Overview

• U.S. medical device maker's Q1 revenue rose 7%, beating analyst expectations

• Non-GAAP EPS for Q1 rose to $0.15 from $0.08, driven by improved operating profit

• Company raised full-year 2026 non-GAAP EPS and cash from operations guidance

Outlook

• Bioventus raises full-year 2026 adjusted EPS guidance to $0.75-$0.79

• Company lifts 2026 cash from operations forecast to $84 mln-$89 mln

• Bioventus reaffirms 2026 net sales guidance of $600 mln-$610 mln, reflecting 6%-7% growth

Result Drivers

• PAIN TREATMENTS REBATE - Q1 Pain Treatments revenue rose due to a $4.2 mln favorable rebate benefit from a billing process change, partially offset by one fewer selling day and lower distributor inventory levels

• SURGICAL SOLUTIONS DEMAND - Higher U.S. demand for Bone Graft Substitutes and Ultrasonics drove growth in Surgical Solutions

• EXOGEN SALES EXECUTION - Restorative Therapies revenue increased due to continued commercial effectiveness and sales force execution with the EXOGEN Bone Stimulation System

Company press release: ID:nGNX7slZyb

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$132.10 mln	$129.85 mln (4 Analysts)
Q1 Adjusted EBITDA		$23.90 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy"

• Wall Street's median 12-month price target for Bioventus Inc is $15.00, about 40.4% above its May 5 closing price of $10.68

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 10 three months ago

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