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Restructuring Costs - Schedule of Restructuring Reserve by Type of Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 125	$ 1,316
Expenses incurred (reversal)	2,235	(52)	$ 840
Payments made	(923)	(1,139)
Ending balance	1,437	125	1,316
Prior Restructuring Plans
Restructuring Reserve [Roll Forward]
Beginning balance	125	1,316
Expenses incurred (reversal)	0	(52)
Payments made	(125)	(1,139)
Ending balance	0	125	1,316
2025 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	0	0
Expenses incurred (reversal)	2,235	0
Payments made	(798)	0
Ending balance	$ 1,437	$ 0	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Significant Accounting Policies - Schedule of Intangible assets useful lives (Details)	Dec. 31, 2025
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	19 years 4 months 24 days
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	9 years 3 months 18 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life	9 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Organization

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

The Company

Bioventus Inc. (together with its subsidiaries, the “Company”) was formed as a Delaware corporation for the purpose of facilitating an initial public offering (“IPO”) and other related transactions to carry on the business of Bioventus LLC and its subsidiaries (“BV LLC”). Bioventus Inc. functions as a holding company with no direct operations, material assets or liabilities other than the equity interest in BV LLC. BV LLC is a limited liability company formed under the laws of the state of Delaware on November 23, 2011 and operates as a partnership. BV LLC commenced operations in May 2012.

On February 16, 2021, the Company completed its IPO, which was conducted through what is commonly referred to as an umbrella partnership C Corporation (“UP-C”) structure. The Company has majority interest, sole voting interest, and controls the management of BV LLC. As a result, the Company consolidates the financial results of BV LLC and reports a noncontrolling interest representing the interest of BV LLC held by its continuing LLC owner.

The Company is a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions. The Company is headquartered in Durham, North Carolina and had approximately 930 employees at December 31, 2025.

Interim Periods

The Company reports quarterly interim periods on a 13-week basis within a standard calendar year. Each annual reporting period begins on January 1 and ends on December 31. Each quarter ends on the Saturday closest to calendar quarter-end, with the exception of the fourth quarter, which ends on December 31. The 13-week quarterly periods for fiscal year 2025 ended on March 29, June 28 and September 27. Comparable periods for 2024 ended on March 30, June 29 and September 28. The first and fourth quarters may vary in length depending on the calendar year.

Revision of Previously Issued Financial Statements for Correction of Immaterial Error

During the quarter ended March 29, 2025, the Company identified an error in its equity-based compensation expense, which is recorded in selling, general, and administrative expense and research and development expense for the fiscal year ended December 31, 2024 and related quarterly periods. The Company’s third-party administrator unintentionally changed the grant-date fair value of the restricted stock units granted on March 15, 2024. The change made by the third-party administrator occurred after the Company had performed its routine quarterly review over the accuracy and completeness of the fair value of new grants in its system. As a result, equity-based compensation expense was calculated in the system based on an incorrect value, causing an understatement of equity-based compensation expense as reflected in the below analysis. The Company identified the misstatement during its preparation and review of the definitive proxy statement for the Company’s 2025 Annual Meeting of Stockholders. The misstatement did not impact revenues or cash flows.

The annual financial statements affected by this error included the consolidated statements of operations and comprehensive income (loss), consolidated balance sheets and consolidated statements of changes in stockholders’ equity issued in the Company’s filed Annual Report on Form 10-K for the year ended December 31, 2024. The quarterly statements impacted by the error included the consolidated condensed statements of operations and comprehensive income (loss), consolidated condensed balance sheets and consolidated condensed statement of changes in stockholders’ equity issued in the Company’s Quarterly Reports filed on Form 10-Q for the periods ended March 30, June 29 and September 28, 2024.

The Company concluded that these errors were not material, individually or in the aggregate, as evaluated under the Securities and Exchange Commission Staff Accounting Bulletin Topic 1.M - Materiality, Topic 1.N - Considering the Effects of Prior Year Misstatements in Current Year Financial Statements and Financial Accounting Standards Board ASC 250-10, Accounting Changes and Error Corrections. To facilitate comparison between periods, the Company will adjust previously reported financial information for the immaterial error in future filings, as further explained below.

The Company revised the following amounts in the consolidated statements of operations and comprehensive income (loss), the consolidated balance sheets and the consolidated statements of changes in stockholders’ equity, as applicable, originally reported in the Form 10-K for the annual period ended December 31, 2024, in this Annual Report on Form 10-K for the year ended December 31, 2025:


Consolidated Statements of Operations and Comprehensive Loss — Year Ended December 31, 2024	As Previously Reported		Adjustments		As Adjusted
Selling, general and administrative expense	$	340,894	$	2,904	$	343,798
Research and development expense	13,639		312		13,951
Operating loss	(11,979)		(3,216)		(15,195)
Loss before income taxes	(49,126)		(3,216)		(52,342)
Net loss	(43,833)		(3,216)		(47,049)
Loss attributable to noncontrolling interest	10,291		633		10,924
Net loss attributable to Bioventus Inc.	(33,542)		(2,583)		(36,125)
Comprehensive loss	(48,014)		(3,216)		(51,230)
Comprehensive loss attributable to noncontrolling interest	11,105		633		11,738
Comprehensive loss attributable to Bioventus Inc.	(36,909)		(2,583)		(39,492)
Loss per share of Class A common stock - basic and diluted	$	(0.52)	$	(0.04)	$	(0.56)


Consolidated Balance Sheets — December 31, 2024	As Previously Reported		Adjustments		As Adjusted
Additional paid in capital	$	505,509	$	2,583	$	508,092
Accumulated deficit	(355,078)		(2,583)		(357,661)

Consolidation

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the noncontrolling ownership interests held by third parties in the operating results and financial position of the Company’s controlled subsidiaries are reported as noncontrolling interests. All intercompany balances and transactions have been eliminated in consolidation.

Segment Reporting

The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company’s CODM is its President and Chief Executive Officer. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment.

The Company’s two reportable segments are U.S. and International. U.S. and International products are primarily sold to physicians spanning the orthopedic continuum, including sports medicine, total joint reconstruction, hand and upper extremities, foot and ankle, podiatric surgery, trauma, spine and neurosurgery, as well as directly to their patients. Refer to Note 13. Revenue Recognition and Note 14. Segments for further information regarding the Company’s business segments.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. On an ongoing basis, management evaluates these estimates, including those related to contractual allowances and sales incentives, allowance for credit losses, inventory reserves, goodwill and intangible assets impairment, valuation of assets and liabilities assumed in acquisitions, useful lives of long lived assets, fair value measurements, litigation and contingent liabilities, income taxes, and equity-based compensation. Management bases its estimates on historical experience, future expectations and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss)	$ 27,274	$ (47,049)	$ (195,625)
Less: Loss from discontinued operations, net of tax	0	0	(74,429)
Income (loss) from continuing operations	27,274	(47,049)	(121,196)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	47,011	49,555	57,365
Provision (benefit) for expected credit losses	1,256	(434)	(1,103)
Equity-based compensation	12,673	13,274	2,722
Change in fair value of contingent consideration	0	1,423	719
Impairments of assets	0	36,357	78,615
Loss on extinguishment	326	0	0
Loss on disposals	81	292	3,577
Deferred income taxes	(909)	(5,394)	(2,377)
Unrealized (gain) loss on foreign currency fluctuations	(360)	(259)	665
Other, net	1,161	2,810	1,707
Changes in operating assets and liabilities:
Accounts receivable	(916)	(10,666)	10,055
Inventory	8,569	(16,435)	(5,991)
Accounts payable and accrued expenses	(19,814)	17,846	(5,275)
Other current and noncurrent assets and liabilities	(1,679)	(2,525)	(1,970)
Net cash from operating activities - continuing operations	74,673	38,795	17,513
Net cash from operating activities - discontinued operations	0	0	(2,169)
Net cash from operating activities	74,673	38,795	15,344
Investing activities:
(Settlement) proceeds from the sale of a business	(686)	24,678	34,675
Purchase of property and equipment	(2,562)	(1,006)	(7,362)
Investments and acquisition of distribution rights	0	(709)	0
Net cash from investing activities - continuing operations	(3,248)	22,963	27,313
Net cash from investing activities - discontinued operations	0	0	(11,506)
Net cash from investing activities	(3,248)	22,963	15,807
Financing activities:
Proceeds from issuance of Class A and B common stock	2,074	2,442	778
Tax withholdings on equity-based compensation	(9)	0	0
Receipt of deferred consideration	0	4,500	0
Payment of contingent consideration	(19,771)	0	0
Borrowing on revolver	45,000	0	64,000
Payment on revolver	(45,000)	(15,000)	(49,000)
Proceeds from the issuance of long-term debt, net of discount	31,907	0	0
Payments on the extinguishment of long-term debt	(65,765)	0	0
Debt financing costs	(697)	(1,180)	(3,661)
Payments on long-term debt	(9,052)	(44,584)	(38,264)
Other, net	(827)	(758)	(506)
Net cash from financing activities	(62,140)	(54,580)	(26,653)
Effect of exchange rate changes on cash	371	(2,560)	629
Net change in cash and cash equivalents	9,656	4,618	5,127
Cash and cash equivalents at the beginning of the period	41,582	36,964	31,837
Cash and cash equivalents at the end of the period	51,238	41,582	36,964
Supplemental disclosure of noncash investing and financing activities
Accrued liabilities for distribution rights and member distributions	0	0	709
Accounts payable for purchase of property, plant and equipment	$ 240	$ 42	$ 1,311

Commitments and Contingencies - Schedule of Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating lease assets
Operating lease assets	$ 5,122	$ 6,506
Operating lease liabilities - other current liabilities	$ 3,303	$ 3,102
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating lease liabilities - other long-term liabilities	$ 4,456	$ 6,940
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Total operating lease liabilities	$ 7,759	$ 10,042
Financing leases
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Property, plant and equipment - net	$ 11,221	$ 12,703
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance lease liabilities - other current liabilities	$ 907	$ 815
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Finance lease liabilities - other long-term liabilities	$ 8,729	$ 9,571
Total financing lease liabilities	$ 9,636	$ 10,386
Operating lease, weighted average remaining lease term (years)	2 years 4 months 24 days	3 years 1 month 6 days
Finance leases, weighted average remaining lease term (years)	7 years 3 months 18 days	8 years 3 months 18 days
Weighted average discount rate for operating leases (in percent)	5.20%	5.10%
Weighted average discount rate, finance leases, (in percent)	8.10%	8.10%

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Triggering an obligation of first payment	$ 19,771	$ 0	$ 0
Change in fair value of contingent consideration	0	1,423	719
Bioness, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration	0	$ 1,423	$ 719
Bioness, Inc \| Maximum Earnout Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	50,000
Bioness, Inc \| Earn-Out Payments for Meeting Sales Targets for Certain Implantable Products
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 20,000
Contingent consideration earn-out period	3 years
Bioness, Inc \| Earn-Out Payments for Meeting Net Sales Milestones for Certain Implantable Products
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	$ 10,000
Bioness, Inc \| Earn-Out Payments for Maintaining Centers for Medicare & Medicaid
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration	20,000
Triggering an obligation of first payment	$ 19,771

Earnings Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income (loss) from continuing operations	$ 27,274	$ (47,049)	$ (121,196)
Net (income) loss attributable to noncontrolling interests—continuing operations	(4,542)	10,924	24,458
Net income (loss) attributable to Bioventus Inc. Class A common stockholders—continuing operations	22,732	(36,125)	(96,738)
Loss from discontinued operations, net of tax	0	0	(74,429)
Loss attributable to noncontrolling interest - discontinued operations	0	0	14,937
Net loss attributable to Bioventus Inc. Class A common stockholders—discontinued operations	$ 0	$ 0	$ (59,492)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic (in shares)	66,622,631	64,547,474	62,647,554
Dilutive effect of stock options (in shares)	953,822	0	0
Dilutive effect of restricted stock units (in shares)	1,338,442	0	0
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	68,914,895	64,547,474	62,647,554
Net loss per share of Class A common stock from continuing operations, basic (in dollars per share)	$ 0.34	$ (0.56)	$ (1.54)
Net loss per share of Class A common stock from discontinuing operations, basic (in dollars per share)	0	0	(0.95)
Basic (in dollars per share)	0.34	(0.56)	(2.49)
Net loss per share of Class A common stock from continuing operations, diluted (in dollars per share)	0.33	(0.56)	(1.54)
Net loss per share of Class A common stock from discontinuing operations, diluted (in dollars per share)	0	0	(0.95)
Diluted (in dollars per share)	$ 0.33	$ (0.56)	$ (2.49)

Segments (Details) $ in Thousands	12 Months Ended
Segments (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Revenue	$ 568,087	$ 573,280	$ 512,345
Adjusted selling, general and administrative expense
Adjusted EBITDA	116,277	108,882	88,862
Interest expense, net	(26,486)	(38,792)	(40,676)
Depreciation and amortization	(47,011)	(49,555)	(57,365)
Equity-based compensation	(12,193)	(12,829)	(2,370)
Loss on extinguishment	326	0	0
Impairments of assets	0	(36,357)	(78,615)
Loss on disposal of a business	(81)	(292)	(3,577)
Income (loss) before income taxes	25,709	(52,342)	(121,111)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Adjusted selling, general and administrative expense
Interest expense, net	(26,486)	(38,792)	(40,676)
Depreciation and amortization	(47,011)	(49,555)	(57,365)
Acquisition and related costs		(1,339)	(5,694)
Shareholder litigation costs	(51)	(13,802)
Restructuring costs	(2,235)	57	(2,331)
Equity-based compensation	(12,673)	(13,274)	(2,722)
Debt refinancing	(902)	(351)	(7,291)
Loss on extinguishment	(326)
Impairments of assets		(36,357)	(78,615)
Loss on disposal of a business	(81)	(292)	(1,539)
Other items	(803)	(7,519)	(13,740)
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	502,097	506,809	449,860
Adjusted cost of sales	113,824	118,985	109,889
Adjusted selling, general and administrative expense
Adjusted selling expense	152,075	157,789	140,278
Adjusted marketing expense	24,922	24,235	24,401
Adjusted general and administrative expense	97,497	97,592	86,108
Adjusted research and development expense	11,266	13,139	11,458
Adjusted other segment income expense and income	1,546	(352)	(942)
Adjusted EBITDA	100,967	95,421	78,668
International \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	65,990	66,471	62,485
Adjusted cost of sales	24,855	24,188	25,760
Adjusted selling, general and administrative expense
Adjusted selling expense	12,687	11,233	11,908
Adjusted marketing expense	3,588	3,004	2,655
Adjusted general and administrative expense	9,329	14,949	12,285
Adjusted research and development expense	41	41	31
Adjusted other segment income expense and income	180	(405)	(348)
Adjusted EBITDA	$ 15,310	$ 13,461	$ 10,194

Income Taxes - Schedule of cash flow, supplemental disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
U.S. federal:	$ (479)	$ 442	$ (473)
Net cash paid for income taxes	2,760	2,196	1,274
California
Operating Loss Carryforwards [Line Items]
U.S. state and local:	273	0	(146)
Illinois
Operating Loss Carryforwards [Line Items]
U.S. state and local:	0	110	0
Michigan
Operating Loss Carryforwards [Line Items]
U.S. state and local:	0	0	88
Tennessee
Operating Loss Carryforwards [Line Items]
U.S. state and local:	0	169	825
Texas
Operating Loss Carryforwards [Line Items]
U.S. state and local:	215	165	113
Others
Operating Loss Carryforwards [Line Items]
U.S. state and local:	(6)	71	158
Netherlands
Operating Loss Carryforwards [Line Items]
Foreign:	2,546	1,156	569
Canada
Operating Loss Carryforwards [Line Items]
Foreign:	141	0	95
Others
Operating Loss Carryforwards [Line Items]
Foreign:	$ 70	$ 83	$ 45

Significant Accounting Policies - Schedule of Concentration of risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Accounts payable	$ 10,928	$ 23,690
Supplier Concentration Risk \| Revenue from Contract with Customer Benchmark \| Supplier A
Product Information [Line Items]
Concentration risk percentage	36.00%	31.00%	27.00%
Supplier Concentration Risk \| Revenue from Contract with Customer Benchmark \| Supplier B
Product Information [Line Items]
Concentration risk percentage	20.00%	18.00%	17.00%
Supplier Concentration Risk \| Revenue from Contract with Customer Benchmark \| Supplier C
Product Information [Line Items]
Concentration risk percentage	7.00%	7.00%	8.00%
Supplier Concentration Risk \| Revenue from Contract with Customer Benchmark \| Supplier D
Product Information [Line Items]
Concentration risk percentage	6.00%	7.00%	7.00%
Supplier Concentration Risk \| Accounts Payable \| Supplier A
Product Information [Line Items]
Accounts payable	$ 7,055	$ 8,876
Supplier Concentration Risk \| Accounts Payable \| Supplier B
Product Information [Line Items]
Accounts payable	175	948
Supplier Concentration Risk \| Accounts Payable \| Supplier C
Product Information [Line Items]
Accounts payable	0	1,077
Supplier Concentration Risk \| Accounts Payable \| Supplier D
Product Information [Line Items]
Accounts payable	$ 1,235	$ 2,911
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Product A
Product Information [Line Items]
Concentration risk percentage	36.00%	31.00%	27.00%
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Product B
Product Information [Line Items]
Concentration risk percentage	15.00%	13.00%	14.00%
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Product C
Product Information [Line Items]
Concentration risk percentage	20.00%	18.00%	17.00%
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Product D
Product Information [Line Items]
Concentration risk percentage	7.00%	7.00%	8.00%
Product Concentration Risk \| Revenue from Contract with Customer Benchmark \| Product E
Product Information [Line Items]
Concentration risk percentage	6.00%	7.00%	7.00%

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

There were no assets measured at fair value on a recurring basis and there were no liabilities valued at fair value using Level 1 inputs at December 31, 2025 and 2024. The following table provides information for assets and liabilities measured at fair value on a recurring basis using Level 2 and Level 3 inputs:


		December 31, 2025						December 31, 2024
	Balance Sheet Location	Total		Level 2		Level 3		Total		Level 2		Level 3
Interest rate swaps	Accrued liabilities	$	991	$	991	$	—	$	—	$	—	$	—
Contingent consideration	Current portion of contingent consideration	—		—		—		19,573		—		19,573
Total:		$	991	$	991	$	—	$	19,573	$	—	$	19,573

Interest Rate Swaps

The Company utilizes interest rate swaps designated as cash flow hedges to manage exposure to variability in interest payments on its variable-rate debt. The fair value of these instruments represents the amount at which the swaps could be settled in an orderly transaction. This value is based on estimates derived from a quantitative regression analysis using Level 2 inputs, and is validated through comparisons with estimates provided by counterparties. Fair value measurements incorporate credit valuation adjustments to reflect the potential nonperformance or credit risk of both the Company and its counterparties.

The Company evaluates the effectiveness of its hedge instruments quarterly and both instruments were effective as of December 31, 2025. The Company does not hold or issue derivative instruments for trading purposes. Cash flows associated with hedging instruments are presented in the same category in the statement of cash flows as those of the hedged item. Accordingly, settlements of interest rate swaps are classified as operating activities, consistent with the classification of interest payments on the related debt.

Changes in the fair value of interest rate swaps are recorded each period in either accumulated other comprehensive income (“AOCI”) within the consolidated balance sheets or as interest expense, net within the consolidated statements of operations and comprehensive income (loss), depending on the effectiveness of the hedge.

Fair value changes deemed effective are recorded in AOCI and subsequently reclassified into interest expense, net, during the same period in which the hedged transaction impacts earnings. Any portion of the fair value determined to be ineffective is recognized immediately in interest expense, net within the consolidated statements of operations and comprehensive income (loss).

The following table presents the amount of loss recognized in AOCI for the year ended December 31, 2025:


	Loss recognized in AOCI
Change in the fair value of cash flow hedges(a)	$	802

(a)Represents the total change in fair value of cash flow hedges recognized during the period, of which $189 was recognized in AOCI attributable to noncontrolling interest.

There was no income tax benefit or expense associated with the Company’s interest rate swaps or reclassifications out of AOCI during the year ended December 31, 2025. The Company maintains a full valuation allowance against its deferred tax assets.

Interest payables and receivables under the interest rate swaps are accrued and recorded as adjustments to interest expense, net within the consolidated statements of operations and comprehensive income (loss).

Contingent Consideration

The Company initially values contingent consideration related to business combinations using a probability-weighted calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows for certain milestones. For other milestones, the Company used a variation of the income approach where revenue was simulated in a risk-neutral framework using Geometric Brownian Motion, a stock price behavior model.

Key assumptions used to estimate the fair value of contingent consideration include projected financial information, market data and the probability and timing of achieving the specific targets. After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using unobservable Level 3 inputs.

Unobservable Inputs

A summary of unobservable Level 3 inputs utilized for the above liabilities are as follows:

Valuation Technique

Unobservable inputs

Range

Contingent consideration

Discounted cash flow

Payment discount rate

6.4% - 6.8%

Payment period

2025

Significant changes in these assumptions could have resulted in a higher or lower fair value. The contingent consideration reported in the above table resulted from the acquisition of Bioness, Inc. (“Bioness”) on March 30, 2021 and was comprised of future earn-out payments contingent upon the achievement of certain research and development projects as well as sales milestones related to Bioness products. Contingent consideration resulting from the acquisition of Bioness included up to $50,000 in earn-out payments, consisting of: (i) $20,000 for meeting net sales targets for certain implantable products over a three year period ending on June 30, 2025 at the latest; (ii) up to $10,000 for meeting net sales milestones for certain implantable products over a three year period ending on June 30, 2025 at the latest; and (iii) $20,000 for maintaining Centers for Medicare & Medicaid Services coverage and reimbursement for certain products at specified levels as of December 31, 2024. The Company met criteria (iii) during the fourth quarter of 2024 and paid $19,771 of the contingent consideration during the year ended December 31, 2025. The Company has no future contingent consideration obligations from its acquisition of Bioness.

Contingent consideration was adjusted quarterly based on the passage of time or the anticipated success or failure of achieving certain milestones and was recorded as the change in the fair value of contingent consideration within the consolidated statements of operations and comprehensive income (loss). There were no changes in the fair value of contingent consideration related to Bioness for the year ended December 31, 2025. Changes in contingent consideration totaled $1,423 and $719 for the years ended December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The useful lives in years are as follows:


Computer software and hardware			3 - 5
Demonstration and consignment inventory			5
Furniture and fixtures			7
Leasehold improvements			7
Machinery and equipment			7

Property and equipment, net consisted of the following as of December 31:


	2025		2024
Computer equipment and software	$	38,403	$	41,355
Demonstration and consignment inventory	10,666		9,695
Leasehold improvements	4,343		4,095
Furniture and fixtures	4,769		4,586
Finance leases	15,720		15,737
Machinery and equipment	1,561		1,461
Assets not yet placed in service	701		269
	76,163		77,198
Less: Accumulated depreciation	(54,264)		(50,186)
	$	21,899	$	27,012

Schedule of Finite-Lived Intangible Assets

Finite‑lived intangible assets were initially recorded at fair value upon acquisition and are amortized using the straight‑line method over their estimated weighted‑average useful lives. The useful lives (in years) are as follows:


			Weighted Average Useful Life
Intellectual property			19.4
Distribution rights			9.3
Developed technology			9.7

Intangible assets, net consisted of the following as of December 31:


	2025		2024
Intellectual property(a)(b)	$	631,507	$	626,007
Distribution rights	61,325		61,325
Customer relationships(c)	—		57,700
IPR&D(b)	—		5,500
Developed technology and other	13,998		13,998
Total carrying amount	706,830		764,530
Less accumulated amortization:
Intellectual property(a)(b)	(269,535)		(237,829)
Distribution rights	(58,783)		(54,280)
Customer relationships(c)	—		(57,700)
Developed technology and other	(9,634)		(8,486)
Total accumulated amortization	(337,952)		(358,295)
Intangible assets, net before currency translation	368,878		406,235
Currency translation	(459)		(1,506)
	$	368,419	$	404,729

(a)The Company recorded an impairment loss of $33,901 for the year ended December 31, 2024 within the U.S. reporting segment relating to the net intellectual property solely attributable to the Advanced Rehabilitation Business. The loss was recorded in impairment of assets within the consolidated statements of operations and comprehensive income (loss). Refer to Refer to Note 4. Divestitures for further details regarding businesses held for sale.

(b)The intangible asset previously classified as IPR&D became active during the year ended December 31, 2025, following the receipt of FDA clearance for the TalisMann product. As a result, this intangible asset is now subject to amortization over its estimated useful life, which reflects the period of expected economic benefit.

(c)Customer relationship intangible assets reached the end of their amortizable lives in 2024. The assets were written off in 2025.

Schedule of Fair Value, Concentration of Risk

Certain suppliers provide the Company with product that results in a significant percentage of total sales for the years ended December 31 as follows:


	2025		2024		2023
Supplier A	36	%	31	%	27	%
Supplier B	20	%	18	%	17	%
Supplier C	7	%	7	%	8	%
Supplier D	6	%	7	%	7	%

Accounts payable to these significant suppliers at December 31 were as follows:


	2025		2024
Supplier A	$	7,055	$	8,876
Supplier B	$	175	$	948
Supplier C	$	—	$	1,077
Supplier D	$	1,235	$	2,911

Certain products provide the Company with a significant percentage of total sales for the years ended December 31 as follows:


	2025		2024		2023
Product A	36	%	31	%	27	%
Product B	15	%	13	%	14	%
Product C	20	%	18	%	17	%
Product D	7	%	7	%	8	%
Product E	6	%	7	%	7	%

Organization - Narrative (Details)	12 Months Ended
Organization - Narrative (Details)	Dec. 31, 2025 employee segment
Class of Stock [Line Items]
Number of reportable segments \| segment	2
BV LLC
Class of Stock [Line Items]
Number of employees \| employee	930

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Other Ownership Interests

The following table summarizes the ownership interest in BV LLC as of December 31 (number of units in thousands):


	2025			2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests owned
Bioventus Inc.	67,098	81.0	%	65,758	80.6	%
Continuing LLC Owner	15,787	19.0	%	15,787	19.4	%
Total	82,885	100.0	%	81,545	100.0	%

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by major products within each segment as follows for the years ended December 31:


	2025		2024		2023
U.S.
Pain Treatments	$	248,237	$	234,936	$	197,954
Surgical Solutions	180,442		167,706		141,888
Restorative Therapies	73,418		104,167		110,018
Total U.S. net sales	502,097		506,809		449,860

International
Pain Treatments	30,823		26,353		22,847
Surgical Solutions	23,211		21,549		19,715
Restorative Therapies	11,956		18,569		19,923
Total International net sales	65,990		66,471		62,485

Total net sales	$	568,087	$	573,280	$	512,345

Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activity for restructuring liabilities:


	Prior Restructuring Plans		2025 Restructuring Plan		Total
Balance at December 31, 2023	$	1,316	$	—	$	1,316
Expense reversal	(52)		—		(52)
Payments made	(1,139)		—		(1,139)
Balance at December 31, 2024	125		—		125
Expenses incurred	—		2,235		2,235
Payments made	(125)		(798)		(923)
Balance at December 31, 2025	$	—	$	1,437	$	1,437

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Loss Per Share

The following table sets forth the computation of basic and diluted loss per share of Class A common stock (amounts in thousands, except share and per share data) for the years ending December 31:


	2025		2024		2023
Numerator:
Net income (loss) from continuing operations	$	27,274	$	(47,049)	$	(121,196)
Net (income) loss attributable to noncontrolling interests—continuing operations	(4,542)		10,924		24,458
Net income (loss) attributable to Bioventus Inc. Class A common stockholders—continuing operations	$	22,732	$	(36,125)	$	(96,738)

Net loss from discontinued operations	$	—	$	—	$	(74,429)
Net loss attributable to noncontrolling interests—discontinued operations	—		—		14,937
Net loss attributable to Bioventus Inc. Class A common stockholders—discontinued operations	$	—	$	—	$	(59,492)

Denominator:
Basic weighted-average shares of Class A common stock outstanding	66,622,631		64,547,474		62,647,554
Dilutive effects of:
Stock options	953,822		—		—
Restricted stock units	1,338,442		—		—
Diluted weighted-average shares of Class A common stock outstanding	68,914,895		64,547,474		62,647,554

Net income (loss) per share of Class A common stock, from continuing operations—basic	$	0.34	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—basic	—		—		(0.95)
Net income (loss) per share of Class A common stock—basic	$	0.34	$	(0.56)	$	(2.49)

Net income (loss) per share of Class A common stock, from continuing operations—diluted	$	0.33	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—diluted	—		—		(0.95)
Net income (loss) per share of Class A common stock—diluted	$	0.33	$	(0.56)	$	(2.49)

Schedule of Antidilutive Securities

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted net income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion for the years ending December 31:


	2025	2024	2023
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737
Stock options(b)	2,239,466	2,289,436	5,860,516
RSUs(c)	637,600	11,052	595,030
Total	18,663,803	18,087,225	22,242,283

(a)Shares of Class A common stock reserved for future issuance upon redemption or exchange of LLC Interests by the Continuing LLC Owner. LLC Interests are neither dilutive nor antidilutive for the periods presented as the assumed redemption for shares of Class A common stock would cause a proportionate increase to net income (loss) attributable to Class A common shareholders—diluted.

(b)Options with exercise prices greater than the average market price of our Class A common stock are excluded from the computation of diluted net income (loss) per share because they are out-of-the-money.

(c)A portion of the restricted stock units are considered antidilutive under the treasury stock method as the number of shares that could be purchased with the assumed proceeds of the restricted stock units exceed the total amount of the underlying shares outstanding.

Income Taxes - Schedule of Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Capital loss carryforward	$ 17,566	$ 18,440
Interest	18,811	18,692
Net operating losses	9,916	9,224
Tax credits	2,515	1,381
Investment in Bioventus LLC	2,879	7,362
Transaction costs	655	711
Stock-based compensation	417	283
Research & development	0	50
Accrued liabilities	0	10
Other	342	467
Gross deferred tax asset	53,101	56,620
Valuation allowance	(47,579)	(51,875)
Total deferred tax assets	5,522	4,745
Deferred income tax liabilities:
Intangibles	433	564
Gross deferred income tax liabilities	433	564
Net deferred tax asset	$ 5,089	$ 4,181

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Recently Issued Accounting Pronouncements Not Yet Adopted

In addition to qualifying both as a smaller reporting company and emerging growth company, the Company is an accelerated filer under SEC rules and regulations for purposes of this Annual Report.

In December 2025, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2025-11 (“ASU 2025-11”), Interim Reporting (Topic 270). The amendments in this update result in a comprehensive list of interim disclosures that are required by U.S. GAAP. The objective of ASU 2025-11 is to provide clarity about the current requirements, rather than evaluate whether to expand or reduce interim disclosure requirements. The amendments in ASU 2025-11 also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The intent of the disclosure principle, which is modeled after previous disclosure requirements, is to help entities determine whether disclosures not specified in Topic 270 should be disclosed in interim reporting periods. The amendments in ASU 2025-11 also clarify the applicability of Topic 270, the types of interim reporting, and the form and content of interim financial statements in accordance with U.S. GAAP. The FASB expects that these clarifications will enhance consistency in interim reporting for all entities. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in 2025-11 can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating ASU 2025-11 to determine its impact on the Company’s consolidated financial statements and disclosures, as well as the method and timing of adoption.

In November 2025, the FASB issued Accounting Standards Update 2025-09 (“ASU 2025-09”), Derivatives and Hedging (Topic 815). The objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments included in ASU 2025-09 intend to better reflect strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions by: (1) expanding the hedged risks permitted to be aggregated in a group of individual forecasted transaction, thereby enabling entities to apply hedge accounting to potentially broader portfolios of forecasted transactions; (2) establishing an operable model to facilitate the application of cash flow hedge accounting to forecasted interest payments on variable-rate debt instruments with contractual terms that permit the borrower to change the interest rate index and interest rate frequency upon which interest is accrued; (3) expanding hedge accounting for forecasted purchases and sales of nonfinancial assets; (4) updating the hedge accounting guidance to accommodate differences in the loan and swap markets that developed after the cessation of the London Interbank Offered Rate; and (5) eliminating the recognition and presentation mismatch related to a dual hedge strategy.

ASU 2025-09 will be effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted on any date on or after the issuance of ASU 2025-09. The amendments under ASU 2025-09 must be adopted on a prospective basis for all hedging relationships. An entity may elect to adopt ASU 2025-09 for hedging relationships that exist as of the date of adoption and are permitted to modify certain critical terms of certain existing hedging relationships without dedesignating the hedge. The Company is currently evaluating ASU 2025-09 to determine its impact on the Company’s consolidated financial statements and disclosures.

In September 2025, the FASB issued Accounting Standards Update 2025-06 (“ASU 2025-06”), Intangibles—Goodwill and Other—Internal-Use Software. ASU 2025-06 eliminates prescriptive and sequential software development stages, thus requiring companies to capitalize software costs when both of the following occur: (1) management authorizes and commits to funding the software project; and (2) it is probable that the project will be completed and the software will be used to perform its intended function (referred to as the “probable-to-complete recognition method”). In evaluating the probable-to-complete recognition method, an entity must consider whether there is significant uncertainty associated with the development activities of the software (referred to as “significant development uncertainty”). The two factors to consider in determining whether there is significant development uncertainty are whether: (1) the software being developed has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, has not been resolved through coding and testing; and (2) the company has determined what it needs the software to do (for example, functions or features), including whether the company has identified or continues to substantially revise the software’s significant performance requirements. ASU 2025-06 specifies that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall are required for all capitalized internal-use software costs, regardless of how the company presents those costs in the financial statements. Additionally, ASU 2025-06 clarifies that the intangibles disclosures are not required for capitalized internal-use software costs. Further, ASU 2025-06 supersedes the website development costs guidance and incorporates the recognition requirements for website-specific development costs from Subtopic 350-50 into Subtopic 350-40. ASU 2025-06 will be effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The amendments under ASU 2025-06 may be adopted prospectively, retrospectively, or with modified transition adoption for certain in-process projects. The Company is currently evaluating ASU 2025-06 to determine its impact on the Company’s consolidated financial statements and disclosures, as well as the method and timing of adoption.

In November 2024, the FASB issued Accounting Standards Update 2024-03 (“ASU 2024-03”), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires additional disclosures regarding income statement expense categories. The additional disclosures will further disaggregate relevant expense captions in tabular form within the notes to the consolidated financial statements because they include one or more expense categories such as: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization and (5) depreciation, depletion and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. ASU 2024-03 also requires: (i) disclosure of certain amounts that are already required to be disclosed under current requirements in the same disclosure as the other disaggregation requirements; (ii) a qualitative description of the amount remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iii) disclosure of the total amount of selling expenses. In January 2025, the FASB issued Accounting Standards Update 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Clarifying the Effective Date, further defining that ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within the annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update, or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating ASU 2024-03 to determine its impact on the Company’s disclosures and method of adoption and plans to adopt ASU 2024-03 in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2027. The Company expects that further disaggregation of income statement captions will be necessary, which will be disclosed in the notes to the consolidated financial statements upon the adoption of ASU 2024-03.

Accounting Pronouncements Recently Adopted

The Company adopted FASB’s Accounting Standards Update 2023-09, Income Taxes, for the annual period ended December 31, 2025 on a retrospective basis. Refer to Note 11. Income Taxes for further details regarding impact of adoption.

Variable Interest Entity

The Company reviews each investment and collaboration agreement to determine if it has a variable interest in the entity. In assessing whether the Company has a variable interest in the entity as a whole, the Company considers and makes judgments regarding the purpose and design of the entity, the value of the licensed assets to the entity, the value of the entity’s total assets and the significant activities of the entity. If the Company has a variable interest in the entity as a whole, the Company assesses whether or not the Company is a primary beneficiary of that variable interest entity (“VIE”), based on a number of factors, including: (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to the collaboration agreement, and (iii) which party has the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant to the VIE. If the Company determines that it is the primary beneficiary of a VIE at the onset of the collaboration, the collaboration is treated as a business combination and the Company consolidates the financial statement of the VIE into the Company’s consolidated financial statements. On a quarterly basis, the Company evaluates whether it continues to be the primary beneficiary of the consolidated VIE. If the Company determines that it is no longer the primary beneficiary of a consolidated VIE, it deconsolidates the VIE in the period the determination is made.

Assets and liabilities recorded as a result of consolidating financial results of the VIE into the Company’s consolidated balance sheet do not represent additional assets that could be used to satisfy claims against the Company’s general assets or liabilities for which creditors have recourse to the Company’s general assets.

Noncontrolling Interest

The Company records noncontrolling interest on its consolidated balance sheet related to the economic interest in BV LLC held by the only continuing BV LLC owner as well as consolidated VIEs. The Company records loss attributable to noncontrolling interest on its consolidated statements of operations, which reflects the net loss for the reporting period, adjusted for changes in the noncontrolling interest holders claim to net assets, including contingent milestone and royalty payments, which are evaluated each reporting period.

Deconsolidation and Discontinued Operations

Upon the occurrence of certain events and on a regular basis, the Company evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated VIEs. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained noncontrolling investment in the former subsidiary and (c) the carrying amount of any noncontrolling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities.

The Company assesses whether a deconsolidation is required to be presented as discontinued operations in its consolidated financial statements on the deconsolidation date. This assessment is based on if the deconsolidation represents a strategic shift that has or will have a major effect on the Company’s operations or financial results. If the Company determines that a deconsolidation requires presentation as a discontinued operation on the deconsolidation date, it will present the former subsidiary as a discontinued operation for all periods presented.

Effect of Foreign Currency

The assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. Dollars at exchange rates in effect at the end of the reporting period. Equity accounts are translated at historical exchange rates. Revenues and expenses are translated at the exchange rate on the transaction date. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity.

Foreign currency transaction gains and losses are included in other expense (income) in the consolidated statements of operations and other comprehensive income (loss). The Company recorded foreign currency transaction losses of $1,976 for the year ended December 31, 2025 and gains of $1,306 and $351 for the years ended December 31, 2024 and 2023, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of two components: net income (loss) and other comprehensive income (loss), which refers to gains and losses that are recorded under U.S. GAAP as an element of stockholders’ equity and is excluded from net income (loss). The Company’s other comprehensive income (loss) consists of a defined benefit plan adjustment, changes in fair value of interest rate swaps, and foreign currency translation adjustments from those subsidiaries not using the U.S. Dollar as their functional currency.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with an original maturity of three months or less at date of purchase. The Company’s cash is primarily held in financial institutions in the United States and the Netherlands. The Company maintains cash balances in the United States in excess of the federally insured limits.

Fair Value

The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants at the measurement date.

The Company applies a three-level fair value hierarchy that prioritizes the input used in measuring fair value. This hierarchy requires the use of observable inputs whenever available and minimizes the use of unobservable inputs. Assets and liabilities are categorized within the hierarchy based on the lowest level input that is significant to the fair value measurement:

•Level 1—Quoted prices in active markets for identical assets or liabilities;

•Level 2—Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3—Unobservable inputs that are supported by little or no market data. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Refer to Note 6. Fair Value Measurements for further details regarding the Company’s assets and liabilities measured at fair value.

Revenue Recognition

Sale of Products

The Company derives revenue primarily from product sales in its (i) Pain Treatments portfolio, which includes osteoarthritic (“OA”) pain treatments, which are hyaluronic acid (“HA”), viscosupplementation therapies and peripheral nerve stimulation products, (ii) Surgical Solutions portfolio, which includes bone graft substitutes, tissue resection, ultrasonic bone cutting and sculpting systems and other surgical products, and (iii) Restorative Therapies portfolio, which includes minimally invasive fracture treatments. The Company sells directly to healthcare institutions, patients, distributors and dealers. The Company also enters into arrangements with pharmacy and health benefit managers that provide for privately negotiated rebates, chargebacks and discounts with respect to the purchase of the Company’s products.

The Company recognizes revenue generally at a point in time upon transfer of control of the promised product to customers in an amount that reflects the consideration it expects to receive in exchange for those products. The Company excludes taxes collected from customers and remitted to government authorities from revenues.

Revenues are recorded at the transaction price, which is determined as the contracted price net of estimates of variable consideration resulting from discounts, rebates, returns, chargebacks, contractual allowances, estimated third-party payer settlements, and certain distribution and administration fees offered in customer contracts and other indirect customer contracts relating to the sale of products. The Company establishes reserves for the estimated variable consideration based on the amounts earned or eligible to be claimed on the related sales. Where appropriate, these estimates take into consideration a range of possible outcomes, which are probability-weighted for relevant factors such as the Company’s historical experience, current contractual requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. The Company regularly updates its reserves as new information becomes available, including newly received payer or customer invoices, by incorporating this information into its reserves at the end of each reporting period, as needed.

At the end of the third quarter of 2025, a large private insurance payer informed the Company that it had made changes to its claims data management and billing systems and that, as a result, the Company could experience significantly larger rebate volumes for its HA viscosupplement products than the Company had previously experienced. Using the expected value method, the Company estimated the variable consideration related to this contract based on the range of possible outcomes and the probabilities of each outcome. Rebates accrued under this contract, including the estimated impact of the billing system changes, totaled $16,401 at December 31, 2025 compared to $14,449 at December 31, 2024.

Pain Treatments

Revenue from customers, such as healthcare providers, distribution centers or specialty pharmacies, is recognized at the point in time when control is transferred to the customer, typically upon shipment.

Distributor Chargebacks

The Company has preexisting contracts with established rates with many of the distributors’ customers that require the distributors to sell products at their established rate. The Company offers chargebacks to distributors who supply these customers with products. The Company reduces revenue at the time of sale for the estimated future chargebacks. The Company records chargeback reserves as a reduction of accounts receivable and bases the reserves on the expected value by using probability-weighted estimates of volume of purchases, inventory holdings and historical chargebacks requested for each distributor.

Discounts and Gross-To-Net Deductions

The Company offers retrospective discounts and gross-to-net deductions linked to the volume of purchases which may increase at negotiated thresholds within a contract-buying period. The Company reduces revenue and records the reserve as a reduction to accounts receivable for the estimated discount and rebate at the expected amount the customer will earn, based on historical buying trends and forecasted purchases.

Surgical Solutions

Most of the Company’s product sales related to bone graft substitutes are through consignment inventory with hospitals, where ownership remains with the Company until the hospital or ambulatory surgical center (“ASC”) performs a surgery and consumes the consigned inventory. The Company recognizes revenue when the surgery has been performed. Control of the product is not transferred until the customer consumes it, as the Company is able to request the return or transfer of the product to a third-party prior to the product’s use. An unconditional obligation to pay for the product does not exist until the customer uses it.

The Company consistently recognizes revenue from sales of its ultrasonic products in accordance with shipping terms. Control is transferred to the customer when the product is shipped or received, and revenue is recognized accordingly.

Restorative Therapies

The Company recognizes revenue from third-party payers, such as governmental agencies, insurance companies or managed care providers, when the Company transfers control to the patient, typically when the patient has accepted the product or upon delivery. The Company records this revenue at the contracted rate, net of contractual allowances and estimated third-party payer settlements at the time of sale, or an estimated price based on historical data and other available information for non-contracted payers. The Company estimates the contractual allowances using the portfolio approach and based on probability weighting historical data and collections history within those portfolios. The portfolios determined using the portfolio approach consist of the following customer groups: government payers, commercial payers, and patients.

Settlements with third-party payers for retroactive revenue adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price using the expected amount method. These settlements are estimated based on the terms of the payment agreement with the payer, correspondence from the payer and historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. The Company is not aware of any claims, disputes or unsettled matters with any payer that would materially affect revenues for which the Company has not adequately provided for or disclosed in the accompanying consolidated financial statements. Refer to Note 12. Commitments and Contingencies for further information.

The Company recognizes revenue from patients (self-pay and insured patients with coinsurance and deductible responsibilities) based on billed amounts giving effect to any discounts and implicit price concessions. Implicit price concessions represent differences between amounts billed and the amounts the Company expects to collect from patients, which considers historical collection experience and current market conditions. The Company recognizes revenue from other restorative therapies products generally at the point in time when control is transferred to the customer, either upon shipment or delivery, depending on the product.

Product Returns

The Company estimates the amount of returns and reduces revenue in the period the related product revenue is recognized. The Company records a liability for expected returns based on probability-weighted historical data.

Accounts Receivable, Net

Accounts receivable, net are amounts billed and currently due from customers. The Company records the amounts due net of allowance for credit losses. The Company maintains an estimated allowance for credit losses to provide for receivables the Company does not expect to collect. The Company bases the allowance on an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and other information as applicable. Collection of the consideration that the Company expects to receive typically occurs within 30 to 90 days of billing. The Company applies the practical expedient for contracts with payment terms of one year or less which does not consider the effects of the time value of money. Occasionally, the Company enters into payment agreements with patients that allow payment terms beyond one year. In those cases, the financing component is not deemed significant to the contract.

Contract Assets

Contract assets consist of unbilled amounts resulting from estimated future royalties from an international distributor that exceeds the amount billed. Contract assets totaling $177 and $76 as of December 31, 2025 and 2024, respectively, are included in prepaid and other current assets on the consolidated balance sheets.

Contract Liabilities

Contract liabilities consist of customer advance payments or deposits and deferred revenue. Occasionally for certain international customers, the Company requires payments in advance of shipping product and recognizing revenue resulting in contract liabilities. Contract liabilities were $955 and $1,679 as of December 31, 2025 and 2024, respectively, and are included in accrued liabilities on the consolidated balance sheets.

Shipping and Handling

The Company classifies amounts billed for shipping and handling as a component of net sales. The related shipping and handling fees and costs as well as other distribution costs are included in cost of sales. The Company has elected to recognize shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment costs and are included in cost of sales.

Contract Costs

The Company applies the practical expedient of recognizing the incremental costs of obtaining contracts as an expense when incurred as the amortization period of the assets that the Company otherwise would have recognized is one year or less. These incremental costs include the Company’s sales incentive programs for the internal sales force and third-party sales agents as the compensation is commensurate with annual sales activities. These costs are included in selling, general and administrative expense on the consolidated statements of operations and comprehensive income (loss).

Inventory

The Company values its inventory at the lower of cost or net realizable value and adjusts for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. Cost is determined using the first-in, first-out method. Elements of cost in inventory include raw materials, direct labor, manufacturing overhead and inbound freight. The Company records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions. Inventory items used for demonstration purposes, rentals and consigned generators are classified as property and equipment.

Business Combinations

Accounting for acquisitions requires the Company to recognize separately from goodwill assets acquired and the liabilities assumed at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date, as well as contingent consideration where applicable, estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with a corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the consolidated statements of operations and comprehensive income (loss). Subsequent changes in the estimated fair value of contingent consideration are recognized in earnings in the period of change.

Long-Lived Assets

The carrying values of property, equipment, intangible assets, and other long-lived and indefinite-lived assets are reviewed for recoverability if facts, events or changes in circumstances indicate that a potential impairment might have occurred. If such a review indicates that carrying values may not be recoverable, the Company performs an assessment to determine if an impairment charge is required to reduce carrying values to estimated fair value. If quoted market prices are not available, fair value is estimated using an undiscounted value of estimated future cash flows. Upon retirement or sale of property and equipment, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts, and any resulting gain or loss is included in income from operations.

The Company recorded an impairment loss of $33,901 during the year ended December 31, 2024 within the U.S. reporting segment for net intellectual property attributable to the Advanced Rehabilitation Business, which includes products such as the L100, L300 Go, L360, H200, Vector Gait & Safety System and Bioness Integrated Therapy System (BITS). This loss was recorded in impairment of assets within the consolidated statements of operations and comprehensive income (loss). Refer to Note 4. Divestitures for further information regarding the sale of advanced rehabilitation products and the impairment loss.

The Company recorded impairment losses of $2,456 for two right-of-use assets related to office and warehouse spaces during the year ended December 31, 2024. The Company ceased using these assets during 2024 and intended to sublease them. During the fourth quarter of 2024, the probability of subleasing declined due to market saturation and proximity to lease expiration. A recoverability analysis indicated that the carrying values exceeded undiscounted future cash flows on potential subleases, triggering impairment. Fair value was determined using market prices for similar assets and probability-based assumptions on sublease opportunities. The carrying values of the right-of-use assets exceeded their fair values, resulting in a loss recorded in the impairment of assets within the consolidated statements of operations and comprehensive income (loss).

The Company recorded an impairment loss of $78,615 during the year ended December 31, 2023 within the U.S. reporting segment related to net intellectual property attributable to the TheraSkin and TheraGenesis products, which were sold in May 2023. The loss was recorded in impairment of assets within the consolidated statements of operations and comprehensive income (loss). Refer to Note 4. Divestitures for further information regarding this impairment.

Except for the previously described impairments of intangibles, there were no other events, facts or circumstances for the years ended December 31, 2025, 2024 and 2023 that resulted in any impairment charges to the Company’s property, equipment, intangible or other long-lived assets.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense are recognized using the straight-line method over the estimated useful life of each asset, or the shorter of the lease term or useful life if related to leasehold improvements. Refer to Note 12. Commitments and Contingencies for further details regarding leased assets. Depreciation of generators used with certain surgical solutions are consigned to customers and depreciation is charged to selling expenses. The useful lives in years are as follows:


Computer software and hardware			3 - 5
Demonstration and consignment inventory			5
Furniture and fixtures			7
Leasehold improvements			7
Machinery and equipment			7

Intangible Assets


			Weighted Average Useful Life
Intellectual property			19.4
Distribution rights			9.3
Developed technology			9.7

Goodwill

The Company evaluates goodwill for impairment annually on October 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company evaluates Goodwill separately for its two reporting units: U.S. and International.

For the current year, the Company performed a qualitative assessment to determine whether it was more likely than not that the fair value of the international reporting unit was less than its carrying amount. There was no goodwill balance in the U.S. reporting unit. This qualitative assessment considered all relevant macroeconomic, industry, financial, and entity‑specific factors in accordance with ASC 350. Specifically, the Company compared the results of its most recent fair value quantitative assessment from 2024 to the 2025 carrying values and concluded that the fair value significantly exceeded the carrying amount of the reporting unit. The Company also determined no events or circumstances occurred since the last quantitative analysis that would have been likely to cause a significant decrease in the fair value of the reporting unit. Further, the Company evaluated updated long-term growth projections, noting that no factors indicated a quantitative analysis should be performed. Accordingly, a quantitative goodwill impairment test was not deemed necessary in accordance with ASC 350.

In prior years, the Company elected to bypass the qualitative assessment and performed a quantitative goodwill impairment analysis. A reporting unit's fair value is determined using the income approach and discounted cash flow models by utilizing Level 3 inputs and assumptions such as future cash flows, discount rates, long-term growth rates, market value and income tax considerations. Specifically, the value of each reporting unit is determined on a stand-alone basis from the perspective of a market participant and represents the price estimated to be received in a sale of the reporting unit in an orderly transaction between market participants at the measurement date. If the fair value of the reporting unit is less than its carrying value, the Company will recognize the difference as an impairment loss, which is limited to the amount of goodwill allocated to the reporting units.

There were no goodwill impairment charges for the years ended December 31, 2025, 2024 and 2023.

The Company qualitatively analyzes all other indefinite-lived intangible assets to determine if it is more likely than not that an impairment exists. If so, the Company performs a quantitative analysis to determine whether, and to what extent, an impairment exists.

There were no impairment charges on indefinite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023.

Software Development Costs

The Company capitalizes internal and external costs incurred to develop internal-use software during the application development stage for software design, configuration, coding and testing upon placing the asset in service and then amortizes these costs on a straight-line basis over the estimated useful life of the product, not to exceed three years. The Company does not capitalize costs that are precluded from capitalization in authoritative guidance, such as preliminary project phase costs, training costs or data conversion costs. Capitalized software costs totaled $34,163 and $37,621 as of December 31, 2025 and 2024 and the related accumulated amortization totaled $31,659 and $33,324, respectively. Amortization expense was $3,632, $5,578 and $6,694 for the years ended December 31, 2025, 2024 and 2023, respectively.

Acquired In-Process Research and Development

The fair value of in-process research and development (“IPR&D”) assets acquired in a business combination are capitalized and accounted for as indefinite-lived intangible assets and are not amortized until development is completed and the product is available for sale. Once the product is available for sale, the asset is transferred to developed technology and amortized over its estimated useful life. Impairment tests for IPR&D assets occur at least annually in December, or more frequently if events or changes in circumstances indicate that the asset might be impaired. If the fair value of the intangible assets is less than the carrying amount, an impairment loss is recognized for the difference.

Concentration of Risk

The Company provides credit to its customers in the normal course of business. The Company does not require collateral or other securities to support customer receivables. Credit losses are provided for through allowances and have historically been materially within management’s estimates.

Certain suppliers provide the Company with product that results in a significant percentage of total sales for the years ended December 31 as follows:


	2025		2024		2023
Supplier A	36	%	31	%	27	%
Supplier B	20	%	18	%	17	%
Supplier C	7	%	7	%	8	%
Supplier D	6	%	7	%	7	%

Accounts payable to these significant suppliers at December 31 were as follows:


	2025		2024
Supplier A	$	7,055	$	8,876
Supplier B	$	175	$	948
Supplier C	$	—	$	1,077
Supplier D	$	1,235	$	2,911

Certain products provide the Company with a significant percentage of total sales for the years ended December 31 as follows:


	2025		2024		2023
Product A	36	%	31	%	27	%
Product B	15	%	13	%	14	%
Product C	20	%	18	%	17	%
Product D	7	%	7	%	8	%
Product E	6	%	7	%	7	%

Restructuring Costs

The Company has restructured portions of its operations and may engage in future restructuring activities. Identifying and calculating the cost to exit these operations requires certain assumptions, the most significant of which relate to anticipated future liabilities. Although estimates have historically been reasonably accurate, significant judgment is required, and these estimates and assumptions may change as additional information becomes available or as facts and circumstances evolve.

Restructuring costs are recorded at estimated fair value. Key assumptions in determining restructuring costs include negotiated terms and payments to terminate contractual obligations. These costs have generally consisted of employee severance and related benefits, lease termination and facility closure costs and other exit-related expenses.

Equity-Based Compensation

The Company measures compensation cost for all share-based payments at fair value and recognizes this cost as compensation expense over the vesting period. The Company uses the Black-Scholes method to value options and the market price on the date of grant to value restricted stock. The Company utilizes the straight-line amortization method to recognize the expense associated with the awards with graded vesting terms. Compensation expense is included in selling, general and administrative expense and research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employees who were granted the awards.

Advertising Costs

Advertising costs include costs incurred to promote the Company’s business and are expensed as incurred and recorded as selling, general and administrative expense within the consolidated statement of operations and comprehensive income (loss). Advertising costs were $4,140, $4,422 and $3,853 for the years ended December 31, 2025, 2024 and 2023, respectively.

Research and Development Expense

Research and development expense consists primarily of employee compensation and related expenses as well as contract research organization services. Internal research and development costs are expensed as incurred. Research and development costs incurred by third parties are expensed as the contracted work is performed.

Collaborative Agreements

The Company periodically enters into strategic alliance agreements with counterparties to produce products and/or provide services to customers. Alliances created by such agreements are not legal entities, have no employees, no assets and have no true operations. These arrangements create contractual rights and the Company accounts for these alliances as collaborative arrangements by reporting costs incurred from transactions within research and development expense within the consolidated statements of operations comprehensive income (loss).

Contingencies

The Company records a liability in the consolidated financial statements on an undiscounted basis for loss contingencies when a loss is known or considered probable and the amount may be reasonably estimated. If the reasonable estimate of known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and may be reasonably estimated, the estimated loss or range of loss is disclosed. Legal fees expected to be incurred in connection with a loss contingency are not included in the estimated loss contingency. The Company accrues for any legal costs as they are incurred.

Income Taxes

The Company accounts for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and income tax basis of assets and liabilities, and for operating losses and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the years in which those items are expected to be realized. Tax law and rate changes are recorded in the period such changes are enacted. The Company establishes a valuation allowance when it is more likely than not that certain deferred tax assets will not be realized in the foreseeable future.

The Company recognizes a tax benefit from any uncertain tax positions only if they are more likely than not to be sustained upon examination based on the technical merits of the position. The amount of the accrual for which an exposure exists is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. Components of the reserve, if relevant, are classified as a current or noncurrent liability in the consolidated balance sheet based on when the Company expects each of the items to be settled. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense.

Earnings Per Share

Basic earnings per share is calculated using net income or loss attributable to Bioventus Inc. Class A common stockholders, divided by the weighted-average Class A common stock outstanding. Diluted earnings per share is calculated using net income attributable to Bioventus Inc. Class A common stockholders, divided by the weighted average Class A common stock outstanding adjusted for the effect of granted stock awards determined to be dilutive under the treasury stock method.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following as of December 31:


2025 Credit Agreement	2025		2019 Credit and Guaranty Agreement	2024
2025 Term Loan	$	296,250	Amended Term Loan	$	337,864


Less:			Less:
Current portion of long-term debt	(15,000)		Current portion of long-term debt	(27,339)
Unamortized debt issuance cost	(570)		Unamortized debt issuance cost	(1,147)
Unamortized discount	(1,729)		Unamortized discount	(1,090)
	$	278,951		$	308,288

Schedule of Maturities of Long-term Debt

As of December 31, 2025, scheduled principal payments for the 2025 Term Loan are as follows :


Period	Scheduled Quarterly Payments		Annually
2026	$	3,750	$	15,000
2027	3,750		15,000
2028	3,750		15,000
2029	3,750		15,000
2030	3,750		7,500
2030 - Final payment at Maturity	—		228,750

Schedule of Debt

The applicable interest margin is subject to adjustment based on a pricing grid, which reflects changes in the Company’s leverage ratio following delivery of quarterly financial statements to the Lenders:


Leverage ratio	SOFR		BR		Commitment Fee
< 2.00 to 1.00	1.75	%	0.75	%	0.20	%
≥ 2.00 to 1.00 < 2.50 to 1.00	2.00	%	1.00	%	0.20	%
≥ 2.50 to 1.00 < 3.00 to 1.00	2.25	%	1.25	%	0.30	%
≥ 3.00 to 1.00 < 3.50 to 1.00	2.50	%	1.50	%	0.30	%
≥ 3.50 to 1.00	2.75	%	1.75	%	0.30	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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-Paragraph 69B
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-Name Accounting Standards Codification
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-Paragraph 2
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+ Details

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents segment Adjusted EBITDA reconciled to income (loss) before income taxes for the years ended December 31:


	2025
	U.S.		International		Consolidated
Revenue	$	502,097	$	65,990	$	568,087
Adjusted cost of sales(a)	113,824		24,855
Adjusted selling expense(b)	152,075		12,687
Adjusted marketing expense(b)	24,922		3,588
Adjusted general and administrative expense(b)	97,497		9,329
Adjusted research and development expense(c)	11,266		41
Adjusted other segment expense(d)	1,546		180
Adjusted EBITDA	100,967		15,310		116,277
Reconciliation to income before income taxes
Interest expense, net					(26,486)
Depreciation and amortization					(47,011)
Shareholder litigation costs					(51)
Restructuring costs					(2,235)
Equity-based compensation					(12,673)
Debt refinancing					(902)
Loss on extinguishment					(326)
Loss on disposal of a business					(81)
Other items(e)					(803)
Income before income taxes					$	25,709


	2024
	U.S.		International		Consolidated
Revenue	$	506,809	$	66,471	$	573,280
Adjusted cost of sales(a)	118,985		24,188
Adjusted selling expense(b)	157,789		11,233
Adjusted marketing expense(b)	24,235		3,004
Adjusted general and administrative expense(b)	97,592		14,949
Adjusted research and development expense(c)	13,139		41
Adjusted other segment income(d)	(352)		(405)
Adjusted EBITDA	95,421		13,461		108,882
Reconciliation to loss before income taxes
Interest expense, net					(38,792)
Depreciation and amortization					(49,555)
Acquisition and related costs					(1,339)
Shareholder litigation costs					(13,802)
Restructuring costs					57
Equity-based compensation					(13,274)
Debt refinancing					(351)
Impairments of assets					(36,357)
Loss on disposal of a business					(292)
Other items(e)					(7,519)
Loss before income taxes					$	(52,342)


	2023
	U.S.		International		Consolidated
Revenue	$	449,860	$	62,485	$	512,345
Adjusted cost of sales(a)	109,889		25,760
Adjusted selling expense(b)	140,278		11,908
Adjusted marketing expense(b)	24,401		2,655
Adjusted general and administrative expense(b)	86,108		12,285
Adjusted research and development expense(c)	11,458		31
Adjusted other segment income(d)	(942)		(348)
Adjusted EBITDA	78,668		10,194		88,862
Reconciliation to loss before income taxes
Interest expense, net					(40,676)
Depreciation and amortization					(57,365)
Acquisition and related costs					(5,694)
Restructuring and succession charges					(2,331)
Equity-based compensation					(2,722)
Debt refinancing					(7,291)
Impairment of assets					(78,615)
Loss on disposal of a business					(1,539)
Other items(e)					(13,740)
Loss before income taxes					$	(121,111)

(a)Adjusted cost of sales used in calculating segment Adjusted EBITDA excludes depreciation and amortization.

(b)Adjusted selling, general and administrative expense used in the calculation of segment Adjusted EBITDA excludes certain acquisition and related costs, shareholder litigation costs, certain restructuring and succession charges, asset impairments, debt refinancing, equity-based compensation expense and other segment items—charges associated with strategic transactions, such as potential divestitures and a transformative project to redesign systems and information processing.

(c)Adjusted research and development expense used in calculating segment Adjusted EBITDA excludes depreciation and amortization, equity-based compensation expense.

(d)Adjusted other segment expense (income) primarily consists of foreign currency transaction and remeasurement gains and losses and other certain nonrecurring items.

(e)During the year ended December 31, 2025, other items primarily consisted of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.

During the year ended December 31, 2024, other items primarily consisted of divestiture costs related to the Advanced Rehabilitation Business, strategic transaction costs and transformative project costs.

During the year ended December 31, 2023, other items mostly consisted of strategic transaction costs, transformative project costs, transition and severance costs and expenses related to the discontinuance of MOTYS.

Significant Accounting Policies - Schedule of Property and equipment useful lives (Details)	Dec. 31, 2025
Computer software and hardware \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer software and hardware \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Demonstration and consignment inventory
Property, Plant and Equipment [Line Items]
Useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life	7 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Useful life	7 years

Organization (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


Consolidated Statements of Operations and Comprehensive Loss — Year Ended December 31, 2024	As Previously Reported		Adjustments		As Adjusted
Selling, general and administrative expense	$	340,894	$	2,904	$	343,798
Research and development expense	13,639		312		13,951
Operating loss	(11,979)		(3,216)		(15,195)
Loss before income taxes	(49,126)		(3,216)		(52,342)
Net loss	(43,833)		(3,216)		(47,049)
Loss attributable to noncontrolling interest	10,291		633		10,924
Net loss attributable to Bioventus Inc.	(33,542)		(2,583)		(36,125)
Comprehensive loss	(48,014)		(3,216)		(51,230)
Comprehensive loss attributable to noncontrolling interest	11,105		633		11,738
Comprehensive loss attributable to Bioventus Inc.	(36,909)		(2,583)		(39,492)
Loss per share of Class A common stock - basic and diluted	$	(0.52)	$	(0.04)	$	(0.56)


Consolidated Balance Sheets — December 31, 2024	As Previously Reported		Adjustments		As Adjusted
Additional paid in capital	$	505,509	$	2,583	$	508,092
Accumulated deficit	(355,078)		(2,583)		(357,661)

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 27, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-refundable payments		$ 10,150
Deconsolidation		$ 60,639
Carti Heal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of shares transferred to trustee	100.00%
Non-refundable payments	$ 10,150
Deconsolidation	$ 60,639

Fair Value Measurements - Schedule of Acquisition unobservable level 3 inputs (Details) - Level 3 - Valuation Technique, Discounted Cash Flow - Measurement Input, Discount Rate - Contingent consideration	Dec. 31, 2025
Minimum
Business Combination [Line Items]
Payment discount rate	0.064
Maximum
Business Combination [Line Items]
Payment discount rate	0.068

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity-Based Compensation - Schedule of Fair value assumptions (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.80%	3.90%
Risk-free interest rate, maximum	4.50%	4.30%
Expected dividend yield	0.00%	0.00%
Expected stock price volatility, minimum	37.90%	36.10%
Expected stock price volatility, maximum	38.90%	38.20%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of stock options (years)	6 years 3 months	6 years 3 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recovery of Erroneously Awarded Compensation	12 Months Ended
Recovery of Erroneously Awarded Compensation	Dec. 31, 2025
Restatement Determination Date:: 2025-03-29
Erroneously Awarded Compensation Recovery
Restatement does not require Recovery	Recovery Analysis of Incentive-based Compensation As a result of the prior period error disclosed in Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 1. Organization, the Company performed a recovery analysis pursuant to its Compensation Recovery Policy. Through its recovery analysis, the Company determined that the prior period error does not impact the financial reporting measures used by the Company to determine incentive-based compensation of executives, and therefore no incentive compensation had been earned or paid to covered executives during the recovery period based on the pre-restatement financials. Thus, the Company concluded that no recovery was required.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

The components of lease cost were as follows for the years ended December 31:


	2025		2024		2023
Operating lease cost	$	2,540	$	3,404	$	3,921
Short-term lease cost(a)	688		883		840
Financing lease cost:
Amortization of finance lease assets	1,554		602		1,175
Interest on lease liabilities	806		866		823
Total lease cost	$	5,588	$	5,755	$	6,759

(a)Includes variable lease cost and sublease income, which are immaterial.

Supplemental cash flow information and non-cash activity related to leases were as follows for the years ended December 31:


	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	3,622	$	4,619	$	4,516
Operating cash flows from financing leases	$	805	$	866	$	793
Financing cash flows from finance leases	$	822	$	758	$	506

Right-of-use assets obtained in exchange for lease obligations:
Operating lease obligations	$	925	$	761	$	344
Finance lease obligations	$	56	$	—	$	15,567

Schedule of Assets and Liabilities, Lessee

Supplemental balance sheet and other information related to operating leases were as follows for the years ended December 31:


	2025			2024
Operating lease assets(a)	$	5,122		$	6,506

Operating lease liabilities - other current liabilities	$	3,303		$	3,102
Operating lease liabilities - other long-term liabilities	4,456			6,940
Total operating lease liabilities	$	7,759		$	10,042

Financing leases
Property, plant and equipment - net	$	11,221		$	12,703

Finance lease liabilities - other current liabilities	$	907		$	815
Finance lease liabilities - other long-term liabilities	8,729			9,571
Total financing lease liabilities	$	9,636		$	10,386

Weighted average remaining lease term (years):
Operating leases	2.4			3.1
Finance leases	7.3			8.3
Weighted average discount rate:
Operating leases	5.2		%	5.1		%
Finance leases	8.1		%	8.1		%

(a) As previously discussed in Note 2. Significant Accounting Policies, the Company incurred an impairment of right-of-use assets totaling $2,456 during the year ended December 31, 2024.

Schedule of Maturities of Operating Lease Liabilities

Future maturities of operating and finance lease liabilities are as follows:


	Operating leases		Finance Leases
2026	$	3,582	$	1,640
2027	3,066		1,673
2028	1,548		1,706
2029	22		1,740
2030	—		1,775
Thereafter	—		4,281
Total undiscounted cash flows	8,218		12,815
Less imputed interest	(459)		(3,179)
Present value of future lease payments	$	7,759	$	9,636

Equity-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 12,193,000	$ 12,829,000	$ 2,370,000
Unamortized compensation expense, options	2,516,000
Defined contribution plan, cost	$ 5,797,000	6,715,000	5,836,000
Defined Contribution Plan, Tranche One \| U.S.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	4.00%
Defined Contribution Plan, Tranche Two \| U.S.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	2.00%
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, RSUs	$ 8,968,000
Compensation expense net yet amortized, period for recognition	2 years 8 months 23 days
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unamortized compensation expense, RSUs	$ 1,178,000
Compensation expense net yet amortized, period for recognition	2 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense net yet amortized, period for recognition	2 years 9 months 7 days
Expiration period	10 years
Weighted-average fair value of stock options granted (in dollars per share)	$ 4.19
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available to be awarded (in shares)	1,713,325
Equity-based compensation	$ 480,000	$ 445,000	$ 352,000
Number of shares issued (in shares)	208,147	229,767	516,976
Minimum \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units target range, percent
Minimum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum \| PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance restricted stock units target range, percent	200.00%
Maximum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	$ 0	$ 0	$ 0
2021 Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded (in shares)	23,233,862
Number of shares available to be awarded (in shares)	11,346,834
2023 Retention Equity Award Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded (in shares)	600,000
Number of shares available to be awarded (in shares)	69,050

Balance Sheet Information - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Depreciation	$ 8,033	$ 10,533	$ 12,121
Loss on disposal of fixed assets			2,038
Goodwill	7,462	7,462
Impairment of assets	0	36,357	78,615
Amortization of intangible assets	38,978	39,022	45,244
Amortization expense included in ending inventory	22,080	24,841	$ 23,848
Expected future amortization, year one	34,500
Expected future amortization, year two	33,903
Expected future amortization, year three	33,096
Expected future amortization, year four	30,275
Expected future amortization, year five	28,189
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Impairment of assets		33,901
Discontinued Operations, Held-for-Sale \| Intellectual property
Finite-Lived Intangible Assets [Line Items]
Impairment of assets	33,901	78,615
International
Finite-Lived Intangible Assets [Line Items]
Goodwill	7,462	7,462
U.S.
Finite-Lived Intangible Assets [Line Items]
Impairments of assets	$ (189,197)	$ (189,197)
Customer One \| Accounts Receivable \| Customer
Finite-Lived Intangible Assets [Line Items]
Concentration risk percentage	28.10%	20.40%

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted loss per share of Class A common stock (amounts in thousands, except share and per share data) for the years ending December 31:


	2025		2024		2023
Numerator:
Net income (loss) from continuing operations	$	27,274	$	(47,049)	$	(121,196)
Net (income) loss attributable to noncontrolling interests—continuing operations	(4,542)		10,924		24,458
Net income (loss) attributable to Bioventus Inc. Class A common stockholders—continuing operations	$	22,732	$	(36,125)	$	(96,738)

Net loss from discontinued operations	$	—	$	—	$	(74,429)
Net loss attributable to noncontrolling interests—discontinued operations	—		—		14,937
Net loss attributable to Bioventus Inc. Class A common stockholders—discontinued operations	$	—	$	—	$	(59,492)

Denominator:
Basic weighted-average shares of Class A common stock outstanding	66,622,631		64,547,474		62,647,554
Dilutive effects of:
Stock options	953,822		—		—
Restricted stock units	1,338,442		—		—
Diluted weighted-average shares of Class A common stock outstanding	68,914,895		64,547,474		62,647,554

Net income (loss) per share of Class A common stock, from continuing operations—basic	$	0.34	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—basic	—		—		(0.95)
Net income (loss) per share of Class A common stock—basic	$	0.34	$	(0.56)	$	(2.49)

Net income (loss) per share of Class A common stock, from continuing operations—diluted	$	0.33	$	(0.56)	$	(1.54)
Net loss per share of Class A common stock, from discontinued operations—diluted	—		—		(0.95)
Net income (loss) per share of Class A common stock—diluted	$	0.33	$	(0.56)	$	(2.49)

Shares of Class B common stock do not share in the losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted losses per share of Class B common stock under the two-class method has not been presented.


	2025	2024	2023
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737
Stock options(b)	2,239,466	2,289,436	5,860,516
RSUs(c)	637,600	11,052	595,030
Total	18,663,803	18,087,225	22,242,283

Organization - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative expense	$ 314,026	$ 343,798	$ 303,879
Research and development expense	12,113	13,951	13,446
Operating income (loss)	53,975	(15,195)	(81,725)
Income (loss) before income taxes	25,709	(52,342)	(121,111)
Net income (loss) from continuing operations	27,274	(47,049)	(195,625)
Loss attributable to noncontrolling interest		10,924
Net loss attributable to Bioventus Inc.	22,732	(36,125)	(156,230)
Comprehensive loss	28,110	(51,230)	(194,493)
Comprehensive loss attributable to noncontrolling interest	(4,705)	11,738	24,230
Comprehensive loss attributable to Bioventus Inc.	$ 23,405	$ (39,492)	$ (155,326)
Diluted (in dollars per share)	$ 0.33	$ (0.56)	$ (2.49)
Basic (in dollars per share)	$ 0.34	$ (0.56)	$ (2.49)
Additional paid-in capital	$ 520,851	$ 508,092
Accumulated deficit	$ (334,929)	(357,661)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative expense		340,894
Research and development expense		13,639
Operating income (loss)		(11,979)
Income (loss) before income taxes		(49,126)
Net income (loss) from continuing operations		(43,833)
Loss attributable to noncontrolling interest		10,291
Net loss attributable to Bioventus Inc.		(33,542)
Comprehensive loss		(48,014)
Comprehensive loss attributable to noncontrolling interest		11,105
Comprehensive loss attributable to Bioventus Inc.		$ (36,909)
Diluted (in dollars per share)		$ (0.52)
Basic (in dollars per share)		$ (0.52)
Additional paid-in capital		$ 505,509
Accumulated deficit		(355,078)
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative expense		2,904
Research and development expense		312
Operating income (loss)		(3,216)
Income (loss) before income taxes		(3,216)
Net income (loss) from continuing operations		(3,216)
Loss attributable to noncontrolling interest		633
Net loss attributable to Bioventus Inc.		(2,583)
Comprehensive loss		(3,216)
Comprehensive loss attributable to noncontrolling interest		633
Comprehensive loss attributable to Bioventus Inc.		$ (2,583)
Diluted (in dollars per share)		$ (0.04)
Basic (in dollars per share)		$ (0.04)
Additional paid-in capital		$ 2,583
Accumulated deficit		$ (2,583)

Financial Instruments - Schedule of Loan Margins and Commitment Fee Rates (Details)	Jul. 18, 2025
Debt Covenant, Range One
Debt Instrument [Line Items]
Commitment Fee	0.20%
Debt Covenant, Range One \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.75%
Debt Covenant, Range One \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	0.75%
Debt Covenant, Range One \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	2.00
Debt Covenant, Range Two
Debt Instrument [Line Items]
Commitment Fee	0.20%
Debt Covenant, Range Two \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.00%
Debt Covenant, Range Two \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.00%
Debt Covenant, Range Two \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	2.00
Debt Covenant, Range Two \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	2.50
Debt Covenant, Range Three
Debt Instrument [Line Items]
Commitment Fee	0.30%
Debt Covenant, Range Three \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.25%
Debt Covenant, Range Three \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.25%
Debt Covenant, Range Three \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	2.50
Debt Covenant, Range Three \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	3.00
Debt Covenant, Range Four
Debt Instrument [Line Items]
Commitment Fee	0.30%
Debt Covenant, Range Four \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.50%
Debt Covenant, Range Four \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.50%
Debt Covenant, Range Four \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	3.00
Debt Covenant, Range Four \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	3.50
Debt Covenant Range Five
Debt Instrument [Line Items]
Commitment Fee	0.30%
Debt Covenant Range Five \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.75%
Debt Covenant Range Five \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.75%
Debt Covenant Range Five \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage ratio	3.50

Balance Sheet Information - Schedule of Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	$ 706,830	$ 764,530
Total accumulated amortization	(337,952)	(358,295)
Intangible assets, net before currency translation	368,878	406,235
Currency translation	(459)	(1,506)
Intangible assets, net	368,419	404,729
Impairment of assets	0	36,357	$ 78,615
IPR&D(b)
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	0	5,500
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	631,507	626,007
Total accumulated amortization	(269,535)	(237,829)
Impairment of assets		33,901
Intellectual property \| Discontinued Operations, Held-for-Sale
Finite-Lived Intangible Assets [Line Items]
Impairment of assets	33,901	78,615
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	61,325	61,325
Total accumulated amortization	(58,783)	(54,280)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	0	57,700
Total accumulated amortization	0	(57,700)
Developed technology and other
Finite-Lived Intangible Assets [Line Items]
Total carrying amount	13,998	13,998
Total accumulated amortization	$ (9,634)	$ (8,486)

Financial Instruments - Narrative (Details)							1 Months Ended			3 Months Ended	4 Months Ended	12 Months Ended
Financial Instruments - Narrative (Details)	Jul. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	May 22, 2023 USD ($)	Jul. 11, 2022 USD ($)	Dec. 06, 2019 USD ($)	Dec. 05, 2019	Nov. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 29, 2025 USD ($)	Dec. 29, 2021 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Aug. 01, 2025 interestRateSwap	Jun. 30, 2024 USD ($)	Oct. 29, 2021 USD ($)
Debt Instrument [Line Items]
Payments on long-term debt			$ 30,000,000				$ 5,000,000
Borrowing on revolver												$ 45,000,000	$ 0	$ 64,000,000
Unamortized discount												1,729,000	1,090,000
Loss on extinguishment												(326,000)	0	0
Unamortized debt issuance cost												(570,000)	(1,147,000)
Interest paid												27,043,000	38,507,000	32,470,000
Number of interest rate derivatives held \| interestRateSwap															2
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	3.60%
Derivative, notional amount	$ 150,000,000
Term Loan
Debt Instrument [Line Items]
Repayment on borrowings												3,750,000
Long-term debt												293,951,000
Debt instrument, unamortized discount (premium), net												(1,729,000)
Unamortized debt issuance cost												(570,000)
Amortization of debt issuance costs												1,161,000	1,524,000	$ 1,706,000
Term Loan \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value												286,252,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term					4 years	5 years
Revolver credit capacity reduced amount		$ 5,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayment on borrowings	30,000,000
Repayments of lines of credit from cash on hand	2,562,000
Borrowing on revolver										$ 15,000,000
Extinguishment of debt, amount	65,765,000
Line of credit facility, borrowing capacity					$ 50,000,000											$ 40,000,000
Outstanding borrowings on line of credit													$ 0
Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount					$ 200,000,000
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity												5,300,000
Senior Secured Credit Agreement
Debt Instrument [Line Items]
Unamortized discount	1,296,000
Senior Secured Credit Agreement \| New Creditor
Debt Instrument [Line Items]
Borrowing on revolver	28,125,000
Senior Secured Credit Agreement \| Continuing Creditors
Debt Instrument [Line Items]
Borrowing on revolver	5,078,000
Senior Secured Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Senior Secured Credit Agreement \| Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount as percentage of debt	50.00%
Senior Secured Credit Agreement \| Term Loan \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	0.50%
Senior Secured Credit Agreement \| Term Loan \| SOFR
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.50%
Senior Secured Credit Agreement \| Term Loan \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.50%
Senior Secured Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000,000
Repayment on borrowings												30,000,000
Debt instrument, term	5 years
Commitment fee	0.30%
Line of credit facility, remaining borrowing capacity												$ 100,000,000
Senior Secured Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt covenant, maximum debt ratio, period one	4.00
Debt covenant, maximum debt ratio, period two	3.50
Debt covenant, minimum interest coverage ratio	2.50
Senior Secured Credit Agreement \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Debt covenant, debt ratio, increase following certain permitted acquisitions	0.50
Senior Secured Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 7,500,000
Term Loan Facilities
Debt Instrument [Line Items]
Effective interest rate												6.09%
Term Loan Facilities \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Unamortized discount	743,000
Long-term debt	331,037,000
Unamortized debt issuance cost	(782,000)
Term Loan \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount																	$ 360,750,000
Repayment on borrowings											$ 80,000,000
Payments on long-term debt	$ 332,562,000
Borrowing on revolver				$ 80,000,000
Loss on extinguishment												$ 326,000
Debt instrument, third-party cost												$ 794,000
Term Loan Facility, January 2024 \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Loss on extinguishment									$ 0
Unamortized debt issuance cost								$ (855,000)
Amortization of debt issuance costs								325,000
Deferred financing costs, gross								1,180,000
Term Loan Facility, March 2023 \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Loss on extinguishment								$ 0
Unamortized debt issuance cost									(2,044,000)
Amortization of debt issuance costs									1,617,000
Deferred financing costs, gross									$ 3,661,000

Balance Sheet Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and supplies	$ 21,240	$ 22,098
Finished goods	60,996	70,377
Inventory	$ 82,236	$ 92,475

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

On February 16, 2021, the Company closed an IPO of 9,200,000 shares of Class A common stock through an UP-C structure with BV LLC. In connection with the IPO, the Company amended and restated the limited liability agreement of BV LLC (“BV LLC Agreement”) to provide for a new single class of common membership interests in BV LLC (“LLC Interests”) and exchange all of the existing membership interests in BV LLC (the “Original BV LLC Owners”) for new LLC Interests. The Company also amended its certificate of incorporation to authorize the following shares: (i) 250,000,000 shares of Class A common stock with a par value of $0.001 per share; (ii) 50,000,000 shares of Class B common stock with a par value of $0.001 per share, which have voting rights but no economic interest, and some of which were issued to the Original BV LLC Owners; and (iii) 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors. In connection with the completion of the IPO, the Company acquired, by merger, certain entities that were part of the Original BV LLC Owners (“Former BV LLC Owners”), for which the Company issued 31,838,589 Class A common stock as merger consideration (“IPO Mergers”) and cancelled the Class B common stock held by such Former BV LLC Owners. The IPO Mergers are deemed to be a recapitalization transaction.

Holders of the Company’s Class A and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters on which stockholders generally are entitled to vote. Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Company. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of LLC Interests and the number of shares of Class B common stock held by Smith & Nephew, Inc. (the “Continuing LLC Owner”). Shares of Class B common stock are transferable only together with an equal number of LLC Interests. Shares of Class B common stock will be canceled on a one-for-one basis upon the redemption or exchange of any outstanding LLC Interests.

Noncontrolling Interest

In connection with any redemption pursuant to the BV LLC Agreement, the Company will receive a corresponding number of LLC Interests, increasing its ownership interest in BV LLC. Future redemptions of LLC Interests will result in a change in ownership and reduce the amount recorded as noncontrolling interest and increase additional paid-in capital. There were no redemptions during the years ended December 31, 2025 and 2024. The following table summarizes the ownership interest in BV LLC as of December 31 (number of units in thousands):


	2025			2024
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests owned
Bioventus Inc.	67,098	81.0	%	65,758	80.6	%
Continuing LLC Owner	15,787	19.0	%	15,787	19.4	%
Total	82,885	100.0	%	81,545	100.0	%

- Definition

The entire disclosure for equity.

+ References

+ Details

Discontinued Operations - Schedule of Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations	$ 0	$ 0	$ (74,429)
Net loss attributable to Bioventus Inc.—discontinued operations			(59,492)
Deconsolidation			60,639
Non-refundable payments			10,150
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash on hand	$ 1,356
Discontinued Operations, Disposed of by Sale \| Carti Heal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative expense			1,728
Research and development expense			396
Change in fair value of contingent consideration			1,710
Depreciation and amortization			4,264
Operating loss from discontinued operations			(8,098)
Interest expense, net			4,889
Other expense			61,442
Other expense			66,331
Loss attributable to noncontrolling interest—discontinued operations			$ 14,937

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Feb. 27, 2026	Jun. 28, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37844
Entity Registrant Name	BIOVENTUS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0980861
Entity Address, Address Line One	4721 Emperor Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	474-6700
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	BVS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Entity Shell Company	false
Entity Public Float			$ 264.4
Documents Incorporated by Reference	Certain of the information required to be furnished pursuant to Part III of this Annual Report on Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year ended December 31, 2025.
Amendment Flag	false
Entity Central Index Key	0001665988
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		67,368,052
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,786,737

Balance Sheet Information - Schedule of Components of accounts receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 131,206	$ 130,257
Less: Allowance for credit losses	(2,903)	(2,864)
Accounts receivable, net	$ 128,303	$ 127,393

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Bioventus Inc. is the sole managing member of BV LLC, which is treated as a partnership for income tax purposes. As a partnership, BV LLC is not subject to United States federal and certain state and local income taxes. Any taxable income or loss generated by BV LLC is passed through to and included in the taxable income or loss of its members, including the Company, on a pro rata basis. The components of income (loss) before income taxes for the years ended December 31 are as follows:


	2025		2024		2023
United States	$	15,344	$	(62,664)	$	(125,676)
International	10,365		10,322		4,565
Income (loss) before income taxes—continuing operations	$	25,709	$	(52,342)	$	(121,111)

The provision for income taxes on operations consists of the following for the years ended December 31:


	2025		2024		2023
Current:
United States federal	$	(4,195)	$	(1,295)	$	(734)
United States state and local	677		(152)		2,085
International	2,862		1,548		1,111
Total current	(656)		101		2,462

Deferred:
United States federal	(494)		(4,377)		(2,881)
United States state and local	(320)		(1,017)		(1,951)
International	(95)		—		2,455
Total deferred	(909)		(5,394)		(2,377)
Total income tax (benefit) expense—continuing operations	$	(1,565)	$	(5,293)	$	85

Cash taxes paid, net of refunds received, consisted of the following for the years ended December 31:


	2025		2024		2023
U.S. federal:	$	(479)	$	442	$	(473)
U.S. state and local:
California	273		—		(146)
Illinois	—		110		—
Michigan	—		—		88
Tennessee	—		169		825
Texas	215		165		113
Others	(6)		71		158
Foreign:
Netherlands	2,546		1,156		569
Canada	141		—		95
Others	70		83		45
Net cash paid for income taxes	$	2,760	$	2,196	$	1,274

The differences between the effective income tax rate and the federal statutory income tax rates for the years ended December 31 are as follows:


	2025				2024				2023
U.S. statutory federal corporate income tax rate	$	5,399	21.0	%	$	(10,992)	21.0	%	$	(25,433)	21.0	%
State and local income taxes, net of federal income tax(a)	267		1.0		(1,103)		2.2		(262)		0.2
Foreign tax effects
Israel
Adjustment of deferred tax liabilities	—		—		412		(0.8)		1,948		(1.6)
Foreign rate differential	—		—		(17)		—		(55)		0.1
Noncontrolling interest	—		—		122		(0.2)		211		(0.2)
Other	—		—		(240)		0.5		—		—
Netherlands
Adjustment of deferred tax liabilities	—		—		4,272		(8.2)		(1,654)		1.4
Advanced Rehabilitation sale	—		—		(175)		0.3		—		—
Change in valuation allowance	—		—		(4,272)		8.2		1,768		(1.5)
Foreign rate differential	399		1.6		260		(0.5)		212		(0.2)
Noncontrolling interest	(514)		(2.0)		(351)		0.7		(252)		0.2
Return to provision	688		2.7		—		—		—		—
Other	68		0.3		(634)		1.2		427		(0.3)
Other foreign jurisdictions	(51)		(0.2)		3		—		2		—
Effect of cross-border tax laws
Foreign income inclusions	1,347		5.2		321		(0.6)		322		(0.3)
Tax credits
R&D credits	(190)		(0.7)		261		(0.5)		(613)		0.5
Foreign Tax Credit	(1,012)		(3.9)		—		—		—		—
Changes in valuation allowances	(3,996)		(15.5)		8,662		(16.6)		35,275		(29.1)
Nontaxable or Nondeductible items
LLC flow through structure	1,202		4.7		(5,828)		11.1		(19,054)		15.7
Advanced Rehabilitation sale	—		1.8		(907)		1.7		—		—
Disallowed interest expense	—		(2.1)		1,022		(2.0)		—		—
Meals & entertainment	632		2.5		344		(0.7)		209		(0.2)
Other non-deductible expenses	473		1.8		260		(0.5)		164		(0.1)
Equity-based compensation (windfall) shortfall	(261)		(1.0)		343		(0.6)		4,805		(4.0)
Noncontrolling interest	(972)		(3.7)		3,858		(7.4)		8,061		(6.6)
Other	208		0.8		184		(0.4)		209		(0.2)
Changes in unrecognized tax benefits	(4,195)		(16.3)		(1,528)		3.0		(1,384)		1.1
Other adjustments
Adjustment of deferred tax liabilities	(551)		(2.1)		(32)		0.1		(4,727)		3.9
Return to provision	(506)		(2.0)		462		(0.9)		(94)		0.1
Effective Tax Rate	$	(1,565)	(6.1	%)	$	(5,293)	10.1	%	$	85	(0.1	%)

(a)During the years ended December 31, 2025 and 2024, state taxes in Tennessee made up the majority of the tax effect in this category. During the year ended December 31, 2023, state taxes in Tennessee and Pennsylvania made up the majority of the tax effect in this category.

Deferred tax assets and liabilities are determined based on the difference between financial statement and tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The components of the deferred taxes were as follows for the years ended December 31:


	2025		2024
Deferred tax assets:
Capital loss carryforward	$	17,566	$	18,440
Interest	18,811		18,692
Net operating losses	9,916		9,224
Tax credits	2,515		1,381
Investment in Bioventus LLC	2,879		7,362
Transaction costs	655		711
Stock-based compensation	417		283
Research & development	—		50
Accrued liabilities	—		10
Other	342		467
Gross deferred tax asset	53,101		56,620
Valuation allowance	(47,579)		(51,875)
Total deferred tax assets	5,522		4,745
Deferred income tax liabilities:
Intangibles	433		564
Gross deferred income tax liabilities	433		564
Net deferred tax asset	$	5,089	$	4,181

The Company considered many factors when assessing the likelihood of future realization of these deferred tax assets, including expectations of future taxable income or loss, the carryforward periods available to the Company for tax reporting purposes, and other relevant factors. The net change in the valuation allowance was $4,296. The valuation allowance at December 31, 2025 and 2024 primarily relates to U.S. federal net operating loss (“NOL”) carryforwards, interest carryover and capital loss carryforward.

As of December 31, 2025, the Company had approximately $35,746 in NOL carryforwards and $2,259 in federal tax credits. Under the Tax Cuts and Jobs Act, the U.S. federal NOL carryforwards can be carried forward indefinitely, and can only be used to offset up to 80% of taxable income in any given year. The federal tax credits expire at various dates beginning in 2040.

As of December 31, 2025, the Company held approximately $463 in gross foreign NOL carryforwards, primarily associated with Bioventus Canada ULC, which can be carried forward for up to 20 years. As of December 31, 2025, the Company had approximately $46,594 in state NOL carryforwards and $354 in state tax credits.

The Company evaluated its tax positions and had unrecognized tax benefits of $920 and $3,735 as of December 31, 2025 and 2024, respectively. The Company had $129 and $1,508 accrued for payment of interest and penalties as of December 31, 2025 and 2024, respectively. If the $920 of unrecognized tax benefit is recognized, it would not impact the effective tax rate due to the valuation allowance on the Company's net U.S. deferred tax assets. The Company expects a decrease of approximately $221 in the twelve months following December 31, 2025 in its uncertain tax positions due to various statute expirations during 2026.

The Company files U.S. federal income tax returns as well as income tax returns in many United States and foreign jurisdictions. In general, tax years 2022 through 2025 remain open to examination by the major jurisdictions in which the Company is subject to tax.

A reconciliation of the gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31:


	2025		2024
Beginning of the period	$	3,735	$	4,725
Additions for current year tax positions	19		456
Expiration of statutes	(2,834)		(1,446)
End of the period	$	920	$	3,735

Tax Receivable Agreement

The Company expects to obtain an increase in the share of the tax basis of the assets of BV LLC when LLC Interests are redeemed or exchanged by the Continuing LLC Owner and other qualifying transactions. This increase in tax basis may have the effect of reducing the amounts that the Company would otherwise pay in the future to various tax authorities. The increase in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

On February 16, 2021, the Company entered into a tax receivable agreement (“TRA”) with the Continuing LLC Owner that provides for the payment by the Company to the Continuing LLC Owner of 85% of the amount of tax benefits, if any, that the Company actually realizes as a result of (i) increases in the tax basis of assets of BV LLC resulting from any redemptions or exchanges of LLC Interests or any prior sales of interests in BV LLC; and (ii) certain other tax benefits related to the Company making payments under the TRA.

The Company will maintain a full valuation allowance against deferred tax assets related to the tax attributes generated as a result of redemptions of LLC Interests or exchanges described above until it is determined that the benefits are more-likely-than-not to be realized. As of December 31, 2025, the Continuing LLC Owner had not exchanged LLC Interests for shares of Class A common stock and therefore the Company had not recorded any liabilities under the TRA.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Narrative (Details) $ in Thousands							12 Months Ended
	Dec. 18, 2024 USD ($)	Jan. 31, 2024 USD ($)	Mar. 08, 2023 USD ($)	Nov. 10, 2021 USD ($)	Dec. 22, 2020	Feb. 09, 2016	Dec. 31, 2025 USD ($) letter_of_credit	Dec. 31, 2024 USD ($) letter_of_credit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Right-of-use asset, impairment loss							$ 2,456	$ 2,456
Litigation settlement, amount awarded to other party	$ 15,250
Litigation settlement paid by the Company							$ 51	$ 13,802
Number of letters of credit outstanding \| letter_of_credit							3	3
Letters of credit outstanding, amount							$ 2,200	$ 2,200
Stop loss insurance, threshold per member per year							250
Three Injection OA Product
Loss Contingencies [Line Items]
Supply commitment, term						10 years
Supply commitment, renewal term						5 years
Harbor
Loss Contingencies [Line Items]
Supply commitment, term					8 years
Supplier of Single Injection OA Product
Loss Contingencies [Line Items]
Royalty expense							$ 19,039	$ 18,764	$ 14,035
HA Product
Loss Contingencies [Line Items]
Collaborative arrangement, upfront payments				$ 853						$ 853
Collaborative arrangement, amount payable upon obtaining product certification				$ 1,707
Collaborative arrangement, adjusted amount payable upon obtaining product certification			$ 1,418
Milestone payment due January 24, 2024		$ 709
Minimum
Loss Contingencies [Line Items]
Lessee, operating lease, remaining lease term							1 month
Maximum
Loss Contingencies [Line Items]
Lessee, operating lease, remaining lease term							7 years 3 months 18 days

Balance Sheet Information - Schedule of Allowance for credit loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (2,864)	$ (4,219)
(Provision) benefit for expected credit losses	(1,256)	434	$ 1,103
Write-offs	1,728	4,334
Recoveries	(511)	(3,640)
Disposals	0	227
Ending balance	$ (2,903)	$ (2,864)	$ (4,219)

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

CartiHeal (2009) Ltd.

On July 12, 2022, the Company completed the acquisition of 100% of the remaining shares in CartiHeal, a privately held company headquartered in Israel and the developer of the proprietary Agili-C implant for the treatment of joint surface lesions in traumatic and osteoarthritic joints. The Company held an equity interest in CartiHeal prior to the acquisition.

The total purchase consideration for the acquisition of CartiHeal included cash, deferred payment obligations and contingent consideration. The Company was unable to secure a financing solution to fund the deferred payment obligations on terms the Company believed to be favorable to it and its shareholders. As a result, on February 27, 2023, the Company entered into a settlement agreement (the “Settlement Agreement”) with Elron Ventures Ltd. (“Elron” and together with the Company, the “Parties”) as representative of CartiHeal’s selling securityholders (collectively, the “Former Securityholders”). Pursuant to the Settlement Agreement, Elron, on behalf of the Former Securityholders, agreed to forbear from initiating any legal action or proceedings related to the non-payment of outstanding deferred payment obligations or contingent consideration arising from the Company’s acquisition of CartiHeal in exchange for non-refundable payments totaling $10,150.

The Company transferred 100% of its shares in CartiHeal to a trustee (the “Trustee”) for the benefit of the Former Securityholders pursuant to the Settlement Agreement. Accordingly, the Company concluded that upon execution of the Settlement Agreement, the Company ceased to control CartiHeal for accounting purposes, and therefore, deconsolidated CartiHeal effective February 27, 2023. CartiHeal was part of the Company’s International reporting segment. The Company treated the deconsolidation of CartiHeal as a discontinued operation. The loss upon disposal was $60,639 and was recorded within discontinued operations, net of tax within the consolidated statements of operations and comprehensive income (loss). The loss on disposal consists of the book value of CartiHeal’s net assets at the time of disposal, goodwill attributable to CartiHeal and the previously discussed non-refundable payments made to Elron. CartiHeal had no sales for the year ended December 31, 2023.

The following table summarizes the major income and expense line items of discontinued operations, as reported in the consolidated statements of operations for the year ended December 31:


	2023
Selling, general and administrative expense	$	1,728
Research and development expense	396
Change in fair value of contingent consideration(a)	1,710
Depreciation and amortization(a)	4,264
Operating loss from discontinued operations	(8,098)
Interest expense, net(a)	4,889
Other expense(b)	61,442
Other expense	66,331
Net loss from discontinued operations	(74,429)
Loss attributable to noncontrolling interest—discontinued operations	14,937
Net loss attributable to Bioventus Inc.—discontinued operations	$	(59,492)

(a)Depreciation and amortization, the change in fair value of contingent consideration and interest expense represent the significant operating non-cash items of discontinued operations.

(b)Other expense includes the $60,639 loss on deconsolidation, of which $10,150 was attributable to non-refundable payments. Total investing cash outflows included these non-refundable payments and $1,356 cash on hand at disposal.

Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Balance Sheet and Statement of Operation

The following table summarizes the major income and expense line items of discontinued operations, as reported in the consolidated statements of operations for the year ended December 31:


	2023
Selling, general and administrative expense	$	1,728
Research and development expense	396
Change in fair value of contingent consideration(a)	1,710
Depreciation and amortization(a)	4,264
Operating loss from discontinued operations	(8,098)
Interest expense, net(a)	4,889
Other expense(b)	61,442
Other expense	66,331
Net loss from discontinued operations	(74,429)
Loss attributable to noncontrolling interest—discontinued operations	14,937
Net loss attributable to Bioventus Inc.—discontinued operations	$	(59,492)

(a)Depreciation and amortization, the change in fair value of contingent consideration and interest expense represent the significant operating non-cash items of discontinued operations.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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+ Details

Significant Accounting Policies - Narrative (Details)	12 Months Ended
Significant Accounting Policies - Narrative (Details)	Dec. 31, 2025 USD ($) right-of-useAsset reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Foreign currency transaction gain (loss)	$ (1,976,000)	$ 1,306,000	$ 351,000
Billing system changes	16,401,000	14,449,000
Contract assets, current	177,000	76,000
Contract liabilities, current	955,000	1,679,000
Impairment loss	0	36,357,000	78,615,000
Impairment of assets	0	36,357,000	78,615,000
Right-of-use asset, impairment loss	$ 2,456,000	2,456,000
Number of right-of-use assets \| right-of-useAsset	2
Number of reporting units \| reporting_unit	2
Goodwill impairment charges	$ 0	0	0
Capitalized software costs	34,163,000	37,621,000
Capitalized software, accumulated amortization	31,659,000	33,324,000
Capitalized software amortization expense	3,632,000	5,578,000	6,694,000
Advertising costs	$ 4,140,000	4,422,000	3,853,000
Intellectual property
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Impairment loss		$ 33,901,000
Software Development
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Useful life	3 years
Harbor Medtech Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Impairment loss			$ 78,615,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company determines if an arrangement is a lease at inception. The Company leases its office facilities as well as other property, vehicles and equipment under operating leases. The Company also leases certain office equipment under nominal finance leases. The remaining lease terms range from one month to 7.3 years. Lease assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company’s incremental borrowing rate is used as a discount rate, based on the information available at the commencement date, in determining the present value of lease payments. Lease assets also include the impact of any prepayments made and are reduced by impact of any lease incentives.

The Company does not recognize lease liabilities or lease assets on the balance sheet for short-term leases (with a lease term of twelve months or fewer as of the commencement date). Rather, any short-term lease payments are recognized as an expense on a straight-line basis over the lease term. The current period short-term lease expense reasonably reflects short-term lease commitments.

For all classifications of leases, the Company combines lease and nonlease components in order to record the combination as a single lease component. Variable lease payments are excluded from the lease liability and are recognized in the period in which the obligation is incurred. Additionally, lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option.

The components of lease cost were as follows for the years ended December 31:


	2025		2024		2023
Operating lease cost	$	2,540	$	3,404	$	3,921
Short-term lease cost(a)	688		883		840
Financing lease cost:
Amortization of finance lease assets	1,554		602		1,175
Interest on lease liabilities	806		866		823
Total lease cost	$	5,588	$	5,755	$	6,759

(a)Includes variable lease cost and sublease income, which are immaterial.

Supplemental cash flow information and non-cash activity related to leases were as follows for the years ended December 31:


	2025		2024		2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	3,622	$	4,619	$	4,516
Operating cash flows from financing leases	$	805	$	866	$	793
Financing cash flows from finance leases	$	822	$	758	$	506

Right-of-use assets obtained in exchange for lease obligations:
Operating lease obligations	$	925	$	761	$	344
Finance lease obligations	$	56	$	—	$	15,567

Supplemental balance sheet and other information related to operating leases were as follows for the years ended December 31:


	2025			2024
Operating lease assets(a)	$	5,122		$	6,506

Operating lease liabilities - other current liabilities	$	3,303		$	3,102
Operating lease liabilities - other long-term liabilities	4,456			6,940
Total operating lease liabilities	$	7,759		$	10,042

Financing leases
Property, plant and equipment - net	$	11,221		$	12,703

Finance lease liabilities - other current liabilities	$	907		$	815
Finance lease liabilities - other long-term liabilities	8,729			9,571
Total financing lease liabilities	$	9,636		$	10,386

Weighted average remaining lease term (years):
Operating leases	2.4			3.1
Finance leases	7.3			8.3
Weighted average discount rate:
Operating leases	5.2		%	5.1		%
Finance leases	8.1		%	8.1		%

(a) As previously discussed in Note 2. Significant Accounting Policies, the Company incurred an impairment of right-of-use assets totaling $2,456 during the year ended December 31, 2024.

Future maturities of operating and finance lease liabilities are as follows:


	Operating leases		Finance Leases
2026	$	3,582	$	1,640
2027	3,066		1,673
2028	1,548		1,706
2029	22		1,740
2030	—		1,775
Thereafter	—		4,281
Total undiscounted cash flows	8,218		12,815
Less imputed interest	(459)		(3,179)
Present value of future lease payments	$	7,759	$	9,636

Governmental and Legal Contingencies

In the normal course of business, the Company periodically becomes involved in various claims and lawsuits, and governmental proceedings and investigations that are incidental to its business. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company does not record a liability, but instead discloses the nature and amount of the claim, and an estimate of the possible loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. With respect to governmental proceedings and investigations, like other companies in the industry, the Company is subject to extensive regulation by national, state and local governmental agencies in the United States and in other jurisdictions in which the Company and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries.

The Company is presently unable to predict the duration, scope, or result of these matters. As such, the Company is presently unable to develop a reasonable estimate of a possible loss or range of losses, if any, related to these matters. While the Company intends to defend these matters vigorously, the outcome of such litigation or any other litigation is necessarily uncertain, is not within the Company’s complete control and might not be known for extended periods of time. In the opinion of management, the outcome of any existing claims and legal or regulatory proceedings, other than the specific matters described below, if decided adversely, is not expected to have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows.

Bioventus Shareholder Litigation

On January 12, 2023, the Company and certain of its current and former directors and officers were named as defendants in a putative class action lawsuit filed in the Middle District of North Carolina (the “Court”), Ciarciello v. Bioventus Inc., No. 1:23– cv – 00032-CCE-JEP (M.D.N.C.). The complaint asserted violations of Sections 10(b) and 20(a) of the Exchange Act and of Sections 11 and 15 of the Securities Act and generally alleges that the Company failed to disclose certain information regarding its rebate practices, its business and financial prospects, and the sufficiency of internal controls regarding financial reporting. The complaint sought damages in an unspecified amount. On April 12, 2023, the Court appointed Wayne County Employees’ Retirement System as lead plaintiff. The plaintiff’s amended consolidated complaint was filed with the Court on June 12, 2023. On July 17, 2023, the defendants filed a motion to dismiss the complaint raising a number of legal and factual deficiencies with the amended consolidated complaint. In response to the defendants’ motion to dismiss, the lead plaintiff filed a second amended complaint on July 31, 2023. The defendants moved to dismiss the second amended complaint on August 21, 2023, which the Court granted in part and denied in part on November 6, 2023. The Court dismissed the plaintiff’s Securities Act claims, but allowed the plaintiff’s Exchange Act claims to proceed into discovery.

On July 15, 2024, a Stipulation and Agreement of Settlement (the “Settlement Agreement”) by and between the lead plaintiff and the defendants was filed with the Court, and the Court preliminarily approved the Settlement Agreement on August 13, 2024. The Court entered judgment on December 18, 2024, granting final approval of the terms of the Settlement Agreement and dismissing all claims against the defendants, including the Company. The parties settled without any admission of liability or wrongdoing by any party. The settlement amount of $15,250, together with interest earned thereon, has been paid by the defendants and/or the defendant’s insurers. The Company incurred $51 and $13,802 of net shareholder litigation costs (including estimated settlement and reimbursement) during the years ended December 31, 2025 and 2024, respectively, under the Settlement Agreement, which were recorded in selling, general and administrative expense within the consolidated statements of operations and comprehensive income (loss).

On October 4, 2023, certain of the Company’s current and former directors and officers were named as defendants in a derivative shareholder lawsuit (in which the Company is a nominal defendant) filed in the United States District Court for the District of Delaware, Grogan, on behalf of Bioventus Inc., v. Reali, et al., No. 1:23-CV-01099-RGA (D. Del.). The complaint asserts violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties and related state law claims, and a claim for contribution, and generally alleges the same purported misconduct as alleged in the Ciarciello case. On January 12, 2024, the Court agreed to stay this case pending resolution of the Ciarciello case.

On February 9, 2024, another plaintiff filed a derivative shareholder lawsuit against certain of the Company’s current and former directors and officers (in which the Company is a nominal defendant) in the United States District Court for the District of Delaware, Sanderson, on behalf of Bioventus Inc., v. Reali, et al., No. 1:24-cv-00180-RGA (D. Del.). Like the Grogan case, this case asserts violations of Section 10(b) of the Exchange Act, breaches of fiduciary duties and related state law claims, and a claim for contribution, and generally alleges the same purported misconduct as alleged in the Ciarciello case. On May 1, 2024, the parties filed a stipulation to consolidate the Sanderson and Grogan derivative matters and stay them on terms similar to those entered in the Grogan case. On May 2, 2024, the Court granted the stipulation and ordered the consolidation of the Sanderson and Grogan cases, captioned In re Bioventus Inc. Derivative Litigation, No.: 1:23-cv-01099-RGA (D. Del.). The Court also stayed the consolidated case. Following resolution of the Ciarciello case, on December 30, 2024, the plaintiffs in the consolidated case filed an amended complaint asserting the same claims as in the Grogan case against certain of the Company’s current and former directors and officers. On January 6, 2025, the Court entered a scheduling order, under which the defendants had until March 3, 2025 to file a motion to dismiss the amended complaint. On February 21, 2025, the parties submitted a joint stipulation to stay the proceedings to allow the parties time to negotiate a settlement. On April 22, 2025, June 23, 2025, October 24, 2025, December 23, 2025, and February 3, 2026, the parties submitted status updates requesting more time to continue their settlement discussions.

On July 31, 2024, another plaintiff filed a derivative complaint against certain of the Company’s current and former officers and directors, (in which the Company is a nominal defendant), in the United States District Court for the Middle District of North Carolina, captioned Vince, on behalf of Bioventus Inc. v. Reali et. al., No. 1:24-cv-00639-CCE-JEP (M.D.N.C.). Like the Grogan case, the Vince case asserts violations of Section 14(a) of the Exchange Act, breaches of fiduciary duties, unjust enrichment, contribution, and waste and generally alleges the same purported misconduct as alleged in the in the Ciarciello case. On November 11, 2024, the defendants filed a motion to transfer the Vince case to the United States District Court for the District of Delaware, pursuant to the forum selection clause in Bioventus’s certificate of incorporation. On January 14, 2025, the Court granted the motion and transferred the Vince case to the District of Delaware. On February 14, 2025, the plaintiff requested voluntary dismissal of the Vince case without prejudice and the Court granted the request that same day.

On February 20, 2025, plaintiff Vince refiled a derivative complaint against certain of Bioventus’ current and former officers and directors, (in which the Company is a nominal defendant), in the Delaware Chancery Court, captioned Vince, on behalf of Bioventus Inc. v. Reali et al., No. 2025-0192-LWW (Del. Ch.). Like the prior complaint, which he voluntarily dismissed, Vince asserts breaches of fiduciary duties, unjust enrichment, contribution, and waste, and generally alleges the same purported misconduct as alleged in the Ciarciello case. On March 24, 2025, the defendants filed a motion to dismiss the complaint, or in the alternative, to stay the case.

On February 26, 2025, another plaintiff filed a derivative complaint against certain of Bioventus’s current and former officers and directors, (in which the Company is a nominal defendant), in the Delaware Court of Chancery, captioned Bouchereau, on behalf of Bioventus Inc. v. Reali et al., No. 2025-0214-BWD (Del. Ch.). The complaint is nearly identical to the Vince complaint and asserts breaches of fiduciary duties, unjust enrichment, contribution, and waste, and generally alleges the same purported misconduct as alleged in the Ciarciello case. The Defendants have not yet been served.

On March 6, 2025, another plaintiff filed a derivative complaint against certain of Bioventus’s current and former officers and directors(in which the Company is a nominal defendant), in in the United States District Court for the Middle District of North Carolina, captioned Hyung v. Reali et al., No. 1:25-cv-00177-CCE-JEP (M.D.N.C.). Like the other derivative cases, the Hyung case asserts violations of Section 14(a) of the Exchange Act, contribution, breaches of fiduciary duties, aiding and abetting, gross mismanagement, waste, and generally alleges the same purported misconduct as alleged in the Ciarciello case. On May 13, 2025, the defendants filed a motion to transfer the Hyung case to the United States District Court for the District of Delaware, pursuant to the forum selection clause in Bioventus’s certificate of incorporation, or in the alternative, to dismiss the case. On July 1, 2025, the Court granted the motion to transfer and transferred the Hyung case to the District of Delaware. The plaintiff subsequently filed a notice of appeal of that order to the United States Court of Appeals for the Fourth Circuit on July 16, 2025. On July 25, 2025, the plaintiff filed a joint stipulation to voluntarily dismiss the appeal. On July 8, 2025, the plaintiff filed an amended complaint in the District of Delaware, captioned Hyung v. Reali, et. al., No. 1:25-cv-00806-RGA (D. Del.). The defendants filed a motion to dismiss the Hyung case on October 10, 2025.The motion to dismiss has been fully briefed and the parties are now awaiting the Court’s decision.

The Company believes the claims alleged in the above actions, including the pending derivative matters, lack merit and intends to defend itself vigorously. Except as described above, the outcomes of these matters are not presently determinable, and any loss is neither probable nor reasonably estimable.

Other Matters

On November 10, 2021, the Company entered into an asset purchase agreement for an HA product and made an upfront payment of $853. An additional payment of $853 was made in 2022 upon the transfer of certain seller customer data. If the Company is able to obtain a Medical Device Regulation Certification (“MDR Certification”) for the product, $1,707 (the “Milestone Payment”) will be paid to the seller within five days. On March 8, 2023, the parties amended the agreement under which the Milestone Payment was reduced to $1,418, of which $709 was recorded as an intellectual property intangible asset during 2023 and was paid on January 31, 2024. The remainder was due upon receipt of the MDR Certification for the product provided that it was obtained prior to December 31, 2024, which was not achieved. The asset purchase agreement was further amended in 2024 acknowledging the expectation that the MDR Certification would not be obtained. Pursuant to the amendment in 2024, the MDR Certification achievement criteria under the asset purchase agreement was extended for two years.

On December 9, 2016, the Company entered into an amended and restated license agreement for the exclusive U.S. distribution and commercialization rights of a single injection osteoarthritis (“OA”) product with the supplier of the Company’s single injection OA product for the non-U.S. market. The agreement requires the Company to meet annual minimum purchase requirements and pay royalties on net sales. Royalties related to this agreement during the years ended December 31, 2025, 2024 and 2023 totaled $19,039, $18,764 and $14,035, respectively. These royalties are included in cost of sales within the consolidated statements of operations and comprehensive income (loss).

As part of a supply agreement entered on February 9, 2016 and subsequently amended for the Company’s three-injection OA product, the Company is subject to annual minimum purchase requirements for 10 years. After the initial 10 years, the agreement will automatically renew for an additional 5 years unless terminated by the Company or the seller in accordance with the agreement.

As part of a supply agreement for the Company’s five-injection OA product that was amended and restated on December 22, 2020, the Company is subject to annual minimum purchase requirements for 8 years.

From time to time, the Company causes letters of credit (“LOCs”) to be issued to provide credit support for guarantees, contractual commitments and insurance policies. The fair values of the LOCs reflect the amount of the underlying obligation and are subject to fees payable to the issuers, competitively determined in the marketplace. As of December 31, 2025 and December 31, 2024 the Company had three LOCs outstanding for approximately $2,200.

The Company currently maintains insurance for risks associated with the operation of its business, provision of professional services and ownership of property. These policies provide coverage for a variety of potential losses, including loss or damage to property, bodily injury, general commercial liability, professional errors and omissions and medical malpractice. The Company is self-insured for health insurance covering most of its employees located in the United States. The Company maintains stop-loss insurance on a “claims made” basis for expenses in excess of $250 per member per year.

Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net of allowances, consisted of the following as of December 31:


	2025		2024
Accounts receivable	$	131,206	$	130,257
Less: Allowance for credit losses	(2,903)		(2,864)
	$	128,303	$	127,393

Summary of Accounts Receivable, Allowance for Credit Loss

Changes in credit losses were as follows for the years ended December 31:


	2025		2024
Beginning balance	$	(2,864)	$	(4,219)
(Provision) benefit for expected credit losses	(1,256)		434
Write-offs	1,728		4,334
Recoveries	(511)		(3,640)
Disposals	—		227
Ending balance	$	(2,903)	$	(2,864)

Schedule of Inventory

Inventory consisted of the following as of December 31:


	2025		2024
Raw materials and supplies	$	21,240	$	22,098
Finished goods	60,996		70,377
	$	82,236	$	92,475

Schedule of Property, Plant and Equipment

The useful lives in years are as follows:


Computer software and hardware			3 - 5
Demonstration and consignment inventory			5
Furniture and fixtures			7
Leasehold improvements			7
Machinery and equipment			7

Property and equipment, net consisted of the following as of December 31:


	2025		2024
Computer equipment and software	$	38,403	$	41,355
Demonstration and consignment inventory	10,666		9,695
Leasehold improvements	4,343		4,095
Furniture and fixtures	4,769		4,586
Finance leases	15,720		15,737
Machinery and equipment	1,561		1,461
Assets not yet placed in service	701		269
	76,163		77,198
Less: Accumulated depreciation	(54,264)		(50,186)
	$	21,899	$	27,012

Schedule of Finite-Lived Intangible Assets


			Weighted Average Useful Life
Intellectual property			19.4
Distribution rights			9.3
Developed technology			9.7

Intangible assets, net consisted of the following as of December 31:


	2025		2024
Intellectual property(a)(b)	$	631,507	$	626,007
Distribution rights	61,325		61,325
Customer relationships(c)	—		57,700
IPR&D(b)	—		5,500
Developed technology and other	13,998		13,998
Total carrying amount	706,830		764,530
Less accumulated amortization:
Intellectual property(a)(b)	(269,535)		(237,829)
Distribution rights	(58,783)		(54,280)
Customer relationships(c)	—		(57,700)
Developed technology and other	(9,634)		(8,486)
Total accumulated amortization	(337,952)		(358,295)
Intangible assets, net before currency translation	368,878		406,235
Currency translation	(459)		(1,506)
	$	368,419	$	404,729

(c)Customer relationship intangible assets reached the end of their amortizable lives in 2024. The assets were written off in 2025.

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of December 31:


	2025		2024
Gross-to-net deductions	$	73,487	$	66,405
Bonus and commission	25,040		32,647
Compensation and benefits	6,560		7,598
Accrued interest	3,168		5,324
Income and other taxes	5,135		3,868
Other liabilities	16,852		20,037
	$	130,242	$	135,879

Divestitures	12 Months Ended
Divestitures	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Divestitures	Divestitures Advanced Rehabilitation Business On December 31, 2024, the Company completed the sale of certain products within its advanced rehabilitation business, including the L100, L300 Go, L360, H200, Vector Gait & Safety System and Bioness Integrated Therapy System (collectively, the “Advanced Rehabilitation Business”). The divestiture aligns with the Company’s focus on core operations and the Advanced Rehabilitation Business required additional research and development expenditures to achieve its next stage of growth. The Company received cash proceeds of $24,678 at closing, net of transactional fees, which were subject to a post-closing adjustment for net working capital. The Company paid $686 in the second quarter of 2025 to settle the adjustment for net working capital. Net proceeds from the transaction were used to pay $20,000 in long-term debt obligations on December 31, 2024. The Company may also receive up to an additional $20,000 in contingent earn-out payments based on the achievement of certain revenue and financial performance thresholds related to the Advanced Rehabilitation Business during the fiscal years ending December 31, 2025 and 2026. The revenue and specified financial performance criteria for the fiscal year ended December 31, 2025 were not achieved. The Company incurred $2,500 in transactional fees during the year ended December 31, 2024 resulting from the divestiture of the Advanced Rehabilitation Business. The Company recorded impairment losses of $33,901 during the year ended December 31, 2024 related to net intellectual property solely attributable to the Advanced Rehabilitation Business. These losses, measured at fair value less costs to sell based on the purchaser’s consideration, were recognized in impairment of assets on the consolidated statements of operations and comprehensive income (loss). Wound Business On May 22, 2023, the Company closed the sale of certain assets within its Wound Business, including the TheraSkin and TheraGenesis products (collectively, the “Wound Business” or the “Disposal Group”), for potential consideration of $84,675, including $34,675 at closing, $5,000 deferred for 18 months and up to $45,000 in potential earn-out payments, which are based on the achievement of certain revenue thresholds by the purchaser of the Wound Business for sales of the TheraSkin and TheraGenesis products during the 2024, 2025 and 2026 fiscal years. The Company received the deferred payment in November 2024, which was used to pay $5,000 of long-term debt obligations. The Disposal Group did not meet the revenue thresholds required for the Company to earn contingent consideration for the fiscal years ended December 31, 2024 and 2025, thereby lessening the potential earn-out payments to $20,000. The Company incurred $3,880 in transactional fees resulting from the sale of the Wound Business. The loss resulting from the deconsolidation of the Disposal Group totaled $1,539 for the year ended December 31, 2023 and was recorded in loss on disposals within the consolidated statements of operations and comprehensive income (loss). The Company used the proceeds from the sale of its Wound Business to prepay $30,000 of long-term debt obligations. Refer to Note 5. Financial Instruments for further details regarding the Company’s outstanding long-term debt obligations. The Company evaluated the Wound Business for impairment prior to its sale and recorded a $78,615 impairment within the consolidated statements of operations and comprehensive income (loss) during the year ended December 31, 2023 as a result of this evaluation to reduce the intangible assets of the Disposal Group to reflect their respective fair values less any costs to sell.

Equity-Based Compensation - Schedule of Restricted stock unit activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
RSU
Number of units
Beginning balance (in shares)	2,412	2,066
Granted (in shares)	1,494	2,563
Vested (in shares)	(928)	(1,839)
Forfeited or canceled (in shares)	(201)	(378)
Ending balance (in shares)	2,777	2,412
Weighted-average grant- date fair value per unit
Beginning balance (in dollars per share)	$ 5.52	$ 4.51
Granted (in dollars per share)	8.68	5.66
Vested (in dollars per share)	6.15	4.45
Forfeited or canceled (in dollars per share)	6.79	5.74
Ending balance (in dollars per share)	$ 6.90	$ 5.52
PRSUs
Number of units
Beginning balance (in shares)	0
Granted (in shares)	159
Ending balance (in shares)	159	0
Weighted-average grant- date fair value per unit
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	10.37
Ending balance (in dollars per share)	$ 10.37	$ 0

Commitments and Contingencies - Schedule of Lease cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,540	$ 3,404	$ 3,921
Short-term lease cost	688	883	840
Amortization of finance lease assets	1,554	602	1,175
Interest on lease liabilities	806	866	823
Total lease cost	5,588	5,755	6,759
Operating cash flows from operating leases	3,622	4,619	4,516
Operating cash flows from financing leases	805	866	793
Financing cash flows from finance leases	822	758	506
Operating lease obligations	925	761	344
Finance lease obligations	$ 56	$ 0	$ 15,567

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 568,087	$ 573,280	$ 512,345
Customer One \| Total Net Sales \| Customer
Disaggregation of Revenue [Line Items]
Total net sales	$ 64,521	$ 59,742
Concentration risk percentage	11.40%	10.40%	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Balance Sheet Information - Schedule of Property, plant and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Finance leases	$ 15,720	$ 15,737
Property, plant, and equipment and finance leases, gross	76,163	77,198
Less: Accumulated depreciation	(54,264)	(50,186)
Property, plant, and equipment and finance leases, net	21,899	27,012
Computer software and hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	38,403	41,355
Demonstration and consignment inventory
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,666	9,695
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,343	4,095
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,769	4,586
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,561	1,461
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 701	$ 269

Equity-Based Compensation - Schedule of Option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of options
Beginning balance (in shares)	4,629	4,347
Granted (in shares)	581	1,835
Exercised (in shares)	(219)	(422)
Forfeited or canceled (in shares)	(327)	(1,131)
Ending balance (in shares)	4,664	4,629	4,347
Exercisable and vested (in shares)	2,268
Weighted-average exercise price
Beginning balance (in dollars per share)	$ 7.73	$ 8.68
Granted (in dollars per share)	9.29	5.42
Exercised (in dollars per share)	4.70	7.18
Forfeited or canceled (in dollars per share)	12.02	9.26
Ending balance (in dollars per share)	7.77	$ 7.73	$ 8.68
Exercisable and vested (in dollars per share)	$ 9.25
Outstanding, weighted average remaining contractual term	7 years 21 days	7 years 1 month 20 days	7 years 3 months 21 days
Exercisable and vested (in years)	5 years 11 months 12 days
Options outstanding, aggregate intrinsic value	$ 7,780	$ 17,049	$ 4,383
Exercisable and vested	$ 2,880

Balance Sheet Information - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gross-to-net deductions	$ 73,487	$ 66,405
Bonus and commission	25,040	32,647
Compensation and benefits	6,560	7,598
Accrued interest	3,168	5,324
Income and other taxes	5,135	3,868
Other liabilities	16,852	20,037
Accrued liabilities	$ 130,242	$ 135,879

Divestitures - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
Divestitures - Narrative (Details) - USD ($) $ in Thousands	May 22, 2023	Nov. 30, 2024	Jun. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
(Settlement) proceeds from the sale of a business				$ (686)	$ 24,678	$ 34,675
Payments on long-term debt	$ 30,000	$ 5,000
Impairment of assets				0	36,357	78,615
Deferral period	18 months
Deconsolidation						60,639
Discontinued Operations, Disposed of by Sale \| Advanced Rehabilitation Business
Business Combination [Line Items]
Closing amount					24,678
Payments on long-term debt					20,000
Earn-out payments					20,000
Transactional fees					2,500
Impairment of assets					33,901
Discontinued Operations, Disposed of by Sale \| Wound Business
Business Combination [Line Items]
Closing amount	$ 34,675
Earn-out payments	45,000
Transactional fees	3,880
Impairment of assets						78,615
Cash consideration	84,675
Deferred amount	$ 5,000
Deconsolidation						$ 1,539
Discontinued Operations, Held-for-Sale \| Rehabilitation Business
Business Combination [Line Items]
Payments on long-term debt			$ 686
Discontinued Operations, Held-for-Sale \| Wound Business
Business Combination [Line Items]
Earn-out payments				$ 20,000	$ 20,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Raleigh, North Carolina

Financial Instruments - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025
Quarterly [Abstract]
2026	$ 3,750
2027	3,750
2028	3,750
2029	3,750
2030	3,750
2030 - Final payment at Maturity	$ 0
Annually [Abstract]
2026		$ 15,000
2027		15,000
2028		15,000
2029		15,000
2030		7,500
2030 - Final payment at Maturity		$ 228,750

Stockholders’ Equity - Schedule of Noncontrolling interest (Details) - BV LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
LLC Interests	$ 67,098	$ 65,758
Ownership %	81.00%	80.60%
Continuing LLC Owner
Class of Stock [Line Items]
LLC Interests	$ 15,787	$ 15,787
Ownership %	19.00%	19.40%
Bioventus and Continuing LLC Owner
Class of Stock [Line Items]
LLC Interests	$ 82,885	$ 81,545
Ownership %	100.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Depreciation and amortization	$ 41,251	$ 41,882	$ 48,503

Equity-Based Compensation

12 Months Ended

Dec. 31, 2025

Compensation And Employee Benefit Plans [Abstract]

Equity-Based Compensation

2021 Plan

The Company operates an equity-based compensation plan (“2021 Plan”), which allows for the issuance of stock options (incentive and nonqualified), restricted stock, dividend equivalents, restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”), and other stock-based and cash awards (collectively, the “2021 Plan Awards”). As of December 31, 2025, 23,233,862 shares of Class A common stock were authorized to be awarded and 11,346,834 shares were available for 2021 Plan Awards.

2023 Plan

The Company also operates the 2023 Retention Equity Award Plan (the “2023 Plan” and, together with the 2021 Plan, the “Plans”), the purpose of which is to retain and motivate critical personnel over the short-term by providing them additional incentives in the form of RSUs (the “Retention Awards” and together with the “2021 Plan Awards,” the “Awards”). As of December 31, 2025, 600,000 shares of Class A common stock were authorized to be awarded under the 2023 Plan and 69,050 shares were available for Retention Awards.

Activity under the Plans

Expense

Equity-based compensation expense for Awards granted under the Plans and inducement awards for the years ended December 31, 2025, 2024 and 2023 totaled $12,193, $12,829 and $2,370, respectively. The expense is primarily included in selling, general and administrative expense with a nominal amount in research and development expense on the consolidated statements of operations and comprehensive income (loss) based upon the classification of the employee. There were no income tax benefits related to equity-based compensation expense for the years ended December 31, 2025, 2024 and 2023.

Restricted Stock Units

During the years ended December 31, 2025 and 2024, the Company granted time-based RSUs which vest at various dates through November 15, 2029. RSU compensation expense is recognized over the vesting period, which is typically between 1 and 4 years. Unamortized compensation expense related to the RSUs totaled $8,968 at December 31, 2025, and is expected to be recognized over a weighted average period of approximately 2.73 years.

A summary of the RSU award activity for the years ended December 31, 2025 and 2024 are as follows (number of units in thousands):


	Number of units	Weighted-average grant- date fair value per unit
Unvested at December 31, 2023	2,066	$	4.51
Granted	2,563	5.66
Vested	(1,839)	4.45
Forfeited or canceled	(378)	5.74
Unvested at December 31, 2024	2,412	5.52
Granted	1,494	8.68
Vested	(928)	6.15
Forfeited or canceled	(201)	6.79
Unvested at December 31, 2025	2,777	$	6.90

Performance Restricted Stock Units

During the year ended December 31, 2025, the Company granted PRSUs subject to a 3-year cliff vesting period, contingent upon the achievement of a designated market condition at the end of the vesting term. The market condition is based on the Company’s relative total shareholder return (“TSR”). Compensation expense related to PRSUs is recognized on a straight-line basis over the 3-year vesting period. The fair value of the PRSUs was determined on the grant date using a Monte Carlo simulation model, which estimated TSR for the Company’s Class A common stock relative to a peer group consisting of companies included in the Russell 2000 Medical Equipment Index, along with additional selected companies. The number of shares of Class A common stock issuable upon vesting of the PRSUs is determined based on achievement of the TSR. Actual shares issued may range from 0% to 200% of the target award granted.

Unamortized compensation expense related to PRSUs totaled $1,178 at December 31, 2025, and is expected to be recognized over a weighted-average period of approximately two years. A summary of PRSU award activity for the year ended December 31, 2025 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
December 31, 2024	—	$	—
Granted	159	10.37
December 31, 2025	159	$	10.37

Stock Options

During the years ended December 31, 2025 and 2024, the Company granted time-based stock options which vest over 1 to 4 years following the date of grant and expire within 10 years. The fair value of time-based stock options is determined using the Black-Scholes valuation model, with such value recognized as expense over the service period, which is typically 1 to 4 years, net of actual forfeitures. A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the years ended December 31, 2025 and 2024 are shown in the following table:


	2025		2024
Risk-free interest rate	3.8% - 4.5%		3.9% - 4.3%
Expected dividend yield	—	%	—	%
Expected stock price volatility	37.9% - 38.9%		36.1% - 38.2%
Expected life of stock options (years)	6.25		6.25

The weighted-average grant date fair value of options granted during the year ended December 31, 2025 was $4.19 per share. The expected term of the options granted is estimated using the simplified method. Expected volatility is based on the historical volatility of the Company’s peers’ common stock. The risk-free interest rate is determined based upon a constant U.S. Treasury security rate with a contractual life that approximates the expected term of the option. Unamortized compensation expense related to the options totaled $2,516 at December 31, 2025, and is expected to be recognized over a weighted average period of approximately 2.77 years.

A summary of stock option activity is as follows for the years ended December 31, 2025 and 2024 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value(1)
Outstanding at December 31, 2023	4,347	$	8.68	7.31	$	4,383
Granted	1,835	5.42
Exercised	(422)	7.18
Forfeited or canceled	(1,131)	9.26
Outstanding at December 31, 2024	4,629	7.73		7.14	$	17,049
Granted	581	9.29
Exercised	(219)	4.70
Forfeited or canceled	(327)	12.02
Outstanding at December 31, 2025	4,664	7.77		7.06	$	7,780
Exercisable and vested at December 31, 2025	2,268	$	9.25	5.95	$	2,880

(1) The aggregate intrinsic value is based upon the difference between the Company’s closing stock price at the date of the consolidated balance sheets and the exercise price of the stock option for in-the-money stock options. The intrinsic value of outstanding stock options fluctuates based upon the trading value of the Company’s Class A common stock.

Employee Stock Purchase Plan

The Company operates a non-qualified Employee Stock Purchase Plan (“ESPP”), that allows eligible employees to purchase shares of Class A common stock through payroll deductions at a discounted price. As of December 31, 2025, 1,713,325 shares were reserved for issuance under the ESPP. A total of 208,147, 229,767 and 516,976 shares were issued under the ESPP and $480, $445 and $352 of expense was recognized for the years ended December 31, 2025, 2024 and 2023, respectively.

Defined Contribution Plans

The Company has various defined contribution plans which are offered in Canada, Germany, the Netherlands, the United Kingdom and Israel. In some cases, these plans are required by local laws or regulations. Contributions are primarily discretionary, except in some countries where contributions are contractually required. These plans cover substantially all eligible employees in the countries where the plans are offered either voluntarily or statutorily.

In the United States, the Company provides a 401(k) defined contribution plan (“U.S. Plan”) that covers substantially all U.S. employees that meet minimum age requirements. The Company matches 100% of the employees’ contribution up to 4% of the employees’ wages and 50% on the next 2%. The U.S. Plan also provides for an additional matching contribution at the Company’s discretion.

Company contributions totaled $5,797, $6,715, and $5,836 for all global plans during the years ended December 31, 2025, 2024 and 2023, respectively. The expense is included in cost of sales, selling, general and administrative expense and research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employee.

Income Taxes - Schedule of earnings (loss) before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 15,344	$ (62,664)	$ (125,676)
International	10,365	10,322	4,565
Income (loss) before income taxes	$ 25,709	$ (52,342)	$ (121,111)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes - Schedule of Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Beginning of the period	$ 3,735	$ 4,725
Additions for current year tax positions	19	456
Expiration of statutes	(2,834)	(1,446)
End of the period	$ 920	$ 3,735

Financial Instruments

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Financial Instruments

Long-term debt consisted of the following as of December 31:


2025 Credit Agreement	2025		2019 Credit and Guaranty Agreement	2024
2025 Term Loan	$	296,250	Amended Term Loan	$	337,864


Less:			Less:
Current portion of long-term debt	(15,000)		Current portion of long-term debt	(27,339)
Unamortized debt issuance cost	(570)		Unamortized debt issuance cost	(1,147)
Unamortized discount	(1,729)		Unamortized discount	(1,090)
	$	278,951		$	308,288

2025 Credit Agreement

On July 31, 2025, the Company entered into a Credit Agreement (the “2025 Credit Agreement”) with Wells Fargo Bank, National Association, and a syndicate of financial institutions and other entities (collectively, the “Lenders”). The 2025 Credit Agreement consists of a $300,000 term loan facility (the “2025 Term Loan”) and a $100,000 revolving credit facility (the “2025 Revolver” and, together with the 2025 Term Loan, the “2025 Term Loan Facilities”).

Proceeds from the 2025 Term Loan, borrowings of $30,000 under the 2025 Revolver, and $2,562 in available cash were used to repay the outstanding balance under the 2019 Credit and Guaranty Agreement, as amended, which totaled $332,562 as of July 31, 2025 and is further described below under Amended Term Loan.

The Company accounted for the repayment of the outstanding balance under the 2019 Credit and Guaranty Agreement on a creditor-by-creditor basis. With respect to the continuing creditors, the Company accounted for these transactions as debt modifications; with respect to the new lender, the Company accounted for this transaction as an issuance of new debt; and with respect to exiting creditors, the Company accounted for these transactions as debt extinguishments.

As a result of the 2025 Credit Agreement, the Company received cash proceeds of $28,125 from a new creditor and $5,078, net of repayments, from several continuing creditors. In connection with the termination of the 2019 Credit and Guaranty Agreement, the Company paid $65,765, primarily to exiting creditors, with a portion paid to a continuing creditor that was partially extinguished. The Company recorded an original issue discount of $1,296 related to the 2025 Credit Agreement, which was capitalized within the consolidated balance sheets. These capitalized discounts are amortized as interest expense, net, on a straight-line basis over the term of the 2025 Term Loan Facilities, which approximates the effective interest method. The majority of the capitalized discounts originated from loans with continuing creditors.

The Company recognized a loss on extinguishment of $326, which is included in the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2025. This loss reflects the write-off of unamortized deferred financing costs and discounts associated with certain financial institutions under the 2019 Credit and Guaranty Agreement.

The Company also incurred $794 in third-party costs associated with the debt modification, which were expensed as incurred and recorded within selling, general and administrative expense within the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2025.

As of December 31, 2025, the outstanding balance on the 2025 Term Loan was $293,951, net of discount of $1,729 and deferred financing costs of $570. These amounts include portions of the original issue discounts and deferred financing costs attributable to returning Lenders from the 2019 Credit and Guaranty Agreement. Interest expense, net includes deferred cost amortization of $1,161, $1,524 and $1,706 for the years ended December 31, 2025, 2024 and 2023, respectively. The effective interest rate on the 2025 Term Loan was 6.09% as of December 31, 2025.

The 2025 Term Loan and 2025 Revolver mature on July 31, 2030 (“Maturity”). On December 31, 2025, the Company paid $3,750 of principal related to the 2025 Term Loan. As of December 31, 2025, scheduled principal payments for the 2025 Term Loan are as follows :


Period	Scheduled Quarterly Payments		Annually
2026	$	3,750	$	15,000
2027	3,750		15,000
2028	3,750		15,000
2029	3,750		15,000
2030	3,750		7,500
2030 - Final payment at Maturity	—		228,750

The estimated fair value of the 2025 Term Loan, using the midpoint of the Bloomberg Valuation, was $286,252 as of December 31, 2025. This is classified as a Level 2 instrument within the fair value hierarchy.

Interest - 2025 Credit Agreement

The 2025 Term Loan and the 2025 Revolver permit the Company to elect either the Secured Overnight Financing Rate (“SOFR”) or the Base Rate (“BR”) option for all or portions of the borrowings. Both rate options are calculated using a base interest rate plus a margin, which is determined based on the Company’s leverage ratio—defined as the ratio of consolidated net indebtedness to consolidated EBITDA, as specified in the 2025 Credit Agreement.

BR borrowings accrue interest based on the Federal Funds Rate plus 0.50%, with interest payments due on the last day of each calendar quarter. SOFR borrowings accrue interest over a designated interest period (“Interest Period”) of one, three or six months at the Company’s discretion. Interest is payable on the last day of each Interest Period, or every three months for Interest Periods longer than three months. The applicable interest margins under the 2025 Credit Agreement are 2.50% and 1.50% for SOFR and BR loans, respectively.


Leverage ratio	SOFR		BR		Commitment Fee
< 2.00 to 1.00	1.75	%	0.75	%	0.20	%
≥ 2.00 to 1.00 < 2.50 to 1.00	2.00	%	1.00	%	0.20	%
≥ 2.50 to 1.00 < 3.00 to 1.00	2.25	%	1.25	%	0.30	%
≥ 3.00 to 1.00 < 3.50 to 1.00	2.50	%	1.50	%	0.30	%
≥ 3.50 to 1.00	2.75	%	1.75	%	0.30	%

Cash paid for interest totaled $27,043, $38,507 and $32,470 for the years ended December 31, 2025, 2024 and 2023, respectively.

2025 Revolver and Letters of Credit

The five-year 2025 Revolver includes an initial annual commitment fee of 0.30%, calculated on the average daily amount of the unused revolving commitment, inclusive of revolving loans, swingline loans, and letters of credit (“LOC”). The commitment fee is payable quarterly in arrears on the last day of each calendar quarter and at Maturity. The commitment fee rate is subject to adjustment based on the Company’s leverage ratio. Swingline loans are available as BR option loans and total LOC availability is limited to $7,500 under the 2025 Credit Agreement.

As of December 31, 2025, the Company had three LOCs outstanding, reducing LOC capacity to approximately $5,300. All outstanding LOCs incur fees equal to the interest margin for SOFR based loans under the 2025 Revolver, applied to the undrawn and unexpired amount of each LOC. These LOC fees are payable quarterly in arrears. In 2025, the Company fully repaid the $30,000 borrowed on its 2025 Revolver. As of December 31, 2025, the Company had $100,000 available under the 2025 Revolver, excluding the effect of outstanding LOCs.

Covenants - 2025 Credit Agreement

The 2025 Credit Agreement contains affirmative and negative covenants applicable to senior secured credit facilities, including covenants that, among other things, limit or restrict the ability of the Company to, subject to negotiated exceptions, incur additional indebtedness, liens on its assets, engage in acquisitions or dispositions, pay dividends or make other distributions, enter into transactions with affiliated persons, make investments, change the nature of its business or organizational documents, or prepay or make modifications to other indebtedness that would adversely affect the Lenders.

The 2025 Credit Agreement also contains financial covenants including a maximum consolidated total net leverage ratio of 4.00 to 1.00 for the fiscal quarter ending December 31, 2025 and starting with the fiscal quarter ending March 31, 2026, and for each fiscal quarter thereafter, a maximum consolidated total net leverage ratio of 3.50 to 1.00. The Company may elect to increase such ratio level by 0.50 to 1.00 following certain permitted acquisitions. A minimum interest coverage ratio of 2.50 to 1.00 must also be maintained. The 2025 Revolver also includes standard provisions related to conditions of borrowing and customary events of default. The Company does not expect any of these covenants or restrictions to affect or limit its ability to conduct business in the ordinary course.

The Company was in compliance with the financial covenants under the 2025 Credit Agreement as of December 31, 2025.

Amended Term Loan

On December 6, 2019, the Company entered into the Credit and Guaranty Agreement (“2019 Credit Agreement”) that consisted of a $200,000 term loan (“Original Term Loan”) and a $50,000 revolving facility (the “Revolver”). The Company amended the 2019 Credit Agreement on August 29, 2021, and then again on October 29, 2021 in connection with the acquisition of Misonix, Inc. in which the Company prepaid $80,000 on the Original Term Loan. The 2019 Credit Agreement, as amended, subsequent to the prepayment, consisted of a $360,750 term loan (“Term Loan”) and the Revolver.

On July 11, 2022, the Company amended the 2019 Credit Agreement in conjunction with the acquisition of CartiHeal (2009) Ltd. (“CartiHeal”). Pursuant to that amendment, an $80,000 term loan facility (the “July 2022 Term Loan” and, together with the Term Loan, the “Term Loan Facilities”) was extended to the Company to be used primarily for the financing of the acquisition of CartiHeal. On March 31, 2023 and January 18, 2024, the Company further amended the 2019 Credit Agreement (collectively, with the prior amendments, the “Amended 2019 Credit Agreement”) to, among other things, modify certain financial covenants, waive covenant noncompliance at December 31, 2022, and modify interest rates applicable to borrowings under the 2019 Credit Agreement.

The January 2024 amendment had deferred financing costs of $1,180, of which $325 was expensed and $855 was capitalized. The March 2023 amendment had deferred financing costs of $3,661, of which $1,617 was expensed and $2,044 was capitalized. There were no losses on debt refinancing and modification as a result of either the January 2024 or March 2023 amendments. Expensed deferred financing costs resulting from the amendments were recorded in selling, general and administrative expense within the consolidated statements of operations and other comprehensive income (loss) and amounts capitalized were recorded primarily in long-term debt, less current portion within the consolidated balance sheets.

As of July 31, 2025, the date of repayment, $331,037 was outstanding on the Term Loan Facilities, net of original issue discount of $743 and deferred financing costs of $782.

Revolver

The Revolver was initially established as a five-year revolving credit facility and was subsequently amended to a four-year term pursuant to the Amended 2019 Credit Agreement. The Revolver’s capacity was reduced by $5,000 on both December 31, 2023 and June 30, 2024 in accordance with the Amended 2019 Credit Agreement, resulting in an aggregate borrowing capacity of $40,000. During the first quarter of 2025, the Company borrowed $15,000 on the Revolver to support working capital needs, which has been fully repaid. The Company had no outstanding borrowings on the Revolver for the year ended December 31, 2024.

Interest Rate Swaps

On August 1, 2025, the Company entered into two interest rate swaps to mitigate the interest rate risk associated with its floating-rate SOFR-based borrowings under the 2025 Credit Agreement. Under the terms of the swaps, the Company pays a fixed interest rate in exchange for SOFR-based variable interest throughout the life of the instruments, the majority of which expire July 31, 2028. The interest rate swaps have a weighted average fixed interest rate of 3.60% and an aggregate notional value of $150,000, or 50.0% of the 2025 Term Loan. Refer to Note 6. Fair Value Measurements for additional information regarding the valuation of the interest rate swaps.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

The Company operates in two reportable segments: U.S. and International. These segments align with the Company’s operating structure and are based on the geographic markets in which the Company sells its products. Both segments sell the Company’s portfolio of products to healthcare institutions, physicians, patients, distributors and dealers.

The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the CODM and (iii) it has available discrete financial information. The Company’s CODM is its President and Chief Executive Officer, who uses segment Adjusted EBITDA to make decisions regarding the allocation of resources, assess performance and to develop annual budgets and forecasts. The Company does not disclose segment information by asset, as the CODM does not review or use such information to allocate resources or to assess the operating results and financial performance.

The following table presents segment Adjusted EBITDA reconciled to income (loss) before income taxes for the years ended December 31:


	2025
	U.S.		International		Consolidated
Revenue	$	502,097	$	65,990	$	568,087
Adjusted cost of sales(a)	113,824		24,855
Adjusted selling expense(b)	152,075		12,687
Adjusted marketing expense(b)	24,922		3,588
Adjusted general and administrative expense(b)	97,497		9,329
Adjusted research and development expense(c)	11,266		41
Adjusted other segment expense(d)	1,546		180
Adjusted EBITDA	100,967		15,310		116,277
Reconciliation to income before income taxes
Interest expense, net					(26,486)
Depreciation and amortization					(47,011)
Shareholder litigation costs					(51)
Restructuring costs					(2,235)
Equity-based compensation					(12,673)
Debt refinancing					(902)
Loss on extinguishment					(326)
Loss on disposal of a business					(81)
Other items(e)					(803)
Income before income taxes					$	25,709


	2024
	U.S.		International		Consolidated
Revenue	$	506,809	$	66,471	$	573,280
Adjusted cost of sales(a)	118,985		24,188
Adjusted selling expense(b)	157,789		11,233
Adjusted marketing expense(b)	24,235		3,004
Adjusted general and administrative expense(b)	97,592		14,949
Adjusted research and development expense(c)	13,139		41
Adjusted other segment income(d)	(352)		(405)
Adjusted EBITDA	95,421		13,461		108,882
Reconciliation to loss before income taxes
Interest expense, net					(38,792)
Depreciation and amortization					(49,555)
Acquisition and related costs					(1,339)
Shareholder litigation costs					(13,802)
Restructuring costs					57
Equity-based compensation					(13,274)
Debt refinancing					(351)
Impairments of assets					(36,357)
Loss on disposal of a business					(292)
Other items(e)					(7,519)
Loss before income taxes					$	(52,342)


	2023
	U.S.		International		Consolidated
Revenue	$	449,860	$	62,485	$	512,345
Adjusted cost of sales(a)	109,889		25,760
Adjusted selling expense(b)	140,278		11,908
Adjusted marketing expense(b)	24,401		2,655
Adjusted general and administrative expense(b)	86,108		12,285
Adjusted research and development expense(c)	11,458		31
Adjusted other segment income(d)	(942)		(348)
Adjusted EBITDA	78,668		10,194		88,862
Reconciliation to loss before income taxes
Interest expense, net					(40,676)
Depreciation and amortization					(57,365)
Acquisition and related costs					(5,694)
Restructuring and succession charges					(2,331)
Equity-based compensation					(2,722)
Debt refinancing					(7,291)
Impairment of assets					(78,615)
Loss on disposal of a business					(1,539)
Other items(e)					(13,740)
Loss before income taxes					$	(121,111)

(a)Adjusted cost of sales used in calculating segment Adjusted EBITDA excludes depreciation and amortization.

(c)Adjusted research and development expense used in calculating segment Adjusted EBITDA excludes depreciation and amortization, equity-based compensation expense.

(d)Adjusted other segment expense (income) primarily consists of foreign currency transaction and remeasurement gains and losses and other certain nonrecurring items.

(e)During the year ended December 31, 2025, other items primarily consisted of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Fair Value Measurements - Schedule of Loss Recognized in AOCI and Amount Reclassified from AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
change in the fair value of cash flow hedges, attributable to noncontrolling interest	$ 189
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Change in the fair value of cash flow hedges	802
Loss recognized in AOCI, tax	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of income (loss) before income taxes for the years ended December 31 are as follows:


	2025		2024		2023
United States	$	15,344	$	(62,664)	$	(125,676)
International	10,365		10,322		4,565
Income (loss) before income taxes—continuing operations	$	25,709	$	(52,342)	$	(121,111)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes on operations consists of the following for the years ended December 31:


	2025		2024		2023
Current:
United States federal	$	(4,195)	$	(1,295)	$	(734)
United States state and local	677		(152)		2,085
International	2,862		1,548		1,111
Total current	(656)		101		2,462

Deferred:
United States federal	(494)		(4,377)		(2,881)
United States state and local	(320)		(1,017)		(1,951)
International	(95)		—		2,455
Total deferred	(909)		(5,394)		(2,377)
Total income tax (benefit) expense—continuing operations	$	(1,565)	$	(5,293)	$	85

Schedule of Cash Flow, Supplemental Disclosures

Cash taxes paid, net of refunds received, consisted of the following for the years ended December 31:


	2025		2024		2023
U.S. federal:	$	(479)	$	442	$	(473)
U.S. state and local:
California	273		—		(146)
Illinois	—		110		—
Michigan	—		—		88
Tennessee	—		169		825
Texas	215		165		113
Others	(6)		71		158
Foreign:
Netherlands	2,546		1,156		569
Canada	141		—		95
Others	70		83		45
Net cash paid for income taxes	$	2,760	$	2,196	$	1,274

Schedule of Effective Income Tax Rate Reconciliation

The differences between the effective income tax rate and the federal statutory income tax rates for the years ended December 31 are as follows:


	2025				2024				2023
U.S. statutory federal corporate income tax rate	$	5,399	21.0	%	$	(10,992)	21.0	%	$	(25,433)	21.0	%
State and local income taxes, net of federal income tax(a)	267		1.0		(1,103)		2.2		(262)		0.2
Foreign tax effects
Israel
Adjustment of deferred tax liabilities	—		—		412		(0.8)		1,948		(1.6)
Foreign rate differential	—		—		(17)		—		(55)		0.1
Noncontrolling interest	—		—		122		(0.2)		211		(0.2)
Other	—		—		(240)		0.5		—		—
Netherlands
Adjustment of deferred tax liabilities	—		—		4,272		(8.2)		(1,654)		1.4
Advanced Rehabilitation sale	—		—		(175)		0.3		—		—
Change in valuation allowance	—		—		(4,272)		8.2		1,768		(1.5)
Foreign rate differential	399		1.6		260		(0.5)		212		(0.2)
Noncontrolling interest	(514)		(2.0)		(351)		0.7		(252)		0.2
Return to provision	688		2.7		—		—		—		—
Other	68		0.3		(634)		1.2		427		(0.3)
Other foreign jurisdictions	(51)		(0.2)		3		—		2		—
Effect of cross-border tax laws
Foreign income inclusions	1,347		5.2		321		(0.6)		322		(0.3)
Tax credits
R&D credits	(190)		(0.7)		261		(0.5)		(613)		0.5
Foreign Tax Credit	(1,012)		(3.9)		—		—		—		—
Changes in valuation allowances	(3,996)		(15.5)		8,662		(16.6)		35,275		(29.1)
Nontaxable or Nondeductible items
LLC flow through structure	1,202		4.7		(5,828)		11.1		(19,054)		15.7
Advanced Rehabilitation sale	—		1.8		(907)		1.7		—		—
Disallowed interest expense	—		(2.1)		1,022		(2.0)		—		—
Meals & entertainment	632		2.5		344		(0.7)		209		(0.2)
Other non-deductible expenses	473		1.8		260		(0.5)		164		(0.1)
Equity-based compensation (windfall) shortfall	(261)		(1.0)		343		(0.6)		4,805		(4.0)
Noncontrolling interest	(972)		(3.7)		3,858		(7.4)		8,061		(6.6)
Other	208		0.8		184		(0.4)		209		(0.2)
Changes in unrecognized tax benefits	(4,195)		(16.3)		(1,528)		3.0		(1,384)		1.1
Other adjustments
Adjustment of deferred tax liabilities	(551)		(2.1)		(32)		0.1		(4,727)		3.9
Return to provision	(506)		(2.0)		462		(0.9)		(94)		0.1
Effective Tax Rate	$	(1,565)	(6.1	%)	$	(5,293)	10.1	%	$	85	(0.1	%)

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred taxes were as follows for the years ended December 31:


	2025		2024
Deferred tax assets:
Capital loss carryforward	$	17,566	$	18,440
Interest	18,811		18,692
Net operating losses	9,916		9,224
Tax credits	2,515		1,381
Investment in Bioventus LLC	2,879		7,362
Transaction costs	655		711
Stock-based compensation	417		283
Research & development	—		50
Accrued liabilities	—		10
Other	342		467
Gross deferred tax asset	53,101		56,620
Valuation allowance	(47,579)		(51,875)
Total deferred tax assets	5,522		4,745
Deferred income tax liabilities:
Intangibles	433		564
Gross deferred income tax liabilities	433		564
Net deferred tax asset	$	5,089	$	4,181

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31:


	2025		2024
Beginning of the period	$	3,735	$	4,725
Additions for current year tax positions	19		456
Expiration of statutes	(2,834)		(1,446)
End of the period	$	920	$	3,735

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Compensation And Employee Benefit Plans [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

A summary of the RSU award activity for the years ended December 31, 2025 and 2024 are as follows (number of units in thousands):


	Number of units	Weighted-average grant- date fair value per unit
Unvested at December 31, 2023	2,066	$	4.51
Granted	2,563	5.66
Vested	(1,839)	4.45
Forfeited or canceled	(378)	5.74
Unvested at December 31, 2024	2,412	5.52
Granted	1,494	8.68
Vested	(928)	6.15
Forfeited or canceled	(201)	6.79
Unvested at December 31, 2025	2,777	$	6.90

Schedule of Nonvested Performance-Based Units Activity

A summary of PRSU award activity for the year ended December 31, 2025 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
December 31, 2024	—	$	—
Granted	159	10.37
December 31, 2025	159	$	10.37

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the years ended December 31, 2025 and 2024 are shown in the following table:


	2025		2024
Risk-free interest rate	3.8% - 4.5%		3.9% - 4.3%
Expected dividend yield	—	%	—	%
Expected stock price volatility	37.9% - 38.9%		36.1% - 38.2%
Expected life of stock options (years)	6.25		6.25

Schedule of Stock Options Roll Forward

A summary of stock option activity is as follows for the years ended December 31, 2025 and 2024 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term (in years)	Aggregate intrinsic value(1)
Outstanding at December 31, 2023	4,347	$	8.68	7.31	$	4,383
Granted	1,835	5.42
Exercised	(422)	7.18
Forfeited or canceled	(1,131)	9.26
Outstanding at December 31, 2024	4,629	7.73		7.14	$	17,049
Granted	581	9.29
Exercised	(219)	4.70
Forfeited or canceled	(327)	12.02
Outstanding at December 31, 2025	4,664	7.77		7.06	$	7,780
Exercisable and vested at December 31, 2025	2,268	$	9.25	5.95	$	2,880

Income Taxes- Schedule of Income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
United States federal	$ (4,195)	$ (1,295)	$ (734)
United States state and local	677	(152)	2,085
International	2,862	1,548	1,111
Total current	(656)	101	2,462
Deferred:
United States federal	(494)	(4,377)	(2,881)
United States state and local	(320)	(1,017)	(1,951)
International	(95)	0	2,455
Total deferred	(909)	(5,394)	(2,377)
Total income tax (benefit) expense—continuing operations	$ (1,565)	$ (5,293)	$ 85

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liabilities, Fair Value Disclosure [Abstract]
Interest rate derivative liabilities, at fair value	$ 991	$ 0
Current portion of contingent consideration	0	19,573
Total:	991	19,573
Bioness, Inc
Liabilities, Fair Value Disclosure [Abstract]
Current portion of contingent consideration	0	19,573
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Interest rate derivative liabilities, at fair value	991	0
Total:	991	0
Level 2 \| Bioness, Inc
Liabilities, Fair Value Disclosure [Abstract]
Current portion of contingent consideration	0	0
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Interest rate derivative liabilities, at fair value	0	0
Total:	0	19,573
Level 3 \| Bioness, Inc
Liabilities, Fair Value Disclosure [Abstract]
Current portion of contingent consideration	$ 0	$ 19,573

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 16, 2021
Income Tax Examination [Line Items]
Income taxes paid	$ 2,760	$ 2,196	$ 1,274
Valuation allowance	(4,296)
Unrecognized tax benefits	920	3,735	$ 4,725
Unrecognized tax benefits, income tax penalties and interest accrued	129	1,508
Decrease in unrecognized tax benefits is reasonably possible		$ 221
Tax receivable agreement, percent				85.00%
Domestic
Income Tax Examination [Line Items]
Operating loss carryforwards	35,746
Tax credit carryforward, amount	2,259
State and Local
Income Tax Examination [Line Items]
Operating loss carryforwards	46,594
Tax credit carryforward, amount	354
Foreign
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 463

Balance Sheet Information

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Information

Accounts Receivable, Net

Accounts receivable, net are amounts billed and currently due from customers. The Company records the amounts due net of allowance for credit losses. Collection of the consideration that the Company expects to receive typically occurs within 30 to 90 days of billing. The Company applies the practical expedient for contracts with payment terms of one year or less which does not consider the effects of the time value of money. Occasionally, the Company enters into payment agreements with patients that allow payment terms beyond one year. In those cases, the financing component is not deemed significant to the contract.

Accounts receivable, net of allowances, consisted of the following as of December 31:


	2025		2024
Accounts receivable	$	131,206	$	130,257
Less: Allowance for credit losses	(2,903)		(2,864)
	$	128,303	$	127,393

Due to the short-term nature of the Company’s receivables, the estimate of expected credit losses is based on the aging of its accounts receivables. The allowance is adjusted on a specific identification basis for certain accounts as well as pooling of accounts with similar characteristics. The Company has a diverse customer base and had one customer representing approximately 28.1% and 20.4% of the accounts receivable balance as of December 31, 2025 and 2024, respectively. Historically, the Company’s reserves have been adequate to cover credit losses.

Changes in credit losses were as follows for the years ended December 31:


	2025		2024
Beginning balance	$	(2,864)	$	(4,219)
(Provision) benefit for expected credit losses	(1,256)		434
Write-offs	1,728		4,334
Recoveries	(511)		(3,640)
Disposals	—		227
Ending balance	$	(2,903)	$	(2,864)

Inventory

Inventory consisted of the following as of December 31:


	2025		2024
Raw materials and supplies	$	21,240	$	22,098
Finished goods	60,996		70,377
	$	82,236	$	92,475

Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31:


	2025		2024
Computer equipment and software	$	38,403	$	41,355
Demonstration and consignment inventory	10,666		9,695
Leasehold improvements	4,343		4,095
Furniture and fixtures	4,769		4,586
Finance leases	15,720		15,737
Machinery and equipment	1,561		1,461
Assets not yet placed in service	701		269
	76,163		77,198
Less: Accumulated depreciation	(54,264)		(50,186)
	$	21,899	$	27,012

Depreciation expense from continuing operations was $8,033, $10,533 and $12,121 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company incurred a $2,038 disposal loss on fixed assets during the year ended December 31, 2023 as a result of the integration of acquisitions. The loss was recorded in loss on disposals within the consolidated statements of operations and other comprehensive income (loss).

Goodwill

The Company’s goodwill totaled $7,462 as of December 31, 2025 and 2024, all of which fully resides within the International business segment. Accumulated goodwill impairment losses totaled $189,197 as of December 31, 2025 and 2024.

Intangible Assets, Net

Intangible assets, net consisted of the following as of December 31:


	2025		2024
Intellectual property(a)(b)	$	631,507	$	626,007
Distribution rights	61,325		61,325
Customer relationships(c)	—		57,700
IPR&D(b)	—		5,500
Developed technology and other	13,998		13,998
Total carrying amount	706,830		764,530
Less accumulated amortization:
Intellectual property(a)(b)	(269,535)		(237,829)
Distribution rights	(58,783)		(54,280)
Customer relationships(c)	—		(57,700)
Developed technology and other	(9,634)		(8,486)
Total accumulated amortization	(337,952)		(358,295)
Intangible assets, net before currency translation	368,878		406,235
Currency translation	(459)		(1,506)
	$	368,419	$	404,729

(c)Customer relationship intangible assets reached the end of their amortizable lives in 2024. The assets were written off in 2025.

Amortization expense from continuing operations related to intangible assets was $38,978, $39,022 and $45,244 for the years ended December 31, 2025, 2024 and 2023, respectively, of which $22,080, $24,841 and $23,848 are included in ending inventory at December 31, 2025, 2024 and 2023, respectively. Estimated amortization expense for the years ended December 31, 2026 through 2030 is expected to be $34,500, $33,903, $33,096, $30,275 and $28,189, respectively. The Company recorded an impairment loss of $78,615 during the year ended December 31, 2023 in the U.S. reporting segment of net intellectual property attributable to the TheraSkin and TheraGenesis products, which were sold in May 2023. The loss was recorded in impairment of assets within the consolidated statements of operations and comprehensive income (loss). Refer to Note 4. Divestitures for further information.

Accrued Liabilities

Accrued liabilities consisted of the following as of December 31:


	2025		2024
Gross-to-net deductions	$	73,487	$	66,405
Bonus and commission	25,040		32,647
Compensation and benefits	6,560		7,598
Accrued interest	3,168		5,324
Income and other taxes	5,135		3,868
Other liabilities	16,852		20,037
	$	130,242	$	135,879

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated other comprehensive income (loss)	Accumulated Deficit	Non- controlling Interest	AOCI Attributable to Parent
Beginning balance (in shares) at Dec. 31, 2022				62,063,014	15,786,737
Beginning balance at Dec. 31, 2022	$ 412,222			$ 62	$ 16	$ 490,576	$ (110)	$ (165,306)	$ 86,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				1,204,422
Issuance of Class A common stock for equity plans	778			$ 1		777
Net income (loss)	(195,625)							(156,230)	(39,395)
Change in noncontrolling interest allocation	0					513			(513)
Equity-based compensation	2,722					2,388			334
Distributions to members	(111)								(111)
Other comprehensive income (loss)	1,132						904		228
Ending balance (in shares) at Dec. 31, 2023				63,267,436	15,786,737
Ending balance at Dec. 31, 2023	221,118			$ 63	$ 16	494,254	794	(321,536)	47,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				2,490,905
Issuance of Class A common stock for equity plans	2,442			$ 3		2,439
Net income (loss)	(47,049)							(36,125)	(10,924)
Change in noncontrolling interest allocation	0					495			(495)
Equity-based compensation	13,274					10,904			2,370
Other comprehensive income (loss)	(4,181)						(3,367)		(814)
Ending balance (in shares) at Dec. 31, 2024		65,758,341	15,786,737	65,758,341	15,786,737
Ending balance at Dec. 31, 2024	185,604			$ 66	$ 16	508,092	(2,573)	(357,661)	37,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				1,339,375
Issuance of Class A common stock for equity plans	2,074			$ 1		2,073
Tax withholdings on equity-based compensation awards	(9)					(9)
Net income (loss)	27,274							22,732	4,542
Change in noncontrolling interest allocation	0					72			(72)
Equity-based compensation	12,673					10,623			2,050
Distributions to members	(5)								(5)
Cash flow hedging, net	(991)								(189)	$ (802)
Other comprehensive income (loss)	1,827						1,475		352
Ending balance (in shares) at Dec. 31, 2025		67,097,716	15,786,737	67,097,716	15,786,737
Ending balance at Dec. 31, 2025	$ 228,447			$ 67	$ 16	$ 520,851	$ (1,900)	$ (334,929)	$ 44,342

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares outstanding (in shares)	67,097,716	65,758,341
Common stock, shares issued (in shares)	67,097,716	65,758,341
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	15,786,737	15,786,737
Common stock, shares issued (in shares)	15,786,737	15,786,737

Restructuring Costs - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 2,235	$ (52)	$ 840
Restructuring Plan Of 2025
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3,000	$ 2,235	$ (52)	$ 840

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 568,087	$ 573,280	$ 512,345
Cost of sales (including depreciation and amortization of $41,251, $41,882 and $48,503, respectively)	179,930	185,054	184,152
Gross profit	388,157	388,226	328,193
Selling, general and administrative expense	314,026	343,798	303,879
Research and development expense	12,113	13,951	13,446
Restructuring costs	2,235	(52)	840
Change in fair value of contingent consideration	0	1,423	719
Depreciation and amortization	5,727	7,652	8,842
Impairment of assets	0	36,357	78,615
Loss on disposals	81	292	3,577
Operating income (loss)	53,975	(15,195)	(81,725)
Interest expense, net	26,486	38,792	40,676
Loss on extinguishment	326	0	0
Other expense (income)	1,454	(1,645)	(1,290)
Other expense	28,266	37,147	39,386
Income (loss) before income taxes	25,709	(52,342)	(121,111)
Income tax (benefit) expense, net	(1,565)	(5,293)	85
Net income (loss) from continuing operations	27,274	(47,049)	(121,196)
Loss from discontinued operations, net of tax	0	0	(74,429)
Net income (loss)	27,274	(47,049)	(195,625)
(Income) loss attributable to noncontrolling interest - continuing operations	(4,542)	10,924	24,458
Loss attributable to noncontrolling interest - discontinued operations	0	0	14,937
Net income (loss) attributable to Bioventus Inc.	22,732	(36,125)	(156,230)
Change in prior service cost and unrecognized gain (loss) for defined benefit plan adjustment	21	13	(8)
Change in foreign currency translation adjustments	1,806	(4,194)	1,140
Change in the fair value of cash flow hedges	(991)	0	0
Comprehensive income (loss)	28,110	(51,230)	(194,493)
Comprehensive (income) loss attributable to noncontrolling interest - continuing operations	(4,705)	11,738	24,230
Comprehensive loss attributable to noncontrolling interest - discontinued operations	0	0	14,937
Comprehensive income (loss) attributable to Bioventus Inc.	$ 23,405	$ (39,492)	$ (155,326)
Income (loss) per share of Class A common stock from:
Continuing operations, basic (in dollars per share)	$ 0.34	$ (0.56)	$ (1.54)
Discontinued operations, basic (in dollars per share)	0	0	(0.95)
Basic income (loss) per Class A common stock (in dollars per share)	0.34	(0.56)	(2.49)
Continuing operations, diluted (in dollars per share)	0.33	(0.56)	(1.54)
Discontinued operations, diluted (in dollars per share)	0	0	(0.95)
Diluted income (loss) per Class A common stock (in dollars per share)	$ 0.33	$ (0.56)	$ (2.49)
Weighted-average shares of Class A common stock outstanding:
Basic (in shares)	66,622,631	64,547,474	62,647,554
Diluted (in shares)	68,914,895	64,547,474	62,647,554

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Consolidation

Segment Reporting

Use of Estimates

Recently Issued Accounting Pronouncements Not Yet Adopted and Recently Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In addition to qualifying both as a smaller reporting company and emerging growth company, the Company is an accelerated filer under SEC rules and regulations for purposes of this Annual Report.

Accounting Pronouncements Recently Adopted

Variable Interest Entity

Noncontrolling Interest

Deconsolidation and Discontinued Operations

Effect of Foreign Currency

Foreign currency transaction gains and losses are included in other expense (income) in the consolidated statements of operations and other comprehensive income (loss).

Comprehensive Income (Loss)

Cash and Cash Equivalents

Fair Value

•Level 1—Quoted prices in active markets for identical assets or liabilities;

Refer to Note 6. Fair Value Measurements for further details regarding the Company’s assets and liabilities measured at fair value.

Revenue Recognition, Contract Assets, Contract Liabilities, Shipping and Handling and Contract Costs

Revenue Recognition

Sale of Products

Pain Treatments

Distributor Chargebacks

Discounts and Gross-To-Net Deductions

Surgical Solutions

Restorative Therapies

Product Returns

Contract Assets

Contract Liabilities

Shipping and Handling

Contract Costs

Accounts Receivable, Net

Inventory

Business Combinations

Long-Lived Assets

Property and Equipment


Computer software and hardware			3 - 5
Demonstration and consignment inventory			5
Furniture and fixtures			7
Leasehold improvements			7
Machinery and equipment			7

Intangible Assets and Goodwill

Intangible Assets


			Weighted Average Useful Life
Intellectual property			19.4
Distribution rights			9.3
Developed technology			9.7

Goodwill

There were no goodwill impairment charges for the years ended December 31, 2025, 2024 and 2023.

There were no impairment charges on indefinite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023.

Software Development Costs

Acquired In-Process Research and Development

Concentration of Risk

Restructuring Costs

Equity-Based Compensation

Advertising Costs

Research and Development Expense

Collaborative Agreements

Contingencies

Income Taxes

Earnings Per Share

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Restructuring Costs

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. These charges are included in restructuring costs in the consolidated statements of operations and comprehensive income (loss). Liabilities associated from restructuring costs are recorded in accrued liabilities on the consolidated balance sheets.

In November 2025, the Company implemented a restructuring plan (the “2025 Restructuring Plan”) designed to optimize its organizational structure, including the elimination of several positions and the consolidation of administrative functions. Planned pre-tax charges associated with the 2025 Restructuring Plan are expected to total $3,000, consisting entirely of employee severance costs. Restructuring costs associated with the 2025 Restructuring Plan totaled $2,235 for the year ended December 31, 2025.

The Company’s prior restructuring plans adopted in 2021 and 2022 (the “Prior Restructuring Plans”) focused on aligning its organizational and management cost structure to improve profitability and cash flow. There was a restructuring expense reversal of $52 during the year ended December 31, 2024 and restructuring expenses of $840 during the year ended December 31, 2023.

The following table summarizes the activity for restructuring liabilities:


	Prior Restructuring Plans		2025 Restructuring Plan		Total
Balance at December 31, 2023	$	1,316	$	—	$	1,316
Expense reversal	(52)		—		(52)
Payments made	(1,139)		—		(1,139)
Balance at December 31, 2024	125		—		125
Expenses incurred	—		2,235		2,235
Payments made	(125)		(798)		(923)
Balance at December 31, 2025	$	—	$	1,437	$	1,437

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Bioventus maintains a cybersecurity risk management program that is designed to enable us to assess, identify, and manage risk associated with cybersecurity threats (the “Cybersecurity Program”). Our Cybersecurity Program is based on standards promulgated by the National Institute of Standards and Technology (“NIST”) and the United States Cybersecurity and Infrastructure Security Agency (“CISA”) and includes the following elements: •Identification and assessment of cybersecurity threats based on periodic internal and external assessments and monitoring, information from internal stakeholders, and external publications and resources such as those made available by CISA. •Technical and organizational safeguards designed to protect against identified threats, including documented policies and procedures, technical controls, and employee education and awareness. •Processes designed to detect the occurrence of cybersecurity events and to respond to and recover from cybersecurity incidents. •A third-party risk management process designed to manage cybersecurity risks associated with our service providers, suppliers, and vendors. Our Cybersecurity Program is regularly evaluated by internal and external experts with the results of those reviews reported to senior management and the Audit and Risk Committee of the Board of Directors. We also actively engage with key vendors, industry participants and threat intelligence communities as part of our continuing efforts to evaluate and enhance the effectiveness of the Cybersecurity Program. Integration of Risk Management Process Assessing, identifying, and managing cybersecurity-related risks is integrated into our overall risk management framework. The Cybersecurity Program is integrated into our enterprise risk management program and framework. These programs are designed to foster a company-wide culture of appropriate cybersecurity risk management. Our IT Security team works closely with stakeholders across technology, legal, risk, and business operations to implement and monitor the effectiveness of the Cybersecurity Program. Engagement of Third Parties in Connection with Risk Management The Company engages a range of external experts to assist in its assessment, identification, and management of risks from cybersecurity threats. These include cybersecurity consultants and external auditors to review the Company’s cybersecurity posture and responsive efforts. Our relationships with these external partners enable us to leverage their expertise with the goal of maintaining best practices. Oversight of Third-Party Risks Our third-party service providers, suppliers, and vendors face their own risks from cybersecurity threats that could impact us in certain circumstances. We have implemented processes for overseeing and managing these risks. Those processes include assessing the third party’s information security practices before allowing them to access our information systems or data, requiring the third parties to implement appropriate cybersecurity controls and otherwise agree to contractual requirements designed to address cybersecurity risks in our agreements with them, and conducting ongoing monitoring of their compliance with those requirements. Risks from Cybersecurity Threats As of the date of this Annual Report, we have not encountered any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, incidents impacting data processed and systems maintained or operated by us or on our behalf, and incidents otherwise impacting our operations, can and do occur. For example, Change Healthcare, a subsidiary of UnitedHealth Group that acts as an intermediary for processing certain of our claims for reimbursement related to our EXOGEN device to commercial payers experienced an incident in 2024 in which a cybersecurity threat actor gained access to some of its information technology systems. As a result of the Change Healthcare incident, certain of our patient billing and collections processes were disrupted. We identified an alternative claim processing intermediary and have resumed claims submissions, but this incident caused delays in a portion of our claims submissions to some commercial payers thereby delaying the related cash remittances to us.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Assessing, identifying, and managing cybersecurity-related risks is integrated into our overall risk management framework. The Cybersecurity Program is integrated into our enterprise risk management program and framework. These programs are designed to foster a company-wide culture of appropriate cybersecurity risk management. Our IT Security team works closely with stakeholders across technology, legal, risk, and business operations to implement and monitor the effectiveness of the Cybersecurity Program.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit and Risk Committee of the Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats, and is regularly briefed on the Company’s Cybersecurity Program by the Vice President of Information Technology and/or Director of IT Security, Risk and Compliance. These briefs include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging cybersecurity threat landscape.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee of the Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats, and is regularly briefed on the Company’s Cybersecurity Program by the Vice President of Information Technology and/or Director of IT Security, Risk and Compliance.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The incident response team is also responsible for informing executive management, the Audit and Risk Committee and, where appropriate, the Board of Directors, regarding the detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	The oversight of Bioventus’ Cybersecurity Program falls under the purview of the Company’s Director of IT Security, Risk and Compliance, who has over 25 years of combined technical and leadership experience, with the past 19 years focused on information security and technology risk management, and holds Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM) certifications. The Director of IT Security, Risk and Compliance implements and oversees our processes for regularly monitoring our information systems and detecting and reporting cybersecurity incidents. That process includes convening an incident response team composed of the Director of IT Security, Risk and Compliance, Vice President of Information Technology, Chief Compliance Officer, and General Counsel. The incident response team is responsible for overseeing the assessment of and response to any cybersecurity incident and for monitoring the Company’s mitigation and remediation efforts. The incident response team is also responsible for informing executive management, the Audit and Risk Committee and, where appropriate, the Board of Directors, regarding the detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit and Risk Committee of the Board of Directors is primarily responsible for the oversight of risks from cybersecurity threats, and is regularly briefed on the Company’s Cybersecurity Program by the Vice President of Information Technology and/or Director of IT Security, Risk and Compliance. These briefs include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging cybersecurity threat landscape.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The oversight of Bioventus’ Cybersecurity Program falls under the purview of the Company’s Director of IT Security, Risk and Compliance, who has over 25 years of combined technical and leadership experience, with the past 19 years focused on information security and technology risk management, and holds Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM) certifications
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Director of IT Security, Risk and Compliance implements and oversees our processes for regularly monitoring our information systems and detecting and reporting cybersecurity incidents. That process includes convening an incident response team composed of the Director of IT Security, Risk and Compliance, Vice President of Information Technology, Chief Compliance Officer, and General Counsel
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 51,238	$ 41,582
Accounts receivable, net	128,303	127,393
Inventory	82,236	92,475
Prepaid and other current assets	11,065	14,160
Total current assets	272,842	275,610
Property and equipment, net	21,899	27,012
Goodwill	7,462	7,462
Intangible assets, net	368,419	404,729
Operating lease assets	5,122	6,506
Deferred tax assets	5,522	4,745
Investment and other assets	2,293	1,892
Total assets	683,559	727,956
Current liabilities:
Accounts payable	10,928	23,690
Accrued liabilities	130,242	135,879
Current portion of long-term debt	15,000	27,339
Current portion of contingent consideration	0	19,573
Other current liabilities	4,210	3,917
Total current liabilities	160,380	210,398
Long-term debt, less current portion	278,951	308,288
Deferred income tax liabilities	433	564
Other long-term liabilities	15,348	23,102
Total liabilities	455,112	542,352
Commitments and Contingencies (Note 12)
Stockholders’ Equity:
Additional paid-in capital	520,851	508,092
Accumulated deficit	(334,929)	(357,661)
Accumulated other comprehensive loss	(1,900)	(2,573)
Total stockholders’ equity attributable to Bioventus Inc.	184,105	147,940
Noncontrolling interest	44,342	37,664
Total stockholders’ equity	228,447	185,604
Total liabilities and stockholders’ equity	683,559	727,956
Common Class A
Stockholders’ Equity:
Common stock, value	67	66
Common Class B
Stockholders’ Equity:
Common stock, value	$ 16	$ 16

Income Taxes - Schedule of Effective income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
U.S. statutory federal corporate income tax rate	$ 5,399	$ (10,992)	$ (25,433)
State and local income taxes, net of federal income tax	267	(1,103)	(262)
Adjustment of deferred tax liabilities	(551)	(32)	(4,727)
Change in valuation allowance	(3,996)	8,662	35,275
Return to provision	(506)	462	(94)
Other foreign jurisdictions	(51)	3	2
Foreign income inclusions	1,347	321	322
Tax credits
R&D credits	(190)	261	(613)
Foreign Tax Credit	(1,012)	0	0
Change in valuation allowance	(3,996)	8,662	35,275
Nontaxable or Nondeductible items
LLC flow through structure	1,202	(5,828)	(19,054)
Advanced Rehabilitation sale	0	(907)	0
Disallowed interest expense	0	1,022	0
Meals & entertainment	632	344	209
Other non-deductible expenses	473	260	164
Equity-based compensation (windfall) shortfall	(261)	343	4,805
Noncontrolling interest	(972)	3,858	8,061
Other	208	184	209
Changes in unrecognized tax benefits	(4,195)	(1,528)	(1,384)
Total income tax (benefit) expense—continuing operations	$ (1,565)	$ (5,293)	$ 85
Effective Income Tax Rate Reconciliation, Percent
U.S. statutory federal corporate income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax(a)	1.00%	2.20%	0.20%
Adjustment of deferred tax liabilities	(2.10%)	0.10%	3.90%
Change in valuation allowance	(15.50%)	(16.60%)	(29.10%)
Return to provision	(0.020)	(0.009)	0.001
Other foreign jurisdictions	(0.20%)	0.00%	0.00%
Foreign income inclusions	5.20%	(0.60%)	(0.30%)
Tax credits
R&D credits	(0.70%)	(0.50%)	0.50%
Foreign Tax Credit	(3.90%)	0.00%	0.00%
Change in valuation allowance	(15.50%)	(16.60%)	(29.10%)
Nontaxable or Nondeductible items
LLC flow through structure	4.70%	11.10%	15.70%
Advanced Rehabilitation sale	1.80%	1.70%	0.00%
Disallowed interest expense	(2.10%)	(2.00%)	0.00%
Meals & entertainment	2.50%	(0.70%)	(0.20%)
Other non-deductible expenses	0.018	(0.005)	(0.001)
Equity-based compensation (windfall) shortfall	(1.00%)	(0.60%)	(4.00%)
Noncontrolling interest	(3.70%)	(7.40%)	(6.60%)
Other	0.80%	(0.40%)	(0.20%)
Changes in unrecognized tax benefits	(16.30%)	3.00%	1.10%
Effective Tax Rate	(6.10%)	10.10%	(0.10%)
Israel
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Adjustment of deferred tax liabilities	$ 0	$ 412	$ 1,948
Foreign rate differential	0	(17)	(55)
Noncontrolling interest	0	122	211
Other	$ 0	$ (240)	$ 0
Effective Income Tax Rate Reconciliation, Percent
Adjustment of deferred tax liabilities	0.00%	(0.80%)	(1.60%)
Foreign rate differential	0.00%	0.00%	0.10%
Noncontrolling interest	0.00%	(0.20%)	(0.20%)
Other	0.00%	0.50%	0.00%
Netherlands
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Adjustment of deferred tax liabilities	$ 0	$ 4,272	$ (1,654)
Foreign rate differential	399	260	212
Noncontrolling interest	(514)	(351)	(252)
Other	68	(634)	427
Advanced Rehabilitation sale	0	(175)	0
Change in valuation allowance	0	(4,272)	1,768
Return to provision	688	0	0
Tax credits
Change in valuation allowance	$ 0	$ (4,272)	$ 1,768
Effective Income Tax Rate Reconciliation, Percent
Adjustment of deferred tax liabilities	0.00%	(8.20%)	1.40%
Foreign rate differential	1.60%	(0.50%)	(0.20%)
Noncontrolling interest	(2.00%)	0.70%	0.20%
Other	0.30%	1.20%	(0.30%)
Advanced Rehabilitation sale	0.00%	0.30%	0.00%
Change in valuation allowance	0.00%	8.20%	(1.50%)
Return to provision	0.027	0	0
Tax credits
Change in valuation allowance	0.00%	8.20%	(1.50%)

Commitments and Contingencies - Schedule of maturity of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating leases
2026	$ 3,582
2027	3,066
2028	1,548
2029	22
2030	0
Thereafter	0
Total undiscounted cash flows	8,218
Less imputed interest	(459)
Present value of future lease payments	7,759	$ 10,042
Finance Leases
2026	1,640
2027	1,673
2028	1,706
2029	1,740
2030	1,775
Thereafter	4,281
Total undiscounted cash flows	12,815
Less imputed interest	(3,179)
Present value of future lease payments	$ 9,636	$ 10,386

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides information for assets and liabilities measured at fair value on a recurring basis using Level 2 and Level 3 inputs:


		December 31, 2025						December 31, 2024
	Balance Sheet Location	Total		Level 2		Level 3		Total		Level 2		Level 3
Interest rate swaps	Accrued liabilities	$	991	$	991	$	—	$	—	$	—	$	—
Contingent consideration	Current portion of contingent consideration	—		—		—		19,573		—		19,573
Total:		$	991	$	991	$	—	$	19,573	$	—	$	19,573

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the amount of loss recognized in AOCI for the year ended December 31, 2025:


	Loss recognized in AOCI
Change in the fair value of cash flow hedges(a)	$	802

(a)Represents the total change in fair value of cash flow hedges recognized during the period, of which $189 was recognized in AOCI attributable to noncontrolling interest.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

A summary of unobservable Level 3 inputs utilized for the above liabilities are as follows:

Valuation Technique

Unobservable inputs

Range

Contingent consideration

Discounted cash flow

Payment discount rate

6.4% - 6.8%

Payment period

2025

Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	18,663,803	18,087,225	22,242,283
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	15,786,737	15,786,737	15,786,737
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,239,466	2,289,436	5,860,516
RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	637,600	11,052	595,030

Financial Instruments - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Current portion of long-term debt	$ (15,000)	$ (27,339)
Unamortized debt issuance cost	(570)	(1,147)
Unamortized discount	(1,729)	(1,090)
Long-term debt, less current portion	278,951	308,288
Term Loan Facilities
Debt Instrument [Line Items]
Long-term debt, gross	$ 296,250	$ 337,864

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Stockholders’ Equity - Narrative (Details)		12 Months Ended
Stockholders’ Equity - Narrative (Details)	Feb. 16, 2021 $ / shares shares	Dec. 31, 2025 vote $ / shares shares	Dec. 31, 2024 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Number of votes per common share \| vote		1
Number of LLC interest held (in shares)		1
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Common Class A \| BV LLC
Class of Stock [Line Items]
Number of shares issued in acquisition (in shares)	31,838,589
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
IPO \| Common Class A
Class of Stock [Line Items]
Number of shares issued in public offering (in shares)	9,200,000

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 568,087	$ 573,280	$ 512,345
U.S.
Disaggregation of Revenue [Line Items]
Total net sales	502,097	506,809	449,860
U.S. \| Pain Treatments
Disaggregation of Revenue [Line Items]
Total net sales	248,237	234,936	197,954
U.S. \| Surgical Solutions
Disaggregation of Revenue [Line Items]
Total net sales	180,442	167,706	141,888
U.S. \| Restorative Therapies
Disaggregation of Revenue [Line Items]
Total net sales	73,418	104,167	110,018
International
Disaggregation of Revenue [Line Items]
Total net sales	65,990	66,471	62,485
International \| Pain Treatments
Disaggregation of Revenue [Line Items]
Total net sales	30,823	26,353	22,847
International \| Surgical Solutions
Disaggregation of Revenue [Line Items]
Total net sales	23,211	21,549	19,715
International \| Restorative Therapies
Disaggregation of Revenue [Line Items]
Total net sales	$ 11,956	$ 18,569	$ 19,923

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company attributes net sales to external customers to the U.S. and to all foreign countries based on the legal entity from which the sale originated. Refer to Note 2. Significant Accounting Policies for further information regarding revenue recognition. The Company had product sales to one customer totaling $64,521 and $59,742, primarily in the U.S. reporting segment representing 11.4% and 10.4% of total net sales during the years ended December 31, 2025 and 2024, respectively. There were no customers representing 10% or more of net sales during the year ended December 31, 2023.

The following table presents the Company’s net sales disaggregated by major products within each segment as follows for the years ended December 31:


	2025		2024		2023
U.S.
Pain Treatments	$	248,237	$	234,936	$	197,954
Surgical Solutions	180,442		167,706		141,888
Restorative Therapies	73,418		104,167		110,018
Total U.S. net sales	502,097		506,809		449,860

International
Pain Treatments	30,823		26,353		22,847
Surgical Solutions	23,211		21,549		19,715
Restorative Therapies	11,956		18,569		19,923
Total International net sales	65,990		66,471		62,485

Total net sales	$	568,087	$	573,280	$	512,345

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details