Bioventus shares fell 16.8% after earnings, with the most evident pressure point being softness in bone graft substitutes, down 6%, despite 3% overall revenue growth. The transcript also points to continued investment in growth initiatives, while the outlook details needed to assess the guidance update are not included.
- Q3 revenue grew 3%; pain treatments rose 6%, partly offset by a 6% decline in bone graft substitutes.
- PRP disposable-kit revenue exceeded capital-placement revenue for the first time, and the company secured exclusive sports-medicine rights for its PRP solution.
- PNS indicators improved: trial-to-permanent conversion exceeded plan, time to permanent placement shortened, and physicians trained increased by more than 50% quarter over quarter.
- Ultrasonics delivered double-digit revenue growth; international revenue rose 16%.
- Adjusted EBITDA margin was 20%, up 70 basis points year over year; management expects full-year margin to be above the prior-year level.
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