Revenue growth remains highly volatile, fluctuating between a 4.3% contraction in 2025Q1 and a 15.0% expansion in 2024Q3, while operating margins have struggled to maintain consistency, swinging from a negative 20.8% in 2024Q2 to a 13.8% peak in 2025Q4.
| Sales/Revenue | 576.3M | 568.09M | 573.28M | 512.35M | 512.12M | 430.9M | 321.16M | 340.14M | 319.18M | 253.65M | 242.89M |
| Revenue Growth % | 1.52% | -0.91% | 11.89% | 0.04% | 18.85% | 34.17% | -5.58% | 6.57% | 25.83% | 4.43% | - |
| Cost of Goods Sold | 186.16M | 185.66M | 185.05M | 184.15M | 181.04M | 128.19M | 87.64M | 90.94M | 84.17M | 74.34M | 74.61M |
| COGS % of Revenue | - | 32.68% | 32.28% | 35.94% | 35.35% | 29.75% | 27.29% | 26.73% | 26.37% | 29.31% | 30.72% |
| Gross Profit | 390.14M | 382.43M | 388.23M | 328.19M | 331.08M | 302.71M | 233.52M | 249.21M | 235.01M | 179.31M | 168.28M |
| Gross Margin % | 67.7% | 67.32% | 67.72% | 64.06% | 64.65% | 70.25% | 72.71% | 73.27% | 73.63% | 70.69% | 69.28% |
| Gross Profit Growth % | - | -1.49% | 18.29% | -0.87% | 9.37% | 29.63% | -6.29% | 6.04% | 31.06% | 6.55% | - |
| Operating Expenses | 331M | 323.88M | 400.2M | 409.92M | 498.31M | 290.64M | 212.28M | 218.01M | 209.5M | 173.76M | 165.49M |
| OpEx % of Revenue | - | 57.01% | 69.81% | 80.01% | 97.3% | 67.45% | 66.1% | 64.09% | 65.64% | 68.5% | 68.13% |
| Selling, General & Admin | 318M | 314.03M | 327.09M | 303.88M | 332.13M | 254.25M | 193.08M | 198.47M | 191.67M | 148.44M | 147.06M |
| SG&A % of Revenue | - | 55.28% | 57.06% | 59.31% | 64.86% | 59.01% | 60.12% | 58.35% | 60.05% | 58.52% | 60.54% |
| Research & Development | 11.57M | 12.11M | 13.64M | 13.45M | 23.85M | 19.04M | 11.2M | 11.05M | 8.1M | 14.75M | 9.46M |
| R&D % of Revenue | - | 2.13% | 2.38% | 2.62% | 4.66% | 4.42% | 3.49% | 3.25% | 2.54% | 5.81% | 3.9% |
| Other Operating Expenses | 1000K | -2.26M | 59.47M | 92.59M | 142.33M | 17.35M | 8M | 8.48M | 9.74M | 10.57M | 8.97M |
| Operating Income | 61.08M | 58.55M | -11.98M | -81.72M | -167.23M | 12.06M | 21.24M | 31.19M | 25.5M | -16.59M | 20K |
| Operating Margin % | 10.6% | 10.31% | -2.09% | -15.95% | -32.66% | 2.8% | 6.61% | 9.17% | 7.99% | -6.54% | 0.01% |
| Operating Income Growth % | - | 588.75% | 85.34% | 51.13% | -1486.57% | -43.21% | -31.92% | 22.31% | 253.75% | -83040% | - |
| EBITDA | 107.43M | 105.56M | 37.58M | -24.36M | -111.84M | 46.94M | 49.88M | 61.51M | 54.74M | 16.49M | 28.84M |
| EBITDA Margin % | 18.64% | 18.58% | 6.55% | -4.75% | -21.84% | 10.89% | 15.53% | 18.08% | 17.15% | 6.5% | 11.87% |
| EBITDA Growth % | 206.14% | 180.92% | 254.25% | 78.22% | -338.27% | -5.9% | -18.91% | 12.36% | 231.97% | -42.82% | - |
| D&A (Non-Cash Add-back) | 46.35M | 47.01M | 49.55M | 57.37M | 55.4M | 34.88M | 28.64M | 30.32M | 29.24M | 33.08M | 28.82M |
| EBIT | 63.34M | 58.55M | -10.33M | -80.44M | -177M | 10.6M | 25.66M | 31.27M | 25.28M | -17.74M | 616K |
| Net Interest Income | -23.3M | -26.49M | -38.79M | -40.68M | -12.02M | -1.11M | -9.75M | -21.58M | -19.17M | -14.23M | -11.97M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.3M | 26.49M | 38.79M | 40.68M | 12.02M | 1.11M | 9.75M | 21.58M | 19.17M | 14.23M | 11.97M |
| Other Income/Expense | -27.44M | -32.84M | -37.15M | -39.39M | -21.79M | -2.57M | -5.32M | -21.5M | -19.4M | -15.38M | -11.37M |
| Pretax Income | 33.64M | 25.71M | -49.13M | -121.11M | -189.03M | 9.49M | 15.91M | 9.69M | 6.11M | -31.97M | -11.35M |
| Pretax Margin % | 5.84% | 4.53% | -8.57% | -23.64% | -36.91% | 2.2% | 4.96% | 2.85% | 1.91% | -12.6% | -4.67% |
| Income Tax | -899K | -1.56M | -5.29M | 85K | -44.37M | -1.97M | 1.19M | 1.58M | 1.66M | 2.14M | 1.55M |
| Effective Tax Rate % | -2.67% | -6.09% | 10.77% | -0.07% | 23.48% | -20.72% | 7.49% | 16.27% | 27.25% | -6.69% | -13.63% |
| Net Income | 28.48M | 22.73M | -33.54M | -156.23M | -158.7M | 19.38M | 16.41M | 6.85M | -12.21M | -34.11M | -12.9M |
| Net Margin % | 4.94% | 4% | -5.85% | -30.49% | -30.99% | 4.5% | 5.11% | 2.01% | -3.82% | -13.45% | -5.31% |
| Net Income Growth % | 185.53% | 167.77% | 78.53% | 1.56% | -919.12% | 18.06% | 139.54% | 156.12% | 64.21% | -164.43% | - |
| Net Income (Continuing) | 34.54M | 27.27M | -43.83M | -121.2M | -144.65M | 11.45M | 14.72M | 8.11M | 4.44M | -34.11M | -12.9M |
| Discontinued Operations | 0 | 0 | 0 | -59.49M | -54.78M | -1.87M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 45.36M | 44.34M | 37.66M | 47.53M | 86.98M | 74.86M | 1.92M | 2.63M | 0 | 0 | 0 |
| EPS (Diluted) | 0.41 | 0.33 | -0.52 | -2.49 | -2.59 | -0.15 | 0.44 | 0.12 | -0.22 | -0.69 | -0.30 |
| EPS Growth % | 185.12% | 163.46% | 79.12% | 3.86% | -1626.67% | -134.09% | 266.67% | 154.55% | 68.12% | -130% | - |
| EPS (Basic) | - | 0.34 | -0.52 | -2.49 | -2.59 | -0.15 | 0.44 | 0.12 | -0.22 | -0.69 | -0.30 |
| Diluted Shares Outstanding | 70.01M | 68.91M | 65.36M | 62.65M | 61.39M | 45.47M | 37.7M | 56.83M | 56.83M | 55.63M | 55.63M |
| Basic Shares Outstanding | 67.3M | 66.62M | 65.36M | 62.65M | 61.39M | 45.47M | 37.7M | 56.83M | 56.83M | 55.63M | 55.63M |
| Dividend Payout Ratio | - | - | - | - | - | 1.89% | 121.17% | 133.37% | - | - | - |
Reimbursement and leverage sensitivity
According to the provided quarterly financial data, Bioventus has experienced volatile top-line performance, with revenue growth fluctuating between a 4.3% contraction in 2025Q1 and a 15.0% expansion in 2024Q3, suggesting that organic growth remains highly sensitive to seasonal elective procedure volumes and shifting reimbursement capture rates.
The lack of a sustained growth trajectory indicates that the company struggles to maintain consistent market share in its core orthopedic segments. Investors should monitor whether the recent revenue recovery in 2026Q1 represents a durable trend or merely a seasonal rebound from prior periods of weakness.
As reported in financial statements, Bioventus maintains a gross margin profile generally hovering near 67%, which reflects the proprietary nature of its ultrasonic and HA products, though periodic compression to 63.7% in 2023Q4 highlights the vulnerability of these margins to product mix shifts and pricing pressure.
The company's ability to sustain these margins depends heavily on its specialized sales force and the regulatory moat surrounding its PMA-status devices. Any further erosion in these margins would suggest that competitive alternatives or payer-driven price concessions are beginning to undermine the company's core pricing power.
Based on the income statement data, Bioventus exhibits significant operating leverage challenges, as SG&A expenses frequently consume the vast majority of gross profit, resulting in operating margins that have swung from a negative 20.8% in 2024Q2 to a modest 13.8% peak in 2025Q4.
The high fixed cost of maintaining a direct sales infrastructure creates a high break-even point that leaves little room for error during periods of revenue volatility. The inability to consistently scale operating income faster than gross profit suggests that the current commercial model may be structurally inefficient.
Analysis of the reported figures reveals that net income remains inconsistent, with the company oscillating between net losses and thin profitability, as evidenced by the 2024Q2 net loss of $25.7M compared to the 2025Q4 net income of $14.8M, complicating the assessment of sustainable earnings power.
The frequent swings in net income appear to be driven by both operational fluctuations and non-operating items, including potential restructuring costs and acquisition-related expenses. Investors should exercise caution, as the reported EPS figures may not fully capture the underlying cash-generating capacity of the business.
Financial records indicate that the company's reliance on a high-cost, direct-to-physician sales model may be unsustainable, as evidenced by the 2024Q2 operating loss, which suggests that the current commercial infrastructure is poorly aligned with the company's recent revenue contraction and ongoing pricing pressures in the biologics market.
Short-sellers would likely focus on the potential for further margin compression if the company is forced to increase marketing spend to defend its market share against lower-cost competitors. The persistent need for restructuring and the historical reliance on M&A suggest that the current profitability profile may be more fragile than it appears.
Quick answers to the most common questions about buying BVS stock.
For fiscal year 2025, Bioventus Inc. (BVS) reported total revenue of $568.1M. This represents a 133.9% increase compared to $242.9M in 2014.
Bioventus Inc. (BVS) is profitable, generating $22.7M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Bioventus Inc. (BVS) reported an operating income of $58.5M, resulting in an operating profit margin of 10.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Bioventus Inc. (BVS) generated $382.4M in gross profit for the year, representing a gross profit margin of 67.3%. This demonstrates the company's core pricing power and production efficiency.