# Bioventus Inc. (BVS)

> Source: Nexqual · https://nexqual.com/BVS · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Bioventus Inc. (BVS), nexqual.com/BVS" · informational, not investment advice.

**Price:** USD 14.65 (+1.59% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 14.42 · day 14.26–14.75 · 52w 6.47–15.89 · market cap $1.00B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $582M, net income $54.5M (9.4% margin), free cash flow $94.3M (SEC filings).
- Valuation: P/E 18.4x (avg 22.6x at the last 1 fiscal year-ends), EV/EBITDA 14.6x, net debt $219M.
- Earnings quality: non-operating income -$19.6M vs operating income $58.3M over the last four quarters; P/E excluding non-operating income ≈13.5x (estimate: non-operating income taxed at the company's 0% effective rate).
- Analysts: Buy (mean 1.60 on a 1–5 scale) (5 analysts), mean target USD 17.6 (range 15–19).
- Total return with dividends: 1Y +116.4% vs S&P 500 +13.6%; 5Y -3.0% vs S&P 500 +79.8%.
- Next earnings: 2026-11-02, EPS estimate USD 0.16, revenue estimate $150M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $431M | $512M | $512M | $573M | $568M | $582M |
| Gross profit | $303M | $331M | $328M | $388M | $388M | — |
| Operating income | $12.1M | -$167M | -$81.7M | -$15.2M | $54.0M | $58.3M |
| Net income | $19.4M | -$159M | -$156M | -$36.1M | $22.7M | $54.5M |
| EPS (diluted) | -$0.15 | -$2.59 | -$2.49 | -$0.56 | $0.33 | — |
| Free cash flow | $9.5M | -$15.0M | $8.0M | $37.8M | $72.1M | $94.3M |
| Gross margin | 70.3% | 64.6% | 64.1% | 67.7% | 68.3% | — |
| Operating margin | 2.8% | -32.7% | -16.0% | -2.7% | 9.5% | 10.0% |
| Net margin | 4.5% | -31.0% | -30.5% | -6.3% | 4.0% | 9.4% |
| Revenue growth | +34.2% | +18.8% | +0.0% | +11.9% | -0.9% | — |
| Cash + short-term investments | $43.9M | $30.2M | $37.0M | $41.6M | $51.2M | — |
| Total debt | $358M | $418M | $395M | $336M | $294M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 18.4x · P/E ex non-operating (est.) ≈13.5x · P/S 1.7x · EV/EBITDA 14.6x · EV/Sales 2.1x · P/FCF 10.6x · P/B 4.4x · FCF yield 9.42% · Earnings yield 5.44% · Net debt $219M · EV $1.22B
P/E at fiscal year-ends: Dec 2025 22.6x.

## Analysts
Consensus Buy (mean 1.60 on a 1–5 scale), 5 analysts; mean target USD 17.6 (low 15, high 19).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-17 | Canaccord Genuity | Target raised | Buy | $15 → $19 |
| 2026-08-17 | Cantor Fitzgerald | Reiterated | Overweight | $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +116.4% | -3.0% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +117.0% | -0.6% |
| Volatility (annualized) | 50.5% | 82.5% |
| Max drawdown | -27.5% (May 2026→Jun 2026) | -94.0% (Nov 2021→Apr 2023) |

## Peers (Medical Devices)
INSP (Inspire Medical Systems, Inc.) USD 70.97 -0.46% · ESTA (Establishment Labs Holdings Inc) USD 68.97 +3.02% · BFLY (Butterfly Network, Inc.) USD 7.81 +5.83% · UFPT (UFP Technologies, Inc.) USD 286 -3.00% · TMDX (TransMedics Group, Inc.) USD 66.9 -4.06% · ALMR (Alamar Biosciences, Inc.) USD 34.3 +7.42%

## More
Full page: https://nexqual.com/BVS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BVS's own 10-K filed 2026-03-05 (https://www.sec.gov/Archives/edgar/data/1665988/000166598826000011/bvs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | BV | "•our principal asset is our interest in BV LLC, and, accordingly, we depend on distributions from BV LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement." |
| Competitor | Johnson & Johnson (JNJ) | "Our Pain Treatments that we own or distribute compete with products from Ferring Pharmaceutical Inc., Fidia Farmaceutici S.p.A., Johnson & Johnson, Zimmer Biomet Holdings, Inc., Arthrex, Inc., Emcyte Corporation and Chan…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $134.5M | 87.8% | +4.4% |
| International | $18.7M | 12.2% | -0.8% |
| Total revenue | $153.2M | 100% | — |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $134.5M | 87.8% | +4.4% |
| International | $18.7M | 12.2% | -0.8% |
| Total revenue | $153.2M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Bioventus is reaffirming its 2026 Financial Guidance provided on May 6, 2026."
- "For the twelve months ending December 31, 2026, the Company expects: • Net sales of $600 million to $610 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.18 | -9.1% | $149.5M | 5 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.24 | +4.2% | $170.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.78 | $0.78 | -0.3% | $604.8M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.92 | $0.91 | +1.3% | $645.6M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±15.5%; last 8 reports averaged ±8.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 75.1% | ±15.5% |
| 2027-01-15 | 78 | 66.0% | ±24.9% |
| 2027-04-16 | 169 | 68.7% | ±37.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.22 | $0.22 | In line | +4.2% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.15 | $0.07 | Beat +114.3% | -0.3% |
| Mar 5, 2026 | Quarter ended Dec 31, 2025 | $0.24 | $0.22 | Beat +9.1% | -0.7% |
| Nov 4, 2025 | Quarter ended Sep 30, 2025 | $0.15 | $0.12 | Beat +25.0% | +12.5% |
| Aug 6, 2025 | — | — | — | — | +12.9% |
| May 6, 2025 | — | — | — | — | -6.3% |
| Mar 11, 2025 | — | — | — | — | +15.0% |
| Nov 5, 2024 | — | — | — | — | -17.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1665988/000201238326003762/0002012383-26-003762-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 27, 2026 | https://www.sec.gov/Archives/edgar/data/1665988/000166598826000042/0001665988-26-000042-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Other material event — “As previously announced, following receipt of a recent unsolicited acquisition proposal from a party interested in acquiring the Company and multiple other expressions of interest, the Company's Board of Directors (the "Board") established a committee of independent directors, which, with the assistance of independent advisors, is evaluating a range of strategic alternatives, including but not limited to a sale of the Company or continued execution of the Company's standalone plan, aimed at maximizing value for…” | https://www.sec.gov/Archives/edgar/data/1665988/000166598826000041/0001665988-26-000041-index.htm |
| 2026-07-27 | Schedule 13G | BlackRock, Inc.: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1665988/000201238326002205/0002012383-26-002205-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.