0001628280-21-016502 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 03, 2021	Aug. 10, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 03, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001665988
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		41,062,652
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,786,737

Consolidated condensed statements of operations and comprehensive (loss) income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Income Statement [Abstract]

Net sales

$ 109,816

$ 58,017

$ 191,594

$ 136,662

Cost of sales (including depreciation and amortization of $5,618, $5,292, $10,854 and $10,599 respectively)

33,503

17,668

55,725

39,077

Gross profit

76,313

40,349

135,869

97,585

Selling, general and administrative expense

69,050

40,533

103,736

80,809

Research and development expense

4,836

2,596

5,783

4,742

Change in fair value of contingent consideration

641

Depreciation and amortization

1,852

1,813

3,777

3,638

Impairment of variable interest entity assets

5,674

Operating (loss) income

(5,740)

(4,593)

16,258

8,396

Interest expense (income)

1,681

2,834

(1,195)

5,215

Other expense (income)

1,645

(1,337)

2,064

(1,254)

Other expense

3,326

1,497

869

3,961

(Loss) income before income taxes

(9,066)

(6,090)

15,389

4,435

Income tax expense (benefit)

1,714

(110)

1,641

(71)

Net (loss) income

(10,780)

(5,980)

13,748

4,506

Loss attributable to noncontrolling interest

6,654

214

7,062

672

Net (loss) income attributable to Bioventus Inc.

(4,126)

(5,766)

20,810

5,178

Change in foreign currency translation adjustments

213

(859)

(256)

Comprehensive (loss) income

(10,757)

(5,767)

12,889

4,250

Comprehensive loss attributable to noncontrolling interest

6,648

214

6,882

672

Comprehensive (loss) income attributable to Bioventus Inc.

$ (4,109)

$ (5,553)

$ 19,771

$ 4,922

Earnings Per Share [Abstract]

Basic (in dollars per share)

^[1]

$ (0.10)

$ (0.12)

Diluted (in dollars per share)

^[1]

$ (0.10)

$ (0.12)

Weighted Average Number Of Shares Outstanding [Abstract]

Basic weighted average common shares outstanding (in shares)

^[1]

41,805,347

41,802,840

Diluted weighted average common shares outstanding (in shares)

^[1]

41,805,347

41,802,840

[1]

(1) Per share information for the six months ended July 3, 2021 represents loss per share of Class A common stock and weighted-average shares of Class A common stock outstanding from February 16, 2021 through July 3, 2021, the period following Bioventus Inc.'s initial public offering and related transactions described in Note 1. Organization and Note 7. Earnings per share within the Notes to the Unaudited Condensed Consolidated Financial Statements.

Consolidated condensed statements of operations and comprehensive (loss) income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Statement [Abstract]
Depreciation and amortization	$ 5,618	$ 5,292	$ 10,854	$ 10,599

Consolidated condensed balance sheets - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 136,065	$ 86,839
Restricted cash	2,003	0
Accounts receivable, net	102,029	88,283
Inventory	34,020	29,120
Prepaid and other current assets	15,943	7,552
Total current assets	290,060	211,794
Property and equipment, net	8,960	6,879
Goodwill	52,135	49,800
Intangible assets, net	257,848	191,650
Operating lease assets	17,669	14,961
Deferred tax assets	481	0
Investment and other assets	19,483	19,382
Total assets	646,636	494,466
Current liabilities:
Accounts payable	9,881	4,422
Accrued liabilities	105,246	88,187
Accrued equity-based compensation	10,875	11,054
Current portion of long-term debt	15,000	15,000
Current portion of contingent consideration	13,220	0
Other current liabilities	3,964	3,926
Total current liabilities	158,186	122,589
Long-term debt, less current portion	166,084	173,378
Accrued equity-based compensation, less current portion	0	29,249
Deferred income taxes	48,410	3,362
Contingent consideration, less current portion	30,421	0
Other long-term liabilities	24,171	21,728
Total liabilities	427,272	350,306
Commitments and contingencies
Stockholders’ and Members’ Equity:
Members' equity		144,160
Additional paid-in capital	146,199
Accumulated deficit	(5,167)
Accumulated other comprehensive income	468
Total stockholders’ equity attributable to Bioventus Inc. and members’ equity	141,557
Noncontrolling interest	77,807
Noncontrolling interest		0
Total stockholders’ and members’ equity	219,364
Total stockholders’ and members’ equity		144,160
Total liabilities and stockholders’ and members’ equity	646,636	$ 494,466
Common Class A
Stockholders’ and Members’ Equity:
Common stock, value	41
Common Class B
Stockholders’ and Members’ Equity:
Common stock, value	$ 16

Consolidated condensed balance sheets (Parenthetical)	Jul. 03, 2021 $ / shares shares
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0
Common Class A
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares outstanding (in shares)	41,062,652
Common stock, shares issued (in shares)	41,062,652
Common Class B
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, shares authorized (in shares)	50,000,000
Common stock, shares outstanding (in shares)	15,786,737
Common stock, shares issued (in shares)	15,786,737

Consolidated condensed statements of changes in stockholders' and members' equity - USD ($) $ in Thousands	Total	IPO	Public Offering	Members’ equity	Common Stock Common Class A	Common Stock Common Class B	Common Stock IPO Common Class A	Common Stock Public Offering Common Class A	Additional Paid-In -Capital	Additional Paid-In -Capital IPO	Additional Paid-In -Capital Public Offering	Accumulated other comprehensive income	Accumulated Deficit	Non- controlling interest
Members' equity, beginning balance at Dec. 31, 2019				$ 145,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Profits interest forfeiture				(12)
Distribution to members				(8,713)
Debt conversion				649
Net loss	$ 4,506			4,506
Translation adjustment	(256)			(256)
Members' equity, ending balance at Jun. 27, 2020				141,791
Members' equity, beginning balance at Mar. 28, 2020				155,590
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution to members				(8,032)
Net loss	(5,980)			(5,980)
Translation adjustment	213			213
Members' equity, ending balance at Jun. 27, 2020				141,791
Members' equity, beginning balance at Dec. 31, 2020	144,160			144,160
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution of Continuing LLC Owner	(191)													$ (191)
Refund from members	123			123
Other equity forfeiture	(39)			(39)
Net loss	13,748
Translation adjustment	(859)
Effect of Organizational Transactions	(55,924)			(168,714)	$ 32	$ 16			$ 33,623					79,119
Effect of Organizational Transactions (in shares)					31,838,589	15,786,737
Initial public offering, net of offering costs (in shares)							9,200,000	24,063
Initial public offering, net of offering costs		$ 106,450	$ 314				$ 9	$ 0		$ 106,441	$ 314
Ending balance (in shares) at Jul. 03, 2021					41,062,652	15,786,737
Ending balance at Jul. 03, 2021	219,364			0	$ 41	$ 16			146,199			$ 468	$ (5,167)	77,807
Beginning balance (in shares) at Apr. 03, 2021					41,038,589	15,786,737
Beginning balance at Apr. 03, 2021	220,282				$ 41	$ 16			142,923			451	(1,041)	77,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution of Continuing LLC Owner	(74)								(1,393)					1,319
Net loss	(10,780)												(4,126)	(6,654)
Deconsolidation of variable interest entity	3,746													3,746
Equity based compensation	5,853								4,355					1,498
Translation adjustment	23											17		6
Translation adjustment	23
Initial public offering, net of offering costs (in shares)					24,063
Initial public offering, net of offering costs	314				$ 0				314
Ending balance (in shares) at Jul. 03, 2021					41,062,652	15,786,737
Ending balance at Jul. 03, 2021	$ 219,364			$ 0	$ 41	$ 16			$ 146,199			$ 468	$ (5,167)	$ 77,807

Consolidated condensed statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Operating activities:
Net income	$ 13,748	$ 4,506
Adjustments to reconcile net income to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization	14,663	14,513
(Recovery) provision for expected credit losses	(359)	1,162
Equity-based compensation from 2021 Stock Incentive Plan	7,797	0
Profits interest plan, liability-classified and other equity awards compensation	(24,356)	(6,771)
Change in fair value of contingent consideration	641	0
Change in fair value of interest rate swap	(1,310)	2,001
Change in fair value of Equity Participation Rights unit	(2,774)	(788)
Impairments related to variable interest entity	7,043	0
Other, net	(255)	(134)
Changes in operating assets and liabilities:
Accounts receivable	(9,370)	16,631
Inventories	3,913	(6,329)
Accounts payable and accrued expenses	2,917	1,587
Other current assets and liabilities	(13,011)	(867)
Net cash from operating activities	(713)	25,511
Investing activities:
Purchase of Bioness, Inc, net of cash acquired	(45,790)	0
Purchase of property and equipment	(2,642)	(1,050)
Other	(864)	(152)
Net cash from investing activities	(49,296)	(1,202)
Net cash from investing activities - discontinued operations	0	172
Net cash from investing activities	(49,296)	(1,030)
Financing activities:
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discounts and offering costs	107,777	0
Proceeds from issuance of Class A and B common stock	330	0
Borrowing on revolver	0	49,000
Payments on long-term debt	(7,500)	(2,500)
Refunds (distributions) - members	813	(9,075)
Other, net	(11)	0
Net cash from financing activities	101,409	37,425
Effect of exchange rate changes on cash	(171)	(186)
Net change in cash, cash equivalents and restricted cash	51,229	61,720
Cash, cash equivalents and restricted cash at the beginning of the period	86,839	64,520
Cash, cash equivalents and restricted cash at the end of the period	138,068	126,240
Supplemental disclosure of noncash investing and financing activities
Accrued member distributions	305	787
Accounts payable for purchase of property, plant and equipment	$ 695	$ 14

Organization	6 Months Ended
Organization	Jul. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization The Company Bioventus Inc. (the Company, we, us or our) was formed as a Delaware corporation for the purpose of facilitating an initial public offering (IPO) and other related transactions in order to carry on the business of Bioventus LLC and its subsidiaries (BV LLC). The Company is headquartered in Durham, North Carolina. 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. BV LLC is a global medical device company, conducting business in various countries, primarily in North America and Europe, with approximately 900 employees. The Company is focused on developing and commercializing clinically differentiated, cost efficient and minimally invasive treatments that engage and enhance the body’s natural healing processes. Initial Public Offering On February 16, 2021, the Company closed an IPO of 9,200,000 shares of Class A common stock at a public offering price of $13.00 per share, which includes 1,200,000 shares issued pursuant to the underwriters' over-allotment option. The Company received $111,228 in proceeds, net of underwriting discounts and commissions of $8,372, which was used to purchase newly-issued membership interests from BV LLC at a price per interest equal to the IPO price of $13.00. The Company also incurred offering expenses totaling $4,778 in addition to the underwriting discounts and commissions. Offering expenses of $1,327 were paid in 2020 and $3,451 were paid in 2021. Subsequent to the IPO and related transactions that occurred in connection with the IPO (the Transactions), the Company is the sole managing member of BV LLC and owns 72.2% of BV LLC. The Company has a majority economic interest, the sole voting interest in, and controls the management of BV LLC. As a result, the Company consolidates the financial results of BV LLC and reports a non-controlling interest representing the 27.8% interest not held by the Company. IPO Transactions The Company and BV LLC completed the following Transactions in connection with the IPO. BV LLC amended and restated the Bioventus LLC Agreement, to, among other things, (i) provide for a new single class of common membership interests in BV LLC (LLC Interests), (ii) exchange all of the existing membership interests in BV LLC for new LLC Interests and (iii) appoint Bioventus Inc. as the sole managing member of BV LLC. The Company amended and restated its certificate of incorporation to, among other things, provide for the (i) authorization of 250,000,000 shares of Class A common stock with a par value of $0.001 per share; (ii) authorization of 50,000,000 shares of Class B common stock with a par value of $0.001 per share; (iii) authorization of 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company's Board of Directors (BOD) in one or more series; and (iv) establishment of a classified BOD, divided into three classes, each of whose members will serve for staggered three-year terms. Holders of Class A / 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 held by the only member of BV LLC that remained a member following the Transactions (Continuing LLC Owner) and the number of shares of Class B common stock held by 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 if the Company, at the election of a Continuing LLC Owner, redeem or exchange LLC Interests. The Company’s amended and restated certificate of incorporation and the Bioventus LLC Agreement requires that the Company and BV LLC at all times maintain a one-to-one ratio between the number of shares of Class A common stock issued by the Company and the number of LLC Interests owned by the Company, as well as a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing LLC Owner and the number of LLC Interests owned by the Continuing LLC Owner. The Company acquired, by merger, ten entities that were members of BV LLC (Former LLC Owners), for which the Company issued 31,838,589 shares of Class A common stock as merger consideration (Merger). The only assets held by the Former LLC Owners were 31,838,589 LLC Interests and a corresponding number of shares of Class B common stock. Upon consummation of the Merger, the Company canceled the 31,838,589 shares of Class B common stock and recognized the 31,838,589 LLC Interests at carrying value, as the Merger is considered to be a recapitalization transaction. Following the Merger and IPO, as of August 10, 2021, the Company holds 41,062,652 LLC Interests, representing a 72.2% ownership interest in BV LLC. The financial statements for periods prior to the IPO and Transactions have been adjusted to combine the previously separate entities for presentation purposes. Prior to the Transactions, Bioventus Inc. had no operations. 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 2021 end on April 3, July 3 and October 2. Comparable periods for 2020 ended on March 28, June 27 and September 26. The fourth and first quarters may vary in length depending on the calendar year. Unaudited interim financial information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations they do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. As such, the information included in this report should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K. The balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by U.S. GAAP. COVID-19 pandemic impact In 2020, the COVID-19 pandemic spread around the world and in the United States. New variants of the virus have emerged, some of which have shown to be more contagious. The COVID-19 pandemic has had widespread, rapidly evolving and unpredictable impacts on global society, economies, financial markets and business practices. Federal and state governments implemented measures in an effort to prevent or minimize the spread of the virus, and ongoing effects of the pandemic, including social distancing, travel restrictions, border closures, limitations on public gatherings, mandatory closure or reduced capacity of businesses, work from home, supply chain logistical changes and other measures, which caused global business disruptions and significant volatility in U.S. and international debt and equity markets. Our business, results of operations and financial condition have been and may continue to be, materially impacted by fluctuations in patient visits and elective procedures and any future temporary cessations of elective procedures and could be further impacted by delays in payments from customers, supply chain interruptions, extended “shelter-in-place” orders or advisories, facility closures or other reasons related to the pandemic. Furthermore, the long-term impact of COVID-19 on our business will depend on many factors, including, but not limited to, the duration and severity of the pandemic, new and ongoing measures taken in response to the pandemic, the availability, adoption and effectiveness of vaccines, the impact on economic activity from the pandemic and actions taken in response and the resulting impact it has on our partners, patients and communities in which we operate, all of which continue to be uncertain. As of the date of issuance of these consolidated financial statements, the extent to which COVID-19 could materially impact the Company’s financial conditions, liquidity or results of operations is uncertain. To the extent COVID-19 disruptions continue to adversely impact our business, results of operations and financial condition, it may also have the effect of heightening risks relating to our ability to successfully commercialize newly developed or acquired products or therapies, consolidation in the healthcare industry, intensified pricing pressure as a result of changes in the purchasing behavior of hospitals and maintenance of our numerous contractual relationships. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law, which was aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, and modifications to the net interest deduction limitations. As a result of the CARES Act and at the direction of the U.S. Department of Health and Human Services (HHS), the Company received a $1,247 Provider Relief Fund Payment in April 2020. The Company determined it complied with the conditions to be able to keep and use the funds to reimburse for health care related expenses and lost revenue attributable to the public health emergency resulting from COVID-19. The payment was recorded as other income on the consolidated statement of operations and comprehensive (loss) income for the three and six months ended June 27, 2020. Recent accounting pronouncements The Company has elected to comply with non-accelerated public company filer effective dates of adoption. Therefore, the required effective dates for adopting new or revised accounting standards as described below are generally earlier than when emerging growth companies are required to adopt. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (ASU 2019-12), which amended the accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the guidance for income taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences as well as simplifying aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021 and it did not have a material impact on its consolidated financial statements.

Balance sheet information

6 Months Ended

Jul. 03, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance sheet information

Cash, cash equivalents and restricted cash

A summary of cash and cash equivalents and restricted cash is as follows:


	July 3, 2021		December 31, 2020
Cash and cash equivalents	$	136,065	$	86,839
Restricted cash	2,003		—
	$	138,068	$	86,839

Restricted cash consists of deposits into escrow with a financial institution for the purpose of paying specific indebtedness of a company acquired as part of a business combination (refer to Note 3. Business combinations and investments).

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:


	July 3, 2021		December 31, 2020
Accounts receivable	$	105,048	$	92,273
Less: Allowance for credit losses	(3,019)		(3,990)
	$	102,029	$	88,283

The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The allowance for credit losses is calculated by region and by customer type, where appropriate considering several factors including age of accounts, collection history, historical account write-offs, current economic conditions, and supportable forecasted economic expectations. Due to the short-term nature of its receivables, the estimate of expected credit losses is based on aging of the account receivable balances. The allowance is adjusted on a specific identification basis for certain accounts as well as pooling of accounts with similar characteristics. An increase in the provision for credit losses may be required when the financial condition of the Company’s customers or its collection experience deteriorates. The Company has a diverse customer base with no single customer representing ten percent of sales or accounts receivable. Historically, the Company’s reserves have been adequate to cover credit losses. The Company’s exposure to credit losses may increase if its customers are adversely affected by changes in health care laws, coverage and reimbursement, economic pressures or uncertainty associated with local or global economic recessions, disruption associated with the COVID-19 pandemic, or other customer-specific factors. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. Estimates are used to determine the allowance, which are based on an assessment of anticipated payment and all other historical, current and future information that is reasonably available.

Changes in credit losses were as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Beginning balance	$	(3,811)	$	(4,684)	$	(3,990)	$	(4,146)
Recovery (provision)	550		(619)		359		(1,162)
Write-offs	278		167		684		252
Recoveries	(36)		(113)		(72)		(193)
Ending balance	$	(3,019)	$	(5,249)	$	(3,019)	$	(5,249)

Inventory

Inventory consisted of the following as of:


	July 3, 2021		December 31, 2020
Raw materials and supplies	$	4,202	$	3,665
Finished goods	31,538		26,323
Gross	35,740		29,988
Excess and obsolete reserves	(1,720)		(868)
	$	34,020	$	29,120

Accrued liabilities

Accrued liabilities consisted of the following as of:


	July 3, 2021		December 31, 2020
Gross-to-net deductions	$	63,980	$	43,656
Bonus and commission	12,493		15,188
Compensation and benefits	7,932		5,875
Income and other taxes	2,385		2,434
Other liabilities	18,456		21,034
	$	105,246	$	88,187

The Company completed a restructuring plan during the fourth quarter of 2020 and the remaining $247 accrued liabilities were paid during the six months ended July 3, 2021.

Business combinations and investments

6 Months Ended

Jul. 03, 2021

Business Combination and Asset Acquisition [Abstract]

Business combinations and investments

Acquisitions

On March 30, 2021, in order to broaden its portfolio and increase its global footprint, the Company acquired 100% of the capital stock of Bioness, Inc. (Bioness). Bioness is a global leader in neuromodulation and advanced rehabilitation medical devices through its innovative peripheral nerve stimulation therapy and premium advanced rehabilitation solutions. The Company had previously made a $1,500 convertible debt investment in Bioness on January 4, 2021 as part of an exclusive negotiation to purchase Bioness, which was subsequently repaid in conjunction with the acquisition. The consideration paid for Bioness is comprised of the following:


	Consideration
Cash consideration at closing	$	48,933
Contingent consideration at fair value	43,000
Total Bioness consideration	$	91,933

Contingent consideration is 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 earn-out payments could total up to $65,000 for the achievement of the following:

•$15,000 for obtaining FDA approval for U.S. commercial distribution of a certain product for certain indications on or before June 30, 2022;

•$20,000 for meeting net sales targets for certain implantable products over a three year period ending on June 30, 2025 at the latest;

•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

•$20,000 for maintaining Centers for Medicare & Medicaid Services coverage and reimbursement for certain products at specified levels as of December 31, 2024.

The allocation of the purchase price is preliminary and subject to change. The primary areas of the purchase price that are not yet finalized are related to contingent consideration, working capital, intangible assets and the residual goodwill. Accordingly, adjustments may be made to the values of assets and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the acquisition date. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date and the resulting goodwill, which is expected to be deductible for tax purposes:


Fair value of consideration	$	91,933
Assets acquired and liabilities assumed:
Cash, cash equivalents and restricted cash(a)	3,143
Accounts receivable	4,124
Inventory	7,318
Prepaid and other current assets	1,947
Property and equipment	673
Intangible assets	87,000
Operating lease assets	3,616
Other assets	132
Accounts payable and accrued liabilities	(11,405)
Other current liabilities	(2,020)
Other liabilities	(4,930)
Net assets acquired	89,598
Resulting goodwill(b)	$	2,335

(a)Consists of cash and cash equivalents of $2,143 and restricted cash deposited by the former majority owner of Bioness of $1,000, into escrow with financial institutions for the purpose of paying specific Bioness indebtedness. The Company previously deposited $4,207 into escrow for the same purpose. Prior to the acquisition, Bioness had entered into two loans in connection with the Paycheck Protection Program (the PPP) under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) administered by the U.S. Small business Administration. Bioness received proceeds of $3,204 from an unsecured PPP loan that was scheduled to mature on April 10, 2022. Bioness applied and was granted forgiveness of this loan during 2021. Bioness received proceeds of $2,003 from a second unsecured PPP loan bearing an interest rate of 1% scheduled to mature on February 5, 2026. Bioness applied for forgiveness of this loan during 2021. As part of the Bioness acquisition, the balance of $2,003 was placed in restricted cash to cover the repayment of the outstanding unsecured PPP loan in the event it is not forgiven. The $1,000 outstanding unsecured PPP loan balance covered by the former majority owner is included in other current liabilities within the condensed consolidated balance sheets.

(b)The U.S. segment was allocated the resulting goodwill from the Bioness acquisition.

The following table summarizes the preliminary fair values of identifiable intangible assets and their useful lives:


	Useful Life (in years)	Fair Value
Intellectual property	10 years	$	43,500
IPR&D	N/A	43,250
Customer relationships	2 years	250
		$	87,000

The aggregate amortization expense related to acquired intangible assets for the following five periods is as follows: $2,238 - remainder of 2021, $4,475 - 2022, $4,381 - 2023, $4,350 - 2024 and $4,350 - 2025.

The Company incurred $1,833 and $5,029 in acquisition and integration costs during the three and six months ended July 3, 2021, respectively, which are included in selling general and administrative expense within the consolidated condensed statement of operations and other comprehensive (loss) income.

Bioness’ advanced rehabilitation revenue is comprised of Exoskeletal Systems, Vector Units and Bioness Integrated Therapy Systems (BITS), which is included within the Company’s Restorative Therapies vertical. The Company’s Pain Treatment and Joint Preservation vertical will encompass Bioness’ peripheral nerve stimulation therapy products, which includes the StimRouter, an implantable neuromodulation device used to treat chronic peripheral nerve pain.

Revenue from Bioness’ products is primarily recognized at a point in time upon transfer of control of its products to customers such as medical facilities and individual patients. Revenue is recognized net of discounts, which can be offered through a variety of factors.

Consolidated Pro Forma Results

The Company’s consolidated condensed statements of operations reflect net sales and net loss attributable to Bioness of $11,870 and $3,529, respectively, for the three and six months ended July 3, 2021. Consolidated unaudited pro forma results of operations for the Company are presented below assuming the 2021 Bioness Acquisition had occurred January 1, 2020. Pro forma operating results for the three and six months ended June 27, 2020 include operating expenses of $3,939 and $7,135, respectively, for acquisition integration costs and inventory related adjustments.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net sales	$	109,816	$	65,955	$	200,541	$	157,570
Net (loss) income	$	(6,841)	$	(12,962)	$	16,333	$	(11,376)
Earnings per share of Class A common stock(1):
Basic and diluted	$	(0.03)			$	(0.08)

Investments

VIE

The Company has a fully diluted 8.8% ownership of Harbor Medtech Inc.’s (Harbor) Series C Preferred Stock. The Company and Harbor entered into an exclusive Collaboration Agreement in 2019 for purposes of developing a product for orthopedic uses to be commercialized by the Company and supplied by Harbor. The Company’s partial ownership and exclusive Collaboration Agreement created a variable interest in Harbor. As a result, Harbor had been consolidated in the Company’s consolidated financial statements since the third quarter of 2019.

Harbor assets that could only be used to settle Harbor obligations and Harbor liabilities for which creditors did not have recourse to the general credit of the Company were as follows at December 31, 2020:


	December 31, 2020
Cash and cash equivalents	$	803
Property and equipment, net	173
Intangible assets, net	5,635
Operating lease assets	178
Other assets	74
	$	6,863

Accounts payable and accrued liabilities	$	366
Other current liabilities	2,004
Other long-term liabilities	659
	$	3,029

The Company terminated the Collaboration Agreement on June 8, 2021 and determined that the termination was a triggering event requiring an impairment assessment of Harbor’s long lived assets. The assessment resulted in an impairment of $5,674, representing Harbor’s long-lived asset balance, which was recorded within impairment of variable entity assets in the consolidated condensed statements of operations and comprehensive (loss) income, of which $5,176 is attributable to the non-controlling interest. The Company stopped consolidating Harbor upon the termination of the Collaboration Agreement, as the Company ceased being the primary beneficiary because it no longer had the power to direct Harbor’s significant activities. The Company also assessed its Harbor investment post deconsolidation, which resulted in a $1,369 impairment, representing the remaining investment balance in Harbor and was recorded within other expense in the consolidated condensed statements of operations and comprehensive (loss) income. The Company continues to have license rights to certain technology obtained from Harbor and is continuing product development initiated under the Collaboration Agreement.

Equity Method

The Company has an equity investment in CartiHeal Ltd. (CartiHeal), a privately held entity that does not have a readily determinable fair value, which the Company began recording as an equity investment during the third quarter of 2020. The CartiHeal investment carrying value totaled $17,737 as of July 3, 2021, yielding a 10.03% fully diluted equity ownership. Net losses from CartiHeal for the three and six months ended July 3, 2021 totaled $432 and $901, respectively, which are included in other expense within the consolidated condensed statement of operations and other comprehensive (loss) income.

The Company will, if needed to support the completion of a certain study, purchase an additional 338,089 of CartiHeal Series G Preferred Shares for $5,000. The Company has an exclusive option to acquire the remaining equity in CartiHeal, which may be exercised at any time up to and within 45 days following notice of the U.S. Food and Drug Administration (FDA) approval for a CartiHeal product currently in development. In addition, upon the same FDA approval, CartiHeal may exercise an option within 45 days that requires the Company to complete the acquisition of the remaining equity in CartiHeal.

On July 15, 2020, the Company entered into an Option and Equity Purchase Agreement with CartiHeal. The agreement provides the Company with an exclusive option to acquire 100% of CartiHeal’s shares under certain conditions, or the Call Option, and provides CartiHeal with a put option that would require us to purchase 100% of CartiHeal’s shares under certain conditions, or the Put Option. The Put Option is only exercisable by CartiHeal upon pivotal clinical trial success, including achievement of certain secondary endpoints and FDA approval of the Agili-C device with a label consistent in all respects with pivotal clinical trial success. The pivotal clinical trial’s objective is to demonstrate the superiority of the Agili-C implant over the surgical standard of care, including microfracture and debridement, for the treatment of cartilage or osteochondral defects, in both osteoarthritic knees and knees without degenerative changes.

On August 2, 2021, CartiHeal provided a statistical report containing the results of the pivotal clinical trial. The Company is currently reviewing the report to assess if it is consistent with the terms of the agreement and assessing the findings to determine if all required endpoint have been achieved. CartiHeal continues to work toward submitting the final, clinical module of a Modular PMA in the fourth quarter of 2021 seeking FDA approval. The Company has the right to terminate the Call Option and Put Option at any time ending 30 days after receipt of the statistical report from CartiHeal upon payment of a break fee of $30,000. If the Company determines that the results satisfy the requirements of the contract, and elect not to exercise its right to terminate the Call Option and Put Option, the Company will be required to put $50,000 into escrow as a deposit towards the purchase price. Consideration for the acquisition of all of the shares of CartiHeal, excluding those the Company owns, pursuant to the Call Option or Put Option would be $314,895, inclusive of the deposit, all of which would be payable at closing, with an additional $150,000 payable upon achievement of certain sales milestones related to Agili-C. Such closing would be subject to customary closing conditions. CartiHeal has announced that it expects to submit its PMA application to the FDA later this year

Other

On June 24, 2021, the Company purchased 406,504 shares of Vaporox, Inc’s (Vaporox) Series A Preferred Stock or 6.0% of fully diluted shares for $1,000. Vaporox, a privately held entity, is a medical device company dedicated to healing diabetic foot ulcers and does not have a readily determinable fair value. Under the measurement alternative, the investment is recorded at cost, less any impairment, plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

Financial instruments

6 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Financial instruments

Long-term debt consists of the following:


	July 3, 2021		December 31, 2020
Term loan due December 2024 (2.60% at July 3, 2021)	$	182,500	$	190,000
Less:
Current portion of long-term debt	(15,000)		(15,000)
Unamortized debt issuance cost	(959)		(1,098)
Unamortized discount	(457)		(524)
	$	166,084	$	173,378

The 2019 Credit Agreement requires the Company to comply with financial and other covenants. The Company complied with all covenants as of July 3, 2021. The 2019 Credit Agreement contains a $50,000 revolving credit facility, from which there were no outstanding borrowings as of July 3, 2021 and December 31, 2020.

The estimated fair value of the Term Loan as of July 3, 2021 was $184,505. The fair value of these obligations was determined by using a discounted cash flow model based on current market interest rates available to the Company. These inputs are corroborated by observable market data for similar obligations and are classified as Level 2 instruments within the fair value hierarchy.

The Company enters into interest rate swap agreements to limit its exposure to changes in the variable interest rate on its long-term debt. The Company has one non-designated interest rate swap agreement and has no other active derivatives. The swap is carried at fair value on the balance sheet (Refer to Note 5. Fair value measurements) with changes in fair value recorded as interest income or expense within the consolidated statements of operations and comprehensive (loss) income. Net interest expense of $255 and $933 was recorded related to the change in fair value of the interest rate swap for the three months ended July 3, 2021 and June 27, 2020, respectively. Net interest income of $1,310 and expense of $2,001 was recorded related to the change in fair value of the interest rate swap for the six months ended July 3, 2021 and June 27, 2020, respectively.

The notional amount of the swap totaled $100,000, or 54.8% of the Term Loan outstanding principal at July 3, 2021. The swap locked in the variable portion of the interest rate on the $100,000 notional at 0.64%

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1E
-Subparagraph (b)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair value measurements

6 Months Ended

Jul. 03, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

Our process for determining fair value has not changed from that described in the Company’s 2020 Annual Report on Form 10-K.

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


	July 3, 2021						December 31, 2020
	Total		Level 2		Level 3		Total		Level 2		Level 3
Interest rate swap	$	292	$	292	$	—	$	1,602	$	1,602	$	—
Current portion of contingent consideration	13,220		—		13,220		—		—		—
Long-term contingent consideration, less current portion	30,421		—		30,421		—		—		—
Management incentive plan and liability- classified awards	—		—		—		40,303		—		40,303
Equity Participation Right	—		—		—		6,101		—		6,101
Total liabilities	$	43,933	$	292	$	43,641	$	48,006	$	1,602	$	46,404

Interest rate swap

The Company values interest rate swaps using discounted cash flows. Forward curves and volatility levels are used to estimate future cash flows that are not certain. These are determined using observable market inputs when available and based on estimates when not available. The fair value of the swap was recorded in the Company’s consolidated balance sheets within accrued liabilities. Changes in fair value are recognized as interest expense (income) within the consolidated statements of operations and comprehensive (loss) income.

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. Key assumptions used to estimate the fair value of contingent consideration include revenue and the probability of achieving the specific targets as discussed in Note 3. Business combinations and investments. After the initial valuation, the Company will use its best estimate to measure contingent consideration related to the Bioness Acquisition at each subsequent reporting period using the following unobservable Level 3 inputs:

Valuation Technique

Unobservable inputs

Range

Bioness contingent consideration

Discounted cash flow

Payment discount rate

5.0% - 6.8%

Payment period

2021 - 2025

The contingent consideration reported in the above table resulted from the March 30, 2021 Bioness acquisition, which is adjusted on a monthly basis based upon the passage of time or success or failure of achieving certain milestones. Refer to Note 3. Business combinations and investments for further details. Changes in contingent consideration related to the Bioness acquisition totaled $641 for the three and six months ended July 3, 2021, which were recorded as the change in fair value of contingent consideration within the consolidated statements of operations and comprehensive (loss) income.

Management incentive plan (MIP) and liability-classified awards

BV LLC had operated two equity-based compensation plans, the management incentive plan (MIP) and the BV LLC Phantom Profits Interest Plan (Phantom Plan and, together with the MIP, the Plans), which were terminated on February 11, 2021 in connection with the Company’s IPO. Awards granted under the MIP Plan and the 2015 Phantom Units were liability-classified and the 2012 Phantom Units were equity-classified. Prior to the IPO and during the six months ended July 3, 2021, the Company settled the remaining 183,078 units with the sole MIP awardee for $10,802. No awards under the Plans were granted post-IPO and the Phantom Plan awards will be settled 12 months following the termination. Vested awardees whose BV LLC employment terminated prior to the IPO will have their awards settled for $10,875, which is included in accrued equity-based compensation on the consolidated condensed balance sheets. Awardees that were active BV LLC employees at the IPO will receive an aggregate of 798,422 shares of Class A common stock.

The following table provides a reconciliation of the beginning and ending balances for the MIP and liability-classified awards at fair value using significant unobservable inputs or Level 3:


Balance at December 31, 2020	$	40,303
Change in fair value	(25,185)
Initial estimate (vesting)	829
Payments	(11,281)
Phantom plan conversion to Class A common stock	(4,666)
Balance at July 3, 2021	$	—

Equity Participation Right (EPR) Unit

Prior to the IPO, the Continuing LLC owner owned the only EPR Unit and its only entitlement was 0.55% of available distributions arising from a distribution event such as the IPO. The EPR Unit was redeemed in exchange for $3,327 in connection with the IPO in February 2021, at which time the EPR ceased to exist and all entitlements ended. The revaluation for the EPR liability is recognized in interest (income) expense on the consolidated statements of operations and comprehensive (loss) income.

The following table provides a reconciliation of the beginning and ending balances for the EPR Unit at fair value using significant unobservable inputs Level 3:


Balance at December 31, 2020	$	6,101
Change in fair value	(2,774)
Payment	(3,327)
Balance at July 3, 2021	$	—

- 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 + Details

Equity-based compensation

6 Months Ended

Jul. 03, 2021

Share-based Payment Arrangement [Abstract]

Equity-based compensation

Terminated plans

Prior to the IPO, BV LLC operated two equity-based compensation plans, the MIP and the Phantom Plan, which were terminated on February 11, 2021 in conjunction with the IPO. Prior to the Plans termination, during the six months ended July 3, 2021, (i) the Company granted 90,000 Phantom Plan units; (ii) there were no MIP awards granted; (iii) 900 Phantom Plan units were forfeited and (iv) other Phantom Units were redeemed for $479. Compensation expense related to the Phantom Plan of $829 for the six months ended July 3, 2021. This amount excludes the $25,185 decrease in fair market value of accrued equity-based compensation due to adjustments to reflect the difference between the expected pricing from the pending IPO and the actual offering price, of which $1,777 was recorded in research and development expense within the consolidated statement of operations and comprehensive (loss) income for the six months ended July 3, 2021. Compensation expense of $663 and $1,078 was recorded for the three and six months ended June 27, 2020, excluding $408 and $7,849 in fair market value decreases, respectively, within accrued equity-based compensation due to the impact of COVID-19 on the market and economy.

2021 Plan

The Company operates an equity-based compensation plan (2021 Plan). The 2021 Plan is designed to grant incentive awards to eligible employees and other service providers in order to attract, motivate and retain the talent for which the Company competes. The 2021 Plan allows for the issuance of stock options (incentive and nonqualified), restricted stock, dividend equivalents, restricted stock units (RSUs), other stock-based awards, and cash awards. (collectively, Awards). Generally, non-cash Awards granted under the 2021 Plan are equity-classified. As of July 3, 2021, 7,592,476 shares of Class A common stock were authorized to be awarded and 2,024,123 shares were available for award. The number of shares available for issuance will be increased annually on January 1 of each calendar year beginning in 2022 through 2031, equal to the lesser of (i) 4.5% of the shares of our Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares as determined by our board of directors.

Equity-based compensation expense of $5,778 and $7,722 was recognized for the three and six months ended July 3, 2021, respectively, for Awards granted under the 2021 Plan. The expense is primarily included in selling, general and administrative expense with a nominal amount in research and development expense on the consolidated statement of operations and comprehensive (loss) income based upon the classification of the employee. There was no income tax benefit related to this expense for the three and six months ended July 3, 2021.

Restricted Stock Units

During the three and six months ended July 3, 2021, the Company granted employees and non-employee directors time-based RSUs which vest at various dates through May 10, 2025. The compensation expense, which represents the fair value of the stock measured at the market price on the date of grant, is recognized over the vesting period, which is typically between 1 and 4 years.

No RSUs were vested or settled during the three and six months ended July 3, 2021. Unamortized compensation expense related to the RSUs amounted to $9,976 at July 3, 2021, and is expected to be recognized over a weighted average period of approximately 0.69 years. A summary of the RSU award activity for the six months ended July 3, 2021 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
Outstanding at December 31, 2020	—	$	—
Granted	945	14.38
Outstanding at April 3, 2021	945	14.38
Granted	2	14.90
Forfeited/canceled	(4)	13.53
Outstanding at July 3, 2021	943	$	14.38

Stock Options

During the three and six months ended July 3, 2021, the Company granted employees time-based stock options which vest over 2 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 2 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 six months ended July 3, 2021 is shown in the following table.


Risk-free interest rate	0.59% - 1.19%
Expected dividend yield	—	%
Expected stock price volatility	33.1% - 33.5%
Expected life of stock options	5.75- 6.25
Weighted-average fair value of stock options granted	$4.21 - 5.29

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.

No options vested, expired, forfeited or were exercisable during the six months ended July 3, 2021. Unamortized compensation expense related to the options amounted to $15,797 at July 3, 2021, and is expected to be recognized over a weighted average period of approximately 1.19 years. A summary of stock option activity is as follows for the six months ended July 3, 2021 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term
Outstanding at December 31, 2020	—	$	—
Granted	4,621	13.03
Outstanding at April 3, 2021	4,621	13.03
Granted	4	14.90
Outstanding at July 3, 2021	4,625	13.03		3.3 years

The aggregate intrinsic value of options outstanding as of July 3, 2021 was $16,095 and is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s common stock for options that had exercise prices lower than $16.51, the closing price of the Company’s stock on July 2, 2021.

Employee Stock Purchase Plan

In February 2021, in connection with the IPO, the Company began operating the 2021 Employee Stock Purchase Plan (ESPP). The ESPP provides for the issuance of shares of the Company’s common stock to eligible employees of the Company and its subsidiaries that elect to participate in the plan and purchase shares of common stock through payroll deductions (including executive officers).

During each enrollment period, eligible employees may designate between 1% and 15% of their compensation to be deducted for the purchase of common stock under the plan (or such other percentage in order to comply with regulations applicable to employees domiciled in or resident of a member state of the European Union). The purchase price of the shares under the ESPP is equal to 85% of the fair market value on the first day of the offering period or, if lower, on the last day of the offering period.As of July 3, 2021, the aggregate number of shares reserved for issuance under the ESPP was 518,257. During the three and six months ended July 3, 2021, 24,063 shares were issued and $75 of expense was recognized.

Earnings per share

6 Months Ended

Jul. 03, 2021

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 for the period following the Transactions (amounts in thousands, except share and per share data):



	Three Months Ended July 3, 2021		February 16, 2021 through July 3, 2021
Numerator:
Net loss	$	(10,780)	$	(12,229)
Net loss attributable to noncontrolling interests	6,654		7,062
Net loss attributable to Bioventus Inc. Class A common stockholders	$	(4,126)	$	(5,167)

Denominator:
Weighted-average shares of Class A common stock outstanding - basic and diluted	$	41,805,347	$	41,802,840

Net loss per share of Class A common stock, basic and diluted	$	(0.10)	$	(0.12)

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.

The following number of weighted-average potentially dilutive shares as of July 3, 2021 were excluded from the calculation of diluted loss per share because the effect of including such potentially dilutive shares would have been antidilutive upon conversion:


	Three Months Ended July 3, 2021	Six Months Ended July 3, 2021
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737
Stock options	4,622,287	4,602,747
RSUs	1,221,555	941,031
Unvested shares of Class A common stock	32,458	34,698
Total	21,663,037	21,365,213

(a)Class A Shares reserved for future issuance upon redemption or exchange of LLC Interests by Continuing LLC Owner.

Income taxes	6 Months Ended
Income taxes	Jul. 03, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As a result of the Transactions, Bioventus Inc. became the sole managing member of BV LLC, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, BV LLC is not subject to U.S. 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 following the Transactions, on a pro rata basis. Bioventus Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to its allocable share of any taxable income of BV LLC following the Transactions. The Company is also subject to taxes in foreign jurisdictions. The tax provision for interim periods is determined using an estimate of the Company's annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of its annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The quarterly tax provision, and estimate of the Company's annual effective tax rate, are subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company conducts business, and tax law developments. For the three months ended July 3, 2021 and June 27, 2020 the Company's estimated effective tax rate was 18.9% and 1.8%, respectively. For the six months ended July 3, 2021 and June 27, 2020 the Company's estimated effective tax rate was 10.7% and 1.6%, respectively. The increase was primarily driven by the change in structure resulting from the IPO and associated Up C structure as well as the impact of non-deductible stock option expense during 2021. The Company recorded deferred taxes with the offset to additional paid-in capital in connection with the Transaction. The deferred tax asset of $481 was due to tax credits and the deferred tax liability of $48,410 was for the difference between the book value and the tax basis of the Company’s investment in BV LLC. The Company maintains a valuation allowance on certain deferred tax assets that has determined are not more-likely-than-not to be realizable. The Company assesses the need for an adjustment to this valuation allowance on a quarterly basis. The assessment is based on estimates of future sources of taxable income for the jurisdictions in which the Company operates and the periods over which deferred tax assets will be realizable. In the event the Company determines that it will be able to realize all or part of its net deferred tax assets in the future, all or part of the valuation allowance will be reversed in the period in which the Company makes such determination. The release of all or part of the valuation allowance against deferred tax assets may cause greater volatility in the effective tax rate in the periods in which it is reversed. 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 our 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 July 3, 2021, 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and contingencies

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Leases

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 1 month to 7.25 years.

The components of lease cost were as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	$	912	$	646	$	1,614	$	1,292
Short-term lease cost(a)	212		94		329		204
Total lease cost	$	1,124	$	740	$	1,943	$	1,496

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

Supplemental cash flow information and non-cash activity related to operating leases were as follows:


	Six Months Ended
	July 3, 2021		June 27, 2020
Operating cash flows from operating leases	$	1,696	$	1,269

Supplemental balance sheet and other information related to operating leases were as follows:


	July 3, 2021			December 31, 2020
Operating lease assets	$	17,669		$	14,961

Operating lease liabilities- current	$	2,918		$	1,960
Operating lease liabilities- noncurrent	15,989			14,108
Total operating lease liabilities	$	18,907		$	16,068

Weighted average remaining lease term (years)	6.2			7.2
Weighted average discount rate	4.4		%	5.0		%

Product Recall

In December 2020, the Company voluntarily recalled our ultrasound gel, an accessory to one of the Restorative Therapies product. The Company has incurred, and expects to incur in the future, costs associated with this recall. Based on the information that has been received, the estimated probable loss related to this recall globally was approximately $2,055 as of July 3, 2021. Reserves of $434 and $1,684 were recorded within accrued liabilities on the consolidated balance sheets at July 3, 2021 and December 31, 2020, respectively.

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 the business. With respect to governmental proceedings and investigations, like other companies in our industry, the Company is subject to extensive regulation by national, state and local governmental agencies in the U.S. and in other jurisdictions in which the Company operates. 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 outcomes of legal actions are not within the Company’s complete control and may not be known for extended periods of time.

Prior to the closing of our acquisition of Bioness, Bioness had been named as a defendant in a lawsuit, for which we are indemnified for under the indemnification provisions contained in the Merger Agreement pursuant to which we acquired Bioness (the Bioness Merger Agreement). The case relates to an action brought in February 2021 in the Delaware State Court of Chancery by a former minority shareholder and director of Bioness, seeking a temporary restraining order contesting our acquisition of Bioness. While the complaint to block the Bioness acquisition was dismissed by the court, a separate action was brought against the Company under the indemnification provisions of the Bioness Certificate of Incorporation to recover $1,200 in attorney fees and other expenses incurred by the director and shareholder in connection with the dismissed case and filed a motion on May 21, 2021 for summary judgment of their claims. The Company is vigorously defending the matter. A hearing for the matter has been scheduled for August 19, 2021.

Other matters

On August 23, 2019, the Company was assigned a third-party license on a product currently in development and the Company is subject to a 3% royalty on certain commercial sales, or a nominal minimum amount per quarter, beginning in 2023.

On May 29, 2019, the Company and the Musculoskeletal Transplant Foundation, Inc. d/b/a MTF Biologics (MTF), entered into a collaboration and development agreement to develop one or more products for orthopedic application to be commercialized by the Company and supplied by MTF (the Development Agreement). The first phase has been completed. Additional fees for the subsequent phases will be determined as the development work progresses. The Development Agreement continues until the date when the parties execute a supply agreement for the commercial products.

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 totaled $3,548 and $1,767 during the three months ended July 3, 2021 and June 27, 2020, respectively, and $5,925 and $3,969 during the six months ended July 3, 2021 and June 27, 2020, respectively. These royalties are included in cost of sales on the consolidated statement of operations and comprehensive (loss) income.

As part of a supply agreement entered on February 9, 2016 for the Company’s three injection OA product, the Company is subject to annual minimum purchase requirements for ten 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.

The Company has an exclusive license agreement for bioactive bone graft putty. The Company is required to pay a royalty on all commercial sales revenue from the licensed products with a minimum annual royalty payment through 2023, the date the agreement will expire, upon the expiration of the patent held by the licensor. These royalties are included in cost of sales on the consolidated statement of operations and comprehensive (loss) income.

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 July 3, 2021 and December 31, 2020, the Company had one LOC outstanding for a nominal amount.

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 $200 per member per year.

Revenue recognition

6 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

Revenue recognition

Our policies for recognizing sales have not changed from those described in the Company’s 2020 Annual Report on Form 10-K. 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. The following table presents our net sales by segment disaggregated by geographic markets and major products (Vertical) as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Primary geographic markets:
U.S.	$	98,682	$	53,166	$	173,220	$	125,136
International	11,134		4,851		18,374		11,526
Total net sales	$	109,816	$	58,017	$	191,594	$	136,662
Vertical:
Pain Treatments and Joint Preservation	$	56,704	$	28,868	$	98,234	$	70,151
Restorative Therapies	32,511		17,968		54,332		41,433
Bone Graft Substitutes	20,601		11,181		39,028		25,078
Total net sales	$	109,816	$	58,017	$	191,594	$	136,662

- 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
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segments

6 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

Segments

SegmentsThe Company’s two reportable segments are U.S. and International. The Company’s products are primarily sold to orthopedists, musculoskeletal and sports medicine physicians, podiatrists, neurosurgeons and orthopedic spine surgeons, as well as to their patients. The Company does not disclose segment information by asset as the Chief Operating Decision Maker does not review or use it to allocate resources or to assess the operating results and financial performance. Segment adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment.

The following table presents segment adjusted EBITDA reconciled to income before income taxes:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Segment adjusted EBITDA
U.S.	$	17,149	$	7,439	$	27,147	$	21,151
International	2,738		(497)		3,810		37
Depreciation and amortization	(7,479)		(7,248)		(14,663)		(14,513)
Interest (expense) income	(1,681)		(2,834)		1,195		(5,215)
Equity compensation	(5,853)		(255)		16,559		6,771
COVID-19 benefits, net	—		1,101		—		1,101
Succession and transition charges	(187)		(3,801)		(344)		(4,574)
Foreign currency impact	12		46		64		(40)
Acquisition and integration costs	(1,833)		—		(5,029)		—
Inventory step-up costs	(2,106)		—		(2,106)
Equity loss in unconsolidated investments	(432)		—		(901)		—
Change in fair value of contingent consideration	(641)		—		(641)		—
Impairments related to variable interest entity	(7,043)		—		(7,043)		—
Other non-recurring costs	(1,710)		(41)		(2,659)		(283)
(Loss) income before income taxes	$	(9,066)	$	(6,090)	$	15,389	$	4,435

- 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

Subsequent events	6 Months Ended
Subsequent events	Jul. 03, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent events Acquisition of Misonix, Inc. On July 29, 2021, the Company entered into an Agreement and Plan of Merger (the Misonix Merger Agreement) to acquire Misonix, Inc. (Misonix), a provider of minimally invasive therapeutic ultrasonic medical devices and regenerative products that enhance clinical outcomes, in a cash-and-stock transaction (the Transaction). The closing of the Transaction is subject to regulatory approvals, the Company’s stockholders’ approval, Misonix stockholder approval and customary closing conditions. Consideration Misonix stockholders will receive aggregate consideration that values Misonix at approximately $518,000 on a fully diluted basis, based on the Company’s 7-day weighted average stock price of $16.6284 per share as of July 27, 2021. The Transaction involves both cash and stock consideration based on the election of the Misonix stockholder. Each share of Misonix Common Stock issued and outstanding immediately prior to the Transaction, will be converted into the right to receive, either an amount in cash equal to $28.00 or 1.6839 validly issued, fully paid and non-assessable shares of Class A common stock of the Company, $0.001 par value per share, based on the election of the holder. The maximum cash amount payable by the Company will be an amount equal to $10.50 multiplied by the number of outstanding shares of Misonix Common Stock shortly prior to the completion of the Transaction. The Company expects to fund the cash portion of the acquisition with cash on hand and through committed financing provided by Wells Fargo Bank, National Association (Wells Fargo Bank). The number of shares held by Misonix stockholders electing to receive cash will be reduced on a pro rata basis if the cash elected to be received exceeds the maximum cash amount payable and will be paid with stock consideration of 1.6839 of shares of the Company’s Class A common stock. Debt Commitment Letter In connection with the transaction, the Company entered into a debt commitment letter with Wells Fargo Bank, effective July 29, 2021. Wells Fargo Bank has committed to provide a senior secured term loan facility (Term Loan Facility) in the aggregate principal amount of up to $262,000 plus, at the Company’s election, an amount sufficient to fund any original issue discount or upfront fees, subject to customary closing conditions. The Term Loan Facility stipulates a prepayment of $80,000 on the existing Term Loan under the 2019 Credit Agreement. The proceeds of the Term Loan Facility would be available through a single draw on the closing date of the Transaction and shall be used (i) to finance the Transaction; (ii) pay related fees, premiums and expenses and (iii) for working capital needs and general corporate purposes of the Company, including without limitation for permitted acquisitions. The Term Loan Facility would have a three year term that would bear interest at either the base rate as prescribed in the Term Loan under the 2019 Credit Agreement or the Eurodollar rate, and, in each case, plus an applicable margin. Voting and Support Agreements On July 29, 2021, following the execution of the Misonix Merger Agreement, Misonix entered into Voting and Support Agreements with each EW Healthcare Partners Acquisition Fund, L.P. White Pine Medical, LLC (a subsidiary of EW Partners Acquisition Fund, L.P.), Smith & Nephew, Inc., Smith & Nephew USD Ltd. and AMP-CF Holdings, LLC (together, the Bioventus Supporting Stockholders). The Bioventus Supporting Stockholders have agreed to vote their shares in (i) favor of the issuance of shares of the Company’s common stock in connection with the Transaction and against approval of any proposal made in opposition to, in competition with or inconsistent with the Misonix Merger Agreement. The Bioventus Supporting Stockholders are the beneficial owners of approximately 67.4% of the currently outstanding Class A and Class B common stock of the Company. Other Matters The unsecured PPP loan of $2,003 associated with Bioness was forgiven in July 2021. The loan amount was recorded in other current liabilities and restricted cash within the consolidated condensed balance sheet at July 3, 2021. Refer to Note 3. Business combinations and investments for further details.

Organization (Policies)	6 Months Ended
Organization (Policies)	Jul. 03, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements The Company has elected to comply with non-accelerated public company filer effective dates of adoption. Therefore, the required effective dates for adopting new or revised accounting standards as described below are generally earlier than when emerging growth companies are required to adopt. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (ASU 2019-12), which amended the accounting for income taxes. ASU 2019-12 eliminates certain exceptions to the guidance for income taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences as well as simplifying aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021 and it did not have a material impact on its consolidated financial statements.

Balance sheet information (Tables)

6 Months Ended

Jul. 03, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

A summary of cash and cash equivalents and restricted cash is as follows:


	July 3, 2021		December 31, 2020
Cash and cash equivalents	$	136,065	$	86,839
Restricted cash	2,003		—
	$	138,068	$	86,839

Schedule of Restrictions on Cash and Cash Equivalents

A summary of cash and cash equivalents and restricted cash is as follows:


	July 3, 2021		December 31, 2020
Cash and cash equivalents	$	136,065	$	86,839
Restricted cash	2,003		—
	$	138,068	$	86,839

Schedule of Accounts Receivable

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


	July 3, 2021		December 31, 2020
Accounts receivable	$	105,048	$	92,273
Less: Allowance for credit losses	(3,019)		(3,990)
	$	102,029	$	88,283

Summary of Accounts Receivable, Allowance for Credit Loss

Changes in credit losses were as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Beginning balance	$	(3,811)	$	(4,684)	$	(3,990)	$	(4,146)
Recovery (provision)	550		(619)		359		(1,162)
Write-offs	278		167		684		252
Recoveries	(36)		(113)		(72)		(193)
Ending balance	$	(3,019)	$	(5,249)	$	(3,019)	$	(5,249)

Schedule of Inventory

Inventory consisted of the following as of:


	July 3, 2021		December 31, 2020
Raw materials and supplies	$	4,202	$	3,665
Finished goods	31,538		26,323
Gross	35,740		29,988
Excess and obsolete reserves	(1,720)		(868)
	$	34,020	$	29,120

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of:


	July 3, 2021		December 31, 2020
Gross-to-net deductions	$	63,980	$	43,656
Bonus and commission	12,493		15,188
Compensation and benefits	7,932		5,875
Income and other taxes	2,385		2,434
Other liabilities	18,456		21,034
	$	105,246	$	88,187

Business combinations and investments (Tables)

6 Months Ended

Jul. 03, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The consideration paid for Bioness is comprised of the following:


	Consideration
Cash consideration at closing	$	48,933
Contingent consideration at fair value	43,000
Total Bioness consideration	$	91,933

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date and the resulting goodwill, which is expected to be deductible for tax purposes:


Fair value of consideration	$	91,933
Assets acquired and liabilities assumed:
Cash, cash equivalents and restricted cash(a)	3,143
Accounts receivable	4,124
Inventory	7,318
Prepaid and other current assets	1,947
Property and equipment	673
Intangible assets	87,000
Operating lease assets	3,616
Other assets	132
Accounts payable and accrued liabilities	(11,405)
Other current liabilities	(2,020)
Other liabilities	(4,930)
Net assets acquired	89,598
Resulting goodwill(b)	$	2,335

(b)The U.S. segment was allocated the resulting goodwill from the Bioness acquisition.

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the preliminary fair values of identifiable intangible assets and their useful lives:


	Useful Life (in years)	Fair Value
Intellectual property	10 years	$	43,500
IPR&D	N/A	43,250
Customer relationships	2 years	250
		$	87,000

Business Acquisition, Pro Forma Information

Consolidated unaudited pro forma results of operations for the Company are presented below assuming the 2021 Bioness Acquisition had occurred January 1, 2020. Pro forma operating results for the three and six months ended June 27, 2020 include operating expenses of $3,939 and $7,135, respectively, for acquisition integration costs and inventory related adjustments.


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Net sales	$	109,816	$	65,955	$	200,541	$	157,570
Net (loss) income	$	(6,841)	$	(12,962)	$	16,333	$	(11,376)
Earnings per share of Class A common stock(1):
Basic and diluted	$	(0.03)			$	(0.08)

Schedule of Variable Interest Entities


	December 31, 2020
Cash and cash equivalents	$	803
Property and equipment, net	173
Intangible assets, net	5,635
Operating lease assets	178
Other assets	74
	$	6,863

Accounts payable and accrued liabilities	$	366
Other current liabilities	2,004
Other long-term liabilities	659
	$	3,029

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Financial instruments (Tables)

6 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following:


	July 3, 2021		December 31, 2020
Term loan due December 2024 (2.60% at July 3, 2021)	$	182,500	$	190,000
Less:
Current portion of long-term debt	(15,000)		(15,000)
Unamortized debt issuance cost	(959)		(1,098)
Unamortized discount	(457)		(524)
	$	166,084	$	173,378

- 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
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-Name Accounting Standards Codification
-Topic 210
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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+ Details

Fair value measurements (Tables)

6 Months Ended

Jul. 03, 2021

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured At Fair Value on Recurring Basis

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


	July 3, 2021						December 31, 2020
	Total		Level 2		Level 3		Total		Level 2		Level 3
Interest rate swap	$	292	$	292	$	—	$	1,602	$	1,602	$	—
Current portion of contingent consideration	13,220		—		13,220		—		—		—
Long-term contingent consideration, less current portion	30,421		—		30,421		—		—		—
Management incentive plan and liability- classified awards	—		—		—		40,303		—		40,303
Equity Participation Right	—		—		—		6,101		—		6,101
Total liabilities	$	43,933	$	292	$	43,641	$	48,006	$	1,602	$	46,404

Schedule of Fair Value Measurement Inputs and Valuation Techniques

After the initial valuation, the Company will use its best estimate to measure contingent consideration related to the Bioness Acquisition at each subsequent reporting period using the following unobservable Level 3 inputs:

Valuation Technique

Unobservable inputs

Range

Bioness contingent consideration

Discounted cash flow

Payment discount rate

5.0% - 6.8%

Payment period

2021 - 2025

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances for the MIP and liability-classified awards at fair value using significant unobservable inputs or Level 3:


Balance at December 31, 2020	$	40,303
Change in fair value	(25,185)
Initial estimate (vesting)	829
Payments	(11,281)
Phantom plan conversion to Class A common stock	(4,666)
Balance at July 3, 2021	$	—

The following table provides a reconciliation of the beginning and ending balances for the EPR Unit at fair value using significant unobservable inputs Level 3:


Balance at December 31, 2020	$	6,101
Change in fair value	(2,774)
Payment	(3,327)
Balance at July 3, 2021	$	—

Equity-based compensation (Tables)

6 Months Ended

Jul. 03, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

A summary of the RSU award activity for the six months ended July 3, 2021 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
Outstanding at December 31, 2020	—	$	—
Granted	945	14.38
Outstanding at April 3, 2021	945	14.38
Granted	2	14.90
Forfeited/canceled	(4)	13.53
Outstanding at July 3, 2021	943	$	14.38

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 six months ended July 3, 2021 is shown in the following table.


Risk-free interest rate	0.59% - 1.19%
Expected dividend yield	—	%
Expected stock price volatility	33.1% - 33.5%
Expected life of stock options	5.75- 6.25
Weighted-average fair value of stock options granted	$4.21 - 5.29

Schedule of Stock Options Roll Forward

A summary of stock option activity is as follows for the six months ended July 3, 2021 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term
Outstanding at December 31, 2020	—	$	—
Granted	4,621	13.03
Outstanding at April 3, 2021	4,621	13.03
Granted	4	14.90
Outstanding at July 3, 2021	4,625	13.03		3.3 years

Earnings per share (Tables)

6 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share



	Three Months Ended July 3, 2021		February 16, 2021 through July 3, 2021
Numerator:
Net loss	$	(10,780)	$	(12,229)
Net loss attributable to noncontrolling interests	6,654		7,062
Net loss attributable to Bioventus Inc. Class A common stockholders	$	(4,126)	$	(5,167)

Denominator:
Weighted-average shares of Class A common stock outstanding - basic and diluted	$	41,805,347	$	41,802,840

Net loss per share of Class A common stock, basic and diluted	$	(0.10)	$	(0.12)

Schedule of Antidilutive Securities


	Three Months Ended July 3, 2021	Six Months Ended July 3, 2021
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737
Stock options	4,622,287	4,602,747
RSUs	1,221,555	941,031
Unvested shares of Class A common stock	32,458	34,698
Total	21,663,037	21,365,213

Commitment and contingencies (Tables)

6 Months Ended

Jul. 03, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

The components of lease cost were as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Operating lease cost	$	912	$	646	$	1,614	$	1,292
Short-term lease cost(a)	212		94		329		204
Total lease cost	$	1,124	$	740	$	1,943	$	1,496

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

Supplemental cash flow information and non-cash activity related to operating leases were as follows:


	Six Months Ended
	July 3, 2021		June 27, 2020
Operating cash flows from operating leases	$	1,696	$	1,269

Schedule of Assets and Liabilities, Lessee

Supplemental balance sheet and other information related to operating leases were as follows:


	July 3, 2021			December 31, 2020
Operating lease assets	$	17,669		$	14,961

Operating lease liabilities- current	$	2,918		$	1,960
Operating lease liabilities- noncurrent	15,989			14,108
Total operating lease liabilities	$	18,907		$	16,068

Weighted average remaining lease term (years)	6.2			7.2
Weighted average discount rate	4.4		%	5.0		%

Revenue recognition (Tables)

6 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our net sales by segment disaggregated by geographic markets and major products (Vertical) as follows:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Primary geographic markets:
U.S.	$	98,682	$	53,166	$	173,220	$	125,136
International	11,134		4,851		18,374		11,526
Total net sales	$	109,816	$	58,017	$	191,594	$	136,662
Vertical:
Pain Treatments and Joint Preservation	$	56,704	$	28,868	$	98,234	$	70,151
Restorative Therapies	32,511		17,968		54,332		41,433
Bone Graft Substitutes	20,601		11,181		39,028		25,078
Total net sales	$	109,816	$	58,017	$	191,594	$	136,662

Segments (Tables)

6 Months Ended

Jul. 03, 2021

Segment Reporting [Abstract]

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

The following table presents segment adjusted EBITDA reconciled to income before income taxes:


	Three Months Ended				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Segment adjusted EBITDA
U.S.	$	17,149	$	7,439	$	27,147	$	21,151
International	2,738		(497)		3,810		37
Depreciation and amortization	(7,479)		(7,248)		(14,663)		(14,513)
Interest (expense) income	(1,681)		(2,834)		1,195		(5,215)
Equity compensation	(5,853)		(255)		16,559		6,771
COVID-19 benefits, net	—		1,101		—		1,101
Succession and transition charges	(187)		(3,801)		(344)		(4,574)
Foreign currency impact	12		46		64		(40)
Acquisition and integration costs	(1,833)		—		(5,029)		—
Inventory step-up costs	(2,106)		—		(2,106)
Equity loss in unconsolidated investments	(432)		—		(901)		—
Change in fair value of contingent consideration	(641)		—		(641)		—
Impairments related to variable interest entity	(7,043)		—		(7,043)		—
Other non-recurring costs	(1,710)		(41)		(2,659)		(283)
(Loss) income before income taxes	$	(9,066)	$	(6,090)	$	15,389	$	4,435

Organization (Details) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
Organization (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2021 shares	Feb. 16, 2021 USD ($) business $ / shares shares	Apr. 30, 2020 USD ($)	Jul. 03, 2021 USD ($) employee vote $ / shares shares	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000		10,000,000
Cash received from provident relief fund \| $			$ 1,247
BV LLC
Class of Stock [Line Items]
Number of entities acquired \| business		10
IPO
Class of Stock [Line Items]
Proceeds from public offering \| $		$ 111,228
Payment of underwriting discounts and commissions \| $		8,372
Sale of stock, offering costs \| $		$ 4,778
Payment of offering expenses \| $				$ 3,451	$ 1,327
BV LLC
Class of Stock [Line Items]
Number of employees \| employee				900
Number of LLC interest held (in shares)		31,838,589
BV LLC
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners				27.80%
BV LLC \| Subsequent Event
Class of Stock [Line Items]
Managing member, ownership interest	72.20%
Number of LLC interest held (in shares)	41,062,652
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000		250,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001
Number of votes per common share \| vote				1
Common Class A \| BV LLC
Class of Stock [Line Items]
Number of shares issued in acquisition (in shares)		31,838,589
Common Class A \| IPO
Class of Stock [Line Items]
Number of shares issued in public offering (in shares)		9,200,000
Price per share in public offering (in dollars per share) \| $ / shares		$ 13.00
Common Class A \| Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued in public offering (in shares)		1,200,000
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		50,000,000		50,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001
Number of votes per common share \| vote				1
Shares issued or issuable, required stock to LLC interest ratio				1
Cancellation ratio, required stock to LLC interest ratio		1
Number of shares cancelled (in shares)		31,838,589

Balance sheet information - Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Jun. 27, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 136,065	$ 86,839
Restricted cash	2,003	0
Cash, cash equivalents, and restricted cash	$ 138,068	$ 86,839	$ 126,240	$ 64,520

Balance sheet information - Components of accounts receivable (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 105,048	$ 92,273
Less: Allowance for credit losses	(3,019)	(3,990)
Accounts receivable, net	$ 102,029	$ 88,283

Balance sheet information - Allowance for credit loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (3,811)	$ (4,684)	$ (3,990)	$ (4,146)
Recovery (provision)	550	(619)	359	(1,162)
Write-offs	278	167	684	252
Recoveries	(36)	(113)	(72)	(193)
Ending balance	$ (3,019)	$ (5,249)	$ (3,019)	$ (5,249)

Balance sheet information - Inventory (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and supplies	$ 4,202	$ 3,665
Finished goods	31,538	26,323
Gross	35,740	29,988
Excess and obsolete reserves	(1,720)	(868)
Inventory, net	$ 34,020	$ 29,120

Balance sheet information - Accrued liabilities (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gross-to-net deductions	$ 63,980	$ 43,656
Bonus and commission	12,493	15,188
Compensation and benefits	7,932	5,875
Income and other taxes	2,385	2,434
Other liabilities	18,456	21,034
Accrued liabilities	$ 105,246	$ 88,187

Balance sheet information - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring reserve, current		$ 247
Payments for restructuring	$ 247

Business combinations and investments - Narrative (Details) - USD ($)				3 Months Ended		6 Months Ended
	Aug. 02, 2021	Jun. 08, 2021	Mar. 30, 2021	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Jul. 15, 2021	Jun. 24, 2021	Jan. 04, 2021
Business Acquisition [Line Items]
Acquisition integration costs and inventory related adjustments				$ 3,939,000		$ 7,135,000
Impairments related to variable interest entity					$ 0	$ 5,674,000	$ 0
Harbor Medtech Inc
Business Acquisition [Line Items]
Impairments related to variable interest entity				5,674,000
Impairment of variable interest entity assets, attributable to noncontrolling interest		$ 5,176,000
Impairment of variable interest entity		$ 1,369,000
Variable Interest Entity, Primary Beneficiary \| Harbor Medtech Inc \| Series C Preferred Stock
Business Acquisition [Line Items]
Variable interest entity, ownership percentage						8.80%
Vaporox
Business Acquisition [Line Items]
Investment owned, balance, shares (in shares)									406,504
Investment owned, ownership percentage									6.00%
Investment owned, cost									$ 1,000,000
CartiHeal Ltd
Business Acquisition [Line Items]
Equity method investments				$ 17,737,000		$ 17,737,000
Equity method investment, ownership percentage				10.03%		10.03%
Income (loss) from equity method investments				$ (432,000)		$ (901,000)
Period after FDA approval for which company may exercise option to purchase remaining equity						45 days
Period after FDA approval for which CartiHeal may exercise option that requires the Company to purchase the remaining equity						45 days
CartiHeal Ltd \| Series G Preferred Stock
Business Acquisition [Line Items]
Additional shares to be purchased upon completion of study (in shares)				338,089		338,089
Additional investment to be purchased upon completion of study				$ 5,000,000		$ 5,000,000
Bioness, Inc
Business Acquisition [Line Items]
Percentage of business acquired			100.00%
Contingent consideration at fair value			$ 43,000,000
Expected future amortization, remainder of fiscal year			2,238,000
Expected future amortization, year one			4,475,000
Expected future amortization, year two			4,381,000
Expected future amortization, year three			4,350,000
Expected future amortization, year four			4,350,000
Acquisition costs				1,833,000		5,029,000
Revenue of acquiree since acquisition date				11,870,000		11,870,000
Income (loss) from acquiree since acquisition date				$ (3,529,000)		$ (3,529,000)
Escrow deposit			4,207,000
Consideration payable upon closing			91,933,000
Bioness, Inc \| Maximum
Business Acquisition [Line Items]
Contingent consideration at fair value			65,000,000
Bioness, Inc \| Convertible Debt
Business Acquisition [Line Items]
Debt instrument, face amount										$ 1,500,000
Repayments of convertible debt			1,500,000
Bioness, Inc \| Obtaining FDA Approval Of Certain Products
Business Acquisition [Line Items]
Contingent consideration at fair value			15,000,000
Bioness, Inc \| Meeting Net Sales Targets Over A Three-Year Period, Payment One
Business Acquisition [Line Items]
Contingent consideration at fair value			20,000,000
Bioness, Inc \| Meeting Net Sales Targets Over A Three-Year Period, Payment Two
Business Acquisition [Line Items]
Contingent consideration at fair value			10,000,000
Bioness, Inc \| For Obtaining CMS Coverage And Reimbursement For Certain Products
Business Acquisition [Line Items]
Contingent consideration at fair value			$ 20,000,000
Carti Heal \| Subsequent Event
Business Acquisition [Line Items]
Period after receipt of statistical report for which the company may terminate agreement	30 days
Payment due upon termination of agreement	$ 30,000,000
Escrow deposit	50,000,000
Consideration transferred upon achievement of certain sales milestones	150,000,000
Consideration payable upon closing	$ 314,895,000
Carti Heal \| Call Option \| Subsequent Event
Business Acquisition [Line Items]
Percentage of business acquired								100.00%
Carti Heal \| Put Option \| Subsequent Event
Business Acquisition [Line Items]
Percentage of business acquired								100.00%

Business combinations and investments - Consideration transferred (Details) - Bioness, Inc $ in Thousands	Mar. 30, 2021 USD ($)
Business Acquisition [Line Items]
Cash consideration at closing	$ 48,933
Contingent consideration at fair value	43,000
Fair value of consideration	$ 91,933

Business combinations and investments - Fair value of assets acquired and liabilities assumed (Details) $ in Thousands		3 Months Ended
	Mar. 30, 2021 USD ($)	Mar. 29, 2021 USD ($) loan	Jul. 03, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets acquired and liabilities assumed:
Goodwill			$ 52,135	$ 49,800
Interest rate percentage			2.60%
Current portion of long-term debt			$ 15,000	$ 15,000
Paycheck Protection Program, CARES Act
Assets acquired and liabilities assumed:
Current portion of long-term debt			$ 1,000
Bioness, Inc \| Paycheck Protection Program, CARES Act
Assets acquired and liabilities assumed:
Number of loans \| loan		2
Interest rate percentage		1.00%
Bioness, Inc \| Paycheck Protection Program, CARES Act, Maturing April 10, 2022
Assets acquired and liabilities assumed:
Proceeds from Paycheck Protection Program, CARES Act		$ 3,204
Bioness, Inc \| Paycheck Protection Program, CARES Act, Maturing February 5, 2026
Assets acquired and liabilities assumed:
Proceeds from Paycheck Protection Program, CARES Act		$ 2,003
Bioness, Inc
Business Acquisition [Line Items]
Fair value of consideration	$ 91,933
Assets acquired and liabilities assumed:
Cash. cash equivalents and restricted cash	3,143
Accounts receivable	4,124
Inventory	7,318
Prepaid and other current assets	1,947
Property and equipment	673
Intangible assets	87,000
Operating lease assets	3,616
Other assets	132
Accounts payable and accrued liabilities	(11,405)
Other current liabilities	(2,020)
Other liabilities	(4,930)
Net assets acquired	89,598
Goodwill	2,335
Cash and cash equivalents acquired	2,143
Restricted cash acquired	1,000
Escrow deposit	$ 4,207

Business combinations and investments - Components of intangible assets acquired (Details) - Bioness, Inc $ in Thousands	Mar. 30, 2021 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 87,000
Intellectual property
Business Acquisition [Line Items]
Useful Life (in years)	10 years
Intangible assets	$ 43,500
IPR&D
Business Acquisition [Line Items]
Intangible assets	$ 43,250
Customer relationships
Business Acquisition [Line Items]
Useful Life (in years)	2 years
Intangible assets	$ 250

Business combinations and investments - Variable interest entity's assets and liabilities (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 136,065	$ 86,839
Property and equipment, net	8,960	6,879
Intangible assets, net	257,848	191,650
Operating lease assets	17,669	14,961
Total assets	646,636	494,466
Other current liabilities	3,964	3,926
Other long-term liabilities	24,171	21,728
Total liabilities	$ 427,272	350,306
Variable Interest Entity, Primary Beneficiary \| Harbor Medtech Inc
Variable Interest Entity [Line Items]
Cash and cash equivalents		803
Property and equipment, net		173
Intangible assets, net		5,635
Operating lease assets		178
Other assets		74
Total assets		6,863
Accounts payable and accrued liabilities		366
Other current liabilities		2,004
Other long-term liabilities		659
Total liabilities		$ 3,029

Business combinations and investments - Pro forma results (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Earnings per share of Class A common stock(1):
Basic (in dollars per share)	$ (0.03)
Diluted (in dollars per share)	$ (0.03)
Bioness, Inc
Business Acquisition [Line Items]
Net sales	$ 109,816	$ 65,955	$ 200,541	$ 157,570
Net (loss) income	$ (6,841)	$ (12,962)	$ 16,333	$ (11,376)
Earnings per share of Class A common stock(1):
Basic (in dollars per share)			$ (0.08)
Diluted (in dollars per share)			$ (0.08)

Financial instruments - Schedule Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Term loan due December 2024 (2.60% at July 3, 2021)	$ 182,500	$ 190,000
Current portion of long-term debt	(15,000)	(15,000)
Unamortized debt issuance cost	(959)	(1,098)
Unamortized discount	(457)	(524)
Long-term debt, less current portion	$ 166,084	$ 173,378
Interest rate percentage	2.60%

Financial instruments - Narrative (Details)	3 Months Ended		6 Months Ended
Financial instruments - Narrative (Details)	Jul. 03, 2021 USD ($) segment	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) segment	Jun. 27, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity	$ 50,000,000		$ 50,000,000
Outstanding borrowings on line of credit	0		0		$ 0
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 184,505,000		$ 184,505,000
Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate swap agreements \| segment	1		1
Interest (income) expense, net	$ (255,000)	$ (933,000)	$ 1,310,000	$ (2,001,000)
Derivative, notional amount	$ 100,000,000		$ 100,000,000
Percentage of debt hedged by derivative	54.80%		54.80%
Derivative, locked in interest rate	0.64%		0.64%

Fair value measurements - Liabilities measured at fair value (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of contingent consideration	$ 13,220	$ 0
Contingent consideration, less current portion	30,421	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	292	1,602
Current portion of contingent consideration	13,220	0
Contingent consideration, less current portion	30,421	0
Management incentive plan and liability- classified awards	0	40,303
Equity Participation Right	0	6,101
Total liabilities	43,933	48,006
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	292	1,602
Current portion of contingent consideration	0	0
Contingent consideration, less current portion	0	0
Management incentive plan and liability- classified awards	0	0
Equity Participation Right	0	0
Total liabilities	292	1,602
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	0	0
Current portion of contingent consideration	13,220	0
Contingent consideration, less current portion	30,421	0
Management incentive plan and liability- classified awards	0	40,303
Equity Participation Right	0	6,101
Total liabilities	$ 43,641	$ 46,404

Fair value measurements - Acquisition unobservable level 3 inputs (Details) - Fair Value, Inputs, Level 3	Jul. 03, 2021
Minimum \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate
Business Acquisition [Line Items]
Payment discount rate	0.050
Maximum
Business Acquisition [Line Items]
Payment discount rate	0.068

Fair value measurements - Additional information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 16, 2021 USD ($)	Jul. 03, 2021 USD ($) shares	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) shares	Jun. 27, 2020 USD ($)	Feb. 15, 2021	Feb. 10, 2021 plan
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration		$ 641	$ 0	$ 641	$ 0
Number of equity-based compensation plans \| plan							2
EPR unit, entitled percentage of distributions						0.55%
Bioness, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration		$ 641		$ 641
Management Incentive Plan And Liability-Classified Awards
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of awards outstanding (in shares) \| shares		183,078		183,078
Cash paid to settle award				$ 10,802
Vesting period				12 months
Equity Participation Right Unit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash paid to settle award	$ 3,327
BV LLC Employees Terminated Prior To IPO \| Management Incentive Plan And Liability-Classified Awards
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash paid to settle award				$ 10,875
BV LLC Employees Active At IPO \| Management Incentive Plan And Liability-Classified Awards \| Common Class A
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of shares issued (in shares) \| shares				798,422

Fair value measurements - MIP and liability-classified awards (Details) - Management Incentive Plan And Liability-Classified Awards $ in Thousands	6 Months Ended
	Jul. 03, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 40,303
Change in fair value	(25,185)
Initial estimate (vesting)	829
Payments	(11,281)
Phantom plan conversion to Class A common stock	(4,666)
Ending balance	$ 0

Fair value measurements - Equity participation right unit (Details) - Equity Participation Right Unit $ in Thousands	6 Months Ended
	Jul. 03, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6,101
Change in fair value	(2,774)
Payments	(3,327)
Ending balance	$ 0

Equity-based compensation - Narrative (Details)	1 Months Ended	3 Months Ended			6 Months Ended
Equity-based compensation - Narrative (Details)	Feb. 10, 2021 USD ($) plan shares	Jul. 03, 2021 USD ($) $ / shares shares	Apr. 03, 2021 shares	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) $ / shares shares	Jun. 27, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans \| plan	2
Income tax expense (benefit) \| $		$ 1,714,000		$ (110,000)	$ 1,641,000	$ (71,000)
Unamortized compensation expense, options \| $		$ 15,797,000			$ 15,797,000
Number of options vested (in shares)					0
Number of options expired (in shares)					0
Number of options exercisable (in shares)		0			0
Options outstanding, aggregate intrinsic value \| $		$ 16,095,000			$ 16,095,000
Management Incentive Plan Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)	0
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)	90,000
Number of awards forfeited (in shares)	900,000
Cash paid to settle award \| $	$ 479,000
Equity compensation \| $				663,000	829,000	1,078,000
Change in fair value \| $					(25,185,000)
Decrease in fair value due to the impact of COVID-19 on the market and economy \| $				$ (408,000)		$ (7,849,000)
Phantom Share Units (PSUs) \| Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation \| $					$ 1,777,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares)		2,000	945,000
Number of awards forfeited (in shares)		4,000
Vested (in shares)		0			0
Unamortized compensation expense, RSUs \| $		$ 9,976,000			$ 9,976,000
Compensation expense net yet amortized, period for recognition					8 months 8 days
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year			1 year
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years			4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense net yet amortized, period for recognition					1 year 2 months 8 days
Expiration period		10 years			10 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years			2 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years			4 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation \| $		$ 75,000			$ 75,000
Number of shares available to be awarded (in shares)		518,257			518,257
Purchase price of common stock, percentage of fair market value					85.00%
Number of shares issued (in shares)		24,063			24,063
Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of employee compensation deducted to purchase common stock		1.00%			1.00%
Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of employee compensation deducted to purchase common stock		15.00%			15.00%
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation \| $		$ 5,778,000			$ 7,722,000
Income tax expense (benefit) \| $		$ 0			$ 0
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock closing price, (in dollars per share) \| $ / shares		$ 16.51			$ 16.51
Common Class A \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded (in shares)		7,592,476			7,592,476
Number of shares available to be awarded (in shares)		2,024,123			2,024,123
Annual percentage increase in number of shares authorized		4.50%			4.50%

Equity-based compensation - Restricted stock unit activity (Details) - RSUs - $ / shares shares in Thousands	3 Months Ended
	Jul. 03, 2021	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	945	0
Granted (in shares)	2	945
Forfeited/canceled (in shares)	(4)
Ending balance (in shares)	943	945
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)	$ 14.38	$ 0
Granted (in dollars per share)	14.90	14.38
Cancelled (in dollars per share)	13.53
Ending balance (in dollars per share)	$ 14.38	$ 14.38

Equity-based compensation - Fair value assumptions (Details) - Stock options	6 Months Ended
	Jul. 03, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.59%
Risk-free interest rate, maximum	1.19%
Expected dividend yield	0.00%
Expected stock price volatility, minimum	33.10%
Expected stock price volatility, maximum	33.50%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of stock options	5 years 9 months
Weighted-average fair value of stock options granted (in dollars per share)	$ 4.21
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of stock options	6 years 3 months
Weighted-average fair value of stock options granted (in dollars per share)	$ 5.29

Equity-based compensation - Option activity (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Apr. 03, 2021	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	4,621	0	0
Granted (in shares)	4	4,621
Ending balance (in shares)	4,625	4,621	4,625
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share)	$ 13.03	$ 0	$ 0
Granted (in dollars per share)	14.90	13.03
Ending balance (in dollars per share)	$ 13.03	$ 13.03	$ 13.03
Outstanding, weighted average remaining contractual term			3 years 3 months 18 days

Earnings per share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

3 Months Ended

5 Months Ended

6 Months Ended

Feb. 15, 2021

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Numerator:

Net loss

$ 25,977

$ (10,780)

$ (5,980)

$ (12,229)

$ 13,748

$ 4,506

Net loss attributable to noncontrolling interests

6,654

214

7,062

672

Net (loss) income attributable to Bioventus Inc.

$ (4,126)

$ (5,766)

$ (5,167)

$ 20,810

$ 5,178

Denominator:

Weighted-average shares of Class A common stock outstanding - basic (in shares)

41,805,347

^[1]

41,802,840

^[1]

Weighted-average shares of Class A common stock outstanding - diluted (in shares)

41,805,347

^[1]

41,802,840

^[1]

Net loss per share of Class A common stock, basic (in dollars per share)

$ (0.10)

^[1]

$ (0.12)

^[1]

Net loss per share of Class A common stock, diluted (in dollars per share)

$ (0.10)

^[1]

$ (0.12)

^[1]

[1]

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jul. 03, 2021	Jul. 03, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	21,663,037	21,365,213
LLC Interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	15,786,737	15,786,737
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,622,287	4,602,747
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,221,555	941,031
Unvested shares of Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	32,458	34,698

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	18.90%	1.80%	10.70%	1.60%
Deferred tax assets, tax credits	$ 481		$ 481
Deferred tax liabilities, difference between the book value and tax basis of investment	$ 48,410		$ 48,410

Commitment and contingencies - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 912	$ 646	$ 1,614	$ 1,292
Short-term lease cost	212	94	329	204
Total lease cost	$ 1,124	$ 740	$ 1,943	$ 1,496

Commitment and contingencies - Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 1,696	$ 1,269

Commitment and contingencies - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease assets	$ 17,669	$ 14,961
Operating lease liabilities- current	2,918	1,960
Operating lease liabilities- noncurrent	15,989	14,108
Total operating lease liabilities	$ 18,907	$ 16,068
Weighted average remaining lease term (years)	6 years 2 months 12 days	7 years 2 months 12 days
Weighted average discount rate	4.40%	5.00%

Commitment and contingencies - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	Dec. 22, 2020	Aug. 23, 2019	Feb. 09, 2016	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020
Loss Contingencies [Line Items]
Stop loss insurance, threshold per member per year						$ 200
Bioness, Inc
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value						$ 1,200
Minimum
Loss Contingencies [Line Items]
Lessee, operating lease, remaining lease term				1 month		1 month
Maximum
Loss Contingencies [Line Items]
Lessee, operating lease, remaining lease term				7 years 3 months		7 years 3 months
Three Injection OA Product
Loss Contingencies [Line Items]
Supply commitment, term			10 years
Supply commitment, renewal term			5 years
Damages from Product Defects
Loss Contingencies [Line Items]
Estimated probable loss related to product recall				$ 2,055		$ 2,055
Recorded reserves for product recall				434		434		$ 1,684
Harbor
Loss Contingencies [Line Items]
Collaborative agreement, royalty percentage		3.00%
Collaborative agreement, term	8 years
Supplier of Single Injection OA Product
Loss Contingencies [Line Items]
Royalty expense				$ 3,548	$ 1,767	$ 5,925	$ 3,969

Revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue recognition (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Total net sales	$ 109,816	$ 58,017	$ 191,594	$ 136,662
Pain Treatments and Joint Preservation
Disaggregation of Revenue [Line Items]
Total net sales	56,704	28,868	98,234	70,151
Restorative Therapies
Disaggregation of Revenue [Line Items]
Total net sales	32,511	17,968	54,332	41,433
Bone Graft Substitutes
Disaggregation of Revenue [Line Items]
Total net sales	20,601	11,181	39,028	25,078
U.S.
Disaggregation of Revenue [Line Items]
Total net sales	98,682	53,166	173,220	125,136
International
Disaggregation of Revenue [Line Items]
Total net sales	$ 11,134	$ 4,851	$ 18,374	$ 11,526

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segments (Details) $ in Thousands	Jul. 03, 2021 USD ($)	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) segment	Jun. 27, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Depreciation and amortization	$ (1,852)	$ (1,813)	$ (3,777)	$ (3,638)
Interest (expense) income	(1,681)	(2,834)	1,195	(5,215)
Change in fair value of contingent consideration	641	0	641	0
Impairments related to variable interest entity		0	(5,674)	0
(Loss) income before income taxes	(9,066)	(6,090)	15,389	4,435
Segment Reconciling Items
Segment Reporting Information [Line Items]
Depreciation and amortization	(7,479)	(7,248)	(14,663)	(14,513)
Interest (expense) income	(1,681)	(2,834)	1,195	(5,215)
Equity compensation	(5,853)	(255)	16,559	6,771
COVID-19 benefits, net	0	1,101	0	1,101
Succession and transition charges	(187)	(3,801)	(344)	(4,574)
Foreign currency impact	12	46	64	(40)
Acquisition and integration costs	(1,833)	0	(5,029)	0
Inventory step-up costs	(2,106)	0	(2,106)
Equity loss in unconsolidated investments	(432)	0	(901)	0
Change in fair value of contingent consideration	(641)	0	(641)	0
Impairments related to variable interest entity	(7,043)	0	(7,043)	0
Other non-recurring costs	(1,710)	(41)	(2,659)	(283)
U.S. Segment \| Operating Segments
Segment Reporting Information [Line Items]
Segment adjusted EBITDA	17,149	7,439	27,147	21,151
International Segment \| Operating Segments
Segment Reporting Information [Line Items]
Segment adjusted EBITDA	$ 2,738	$ (497)	$ 3,810	$ 37

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Jul. 29, 2021	Mar. 30, 2021	Jul. 31, 2021	Dec. 31, 2021
Bioness, Inc
Subsequent Event [Line Items]
Fair value of consideration		$ 91,933
Forecast \| Misonix, Inc
Subsequent Event [Line Items]
Fair value of consideration				$ 518,000
Business acquisition, share price (in dollars per share)				$ 16.6284
Business acquisition, consideration transferred per share, cash (in dollars per share)				$ 28.00
Business acquisition, consideration transferred per share (in shares)				1.6839
Common stock, par value (in dollars per share)				$ 0.001
Business acquisition, consideration transferred per share, maximum amount payable (in dollars per share)				$ 10.50
Subsequent Event \| Bioventus Supporting Stockholders \| Bioventus, Inc
Subsequent Event [Line Items]
Percentage of ownership before transaction	67.40%
Subsequent Event \| PPP Loan \| Bioness, Inc
Subsequent Event [Line Items]
Unsecured PPP loan forgiven			$ 2,003
Subsequent Event \| Term Loan Facility \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, face amount	$ 262,000
Debt instrument, term	3 years
Subsequent Event \| 2019 Credit Agreement \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, required prepayment	$ 80,000

Label	Element	Value
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	$ 7,836,000
Noncontrolling Interest, Increase From Deconsolidation Of Variable Interest Entity	bvs_NoncontrollingInterestIncreaseFromDeconsolidationOfVariableInterestEntity	3,746,000
Other Comprehensive Income (Loss), Cumulative Foreign Currency Transaction And Translation Adjustment, Net Of Tax	bvs_OtherComprehensiveIncomeLossCumulativeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(1,507,000)
Other Comprehensive Income (Loss), Cumulative Foreign Currency Transaction And Translation Adjustment, Net Of Tax	bvs_OtherComprehensiveIncomeLossCumulativeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	648,000
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Other Comprehensive Income (Loss), Cumulative Foreign Currency Transaction And Translation Adjustment, Net Of Tax	bvs_OtherComprehensiveIncomeLossCumulativeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	468,000
Additional Paid-in Capital [Member]
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	5,821,000
Noncontrolling Interest [Member]
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,015,000
Noncontrolling Interest, Increase From Deconsolidation Of Variable Interest Entity	bvs_NoncontrollingInterestIncreaseFromDeconsolidationOfVariableInterestEntity	3,746,000
Other Comprehensive Income (Loss), Cumulative Foreign Currency Transaction And Translation Adjustment, Net Of Tax	bvs_OtherComprehensiveIncomeLossCumulativeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	180,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(7,062,000)
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(5,167,000)
Member Units [Member]
Other Comprehensive Income (Loss), Cumulative Foreign Currency Transaction And Translation Adjustment, Net Of Tax	bvs_OtherComprehensiveIncomeLossCumulativeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	(1,507,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	$ 25,977,000

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details