Free cash flow generation remains erratic, evidenced by a swing from a negative $20.2 million in 2025Q1 to a positive $37.4 million by 2025Q4, largely driven by working capital fluctuations.
| Cash from Operations | 102.94M | 73.98M | 38.8M | 15.34M | -13.54M | 22.99M | 71.8M | 40.71M | 45.19M | 18.92M | 15.11M |
| Operating CF Margin % | - | 13.02% | 6.77% | 2.99% | -2.64% | 5.34% | 22.36% | 11.97% | 14.16% | 7.46% | 6.22% |
| Operating CF Growth % | 505.55% | 90.68% | 152.84% | 213.35% | -158.88% | -67.98% | 76.35% | -9.9% | 138.83% | 25.22% | - |
| Net Income | 28.48M | 0 | -318K | -121.2M | -144.65M | 11.45M | 14.72M | 8.11M | 4.44M | -34.11M | -12.9M |
| Depreciation & Amortization | 46.35M | 0 | 49.55M | 57.37M | 55.4M | 34.88M | 28.64M | 30.32M | 29.24M | 33.08M | 28.82M |
| Stock-Based Compensation | 7.08M | 0 | 10.06M | 2.72M | 17.59M | 19.84M | 10.1M | 0 | 14.32M | 0 | 0 |
| Deferred Taxes | -817K | 0 | -5.39M | -2.38M | -46.66M | -9.76M | 0 | -348K | -79K | -432K | -701K |
| Other Non-Cash Items | 10.28M | 87.82M | -3.33M | 82.01M | 134.52M | -18.28M | 3.02M | 16.2M | -5.59M | 31.03M | 11.9M |
| Working Capital Changes | 7.19M | -13.84M | -11.78M | -3.18M | -29.73M | -15.14M | 15.31M | -13.57M | 2.85M | -10.65M | -12.01M |
| Change in Receivables | -2.6M | -916K | -10.67M | 10.05M | -17.67M | -20.05M | 0 | -14.91M | -12.13M | -11.27M | -217K |
| Change in Inventory | 7.8M | 8.57M | -16.43M | 0 | -18.62M | 3.18M | 0 | -1.43M | 3.26M | -5.73M | 10.65M |
| Change in Payables | -8.06M | -19.81M | 0 | 0 | 0 | 0 | 0 | 6.65M | 12.15M | 5.18M | 3.04M |
| Cash from Investing | -3M | -3.25M | 22.96M | 15.81M | -116.44M | -283.76M | -20.5M | -7.91M | -6.1M | -60.19M | -31.38M |
| Capital Expenditures | -2.31M | 0 | -1.01M | -7.36M | -1.48M | -13.52M | -16.58M | -2.34M | -6.06M | -2.12M | -1.16M |
| CapEx % of Revenue | 0.4% | 0.45% | 0.18% | 1.44% | 0.29% | 3.14% | 5.16% | 0.69% | 1.9% | 0.83% | 0.48% |
| Acquisitions | 0 | 0 | 0 | 34.67M | 0 | -262.87M | 0 | 430K | 0 | -51.46M | -10.55M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -686K | -3.25M | 23.97M | -11.51M | -114.96M | -7.37M | -3.92M | -6.43M | -40K | -6.61M | -19.67M |
| Cash from Financing | -86.23M | -61.44M | -54.58M | -26.65M | 62.08M | 273.37M | -29.57M | -10.95M | -13.26M | 31.25M | -6.64M |
| Debt Issued (Net) | -75.61M | -42.91M | -59.58M | -23.26M | 59.62M | 166.2M | -10M | -1.37M | -5.25M | -675K | -2.52M |
| Equity Issued (Net) | 2.04M | 2.07M | 2.44M | 778K | 5.82M | 109.41M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -367K | -19.89M | -9.14M | -7.85M | -1.02M | -2.4M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.67M | -20.61M | 2.56M | -4.17M | -3.37M | -1.88M | 317K | -448K | -160K | 32.94M | -1.73M |
| Net Change in Cash | 13.04M | 9.66M | 4.62M | 5.13M | -67.38M | 12.37M | 22.32M | 21.75M | 25.67M | -10.82M | -24.34M |
| Free Cash Flow | 100.63M | 71.41M | 37.79M | 7.98M | -15.02M | 2.1M | 51.13M | 32.37M | 39.13M | 11.48M | -5.72M |
| FCF Margin % | 17.46% | 12.57% | 6.59% | 1.56% | -2.93% | 0.49% | 15.92% | 9.52% | 12.26% | 4.53% | -2.36% |
| FCF Growth % | 320.55% | 88.98% | 373.43% | 153.16% | -814.66% | -95.89% | 57.94% | -17.26% | 240.88% | 300.63% | - |
| FCF per Share | 1.44 | 1.04 | 0.58 | 0.13 | -0.24 | 0.05 | 1.36 | 0.57 | 0.69 | 0.21 | -0.10 |
| FCF Conversion (FCF/Net Income) | 3.53x | 3.25x | -1.16x | -0.10x | 0.09x | 1.19x | 4.38x | 5.94x | -3.70x | -0.55x | -1.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 7.49M | 15.45M | 17.27M | 15.63M | 31.9M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1.54M | 1.58M | 1.94M | 2.61M | 785K |
Reimbursement and leverage sensitivity
According to reported quarterly filings, Bioventus exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios frequently exceeding 2.0x, which suggests that non-cash charges and working capital adjustments are the primary drivers of reported cash generation rather than core operational profitability.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items, likely including substantial depreciation and amortization from past acquisitions. Investors should monitor whether this cash-flow-to-earnings disconnect reflects sustainable operational efficiency or merely the accounting treatment of legacy intangible assets.
As reported in financial statements, Bioventus has demonstrated highly erratic free cash flow, swinging from a negative $20.2 million in 2025Q1 to a positive $37.4 million by 2025Q4, highlighting the company's sensitivity to seasonal procedure volumes and the ongoing challenges of maintaining consistent cash-generative operations.
The sharp fluctuations in free cash flow margins suggest that the company's ability to convert revenue into cash is highly dependent on the timing of elective procedures and reimbursement cycles. This volatility warrants caution, as it implies that the company's cash-generating engine remains vulnerable to external market shocks and internal execution hurdles.
Based on the provided cash flow data, working capital changes have been a major source of volatility, with a $31.2 million outflow in 2025Q1 followed by a $10.7 million inflow in 2025Q3, indicating that inventory and receivables management remains a primary driver of short-term liquidity fluctuations.
The significant swings in working capital suggest that the company may be struggling to optimize its cash conversion cycle, potentially due to channel inventory management or delays in insurance reimbursements. Analysts should investigate whether these shifts are indicative of structural inefficiencies in the supply chain or simply the result of seasonal stocking patterns.
Financial records indicate that the cash flow statement is frequently impacted by non-operating items, such as the $24.7 million acquisition-related cash flow in 2024Q4, which obscures the underlying cash-generating capacity of the core business and complicates the assessment of true operational health.
The presence of significant acquisition-related cash flows suggests that the company's reported cash position is often distorted by inorganic activities. Investors should look past these one-time adjustments to determine if the core business can generate sufficient cash to support its debt obligations without relying on further divestitures or restructuring.
Quick answers to the most common questions about buying BVS stock.
Bioventus Inc. (BVS) generated $74.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bioventus Inc. (BVS) generated $71.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bioventus Inc. (BVS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.