Bioventus Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Bioventus Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	340	321	431	512	512	573	568
Cost of revenue	90.9	87.6	128	181	184	185	180
Gross profit	249	234	303	331	328	388	388
Research and development	11.1	11.2	19	23.9	13.4	14	12.1
Selling, general and administrative	198	193	254	332	304	344	314
Operating income	31.2	21.2	12.1	-167	-81.7	-15.2	54
Other non-operating income	-21.5	-5.32	-2.57	-21.8	-39.4	-37.1	-28.3
Pre-tax income	9.69	15.9	9.49	-189	-121	-52.3	25.7
Income tax	1.58	1.19	-1.97	-44.4	0.09	-5.29	-1.57
Income from continuing operations				-104	-96.7	-36.1	22.7
Net income to minority interests	-0.55	-1.69	-9.79	-54.7		-10.9
Net income	6.85	16.4	19.4	-159	-156	-36.1	22.7
EBITDA	61.5	49.9	46.9	-112	-24.4	34.4	101
EPS, basic			-0.15	-2.59	-2.49	-0.56	0.34
EPS, diluted			-0.15	-2.59	-2.49	-0.56	0.33
Shares, basic (weighted)			45.5	61.4	62.6	64.5	66.6
Shares, diluted (weighted)			45.5	61.4	62.6	64.5	68.9

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	64.5	86.8	43.9	30.2	37	41.6	51.2
Receivables		88.3	125	136	123	127	128
Inventory		29.1	61.7	84.8	91.3	92.5	82.2
Other current assets		7.55	27.2	18.6	16.9	14.2	11.1
Total current assets		212	263	273	268	276	273
Property, plant and equipment		6.88	23	27.6	36.6	27	21.9
Lease right-of-use assets		15	17.2	16.7	13.4	6.51	5.12
Goodwill		49.8	148	7.46	7.46	7.46	7.46
Intangible assets		192	695	640	482	405	368
Long-term investments		19.4	29.3	2.62	3.14	1.89	2.29
Total assets		494	1,226	1,373	811	728	684
Accounts payable		4.42	16.9	36.7	23	23.7	10.9
Accrued liabilities		88.2	131	112	120	136	130
Deferred revenue		0	2.4	2.9	2.35	1.68	0.96
Short-term debt		15	18	33.1	27.8	27.3	15
Total current liabilities		123	181	304	175	210	160
Long-term debt		173	340	385	367	308	279
Lease liabilities		14.1	15	14.4	10.6	6.94	4.46
Other non-current liabilities		21.7	21.7	22.8	27.9	23.1	15.3
Total liabilities		350	618	960	590	542	455
Total debt		188	358	418	395	336	294
Paid-in capital			473	491	494	508	521
Retained earnings			-6.6	-165	-322	-358	-335
Other comprehensive income			0.18	-0.11	0.79	-2.57	-1.9
Shareholders' equity			459	325	174	148	184
Minority interests			141	87	47.5	37.7	44.3
Total equity			608	412	221	186	228
Total liabilities and equity		494	1,226	1,373	811	728	684

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.3	14.7	9.59	-213	-196	-47	27.3
Depreciation and amortization	30.3	28.6	34.9	55.4	57.4	49.6	47
Stock-based compensation	0	0	19.8	17.6	2.72	13.3	12.7
Deferred income tax	-0.35	-0.51	-9.76	-46.7	-2.38	-5.39	-0.91
Change in receivables	-14.9	-3.94	-20.1	-17.7	10.1	-10.7	-0.92
Change in inventory	-1.43	-0.53	3.18	-18.6	-5.99	-16.4	8.57
Change in payables	6.65	20.5	18.2	-3.1	-5.28	17.8	-19.8
Cash from operations	40.7	71.8	23	-13.5	15.3	38.8	74.7
Capital expenditures	-2.34	-16.6	-13.5	-1.48	-7.36	-1.01	-2.56
Acquisitions	0.43	0	-263
Purchases of investments	-6	-16.6	-13.5
Cash from investing	-7.91	-20.5	-284	-116	15.8	23	-3.25
Stock issued	0	0	1.63	5.82	0.78	2.44	2.07
Cash from financing	-11	-29.6	273	62.1	-26.7	-54.6	-62.1
Exchange rate effect	-0.1	0.59	-0.23	0.52	0.63	-2.56	0.37
Net change in cash	21.7	22.3	12.4	-67.4	5.13	4.62	9.66
Free cash flow	38.4	55.2	9.47	-15	7.98	37.8	72.1
Interest paid	15.5	7.49	5.84	18	32.5	38.5	27
Income taxes paid	1.58	1.54	7.46	1.52	1.27	2.2	2.76

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $13.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.7%	Gross profit / revenue.
Operating margin	10.0%	Operating income / revenue.
EBITDA margin	14.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.6%	Pre-tax income / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	16.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.6%	Cash from operations / revenue.
Effective tax rate	-59.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.0%	Research and development expense / revenue.
SG&A / revenue	55.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	193.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	15.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	6.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	92.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	0.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	90.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	5.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-6.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-20.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.69x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.9%	Total debt / total assets.
Liabilities / assets	58.8%	Total liabilities / total assets.
Net debt	$219.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$105.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	53.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$130.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.86x	Revenue / average total assets.
Fixed asset turnover	28.3x	Revenue / average property, plant and equipment.
Inventory turnover	2.29x	Cost of revenue / average inventory.
Days inventory	160 days	365 x average inventory / cost of revenue.
Receivables turnover	4.20x	Revenue / average receivables.
Days sales outstanding	87 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	206 days	Days inventory + days sales outstanding - days payables.
FCF conversion	173.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.21	Revenue / diluted weighted shares.
FCF per share	$1.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.37	Cash from operations / diluted weighted shares.
Book value per share	$3.22	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.84	Tangible book value / shares outstanding.
Cash per share	$0.42	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.16B	Share price x shares outstanding.
Enterprise value	$1.38B	Market cap + total debt - cash - short-term investments.
P/E	21.3x	Market cap / net income. Only when net income is positive.
P/S	2.00x	Market cap / revenue.
P/B	5.09x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.0x	Market cap / cash from operations, when positive.
EV/Sales	2.37x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).

What was Bioventus Inc.'s revenue in fiscal 2025?

Bioventus Inc. reported revenue of $568.1M for fiscal 2025, 0.9% lower than the year before.

Was Bioventus Inc. profitable in fiscal 2025?

Yes. Net income was $22.7M, a net margin of 4%.

How much free cash flow did Bioventus Inc. generate in fiscal 2025?

Cash from operations of $74.7M minus capital expenditures of $2.6M left free cash flow of $72.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Bioventus Inc.