Start here if you're new
what it is
It makes medical devices and therapies that help bones, joints, and nerves heal.
how it gets paid
Last year Bioventus made $568M in revenue. Non-surgical joint pain injections was the main engine at $150M, or 26% of sales.
why growth slowed
Revenue fell 0.9% last year (~$568M FY). The latest quarter’s top line in the KPI row is ~$145M—a normal quarterly slice vs the mis-tagged ~$410M headline in some feeds.
what just happened
Bioventus posted about $145M of revenue in the latest quarter (see earnings KPIs); ignore ~$410M if your source labels it as a single quarter—it does not foot to ~$568M FY.
At a glance
C++ balance sheet — some cracks in the foundation
56.4x trailing p/e — you're paying up for this one
2.1% return on capital — nothing to write home about
-$0.15 fy2024 eps est
$2B fy2026 rev est
xvary composite: 32/100 — weak
What they do
It makes medical devices and therapies that help bones, joints, and nerves heal.
Bioventus has 930 employees and $568M in annual sales. That is a small crew for a hospital-facing business. Once your clinic adopts a device, retraining and reordering are the hassle, not the headline.
How they make money
$568M
annual revenue · their business grew -0.9% last year
Non-surgical joint pain injections
$150M
Peripheral nerve stimulation
$80M
Bone graft substitutes
$130M
Ultrasonic medical devices
$70M
Restorative therapies
$138M
The products that matter
bone grafts and joint-care products
Orthobiologics Portfolio
$398M · 70% of revenue
it is the core business at roughly $398M (management rollup), and it declined 2% last year—the rev-rows lines above use a different segment map that still sums to ~$568M. if this segment keeps sliding, the rest of the story gets much harder to fund.
core cash engine
tools for joint procedures
Surgical Solutions
$142M · 25% of revenue
this business contributes about $142M of sales, and Q4 2025 revenue hit $55.5M with 10.3% organic growth. it is the cleanest growth pocket in the current mix.
steady grower
peripheral nerve stimulation for pain
Pain Management (PNS)
$28M · 5% of revenue
it is only a $28M business today, but management is talking about a $100M+ platform. that gap is where most of the upside story lives.
the big bet
Key numbers
$568M
annual sales
That is the size of the business today. It gives you scale, but not enough slack to waste money.
68.1%
gross margin
This says 68 cents stayed after direct product costs on every dollar of sales. That is decent, but it does not erase the debt.
$326M
long-term debt
This is the bill hanging over the business. It equals 31% of capital, which is a lot for a company this size.
2.1%
capital return
That means each $100 tied up in the business turns into about $2 of profit. That is a weak payoff.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $326M (31% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for BVS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Bioventus posted about $145M of revenue in the latest quarter.
EPS was $0.12, and gross margin was 68.1%. Full-year revenue was ~$568M; ~$145M per quarter is in range—do not treat ~$410M as one quarter if your vendor prints it that way.
$145M
revenue
$0.12
eps
68.1%
gross margin
revenue
~$145M quarterly revenue mattered because it reconciles with ~$568M FY; the ~$410M “quarter” figure elsewhere on the page was dropped as inconsistent.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the pain-management launch failing to scale beyond a $28M starting point.
high
PNS adoption misses the $100M ambition
The new pain platform is only about $28M of revenue today, but the narrative is built around a $100M+ opportunity. If early 2026 availability does not convert into real sales, the growth story shrinks fast.
That would leave a 56.4x earnings multiple leaning on a business that is only guiding 6–7% top-line growth.
high
the core 70% of revenue keeps eroding
Orthobiologics contributes roughly $398M of sales and declined 2% last year. When the biggest segment shrinks, every new product has to run faster just to keep consolidated growth looking normal.
A second year of decline would pressure the $600M–$610M guide and weaken the base funding the rest of the portfolio.
med
debt and valuation leave little room for slippage
Long-term debt stands at $326M, or 31% of capital, while the stock trades at 56.4x trailing earnings. That is a fragile pairing when your return on capital is only 2.1%.
If execution softens, equity holders absorb both multiple compression and the burden of a balance sheet that is only graded C++.
three things matter most: keeping Orthobiologics from another decline, landing inside the $600M–$610M revenue guide, and proving the $28M PNS business is moving toward the $100M target.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Expected May 5, 2026. Consensus sits at $0.11 EPS on $133.2M of revenue. You want proof that the company is tracking toward the $600M–$610M full-year guide.
launch
broad PNS availability
The limited U.S. launch began in Q3 2025, and broad commercial availability is expected in early 2026. This is the operating milestone tied to the $100M+ pain-platform ambition.
core metric
Orthobiologics trend line
The core segment is 70% of revenue and declined 2% last year. If that number does not stabilize, the new-product story turns into a treadmill.
balance sheet
debt versus profit quality
A $326M long-term debt load looks different when net income is only $22.7M. Watch whether operating progress is improving faster than the balance-sheet pressure.
Analyst rankings
coverage
thin
ranking data is sparse here. in human-speak, you are not getting a deep wall street consensus to hide behind.
valuation
56.4x
The stock trades at 56.4x trailing earnings. That is a premium multiple for a business guiding only about 6–7% sales growth next year.
stability
5 / 100
Price stability is 5 out of 100. You should expect movement, not serenity, while the company tries to prove the new pain platform.
source: institutional data
Institutional activity
institutional ownership data for BVS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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