shareholder litigation unrelated to our ongoing
operations. |
| (d) |
Costs incurred were the result of
adopting restructuring plans to reduce headcount, reorganize
management structure, and consolidate certain facilities. |
| (e) |
Includes compensation expense
resulting from awards granted under our equity-based compensation
plans. The three and six months ended July 1, 2023 and year
ended December 31, 2023 includes the reversal of equity
compensation expenses totaling $3,803 related to the transition of
our executive leadership. |
| (f) |
Financial restructuring costs
include advisory fees and debt amendment related costs. |
| (g) |
Represents a non-cash impairment
charge for intangible assets attributable to our Rehabilitation
Business in 2024 due to our decision to divest the business.
Activity in 2023 relates to the non-cash impairment charge
attributable to our divested Wound Business. |
| (h) |
Represents the loss on disposal
of the Wound Business. |
| (i) |
Other items primarily includes
charges associated with strategic transactions, such as potential
acquisitions or divestitures and a transformative project to
redesign systems and information processing. We incurred $0.3
million and $1.2 million in costs, respectively, during the three
and six months ended July 1, 2023 related to MOTYS. Other
items for the three and six months ended July 1, 2023 also
includes severance costs totaling $2.3 million related to the
transition of our executive leadership. |
Reconciliation of Other Reported GAAP
Measures to Non-GAAP Measures
| Three Months Ended
June 29, 2024 |
Gross Profit |
|
Operating Expenses(a) |
|
R&D |
|
Operating Loss |
|
Net Loss Continuing Operations |
|
EPS from Continuing Operations(k) |
|
Reported GAAP measure |
$ |
103,639 |
|
|
$ |
129,019 |
|
|
$ |
3,988 |
|
$ |
(29,368 |
) |
|
$ |
(32,112 |
) |
|
$ |
(0.37 |
) |
| Reported GAAP
margin |
|
68.5 |
% |
|
|
|
|
|
(19.4 |
)% |
|
|
|
|
| Depreciation and
amortization(b) |
|
11,021 |
|
|
|
2,064 |
|
|
|
5 |
|
|
13,090 |
|
|
|
13,090 |
|
|
|
0.16 |
|
| Acquisition and related
costs(c) |
|
— |
|
|
|
300 |
|
|
|
— |
|
|
300 |
|
|
|
300 |
|
|
|
— |
|
| Shareholder litigation
costs(d) |
|
— |
|
|
|
12,502 |
|
|
|
— |
|
|
12,502 |
|
|
|
12,502 |
|
|
|
0.16 |
|
| Restructuring and succession
charges(e) |
|
— |
|
|
|
(40 |
) |
|
|
— |
|
|
(40 |
) |
|
|
(40 |
) |
|
|
— |
|
| Financial restructuring
costs(f) |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
— |
|
| Impairment of assets(g) |
|
— |
|
|
|
31,870 |
|
|
|
— |
|
|
31,870 |
|
|
|
31,870 |
|
|
|
0.40 |
|
| Other items(i) |
|
— |
|
|
|
2,385 |
|
|
|
205 |
|
|
2,590 |
|
|
|
2,590 |
|
|
|
0.03 |
|
| Tax effect of adjusting
items(j) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(13,331 |
) |
|
|
(0.19 |
) |
| Non-GAAP
measure |
$ |
114,660 |
|
|
$ |
79,943 |
|
|
$ |
3,778 |
|
$ |
30,939 |
|
|
$ |
14,864 |
|
|
$ |
0.19 |
|
| Non-GAAP
margin |
|
75.8 |
% |
|
|
|
|
|
|
20.5 |
% |
|
|
|
|
| |
Non-GAAP Gross Margin |
|
Non-GAAP Operating Expenses |
|
Non-GAAP R&D |
|
Non-GAAP Operating Income |
|
Non-GAAP Net income Continuing Operations |
|
Adjusted EPS Continuing Operations |
| Three Months Ended
July 1, 2023 |
Gross Profit |
|
Operating Expenses(a) |
|
R&D |
|
Operating Income |
|
Net Loss Continuing Operations |
|
EPS from Continuing Operations(k) |
|
Reported GAAP measure |
$ |
89,123 |
|
|
$ |
78,975 |
|
$ |
3,398 |
|
$ |
6,750 |
|
|
$ |
(4,731 |
) |
|
$ |
(0.06 |
) |
| Reported GAAP
margin |
|
65.0 |
% |
|
|
|
|
|
|
4.9 |
% |
|
|
|
|
| Depreciation and
amortization(b) |
|
12,301 |
|
|
|
2,294 |
|
|
5 |
|
|
14,600 |
|
|
|
14,600 |
|
|
|
0.19 |
|
| Acquisition and related
costs(c) |
|
— |
|
|
|
1,448 |
|
|
— |
|
|
1,448 |
|
|
|
1,448 |
|
|
|
0.02 |
|
| Restructuring and succession
charges(e) |
|
— |
|
|
|
620 |
|
|
— |
|
|
620 |
|
|
|
620 |
|
|
|
0.01 |
|
| Financial restructuring
costs(f) |
|
— |
|
|
|
1,257 |
|
|
— |
|
|
1,257 |
|
|
|
1,257 |
|
|
|
0.02 |
|
| Loss on disposal of a
business(h) |
|
— |
|
|
|
977 |
|
|
— |
|
|
977 |
|
|
|
977 |
|
|
|
0.01 |
|
| Other items(i) |
|
— |
|
|
|
1,675 |
|
|
274 |
|
|
1,949 |
|
|
|
1,949 |
|
|
|
0.02 |
|
| Tax effect of adjusting
items(j) |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(5,234 |
) |
|
|
(0.07 |
) |
| Non-GAAP
measure |
$ |
101,424 |
|
|
$ |
70,704 |
|
$ |
3,119 |
|
$ |
27,601 |
|
|
$ |
10,886 |
|
|
$ |
0.14 |
|
| Non-GAAP
margin |
|
74.0 |
% |
|
|
|
|
|
|
20.1 |
% |
|
|
|
|
| |
Non-GAAP Gross Margin |
|
Non-GAAP Operating Expenses |
|
Non-GAAP R&D |
|
Non-GAAP Operating Income |
|
Non-GAAP Net income Continuing Operations |
|
Adjusted EPS Continuing Operations |
| Six Months Ended June
29, 2024 |
Gross Profit |
|
Operating Expenses(a) |
|
R&D |
|
Operating Loss |
|
Net Loss Continuing Operations |
|
EPS from Continuing Operations(j) |
|
Reported GAAP measure |
$ |
192,019 |
|
|
$ |
209,475 |
|
$ |
6,585 |
|
$ |
(24,041 |
) |
|
$ |
(38,094 |
) |
|
$ |
(0.45 |
) |
| Reported GAAP
margin |
|
68.4 |
% |
|
|
|
|
|
|
(8.6 |
%) |
|
|
|
|
| Depreciation and
amortization(b) |
|
21,046 |
|
|
|
3,819 |
|
|
10 |
|
|
24,875 |
|
|
|
24,875 |
|
|
|
0.31 |
|
| Acquisition and related
costs(c) |
|
— |
|
|
|
511 |
|
|
— |
|
|
511 |
|
|
|
511 |
|
|
|
0.01 |
|
| Shareholder litigation
costs(d) |
|
— |
|
|
|
13,670 |
|
|
— |
|
|
13,670 |
|
|
|
13,670 |
|
|
|
0.17 |
|
| Restructuring and succession
charges(e) |
|
— |
|
|
|
13 |
|
|
— |
|
|
13 |
|
|
|
13 |
|
|
|
— |
|
| Financial restructuring
costs(f) |
|
— |
|
|
|
347 |
|
|
— |
|
|
347 |
|
|
|
347 |
|
|
|
— |
|
| Impairment of assets(g) |
|
— |
|
|
|
31,870 |
|
|
— |
|
|
31,870 |
|
|
|
31,870 |
|
|
|
0.40 |
|
| Other items(i) |
|
— |
|
|
|
3,496 |
|
|
293 |
|
|
3,789 |
|
|
|
3,789 |
|
|
|
0.05 |
|
| Tax effect of adjusting
items(j) |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(17,037 |
) |
|
|
(0.24 |
) |
| Non-GAAP
measure |
$ |
213,065 |
|
|
$ |
155,749 |
|
$ |
6,282 |
|
$ |
51,034 |
|
|
$ |
19,944 |
|
|
$ |
0.25 |
|
| Non-GAAP
margin |
|
75.9 |
% |
|
|
|
|
|
|
18.2 |
% |
|
|
|
|
| |
Non-GAAP Gross Margin |
|
Non-GAAP Operating Expenses |
|
Non-GAAP R&D |
|
Non-GAAP Operating Income |
|
Non-GAAP Net Income Continuing Operations |
|
Adjusted EPS Continuing Operations |
| Six Months Ended July
1, 2023 |
Gross Profit |
|
Operating Expenses(a) |
|
R&D |
|
Operating Loss |
|
Net Loss Continuing Operations |
|
EPS from Continuing Operations(k) |
|
Reported GAAP measure |
$ |
163,042 |
|
|
$ |
241,181 |
|
$ |
7,169 |
|
$ |
(85,308 |
) |
|
$ |
(104,749 |
) |
|
$ |
(1.34 |
) |
| Reported GAAP
margin |
|
63.7 |
% |
|
|
|
|
|
|
(33.3 |
%) |
|
|
|
|
| Depreciation and
amortization(b) |
|
26,640 |
|
|
|
4,423 |
|
|
10 |
|
|
31,073 |
|
|
|
31,073 |
|
|
|
0.40 |
|
| Acquisition and related
costs(c) |
|
— |
|
|
|
2,623 |
|
|
— |
|
|
2,623 |
|
|
|
2,623 |
|
|
|
0.03 |
|
| Restructuring and succession
charges(e) |
|
— |
|
|
|
937 |
|
|
— |
|
|
937 |
|
|
|
937 |
|
|
|
0.01 |
|
| Financial restructuring
costs(f) |
|
— |
|
|
|
6,587 |
|
|
— |
|
|
6,587 |
|
|
|
6,587 |
|
|
|
0.08 |
|
| Impairment of assets(g) |
|
— |
|
|
|
78,615 |
|
|
— |
|
|
78,615 |
|
|
|
78,615 |
|
|
|
1.01 |
|
| Loss on disposal of a
business(h) |
|
— |
|
|
|
977 |
|
|
— |
|
|
977 |
|
|
|
977 |
|
|
|
0.01 |
|
| Other items(i) |
|
— |
|
|
|
4,460 |
|
|
1,154 |
|
|
5,614 |
|
|
|
5,614 |
|
|
|
0.07 |
|
| Tax effect of adjusting
items(j) |
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(27,278 |
) |
|
|
(0.40 |
) |
| Non-GAAP
measure |
$ |
189,682 |
|
|
$ |
142,559 |
|
$ |
6,005 |
|
$ |
41,118 |
|
|
$ |
(5,601 |
) |
|
$ |
(0.13 |
) |
| Non-GAAP
margin |
|
74.1 |
% |
|
|
|
|
|
|
16.1 |
% |
|
|
|
|
| |
Non-GAAP Gross Margin |
|
Non-GAAP Operating Expenses |
|
Non-GAAP R&D |
|
Non-GAAP Operating Income |
|
Non-GAAP Net Loss Continuing Operations |
|
Adjusted EPS Continuing Operations |
|
(a) |
The "Reported GAAP Measure" under the "Operating Expenses" column
is a sum of all GAAP operating expense line items, excluding
research and development. |
| (b) |
Includes for the three months
ended June 29, 2024 and July 1, 2023 and the six months
ended June 29, 2024 and July 1, 2023, respectively,
depreciation and amortization of $11,021, $12,301, $21,046 and
$26,640 in cost of sales and $2,069, $2,299, $3,829 and $4,433 in
operating expenses presented in the consolidated statements of
operations and comprehensive loss. |
| (c) |
Includes acquisition and
integration costs related to completed acquisitions, amortization
of inventory step-up associated with acquired entities, loss on
disposal of fixed assets related to acquired businesses, and
changes in fair value of contingent consideration. |
| (d) |
Costs incurred as a result of
certain shareholder litigation unrelated to our ongoing
operations. |
| (e) |
Costs incurred were the result of
adopting restructuring plans to reduce headcount, reorganize
management structure, and consolidate certain facilities. |
| (f) |
Financial restructuring costs
include advisory fees and debt amendment related costs. |
| (g) |
Represents a non-cash impairment
charge for intangible assets attributable to our Rehabilitation
Business in 2024 due to our decision to sell the business. Activity
in 2023 relates to the non-cash impairment charge attributable to
our divested Wound Business. |
| (h) |
Represents a non-cash impairment
charge for intangible assets attributable to our Rehabilitation
Business in 2024 due to our decision to sell the business. Activity
in 2023 relates to the non-cash impairment charge attributable to
our divested Wound Business. |
| (i) |
Other items primarily includes
charges associated with strategic transactions, such as potential
acquisitions or divestitures and a transformative project to
redesign systems and information processing. We incurred $0.3
million and $1.2 million in costs, respectively, during the three
and six months ended July 1, 2023 related to MOTYS. Other
items for the three and six months ended July 1, 2023 also
includes $2.3 million of severance costs and the reversal of equity
compensation of $3.8 million related to the transition of our
executive leadership. |
| (j) |
The three and six months ended
June 29, 2024 includes a $6.2 million tax impact related to
the impairment of assets. The six months ended July 1, 2023
includes a $15.3 million tax impact related to the impairment of
assets. An estimated tax impact for the remaining adjustments to
Non-GAAP Net Income (Loss) was calculated by applying a rate of
25.1% to those adjustments for the three and six months ended
June 29, 2024 and July 1, 2023. |
| (k) |
Adjustments are pro-rated to
exclude the weighted average non-controlling interest ownership of
19.5% and 20.1%, respectively, for the three and three and six
months ended June 29, 2024 and July 1, 2023. |
Investor Inquiries and Media:Dave
CrawfordBioventusinvestor.relations@bioventus.com
Bioventus (NASDAQ:BVS)
過去 株価チャート
から 7 2024 まで 8 2024
Bioventus (NASDAQ:BVS)
過去 株価チャート
から 8 2023 まで 8 2024
