0001193125-21-278969 | S-4/A | XBRL Viewer

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

Net sales

$ 321,161

$ 340,141

$ 319,177

87,642

90,935

84,168

Gross profit

233,519

249,206

235,009

Selling, general and administrative expense

193,078

198,475

191,672

Research and development expense

11,202

11,055

8,095

Change in fair value of contingent consideration

(739)

Restructuring costs

563

575

1,373

Depreciation and amortization

7,439

7,908

8,615

Loss on impairment of intangible assets

489

Operating (loss) income

21,237

31,193

25,504

Interest expense (income)

9,751

21,579

19,171

Other expense (income)

(4,428)

(75)

226

Other expense

5,323

21,504

19,397

Income from continuing operations before income taxes

15,914

9,689

6,107

(Loss) income before income taxes

15,914

9,689

6,107

Income tax expense (benefit)

1,192

1,576

1,664

Net income from continuing operations

14,722

8,113

4,443

Loss from discontinued operations, net of tax

1,815

16,650

Net (loss) income

14,722

6,298

(12,207)

Loss attributable to noncontrolling interest

1,689

553

Net (loss) income attributable to Bioventus Inc.

16,411

6,851

(12,207)

Change in prior service cost and unrecognized (loss) gain for defined benefit plan adjustment

(54)

(78)

131

Change in foreign currency translation adjustments

2,126

(322)

(334)

Other comprehensive income (loss)

2,072

(400)

(203)

Comprehensive (loss) income attributable to Bioventus Inc.

$ 18,483

$ 6,451

$ (12,410)

Weighted Average Number Of Shares Outstanding [Abstract]

Diluted weighted average common shares outstanding (in shares)

4,900,000

Net income from continuing operations attributable to unit holders

$ 16,411

$ 8,666

$ 4,443

Accumulated and unpaid preferred distributions

(6,133)

(5,955)

(5,781)

Net income allocated to participating shareholders

(5,895)

(1,555)

Net income (loss) from continuing operations attributable to common unit holders

4,383

1,156

(1,338)

Loss from discontinued operations, net of tax

1,815

16,650

Net income (loss) attributable to common unit holders

$ 4,383

$ (659)

$ (17,988)

Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share [Abstract]

Net income (loss) from continuing operations

$ 0.89

$ 0.24

$ (0.27)

Loss from discontinued operations, net of tax

0.37

3.40

Net income (loss) attributable to common unit holders

$ 0.89

$ (0.13)

$ (3.67)

Weighted average units used in computing basic and diluted net income (loss) per common unit

4,900,000

[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		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation and amortization	$ 5,618	$ 5,292	$ 10,854	$ 10,599
Bio Ventus LLC [Member]
Depreciation and amortization					$ 21,169	$ 22,399	$ 20,614

Consolidated condensed balance sheets - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
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
Investment and other assets	19,483	19,382
Total assets	646,636	494,466
Assets		0	$ 0
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
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		29,249
Deferred income taxes	48,410	3,362
Contingent consideration, less current portion	30,421
Other long-term liabilities	24,171	21,728
Total liabilities	427,272	350,306
Liabilities		0	0
Stockholders' and Members' Equity:
Members' equity		144,160
Common stock, value		0	0
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	144,160
Stockholders' equity		0	0
Noncontrolling interest	77,807
Total stockholders' and members' equity	219,364	144,160
Total liabilities and stockholders' and members' equity	646,636	494,466
Total liabilities and stockholders' equity		0	0
Bio Ventus LLC [Member]
Current assets:
Cash and cash equivalents		86,839	64,520
Accounts receivable, net		88,283	85,128
Inventory		29,120	27,326
Prepaid and other current assets		7,552	6,059
Total current assets		211,794	183,033
Property and equipment, net		6,879	4,489
Goodwill		49,800	49,800
Intangible assets, net		191,650	216,510
Operating lease assets		14,961	15,267
Investment and other assets		19,382	3,308
Total assets		494,466	472,407
Current liabilities:
Accounts payable		4,422	6,440
Accrued liabilities		88,187	52,827
Accrued equity-based compensation		11,054	15,547
Current portion of long-term debt		15,000	10,000
Other current liabilities		3,926	4,201
Total current liabilities		122,589	89,015
Long-term debt, less current portion		173,378	187,965
Accrued equity-based compensation, less current portion		29,249	25,255
Deferred income taxes		3,362	3,874
Other long-term liabilities		21,728	20,681
Total liabilities		350,306	326,790
Stockholders' and Members' Equity:
Members' equity		285,173	285,147
Accumulated deficit		(144,539)	(141,700)
Accumulated other comprehensive income		1,607	(465)
Total stockholders' equity attributable to Bioventus Inc. and members' equity		142,241	142,982
Noncontrolling interest		1,919	2,635
Total stockholders' and members' equity		144,160	145,617
Total liabilities and stockholders' and members' equity		$ 494,466	$ 472,407
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) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		10	10
Common stock, shares outstanding (in shares)		10	10
Common stock, shares issued (in shares)		10	10
Bio Ventus LLC [Member]
Temporary Equity, Liquidation Preference		$ 210,576	$ 204,443
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares outstanding (in shares)	41,062,652	41,062,652
Common stock, shares issued (in shares)	41,062,652	41,062,652
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	15,786,737	15,786,737
Common stock, shares issued (in shares)	15,786,737	15,786,737

Consolidated condensed statements of changes in stockholders' and members' equity - USD ($) $ in Thousands	Total	IPO	Public Offering	Members' equity	Members' equity IPO	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	Bio Ventus LLC [Member]	Bio Ventus LLC [Member] Members' equity	Bio Ventus LLC [Member] Accumulated other comprehensive income	Bio Ventus LLC [Member] Accumulated Deficit	Bio Ventus LLC [Member] Non- controlling interest
Beginning balance at Dec. 31, 2017																$ 165,457		$ 138	$ (119,795)	$ 0
Members' equity, beginning balance at Dec. 31, 2017																	$ 285,114
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Profits interest forfeiture																39	39
Distribution to members																(7,819)			(7,819)
Net loss																(12,207)			(12,207)
Defined benefit plan adjustment																131		131
Equity based compensation																131		131
Translation adjustment																(334)		(334)
Ending balance at Dec. 31, 2018																145,267		(65)	(139,821)
Members' equity, ending balance at Dec. 31, 2018				$ 145,617													285,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Profits interest forfeiture																(6)	(6)
Distribution to members																(8,730)			(8,730)
Acquisition of noncontrolling interest																3,188				3,188
Net loss																6,298			6,851	(553)
Defined benefit plan adjustment																(78)		(78)
Equity based compensation																(78)		(78)
Translation adjustment																(322)		(322)
Ending balance at Dec. 31, 2019																145,617		(465)	(141,700)	2,635
Members' equity, ending balance at Dec. 31, 2019																285,147	285,147
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)
Members' equity, ending balance at Jun. 27, 2020				141,791
Beginning balance at Dec. 31, 2019																145,617		(465)	(141,700)	2,635
Members' equity, beginning balance at Dec. 31, 2019																285,147	285,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other equity forfeiture																38	38
Profits interest forfeiture																(12)	(12)
Distribution to members																(19,250)			(19,250)
Debt conversion																973				973
Net loss																14,722			16,411	(1,689)
Defined benefit plan adjustment																(54)		(54)
Equity based compensation																(54)		(54)
Translation adjustment																2,126		2,126
Ending balance at Dec. 31, 2020	144,160			0												144,160		$ 1,607	$ (144,539)	$ 1,919
Members' equity, ending balance at Dec. 31, 2020	144,160			144,160												285,173	285,173
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)
Translation adjustment				213
Members' equity, ending balance at Jun. 27, 2020				141,791
Members' equity, beginning balance at Dec. 31, 2020	144,160			144,160												$ 285,173	$ 285,173
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	$ 25,977			$ 25,977
Net loss subsequent to Organizational Transactions	(12,229)													$ (5,167)	(7,062)
Defined benefit plan adjustment	7,836									$ 5,821					2,015
Deconsolidation of variable interest entity	3,746														3,746
Equity based compensation	7,836									5,821					2,015
Translation adjustment	648												$ 468		180
Translation adjustment	(1,507)			(1,507)
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)								24,063	9,200,000
Initial public offering, net of offering costs		314	$ 106,450						$ 9		$ 314	$ 106,441
Ending balance (in shares) at Jul. 03, 2021						41,062,652	15,786,737
Ending balance at Jul. 03, 2021	219,364					$ 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)
Defined benefit plan adjustment	5,853									4,355					1,498
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									$ 314
Ending balance (in shares) at Jul. 03, 2021						41,062,652	15,786,737
Ending balance at Jul. 03, 2021	$ 219,364					$ 41	$ 16			$ 146,199			$ 468	$ (5,167)	$ 77,807

Consolidated condensed statements of cash flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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
Change in fair value of contingent consideration	641	0
Provision for expected credit losses	(359)	1,162
(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 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	$ (29,569)	$ (10,951)	$ (13,256)
Effect of exchange rate changes on cash	(171)	(186)	589	(104)	(160)
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	64,520
Cash, cash equivalents and restricted cash at the end of the period	138,068	126,240	86,839	64,520
Supplemental disclosure of noncash investing and financing activities
Accounts payable for purchase of property and equipment	695	14
Accrued member distributions	305	787
Bio Ventus LLC [Member]
Operating activities:
Net income			14,722	6,298	(12,207)
Net loss from discontinued operations				1,815	16,650
Net income from continuing operations			14,722	8,113	4,443
Adjustments to reconcile net income to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization			28,643	30,316	29,238
Loss on impairment of intangible assets					489
Change in fair value of contingent consideration					(739)
Payment of contingent consideration in excess of amount established in purchase accounting				(945)	(3,558)
Provision for expected credit losses			1,215	2,242	2,538
(Recovery) provision for expected credit losses			1,215	2,242	2,538
Profits interest plan, liability-classified and other equity awards compensation			10,103	10,844	14,325
Change in fair value of interest rate swap			1,599
Deferred income taxes			(511)	(348)	(79)
Amortization of debt discount and capitalized loan fees, net			543	1,583	1,686
Loss on debt retirement and modification				3,352
Change in fair value of Equity Participation Rights unit			644	565	1,009
Other, net			(67)	395	106
Changes in operating assets and liabilities:
Accounts receivable			(3,941)	(14,909)	(12,130)
Inventories			(528)	(1,427)	3,256
Accounts payable and accrued expenses			20,510	6,646	12,148
Other current assets and liabilities			(733)	(3,882)	(422)
Net cash provided by operating activities from continuing operations			72,199	42,545	52,310
Net cash used in operating activities of discontinued operations			(400)	(1,832)	(7,123)
Net cash from operating activities			71,799	40,713	45,187
Investing activities:
Investment and acquisition of distribution rights			(16,579)	(6,000)	(3,500)
Acquisition of VIE				430
Purchase of property and equipment			(4,093)	(2,342)	(2,561)
Net cash from investing activities			(20,672)	(7,912)	(6,061)
Net cash from investing activities - discontinued operations			172		(40)
Net cash from investing activities			(20,500)	(7,912)	(6,101)
Financing activities:
Borrowing on revolver			49,000
Payment on revolver			(49,000)
Proceeds from the issuance of long-term debt, net of issuance costs				198,134
Payments on long-term debt			(10,000)	(199,500)	(5,250)
Refunds (distributions) - members			(19,886)	(9,137)	(7,846)
Other, net			317	(448)	(160)
Net change in cash, cash equivalents and restricted cash			22,319	21,746	25,670
Cash, cash equivalents and restricted cash at the beginning of the period	$ 86,839	$ 64,520	64,520	42,774	17,104
Cash, cash equivalents and restricted cash at the end of the period			86,839	64,520	42,774
Supplemental disclosure of cash flow information
Cash paid for income taxes			1,541	1,577	1,944
Cash paid for interest			7,486	15,450	17,273
Supplemental disclosure of noncash investing and financing activities
Accrued liabilities for distribution rights			1,000		6,000
Debt conversion			973
Accounts payable for purchase of property and equipment			336	34	184
Accrued member distributions			$ 31	$ 499	$ 906

Organization	6 Months Ended	12 Months Ended
Organization	Jul. 03, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Organization	1. 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.	1. Organization The Company Bioventus Inc. (the Company, we, us or our) was formed as a Delaware corporation on December 22, 2015 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 notes to these financial statements should be read in conjunction with notes to BV LLC’s financial statements. As of December 31, 2020, the Company had not engaged in any business activities except in connection with its formation. 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. In addition to the underwriting discounts and commission the Company incurred offering expenses totaling $4,310. Subsequent to the IPO and related transactions that occurred in connection with the IPO (the Transactions) as described in Note 4, 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, subsequent to the IPO, the Company will consolidate the financial results of BV LLC and will report a non-controlling interest representing the 27.8% interest not held by the Company.
Bio Ventus LLC
Schedule of Investments [Line Items]
Organization		1. Organization and basis of presentation of financial information The Company Bioventus LLC and its subsidiaries (the Company, we, us or our), is a limited liability company formed under the laws of the state of Delaware on November 23, 2011 and operates as a partnership. The Company commenced operations in May 2012 in Durham, North Carolina, USA, which is its headquarters. Bioventus is a global medical device company, conducting business in various countries, primarily in North America and Europe, with approximately 700 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. Bioventus Inc. 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 the Company. Bioventus Inc. acquired, by merger, ten entities that were members of the Company (Former LLC Owners) and upon consummation of the merger, owned 31,838,589 Common LLC Interests (as defined below). On February 16, 2021, Bioventus Inc. (New LLC Owner) 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 New LLC Owner received $111,228 in proceeds, net of underwriting discounts and commissions which was used to make a capital contribution to the Company in exchange for 9,200,000 newly-issued membership interests (Common LLC Interests) from the Company at a price per interest equal to the IPO price of $13.00. Subsequent to the IPO and related transactions that occurred in connection with the IPO (Transactions), the New LLC Owner is the sole managing member of the Company. Following the completion of the IPO and Transactions, the New LLC Owner owns 72.2% of the Company. The New LLC Owner has a majority economic interest, the sole voting interest in, and controls the management of the Company. As a result, subsequent to the IPO, the New LLC Owner will consolidate the financial results of the Company and will report a non-controlling interest representing the interests owned by the only member of BV LLC that remained a member (Continuing LLC Owner). Refer to Note 17. Subsequent Events for further details regarding the IPO and related transactions. 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 ended on March 28, June 27 and September 26 for the year ended December 31, 2020. As a result, the fourth and first quarters may vary in length depending on the calendar year. Principles of consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). The consolidated financial statements include the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the non-controlling ownership interests held by third parties in the operating results and financial position of the Company’s controlled subsidiaries are reported as non-controlling interests. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These changes had no effect on previously reported total revenues, net income (loss), other comprehensive income (loss), members’ equity or cash flows. Unless otherwise noted, all financial information in the consolidated financial statement footnotes reflect the Company’s results from continuing operations. Discontinued operations are discussed further in Note 16. Discontinued operations . Segment reporting The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (CODM), to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company’s CODM is its Chief Executive Officer. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. The Company’s two reportable segments are U.S. and International. U.S. and International products are primarily sold to physicians spanning the orthopedic continuum, including sports medicine, total joint reconstruction, hand and upper extremities, foot and ankle, podiatric surgery, trauma, spine and neurosurgery, as well as directly to their patients. Refer to Note 14. Net sales and Note 15. Segments for further information regarding our business segments. Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. On an ongoing basis, management evaluates these estimates, including those related to contractual allowances and sales incentives, allowances for doubtful accounts, inventory reserves, goodwill and intangible assets impairment, useful lives of long lived assets, noncontrolling interest, fair value measurements, litigation and contingent liabilities, income taxes, and equity-based compensation. Management bases its estimates on historical experience, future expectations and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. COVID-19 pandemic impact In 2020, the COVID-19 pandemic spread around the world and in the U.S. and, more recently, 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 have 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 business, work from home, supply chain logistical changes and other measures, which have 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 due to the decrease 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 and effectiveness of vaccines to combat COVID-19, 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. For example, there has been a decrease in patient visits to hospitals due to risk and fear of exposure to COVID-19, as well as decreases in, or temporary moratoriums on, elective procedures, which may be re-imposed in the future. In addition to lower sales, we have experienced decreased costs as a result of the pandemic including declines in travel and lower compensation related expenses. We have also implemented other various cost reduction initiatives and measures to safeguard liquidity. 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 new 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. The CARES Act allowed the Company to defer $1,889 in employer social security payroll tax payments from May 2020 through December 31, 2020. A total of 50% is deferred until December 31, 2021 and has been recorded in accrued liabilities, with the remaining balance deferred until December 31, 2022 which has been recorded in other long-term liabilities both on the consolidated balance sheet. Refer to Note 10. Income Taxes for further information. 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. A second Provider Relief Fund Payment totaling $2,854 was received in July 2020. The payments were recorded as other income on the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2020.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Significant Accounting Policies

2. Summary of significant accounting policies

Basis of accounting

The balance sheets have been prepared in accordance with accounting principles generally accepted in the United States of America. Separate statements of income, comprehensive income, changes in stockholder’s equity, and cash flows have not been presented in the financial statements as there has been no activity.

Significant Accounting Policies

2. Summary of significant accounting policies

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 specific to non-accelerated public company filers, which are generally earlier than when emerging growth companies are required to adopt.

Accounting Pronouncements Recently Adopted

The FASB issued Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (ASU 2016-13), in June 2016 that significantly changes accounting for credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 requires that an entity measure and recognize expected credit losses for financial assets held at amortized cost and replaces the incurred loss impairment methodology in prior GAAP with a methodology that considers a broad range of information for the estimation of credit losses. The Company adopted ASU 2016-13 on January 1, 2020 prospectively and the adoption did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued Accounting

Standards

Update 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (ASU 2018-15), addressing a customer’s accounting for implementation costs incurred in a cloud-computing arrangement (CCA) that is considered a service contract. Under ASU 2018-15, implementation costs for a CCA should be evaluated for capitalization using the same approach as implementation costs associated with internal-use software. The capitalized implementation costs should be expensed over the term of the hosting arrangement, which includes any reasonably certain renewal periods. Capitalized implementation costs should be assessed for impairment like long-lived assets. The Company adopted ASU 2018-15 on January 1, 2020 prospectively and it had no material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (ASU 2018-13), modifying the disclosure requirements on fair value measurements and eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. ASU 2018-13 modifies certain disclosures related to investments measured at net asset value and clarifies that companies are to disclose uncertainties in measurements as of the reporting date. ASU 2018-13 requires additional disclosure related to changes in unrealized gains and losses included in other comprehensive income (loss) for recurring Level 3 fair value measurements as well as the range and weighted average, or other quantitative information that would be a more reasonable and rational method, of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020 and it did not have a material impact on the Company’s consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

In December 2019, the 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 intra-period 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. ASU 2019-12 is effective for annual and interim periods beginning after December 15, 2020. Early adoption is permitted in interim or annual periods for which financial statements have not been made available for issuance. Entities that elect to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Certain amendments are to be applied prospectively while others are retrospective. The Company adopted ASU 2019-12 on January 1, 2021 and the Company has assessed it will not have a material impact on its consolidated financial statements.

Variable Interest Entity

The Company reviews each investment and collaboration agreement to determine if it has a variable interest in the entity. In assessing whether the Company has a variable interest in the entity as a whole, the Company considers and makes judgments regarding the purpose and design of entity, the value of the licensed assets to the entity, the value of the entity’s total assets and the significant activities of the entity. If the Company has a variable interest in the entity as a whole, the Company assesses whether or not the Company is a primary beneficiary of that variable interest entity (VIE), based on a number of factors, including: (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to the collaboration agreement, and (iii) which party has the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant to the VIE. If the Company determines that it is the primary beneficiary of a VIE at the onset of the collaboration, the collaboration is treated as a business combination and the Company consolidates the financial statement of the VIE into the Company’s consolidated financial statements. On a quarterly basis, the Company

evaluates

whether

it continues to be the primary beneficiary of the consolidated VIE. If the Company determines that it is no longer the primary beneficiary of a consolidated VIE, it deconsolidates the VIE in the period the determination is

made.

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

Noncontrolling Interest

The Company records noncontrolling interest related to the consolidated VIEs on its consolidated balance sheet. The Company records loss attributable to noncontrolling interest on its consolidated statements of operations, which reflects the VIE’s net loss for the reporting period, adjusted for changes in the noncontrolling interest holders claim to net assets, including contingent milestone and royalty payments, which are evaluated each reporting period.

Deconsolidation and discontinued operations

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

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

Effect of foreign currency

The assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. dollars at rates of exchange in effect at the close of their month end. Equity accounts are translated at their historical rates. Revenues and expenses are translated at the exchange rate on the transaction date. Translation gains and losses are accumulated within accumulated other comprehensive income (loss) as a separate component of members’ equity.

Foreign currency transaction gains and losses are included in other expense on the consolidated statements of operations and comprehensive income (loss). There were gains of $117 for the year ended December 31, 2020, nominal losses for the year ended December 31, 2019, and losses of $234 for the year ended December 31, 2018.

Other comprehensive income (loss)

Comprehensive income (loss) consists of two components: net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to gains and losses that under U.S. GAAP are recorded as an element of members’ equity and are excluded from net income (loss). The Company’s other comprehensive income (loss) consists of a defined benefit plan adjustment and foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency.

Cash and cash equivalents

Cash equivalents consist of highly liquid investments with an original maturity of

three

months or less at date of purchase. The Company’s cash is primarily held in financial institutions in the United States and the Netherlands. The Company maintains cash balances in the United States in excess of the federally insured limits. The Company did not have restricted cash as of December 31, 2020 and 2019.

Derivatives

The Company uses derivative instruments to manage exposures to interest rates. Derivatives are recorded on the balance sheet at fair value at each balance sheet date and the Company does not designate whether the derivative instrument is an effective hedge. Changes in the fair values of derivative instruments are recognized in the consolidated statements of operations and comprehensive income (loss). The Company has entered, and may in the future enter, into derivative contracts related to its debt. Refer to

Note 5. Financial instruments

for further details regarding the Company’s derivatives.

Fair value

The Company records certain assets and liabilities at fair value. Refer to

Note 7. Fair value measurements

for details regarding assets and liabilities measured at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities are categorized based on the lowest level that is significant to the valuation.

The three levels of inputs used to measure fair value are as follows:

•

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

•

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

•

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

Revenue recognition

Sale of Products

The Company derives revenue primarily from the sale of its (i) osteoarthritic, or OA, joint pain treatment and joint preservation products, which are hyaluronic acid, or HA, viscosupplementation therapies, (ii) Bone Graft Substitutes (BGS) products and (iii) a Minimally Invasive Fracture Treatment product. The Company sells product directly to healthcare institutions, patients, distributors and dealers. The Company also enters arrangements with pharmacy and health benefit managers that provide for negotiated rebates, chargebacks and discounts with respect to the purchase of the Company’s products.

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

Revenues are recorded at the transaction price, which is determined as the contracted price net of estimates of variable consideration resulting from discounts, rebates, returns, chargebacks, contractual allowances, estimated third-party payer settlements, and certain distribution and administration fees offered in our customer contracts and other indirect customer contracts relating to the sale of our products. The Company establishes reserves for the estimated variable consideration based on the amounts earned or eligible to be claimed on the related sales. Where appropriate, these estimates take into consideration a range of possible outcomes, which are probability-weighted for relevant factors such as the Company’s historical experience, current contractual requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. The Company regularly reviews all reserves and updates them at the end of each reporting period as needed. There were no adjustments arising from the change in estimates of variable consideration that were significant for the years ended December 31, 2020, 2019 and 2018.

OA Joint Pain Treatment and Joint Preservation

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

Distributor chargebacks

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

Discounts and gross-to-net deductions

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

Bone Graft Substitute

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

Minimally Invasive Fracture Treatment

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

collections history within those portfolios. The portfolios determined using the portfolio approach consist of the following customer groups: government payers, commercial payers, and patients. The Company recognizes revenue from patients (self-pay and insured patients with coinsurance and deductible responsibilities) based on billed amounts giving effect to any discounts and implicit price concessions. Implicit price concessions represent differences between amounts billed and the amounts the Company expects to collect from patients, which considers historical collection experience and current market conditions.

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

Note 12. Commitments and contingencies

for further information.

Product returns

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

Accounts receivable, net

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

Contract assets

Contract assets consist of unbilled amounts resulting from estimated future royalties from an international distributor that exceeds the amount billed. Contract assets totaling $81 and $261 as of December 31, 2020 and 2019, are included in prepaid and other current assets on the consolidated balance sheets, respectively.

Contract liabilities

Contract liabilities consist of customer advance payments and deferred revenue. Occasionally for certain international customers, the Company requires payments in advance of shipping product and recognizing revenue resulting in contract liabilities. Contract liabilities were nominal as of December 31, 2020 and 2019 and are included in accrued liabilities on the consolidated balance sheets.

Shipping and handling

The Company classifies amounts billed for shipping and handling as a component of net sales. The related shipping and handling fees and costs as well as other distribution costs are included in cost of sales. The

Company has elected to recognize shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment costs and these are included in

cost

of sales.

Contract costs

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

Inventory

The Company values its inventory at the lower of cost or net realizable value and adjusts for the value of inventory that is estimated to be excess, obsolete or otherwise unmarketable. Cost is determined using the first-in, first-out (FIFO) method. Elements of cost in inventory include raw materials, direct labor, manufacturing overhead and inbound freight. The Company records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions.

Business combinations

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

considerat

ion are recognized in earnings in the period of change.

Long-lived assets

Property and equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense are recognized using the straight-line method over the estimated useful life of each asset, or the shorter of the lease term or useful life if related to leasehold improvements. The useful lives in years are as follows:


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

Goodwill and intangible assets

Fini

te-lived intangible assets were initially recorded at fair value upon acquisition and are amortized using the straight-line method over their estimated useful lives in years are as follows:


	Weighted Average Useful Life
Intellectual property		17.3
Distribution rights		12.7
Customer relationships		10.0
Developed technology		8.3

Goodwill is not amortized but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company reviews goodwill for impairment by applying a quantitative impairment analysis where the fair value of the reporting unit is compared with the carrying value, including goodwill. The Company determines the fair value of each reporting unit based on an income approach. The value of each reporting unit is determined on a stand-alone basis from the perspective of a market participant and represents the price estimated to be received in a sale of the reporting unit in an orderly transaction between market participants at the measurement date. The Company performs its annual goodwill impairment test on October 31st. If the fair value of the reporting unit is less than its carrying value, the Company will recognize the difference as an impairment loss, which is limited to the amount of goodwill allocated to the reporting units. There were no goodwill impairment charges for the years ended December 31, 2020, 2019 and 2018.

Software development costs

The Company capitalizes internal and external costs incurred to develop internal-use software during the application development stage for software design, configuration, coding and testing upon placing the asset in service and then amortizes these costs on a straight-line basis over the estimated useful life of the product, not to exceed three years. The Company does not capitalize costs that are precluded from capitalization in authoritative guidance, such as preliminary project phase costs, training costs or data conversion costs. Capitalized software costs totaled $17,653 and $14,119 as of December 31, 2020 and 2019 and the related accumulated amortization totaled $13,264 and $12,184, respectively. Amortization expense was $1,184, $1,138 and $1,204 for the years ended December 31, 2020, 2019 and 2018, respectively.

The carrying values of property, equipment, intangible assets as well as other long-lived and indefinite lived assets are reviewed for recoverability if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values may not be recoverable the Company will perform an assessment to determine if an impairment charge is required to reduce carrying values to estimated fair value. If quoted market prices are not available, the Company estimates fair value using an undiscounted value of estimated future cash flows. During 2018, the Company determined that it would no longer sell a specific BGS product and as a result, an intangible asset related to this product was fully written off and the Company recognized impairment charges of $489 for the year ended December 31, 2018, which is included in the consolidated statements of operations and comprehensive income (loss). Upon retirement or sale of property and equipment, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts, and any resulting gain or loss is included in income from operations.

There were no events, facts or circumstances for the years ended December 31, 2020, 2019 and 2018 that resulted in any impairment charges to the Company’s property, equipment, intangible or other long-lived assets.

Acquired in-process research and development

The fair value of in-process research and development (IPR&D) assets acquired in a business combination are capitalized and accounted for as indefinite-lived intangible assets and are not amortized until development is completed and the product is available for sale. Once the product is available for sale, the asset is transferred to developed technology and amortized over its estimated useful life. Impairment tests for IPR&D assets occur at least annually in December, or more frequently if events or changes in circumstances indicate that the asset might be impaired. If the fair value of the intangible assets is less than the carrying amount, an impairment loss is recognized for the difference. There were no events, facts or circumstances for the years ended December 31, 2020, 2019 and 2018 that resulted in any impairment charges to the Company’s IPR&D.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting, filing and other fees related to the initial public offering, are capitalized. The deferred offering costs will be offset against proceeds from the initial public offering upon the effectiveness of the initial public offering. In the event the initial public offering is terminated, all capitalized deferred offering costs would be expensed. Deferred offering costs capitalized totaled $2,187 as of December 31, 2020 and there were there were no deferred offering costs capitalized as of December 31, 2019.

Concentration of risk

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

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


	2020			2019			2018
Supplier A		26	%		20	%		12	%
Supplier B		17	%		19	%		17	%
Supplier C		10	%		15	%		20	%

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


	2020		2019
Supplier A	$	2,983	$	3,586
Supplier B	$	471	$	697
Supplier C	$	1,000	$	360

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


	2020			2019			2018
Product A		27	%		30	%		38	%
Product B		26	%		20	%		12	%
Product C		17	%		19	%		17	%
Product D		10	%		15	%		20	%

Restructuring costs

The Company has restructured portions of its operations and future restructuring activities are possible. Identifying and calculating the cost to exit these operations requires certain assumptions to be made, the most significant of which are anticipated future liabilities. Although estimates have been reasonably accurate in the past, significant judgment is required, and these estimates and assumptions may change as additional information becomes available and facts or circumstances change. Restructuring costs are recorded at estimated fair value. Key assumptions in determining the restructuring costs include negotiated terms and payments to terminate contractual obligations.

Profits interest compensation

The Company measures profits interest compensation cost at the grant date based on the fair value of the award and recognizes this cost as compensation expense over the required or estimated service period for awards expected to vest. Certain awards are liability-classified, which require they be remeasured at each reporting date. Compensation expense is included in Selling, general and administrative expense and Research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employees who were granted the awards.

Advertising costs

Advertising costs include costs incurred to promote the Company’s business and are expensed as incurred. Advertising costs were $2,769, $2,351 and $2,916 for the years ended December 31, 2020, 2019 and 2018, respectively.

Research and development expense

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

Collaborative agreements

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

Contingencies

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

Income taxes

The Company is treated as a partnership for U.S. tax purposes. Accordingly, the profits and losses are passed through to the members and included in their income tax returns. The Company has been required to make tax

distributions to its members in an amount equal to 40% of the members’ taxable income attributable to their ownership. The tax rate applied for purposes of this distribution may be changed only by approval of the Company’s Board of Managers.

Certain wholly owned subsidiaries of the Company are taxable entities for U.S. or foreign tax purposes and file tax returns in their local jurisdictions. Income tax expense includes U.S. federal, state and international income taxes. Certain items of income and expense are not reported in income tax returns and financial statements in the same year. The income tax effects of these differences are reported as deferred income taxes. Valuation allowances are provided to reduce the related deferred tax assets to an amount which will, more likely than not, be realized.

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

Net income (loss) per common unit

Basic income (loss) per common unit is determined by dividing the net income (loss) allocable to common unit holders by the weighted average number of common units outstanding during the periods presented. Diluted loss per common unit is computed by dividing the net income (loss) allocable to common unit holders on an “if converted” basis by the weighted average number of actual common units outstanding and, when dilutive, the unit equivalents that would arise from the assumed conversion of convertible instruments, if any.

Subsequent Events

The Company has considered the effects of subsequent events through March 26, 2021, the date the Company’s consolidated financial statements were issued.

Balance sheet information

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Balance sheet information

2. 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.

Balance sheet information

3. Balance sheet information

Accounts receivable, net

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


	2020			2019
Accounts receivable	$	92,273		$	89,274
Less: Allowance for credit losses		(3,990	)		(4,146	)

	$	88,283		$	85,128

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 for the years ended December 31:


	2020			2019
Beginning balance	$	(4,146	)	$	(4,497	)
Provision for credit losses		(1,215	)		(2,242	)
Write-offs		1,787			2,949
Recoveries		(416	)		(356	)

Ending balance	$	(3,990	)	$	(4,146	)

Inventory

Inventory consisted of the following as of December 31:


	2020			2019
Raw materials and supplies	$	3,665		$	3,349
Finished goods		26,323			24,509

Gross		29,988			27,858
Excess and obsolete reserves		(868	)		(532	)

	$	29,120		$	27,326

Changes in excess and obsolete reserves for inventory were as follows for the years ended December 31:


	2020			2019
Balance, beginning of period	$	(532	)	$	(570	)
Provision for losses		(904	)		(870	)
Write-offs		568			908

	$	(868	)	$	(532	)

Property and equipment, net

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


	2020			2019
Computer equipment and software	$	20,547		$	16,854
Leasehold improvements		3,126			2,918
Furniture and fixtures		1,474			1,451
Machinery and equipment		1,234			1,138
Assets not yet placed in service		819			370

		27,200			22,731
Less accumulated depreciation		(20,321	)		(18,242	)

	$	6,879		$	4,489

Depreciation expense was $2,106, $2,579 and $3,439 for the years ended December 31, 2020, 2019 and 2018, respectively.

Goodwill and intangible assets, net

There were no changes to goodwill during the years ended December 31, 2020 and 2019. Following is a summary of goodwill by reportable segment:


	U.S.		International		Consolidated
Balance at December 31, 2020 and 2019	$	41,040	$	8,760	$	49,800

Intangible assets consisted of the following as of December 31:


	2020			2019
Intellectual property	$	263,422		$	263,422
Distribution rights		60,700			59,700
Customer relationships		57,700			57,700
IPR&D		1,445			11,095
Developed technology and other		13,999			4,649

Total carrying amount		397,266			396,566

Less accumulated amortization:
Intellectual property		(117,281	)		(100,982	)
Distribution rights		(34,461	)		(28,716	)
Customer relationships		(51,247	)		(46,407	)
Developed technology and other		(3,786	)		(3,404	)

Total accumulated amortization		(206,775	)		(179,509	)

Intangible assets, net before currency translation		190,491			217,057
Currency translation		1,159			(547	)

	$	191,650		$	216,510

The Company filed a 510(k) in 2019 and began commercializing a next-generation surgical product in the third quarter of 2020. As a result, $9,650 of IPR&D was reclassified to developed technology and will be amortized over 10 years. On December 22, 2020, the Company entered into an amended and restated distribution agreement with the sole supplier of the Company’s five injection OA product. This agreement provided non-exclusive U.S. market

distribution rights until December 31, 2028. The amended and restated distribution agreement created a $1,000 distribution right that will be amortized over 8 years, which was capitalized as an intangible asset and included in

accrued

liabilities on the consolidated balance sheets as of December 31, 2020.

Amortization expense related to intangible assets was $27,565, $26,252 and $26,622 for the years ended December 31, 2020, 2019 and 2018 of which $7,455, $6,416 and $7,766 are included in ending inventory at December 31, 2020, 2019 and 2018, respectively. Estimated amortization expense for the years ended December 31, 2021 through 2025 is expected to be $28,262, $23,910, $22,297, $22,297 and $21,259, respectively.

Accrued liabilities

Accrued liabilities consisted of the following at December 31:


	2020		2019
Gross-to-net deductions	$	43,656	$	14,622
Bonus and commission		15,188		14,200
Reserve for estimated overpayments from third-party payers		2,790		6,801
Compensation and benefits		5,875		3,231
Income and other taxes		2,434		2,555
Other liabilities		18,244		11,418

	$	88,187	$	52,827

Business combinations and investments

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Business combinations and investments

3. 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.

Business combinations and investments

4. Business combinations and investments

VIE

On August 23, 2019, the Company purchased 285,714 shares of Harbor’s Series C Preferred Stock or 3.1% of fully diluted shares for $1,000. The Company and Harbor entered into an exclusive collaboration agreement for purposes of developing a product for orthopedic uses to be commercialized by the Company and supplied by Harbor. As a result of these transactions, the Company determined that it had a variable interest in Harbor.

The Company accounted for the Harbor investment as a business combination using the acquisition method of accounting whereby the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values. The results of Harbor operations have been included in the accompanying consolidated financial statements subsequent to acquisition date. The Company did not disclose post-acquisition or pro forma losses attributable to Harbor as they did not have a material effect on the Company’s consolidated statements of operations and comprehensive income (loss).

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date:


Cash and cash equivalents	$	1,430
Intellectual property (10-year useful life)		4,834
IPR&D		1,445
Other assets		70
Accounts payable and accrued liabilities		(932	)
Other current liabilities		(1,696	)
Other long-term liabilities		(697	)
Deferred income tax		(266	)

Estimated fair value of net assets acquired		4,188
Bioventus purchase price		1,000
Fair value of Harbor’s noncontrolling interest		3,188

	$	—

On March 27, 2020 two convertible promissory notes to Harbor shareholders totaling $500 were converted into 142,858 of Harbor Series C Preferred Stock and warrants for 428,572 shares of the Harbor common stock exercisable at a price of $1.167 per share with a 5-year exercise period expiring March 27, 2025. Promissory notes of $320 owed to a certain Harbor shareholder were converted into 92,500 of Harbor Series C Preferred Stock at $3.50 per share in November 2020. On October 5, 2020, the Company purchased an additional 285,714 shares of Harbor’s Series C Preferred Stock for $1,000. The Company continues to conclude that it is the primary beneficiary since it controls the significant activities of Harbor through the collaboration agreement. The noncontrolling interest related to Harbor was 91.2% as of December 31, 2020.

The fair value of the Harbor intellectual property and IPR&D was determined using the income approach through an excess earnings analysis, with projected earnings discounted at a rate of 16.5%. The $1,445 of IPR&D consists of research and development progress toward developing a product for orthopedic uses. The fair value of the noncontrolling interest was calculated as estimated fair value of net assets acquired less the Company’s purchase price.

Harbor assets that can only be used to settle Harbor obligations and Harbor liabilities for which creditors do not have recourse to the general credit of the Company are as follows for the years ended December 31:


	2020		2019
Cash and cash equivalents	$	803	$	1,127
Property and equipment, net		173		60
Intangible assets, net		5,635		6,122
Operating lease assets		178		231
Other assets		74		59

	$	6,863	$	7,599


Accounts payable and accrued liabilities	$	366	$	458
Other current liabilities		2,004		2,395
Deferred income tax		—		215
Other long-term liabilities		659		872

	$	3,029	$	3,940

Nearly all the liabilities assumed are payable to Harbor shareholders. As of December 31, 2019, other current liabilities primarily consisted of $1,845 in promissory notes to various Harbor shareholders and were scheduled

to mature on August 31, 2020. These promissory notes were refinanced with additional borrowings in August 2020 and total $1,811 as of December 31, 2020. The Harbor promissory notes carry an 8% interest rate and are due on August 31, 2021 with payments due monthly.

Equity Method

Investments in which the Company can exercise significance influence, but do not control, are recorded under the equity method of accounting and are included in investments and other assets on the consolidated balance sheets. The Company’s share of net earnings or losses is included in other (income) loss within the consolidated statements of operations and comprehensive income (loss) on a quarter lag. The Company evaluates investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. Impairment losses are recorded within earnings within the current period.

On January 30, 2018, the Company purchased 337,397 shares of CartiHeal, a privately held entity, Series F Convertible Preferred Stock or 2.8% of fully diluted shares for $2,500 in cash. The investment does not have a readily determinable fair value. On January 22, 2020, the Company made an additional investment in CartiHeal, through a Simple Agreement for Future Equity (SAFE) by paying cash of $152. On July 15, 2020, CartiHeal completed an equity financing that the Company participated in and as a result, the Company received 12,825 in Series G-1 Preferred Shares and the SAFE terminated.

In addition, on July 15, 2020, the Company entered into an Option and Equity Purchase Agreement with CartiHeal. Under the terms of the agreement, the Company purchased 1,014,267 shares of CartiHeal Series G Preferred Shares for $15,000. As a result, the Company’s equity ownership in CartiHeal increased to 10.03% of its fully diluted shares. The CartiHeal investment, included capitalized transaction costs of $1,427 and the $152 investment in January 2020, totaling $16,579 was recorded as an equity method investment beginning in July 2020, as the Company can exercise significant influence over CartiHeal but does not have control. It is included within investments and other assets on the consolidated balance sheet. The CartiHeal investment carrying value is $18,689 as of December 31, 2020, after recording net losses of $467 incurred during 2020.

The Company will, if needed, purchase an additional 338,089 of CartiHeal Series G Preferred Shares for $5,000, for the completion of a certain study. 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.

Financial instruments

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Short-term Debt [Line Items]

Financial instruments

4. 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%.

Short-term Debt [Line Items]

Financial instruments

5. Financial instruments

2019 Credit Agreement

On December 6, 2019, the Company entered into a $250,000 credit and guaranty agreement (2019 Credit Agreement) with Wells Fargo Bank National Association (Wells), as well as a syndicate of other banks, or Lenders. The 2019 Credit Agreement is comprised of a $200,000 term loan (Term Loan), with an original issue discount (OID) of $666, and a $50,000 revolving facility (Revolver). All obligations under the 2019 Credit Agreement are guaranteed by the Company and certain of the Company’s wholly owned subsidiaries. Substantially all the assets of the Company collateralize the obligations under the 2019 Credit Agreement. The Term Loan and Revolver mature on December 6, 2024 (Maturity).

Term Loan

As of December 31, 2020, $188,378 was outstanding on the Term Loan, net of original issue discount of $524 and deferred financing costs of $1,098. As of December 31, 2020, the Term Loan interest rate including a margin of 2.25% was 2.40%. Scheduled quarterly principal payments are as follows with the final payment of $125,000 at Maturity:


	Quarterly payment
2021 and 2022	$	3,750
2023 and 2024	$	5,000

The Company may voluntarily prepay the Term Loan without premium or penalty upon prior notice. The Company may be required to make additional principal payments on the Term Loan dependent upon the generation of certain cash flow events as defined in the 2019 Credit Agreement. These additional prepayments will be applied to the scheduled installments of principal in direct order of maturity of the Base Rate (BR) portions of the Term Loan first and then the Eurodollar portions of the Term Loan.

The estimated fair value of the Term Loan as of December 31, 2020 was $189,534. The fair value of these obligations was determined 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.

Revolver

The Revolver is a five-year revolving credit facility of $50,000 which includes revolving and swingline loans as well as letters of credit (LOC) and, inclusive of all, cannot exceed $50,000 at any one time. LOCs are available in an amount not to exceed $7,500. Revolving loans are due at the earlier of termination or Maturity. Swingline loans are available as BR interest rate option loans only and must be outstanding for at least five days. Swingline loans are due the fifteenth or last day of a calendar month or Maturity whichever is earlier. The Company had increased its cash position by borrowing $49,000 on its Revolver as a precautionary measure to preserve financial flexibility in view of the current uncertainty resulting from the COVID-19 pandemic during the first quarter of 2020. The $49,000 was repaid during the third quarter of 2020. As of December 31, 2020, there was one nominal LOC outstanding leaving approximately $49,912 available.

Interest

The Term Loan and Revolver permits the Company to elect either Eurodollar or BR interest rate options for the entire amount or certain portions of the loans and have interest rates equal to a formula driven base interest rate plus a margin, tied to a leverage ratio. The leverage ratio is the ratio of debt to consolidated EBITDA as defined in the 2019 Credit Agreement, or Bank EBITDA, for four consecutive quarters at the end of each period.

BR portions of the Term Loan have interest due the last day of each calendar quarter-end. Eurodollar portions of the Term Loan have one, two, three or six-month interest reset periods and interest is due on the last day of each three-month period or the last day of the loan term if less than three months. In advance of the last day of the current Eurodollar Loan, the Company may select a new loan type so long as it does not extend beyond Maturity. The outstanding Term Loan has been a Eurodollar Loan since inception and is an auto-renewing one-month loan for setting an interest rate. In addition, the Term Loan has an interest due date concurrent with any scheduled principal repayment or prepayment.

Interest is calculated based on a 360-day year except for BR loans where the base interest is the Wells Prime Rate, in which case it is calculated based on a calendar-day year. The base interest rate for all BR loans is equal to the highest of (a) the Wells Prime Rate, (b) the greater of the Federal Funds Effective Rate or Overnight Bank

Funding Rate plus 1/2% and (c) the Eurodollar Rate for a USD deposit with a maturity of one month plus 1.0%. The base interest rate for all Eurodollar Loans is equal to the rate determined for such day in accordance with the following formula with the Term Loan having a floor of 0%:

LIBOR

1—Eurocurrency Reserve Requirements

Pricing grids are used to determine the loan margins based on the type of loan and the leverage ratio. The initial Eurodollar and BR loans had a margin of 2.25% and 1.25%, respectively. Loan margin is adjusted after the quarterly financial statements are delivered to the lenders in accordance with the pricing grid below:


Leverage ratio	Eurodollar			BR
> 2.50 to 1.00		2.50	%		1.50	%
>1.50 to 1.00 and < 2.50 to 1.00		2.25	%		1.25	%
> 1.25 to 1.00 and <1.50 to 1.00		1.75	%		0.75	%
> 0.75 to 1.00 and <1.25 to 1.00		1.50	%		0.50	%
< 0.75 to 1.00		1.25	%		0.25	%

The Revolver includes a commitment fee at 0.25% of the average daily amount of the available revolving commitment, assuming any swingline loans outstanding are $0. There were no swingline loans outstanding as of December 31, 2020. The fee is payable quarterly in arrears on the last day of the calendar quarters and at Maturity. The commitment fee rate is adjusted after the quarterly financial statements are delivered to lenders based on the pricing grid below:


Leverage ratio	Commitment fee rate
> 2.50 to 1.00		0.30	%
>1.50 to 1.00 and < 2.50 to 1.00		0.25	%
> 1.25 to 1.00 and <1.50 to 1.00		0.20	%
> 0.75 to 1.00 and <1.25 to 1.00		0.15	%
< 0.75 to 1.00		0.10	%

Fees are charged on all outstanding LOCs at an annual rate equal to the margin in effect on Eurodollar revolving loans. A fronting fee of 0.125% per year on the undrawn and unexpired amount of each LOC is payable as well. The fees are payable quarterly in arrears on the last day of the calendar quarters.

As of December 31, 2020, the Company’s effective weighted average interest rate on all outstanding debt, including the commitment fee and interest rate swap, was 2.72%.

Other

The 2019 Credit Agreement contains customary affirmative and negative covenants, including those related to financial reporting and notification, restrictions on the declaration or payment of certain distributions on or in respect of the Company’s equity interests, restrictions on acquisitions, investments and certain other payments, limitations on the incurrence of new indebtedness, limitations on transfers, sales and other dispositions of Company assets, as well as limitations on making changes to the Company’s business and organizational documents. Financial covenant requirements include a maximum debt leverage ratio as well as an interest coverage ratio not less than 3.00 to 1.00 as defined in the 2019 Credit Agreement. As of December 31, 2020, the Company complied with the financial covenants in the 2019 Credit Agreement.

Each Lender may provide an additional Term or Revolving Loan by executing and delivering notice specifying the terms, if doing so would not cause certain undesired events to occur as defined in the 2019 Credit Agreement

or extend repayment beyond Maturity. The aggregate amount of all additional borrowings may not exceed the greater of $100,000 and the trailing four quarters Bank EBITDA without the consent of the Lenders holding more than 50% of the total outstanding debt under the 2019 Credit Agreement.

Financing costs

During December 2019, the Company paid financing costs totaling $2,117 in order to refinance our prior term loan facility, that was repaid in full (Prior Credit Agreement). The Company recorded $269 directly to selling, general and administrative expense and the remaining $1,848 was capitalized to the consolidated balance sheet. One lender participating in the Prior Credit Agreement became a lender in the 2019 Credit Agreement and, as a result, $2,985 related to the Prior Credit Agreement was written off and recorded as interest expense. The $269 recorded in selling, general and administrative expense and the $2,985 recorded in interest expense total the $3,252 of loss on debt retirement and modification.

Total capitalized deferred fees for the Term Loan of $1,398 and Revolver of $653 are being amortized to interest expense on a straight-line basis over each of the respective lives, which approximates the effective interest method. The Company recorded $543, $711 and $745 in interest expense associated with these deferred costs for the years ended December 31, 2020, 2019 and 2018, respectively.

Contractual maturities of long-term debt as of December 31, 2020, were as follows:


2021	$	15,000
2022		15,000
2023		20,000
2024		140,000
2025 and thereafter		—
Deferred financing costs		(1,098	)
Original issue discount		(524	)
Total long-term debt		188,378
Less current portion		(15,000	)

Total	$	173,378

The Company enters into interest rate swap agreements to limit its exposure to changes in the variable interest rate on its long-term debt. On March 26, 2020, the Company entered an interest rate swap agreement with one of its Lenders, which expires in December 2024. The interest rate swap was not designated as a hedge. The Company has no other active derivatives and the swap is carried at fair value on the balance sheet. Refer to

Note 7. Fair value measurements

for further details regarding the Company’s interest rate swap. There were no outstanding derivatives as of December 31, 2019. Interest expense of $1,599 was recorded within the consolidated statements of operations and comprehensive income (loss) related to the change in fair value of the swap for the year ended December 31, 2020.

The notional value of the swap totaled $100,000 or 52.6%, of the Term Loan outstanding principal at December 31, 2020. The swap locked in the variable portion of the interest rate on the $100,000 notional at 0.64%, with a stated fixed rate of 2.25%. The effective interest rate of the swap was 2.89% as of December 31, 2020.

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.

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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurements

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Fair value measurements

5. 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	$	—

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurements

7. Fair value measurements

As of December 31, 2020, there were no assets measured at fair value and there were no liabilities measured 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.


	December 31, 2020						December 31, 2019
	Total		Level 2		Level 3		Level 3
Interest rate swap	$	1,602	$	1,602	$	—	$	—
Management incentive plan and liability-classified awards		40,303		—		40,303		40,802
Equity Participation Rights		6,101		—		6,101		5,457

Total liabilities	$	48,006	$	1,602	$	46,404	$	46,259

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 within the consolidated statements of operations and comprehensive income (loss).

Management incentive plan and liability-classified awards

Prior to the IPO, the Company had operated two-equity-based compensation plans, the Management Incentive Plan (MIP) and the Phantom Profits Interest Plan (Phantom Plan). The estimated fair value reflects assumptions made by management as of December 31, 2020, including the impact of COVID-19 on significant unobservable assumptions, such as the expected timing and volume of elective procedures and the impact of these procedures on future revenues which impact the equity value. However, the actual amount ultimately paid could be higher or lower than the fair value. The Company has classified $11,054 as accrued equity-based compensation and $29,249 as accrued equity-based compensation, less current portion as of December 31, 2020. Any changes in fair value are recorded as an operating expense and included within selling, general administrative expense and research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employee.

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, 2018	$	33,063
Initial estimate (vesting)		5,464
Forfeitures		(1,013	)
Change in fair value		6,290
Payment		(3,002	)

Balance at December 31, 2019		40,802
Initial estimate (vesting)		4,734
Forfeitures		(1,298	)
Change in fair value		6,641
Payment		(10,576	)

Balance at December 31, 2020	$	40,303

In June 2020, the sole MIP awardee exercised the right to force a cash settlement for 150,252 of the 333,330 vested units resulting in a payment of $6,329. The remaining 183,078 units were settled for $10,802 in February 2021.

EPR Unit

Prior to the IPO, after which the EPR ceased to exist and all entitlements ended, the Continuing LLC owners owned the only EPR Unit and its only entitlement was 0.55% of available distributions arising from a Distribution Event. The estimated fair value reflects assumptions made by management as of December 31, 2020, including potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. The fair value of the EPR Unit was recorded in the Company’s consolidated balance sheets as other long-term liabilities. The revaluation for the EPR liability is recognized in interest expense on the consolidated statements of operations and comprehensive income (loss).

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, 2018	$	4,892
Change in fair value		565

Balance at December 31, 2019		5,457
Change in fair value		644

Balance at December 31, 2020	$	6,101

The Company estimated the fair value of the Plans and EPR Unit using a Monte Carlo simulation. This fair value measurement is based on significant inputs that are unobservable in the market, and thus represents a Level 3 measurement. The key assumptions used in applying the valuation model include the Company’s equity value, the expected timing until a liquidity event, applicable discount rates applied, and equity volatility. In addition, for the EPR Unit, the estimated accrued preferred distribution at the liquidity event date totaling $43,854 as of December 31, 2020 as it is senior in order of payment. Significant changes in these assumptions could result in a significantly higher or lower fair value.

The following table provides a range of key assumptions used within the valuation of the awards as of December 31, 2020:


Valuation technique	Unobservable inputs	Range	Weighted Average
Option pricing approach	Time to liquidity event	0.4	0.4
	Risk free rate	0.10%	0.10%
	Equality volatility	35.13% - 101.25%	50.0%
	Equity value	$1,065,000 - $1,240,000	$1,145,000
	Lack of marketability discount	7.0%	7.0%

Equity-based compensation

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

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

6. 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.

Equity-based compensation

9. Equity-based compensation

Equity-based compensation plans

The Company operated two equity-based compensation plans, the MIP and the Phantom Plan (the Plans) prior to the IPO. The awards granted under both plans represented a non-managing, non-voting interest in the Company designed for grantees to share in the future appreciation of the value of the Company. Awards granted under the MIP Plan and the 2015 Phantom Units are liability-classified and the 2012 Phantom Units are equity-classified. On February 11, 2021, in conjunction with the IPO, the Plans were terminated and there were no further awards, under the Plans. As a result, the New LLC Owner assumed the obligations of the Company’s Phantom Plan awards on February 10, 2021.

The awards granted under the MIP fully vested at December 2, 2017. There were no MIP awards granted for the years ended December 31, 2020, 2019 and 2018. In June 2020, the sole MIP awardee exercised the right to force a cash settlement for 150,252 of the 333,330 vested units resulting in a payment of $6,329. As of December 31, 2020 and 2019, respectively, there were 183,078 and 333,330 vested awards outstanding both with a grant date fair value of $4.89.

Profits interest compensation of $10,103, $10,844 and $14,325 for all plans, was recognized for the years ended December 31, 2020, 2019 and 2018 respectively. The expense is included in selling, general and administrative expense and research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employee. As of December 31, 2020, there was approximately $9,741 of unrecognized compensation expense to be recognized over a weighted-average period of 1.3 years.

A summary of the award activity of the Phantom Plan for the year ended December 31, 2020 is as follows (number of awards in thousands):


	2012 Phantom Units				2015 Phantom Units
(awards in thousands)	Number of awards		Weighted average grant-date fair value		Number of awards			Weighted average grant-date fair value
Outstanding at December 31, 2019		658	$	5.72		1,139		$	10.24
Granted		—	$	—		553		$	10.29
Converted to cash		—	$	—		(146	)	$	6.45
Forfeited		—	$	—		(124	)	$	12.98

Outstanding at December 31, 2020		658	$	5.72		1,422		$	10.41

Awards vested at December 31, 2020		658	$	5.72		495		$	8.15

There were no 2012 Phantom Unit awards granted in 2019. The weighted average grant date fair value per Other Phantom Unit awards granted in the year ended December 31, 2019 was $15.31.


	2012 Phantom Units				2015 Phantom Units
(awards in thousands)	Number of awards		Weighted average grant-date fair value		Number of awards		Weighted average grant-date fair value
Nonvested at December 31, 2019		2	$	10.01		667	$	12.71
Vested during 2020		2	$	10.01		147	$	10.81
Nonvested at December 31, 2020		—	$	—		927	$	11.62

The total fair value of 2012 Phantom Unit awards vested in the year ended December 31, 2020 was nominal. The total fair value of Other Phantom Unit awards vested in the year ended December 31, 2020 was $4,703.

Defined contribution plans

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

In the U.S., the Company provides a 401(k) defined contribution plan (U.S. Plan) that covers substantially all U.S. employees that meet minimum age requirements. The Company matches 50% of the employees’ contribution up to 6% of the employees’ wages. The Company also contributes 4.5% of the employees’ wages to the U.S. Plan. The 4.5% Company contribution was suspended in May 2020 due to the COVID-19 crisis and reinstated in late December 2020.

For the years ended December 31, 2020, 2019 and 2018, Company contributions totaled $3,379, $5,401 and $5,462 respectively, for all global plans. The expense is included in cost of sales, selling, general and administrative expense and research and development expense on the consolidated statement of operations and comprehensive income (loss) based upon the classification of the employee.

Earnings per share

6 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

Earnings per share

7. 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

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Income taxes

8. 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.

Income taxes

10. Income taxes

The components of net income from continuing operations before taxes for the years ended December 31 are as follows:


	2020		2019		2018
Taxable subsidiaries:
Domestic	$	306	$	2,679	$	2,925
Foreign		387		2,967		(1,393	)

		693		5,646		1,532
Other domestic subsidiaries		15,221		4,043		4,575

Income from continuing operations before income taxes	$	15,914	$	9,689	$	6,107


	2020			2019			2018
Federal income taxes:
Current	$	782		$	932		$	891
Deferred		(508	)		(345	)		(294	)
Foreign income taxes:
Current		707			815			472
Deferred		—			—			180
State income taxes:
Current		214			177			380
Deferred		(3	)		(3	)		(1	)
Change in tax rates - deferred		—			—			36

Income tax expense	$	1,192		$	1,576		$	1,664

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


	2020			2019			2018
U.S. statutory federal corporate income tax rate		21.0	%		21.0	%		21.0	%
LLC flow-through structure		(20.1	)		(8.8	)		(15.7	)
State and local income taxes, net of federal benefit		1.5			2.4			7.3
Foreign rate differential		1.2			1.7			11.5
Provision to return adjustment		3.9			—			3.1

Effective income tax rate		7.5	%		16.3	%		27.2	%

The Company’s effective tax rate differs from statutory rates primarily due to Bioventus LLC’s pass-through structure for U.S. income tax purposes while being treated as taxable in certain states and various foreign jurisdictions as well as for certain subsidiaries. In addition, certain states assess income taxes on pass-through structures.

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


	2020			2019
Deferred tax assets:
Net operating losses	$	3,874		$	3,530
Tax credit carryforwards and other		696			390
Gross deferred tax assets		4,570			3,920
Valuation allowance		(2,993	)		(2,423	)

Total deferred tax assets		1,577			1,497

Deferred tax liability:
Acquired intangible		4,939			5,371

Net deferred tax liability	$	3,362		$	3,874

The Company assesses the need for a valuation allowance against our deferred tax assets. A valuation allowance of $2,822, has been applied to all of Harbor’s deferred tax assets. The Company also has a valuation allowance of $171 representing the entire balance of deferred tax assets relating to our international operations. These valuation allowances were recorded as the Company believes it is more-likely-than-not that it will receive future benefit. At December 31, 2020, the Company had federal and state net operating loss carryforwards related to Harbor of $25,537 expiring at various dates from 2021 through 2037 and approximately $2,141 with no expiration date.

The Company

evaluates its tax positions in accordance with the recognition and measurement provisions of ASC 740-10 (“FIN 48”) and in accordance with that guidance, has determined that a reserve for any significant uncertain tax positions is not needed as of December 31, 2020 and

2019

Under current tax law, the utilization of tax attributes will be restricted if an ownership change, as defined, were to occur. Section 382 of the U.S. Internal Revenue Code of 1986, as amended, or the Internal Revenue Code, provides, in general, that if an “ownership change” occurs with respect to a corporation with net operating and other loss carryforwards, such carryforwards will be available to offset taxable income in each taxable year after the ownership change only up to the “Section 382 Limitation” for each year. The Company’s ability to use its loss carryforwards will be limited in the event of an ownership change.

During the year ended December 31, 2018, Dutch income taxes were imposed on a negotiated percentage of sales. The Company has an agreement with the Dutch taxing authorities where the Company’s Netherlands subsidiary will incur but not have to pay income taxes in years when the subsidiary is operating at a loss.

Minimal tax related interest and penalties were incurred for the years ended December 31, 2020 and 2019. The Company is subject to audit by various taxing jurisdictions for the years 2015 through 2020.

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.

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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Commitments and contingencies

9. 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

•

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 fo

llow


	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.

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.

12. 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 finance leases. The remaining lease terms range from 3 months to 8 years.

The components of lease cost were as follows:


	2020		2019
Operating lease cost	$	2,610	$	2,529
Short-term lease cost*		388		358

Total lease cost	$	2,998	$	2,887

*Includes

variable lease cost and sublease income, which are immaterial.

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


	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities:	$	2,567	$	2,343
Right-of-use assets obtained in exchange for operating lease obligations:	$	1,497	$	5,016

Current and noncurrent operating and finance lease liabilities are included in other current liabilities and other long-term liabilities, respectively, on the consolidated balance sheet. Other balance sheet information related to leases are as follows:


	2020			2019
Operating lease assets	$	14,961		$	15,267

Operating lease liabilities—current	$	1,960		$	1,814
Operating lease liabilities—noncurrent		14,108			14,513

Total operating lease liabilities	$	16,068		$	16,327

Weighted average remaining operating lease term in years		7.2			8.0
Weighted average discount rate for operating leases		5.0	%		5.0	%

Maturities of lease liabilities as of December 31, 2020 were as follows:


	Operating leases
2021	$	2,714
2022		2,645
2023		2,460
2024		2,476
2025		2,569
Thereafter		6,281

Total future lease payments		19,145
Less imputed interest		(3,077	)

Present value of future lease payments	$	16,068

OIG’s Provider Self-Disclosure

The Company identified non-compliance with certain U.S. federal statutes and requirements governing the Medicare program in 2018 related to improper completion of Certificate for Medical Necessity (CMN) forms and in November 2018 made a voluntary self-disclosure to the Office of Inspector General of the U.S. Department of Health and Human Services (OIG) pursuant to the OIG’s Provider Self-Disclosure Protocol related to this matter. After settlement discussions with the Office of the United States Attorney in the Middle District of North Carolina (USAO) and OIG, on January 15, 2021, the Company reached a settlement agreement with the USAO and the OIG with respect to the submission of Medicare claims that did not meet CMS coverage requirements and for which the Company’s sales representatives completed Section B of the CMN form. On February 22, 2021, the Company finalized all terms related to the settlement and entered into a formal settlement agreement with the USAO and OIG consistent with the previous agreement in principle and which included releases from associated False Claims Act liability and further Civil Monetary Penalties that are customary in self-disclosures of this type and resolved the potential liability related to the Company’s self-disclosure for $3,600, of which $2,400 had previously been paid. The remaining $1,200 net settlement amount due under the agreement was recorded in accrued liabilities within the consolidated balance sheets as of December 31, 2020 and paid on February 23, 2021. Refer to

Note 17. Subsequent events

for further details regarding the resolution.

Reserve for estimated overpayments from all third-party payers

The Company maintains a reserve for reimbursement claims related to its Minimally Invasive Fracture Treatment product that may have been processed for payment by the Company without adequate medical records support. The Company held a reserve of $2,790 and $6,801 at December 31, 2020 and 2019, respectively for these

amounts. The Company refunded Medicare $1,519 and $7,458 during the years ended December 31, 2020 and 2019, respectively, related to known and estimated overpayments for medical necessity included in this reserve for periods through December 31, 2019. Certain of these overpayments were identified as potential overpayments in the Company’s OIG self-disclosure in November 2018. The Company’s reserve was estimated using extrapolation of an error rate from a statistical sample, which represents the Company’s best estimate as of the date of the financial statements, but because of the uncertainty inherent in such estimates, the ultimate resolution may be materially different.

Product recall

In December 2020, we voluntarily recalled our ultrasound gel, an accessory to the Minimally Invasive Fracture Treatment product. We have incurred, and expect to incur in the future, costs associated with this recall. Based on the information that has been received, we have estimated the probable loss related to this recall globally to be approximately $1,684. We have recorded reserves representing the probable loss within accrued liabilities on the consolidated balance sheet. The final outcome of this recall is dependent on many factors that are difficult to predict.

Other matters

On August 23, 2019, the Company and Harbor entered into an exclusive collaboration agreement for purposes of developing a product for orthopedic uses to be commercialized by the Company and supplied by Harbor. As part of the agreement a third-party license was assigned to us and the Company is subject to a 3% royalty on certain commercial sales, or a nominal minimum amount per quarter, beginning in 2023. The Company is obligated to pay up to $6,000 upon achieving certain milestones. Unless earlier terminated, the agreement will remain in effect until the earlier of 8 years or until the payment of certain milestones are met.

On May 29, 2019, the Company and 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 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 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 $10,021, $7,622 and $3,082 for the years ended December 31, 2020, 2019 and 2018 respectively, and are included in cost of sales on the consolidated statement of operations and comprehensive income (loss).

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 ten years, the agreement will automatically renew for an additional five years unless terminated by the Company or the seller in accordance with the agreement.

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 license 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 income (loss).

From time to time, the Company causes LOCs to be issued to provide credit support for guarantees, contractual commitments and insurance policies. The fair values of the LOCs reflect the amount of the underlying obligation and are subject to fees payable to the issuers, competitively determined in the marketplace. As of December 31, 2020 and 2019, the Company had one LOC outstanding for a nominal amount.

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 and its affiliates operate. As a result, interaction with governmental agencies is ongoing. The Company’s standard practice is to cooperate with regulators and investigators in responding to inquiries. The outcomes of legal actions are not within the Company’s complete control and may not be known for extended periods of time. Other than the matters discussed above, management of the Company, after consultation with legal counsel, does not believe there are any unrecorded matters that will have a material adverse effect upon the Company’s financial statements.

Net income (loss) per unit

12 Months Ended

Dec. 31, 2020

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net income (loss) per unit

13. Net income (loss) per unit

The following table presents the computation of basic and diluted net income (loss) per unit for the years ended December 31 as follows:


	2020			2019			2018
Net income from continuing operations	$	14,722		$	8,113		$	4,443
Loss attributable to noncontrolling interest		1,689			553			—

	$	16,411		$	8,666		$	4,443

Net income from continuing operations attributable to unit holders	$	16,411		$	8,666		$	4,443
Accumulated and unpaid preferred distributions		(6,133	)		(5,955	)		(5,781	)
Net income allocated to participating shareholders		(5,895	)		(1,555	)		—

Net income (loss) from continuing operations attributable to common unit holders		4,383			1,156			(1,338	)
Loss from discontinued operations, net of tax		—			1,815			16,650

Net income (loss) attributable to common unit holders	$	4,383		$	(659	)	$	(17,988	)

Net income (loss) per unit attributable to common unit holders - basic and diluted
Net income (loss) from continuing operations	$	0.89		$	0.24		$	(0.27	)
Loss from discontinued operations, net of tax		—			0.37			3.40

Net income (loss) attributable to common unit holders	$	0.89		$	(0.13	)	$	(3.67	)

Weighted average common units outstanding, basic and diluted		4,900,000			4,900,000			4,900,000

The computation of diluted earnings per unit for the years ended December 31, 2020, 2019 and 2018 excludes the effect of the 6,590 potential common units that would be issued upon the conversion of preferred units. The effect of these units would be antidilutive due to the impact of the accumulated and unpaid preferred distributions as well as the Company being in a net loss position for the years ended December 31, 2019 and 2018.

Restructuring costs

12 Months Ended

Dec. 31, 2020

Restructuring Cost and Reserve [Line Items]

Restructuring costs

8. Restructuring costs

Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. These charges are included in restructuring expenses in the consolidated statement of operations and comprehensive income (loss).

In the fourth quarter of 2020 and 2018, the Company adopted restructuring plans to improve the performance of International operations, principally through headcount reduction and closing offices in certain countries as the Company shifts to an indirect distribution model in these countries. The plans were completed in 2020 and 2019, respectively, and the Company recorded total pre-tax charges of $563, $575 and $1,373 primarily related to severance for the years ended December 31, 2020, 2019 and 2018, respectively. The Company’s costs totaled $563 for the 2020 plan and $1,948 for the 2018 plan.

The Company’s restructuring charges and payments for all plans are comprised of the following:


	Employee severance and temporary labor costs			Other charges			Total
Balance at December 31, 2018	$	997		$	206		$	1,203
Expenses incurred		491			84			575
Payments made		(1,488	)		(290	)		(1,778	)
Balance at December 31, 2019		—			—			—
Expenses incurred		408			155			563
Payments made		(242	)		(74	)		(316	)

Balance at December 31, 2020	$	166		$	81		$	247

Members' equity

12 Months Ended

Dec. 31, 2020

Member Equity [Line Items]

Members' equity

6. Members’ equity

Members’ equity consisted of the following at December 31:


	2020		2019
Preferred	$	168,000	$	168,000
Common		113,373		113,373
Profits interest and other equity awards (Refer to Note 9. Equity-based compensation )		3,800		3,774

	$	285,173	$	285,147

The authorized number of common and preferred units were unlimited. On May 4, 2012, 4,900,000 common units and 5,100,000 preferred units (2012 Preferred Units) were issued. During November 2015, the Company obtained a $50,000 capital contribution from its existing members and 1,490,000 in preferred units were issued (2015 Preferred Units). The common and preferred members have stated rights and privileges, which include, but are not limited to: (1) voting and Company governance, (2) the transfer of membership interests and (3) dissolution and liquidation of the Company.

Each preferred unit carried a priority payout (Liquidation Preference), as defined in the Company’s limited liability company agreement in effect at December 31, 2020. The initial Liquidation Preference for the 2012 and 2015 Preferred Units were $23.14 and $33.57, respectively. The preferred units accrued a distribution right at a rate of 3% per annum and was added annually to the Liquidation Preference. On February 11, 2021, the common and preferred units, including the preferred distribution rights, were converted into Common LLC Interests as discussed in

Note 1. Organization and basis of presentation of financial information

and no further distribution rights accrued.

The Continuing LLC Owner owned the only Equity Participation Right Unit (EPR Unit). The EPR Unit was junior to the common units and its only entitlement was 0.55% of available distributions arising from the closing of a sale of units representing a percentage interest of more than 66.66%, or the sale of all or substantially all of the assets of the Company, provided such event constitutes a change of control (Distribution Event) as described in

Note 7. Fair value measurements.

In February 2021, the EPR Unit was redeemed in exchange for $3,327 in connection with the IPO at which time the EPR ceased to exist and all entitlements ended. Refer to

Note 17. Subsequent events

for further details regarding the impact of the IPO on members’ equity.

Related-party transactions	12 Months Ended
Related-party transactions	Dec. 31, 2020
Bio Ventus LLC [Member]
Related-party transactions	11. Related-party transactions The Company made cash tax distributions of $19,886, $9,137 and $7,846 to its members in an amount equal to approximately 40% of the members’ estimated taxable income for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020 and December 31, 2019, there were tax distributions payable to tax authorities on the members’ behalf totaling $541 and $473, respectively, and nominal tax distributions payable to the members.

Net Sales

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Net Sales

14. Net Sales

The Company attributes net sales to external customers to the U.S. and to all foreign countries based on the location from which the sale originated. The following table presents our net sales by segment disaggregated by geographic markets and major products (Vertical) for the years ended December 31 as follows:


	2020		2019		2018
Primary geographic markets:
U.S.	$	293,697	$	305,072	$	282,895
International		27,464		35,069		36,282

Total net sales	$	321,161	$	340,141	$	319,177


Vertical:
OA joint pain treatment and joint preservation	$	171,178	$	182,082	$	155,576
Minimally invasive fracture treatment		88,624		103,504		121,032
Bone graft substitutes		61,359		54,555		42,569

Total net sales	$	321,161	$	340,141	$	319,177

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued operations

16. Discontinued operations

In December 2018, the Company, under the direction and authority of the Company’s Board of Managers, committed to shut down the bone morphogenetic protein (BMP) research and development program, which had been reported as its own segment in previous years. Substantially all operations, including project close

documentation, contract termination, vacating the facility and ultimately the termination of the employees, ceased by March 2019 and as a result the BMP research and development program met the criteria for discontinued operations. The Company sold the remaining $172 held for sale asset and paid the remaining $400 accrued liability from the BMP research and development program during the year ended December 31, 2020.

The following table summarizes the statement of operations and comprehensive income (loss) from discontinued operations for the years ended December 31:


	2019			2018
Research and development expense	$	1,773		$	7,127
Loss on disposal		52			9,638
Income tax benefit		(10	)		(115	)

Loss from discontinued operations, net of tax	$	1,815		$	16,650

Stockholder's Equity	12 Months Ended
Stockholder's Equity	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure	3. Stockholder’s equity The Corporation had 10 outstanding shares at a nominal value as of December 31, 2020.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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Revenue from Contract with Customer [Abstract]

Revenue recognition

6 Months Ended

Jul. 03, 2021

Revenue recognition

10. 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

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.

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

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Segments

11. Segments

The 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

Segments

15. Segments

Segment information by asset is not disclosed as it is not reviewed by the CODM or used to allocate resources or to assess the operating results and financial performance. We believe EBITDA, adjusted for additional non-operational factors disclosed in the table below, or Adjusted EBITDA, is a key measure for internal reporting. Adjusted EBITDA should not be considered in isolation or as a substitute for consolidated net income (loss) attributable to the Company, the most closely analogous U.S. GAAP measure. Adjusted EBITDA is not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. The following table presents segment adjusted EBITDA reconciled to income from continuing operations before income taxes for the years ended December 31 as follows:


	2020			2019			2018
Segment adjusted EBITDA from continuing operations
U.S.	$	69,252		$	71,673		$	67,480
International		3,191			7,515			4,691
Depreciation and amortization		(28,643	)		(30,316	)		(29,238	)
Interest expense		(9,751	)		(21,579	)		(19,171	)
Equity compensation		(10,103	)		(10,844	)		(14,325	)
COVID-19 benefits, net		4,123			—			—
Succession and transition charges		(5,609	)		—			—
Restructuring costs		(563	)		(575	)		(1,373	)
Foreign currency impact		117			(8	)		(234	)
Equity loss in unconsolidated investments		(467	)		—			—
Other non-recurring costs		(5,633	)		(6,177	)		(1,723	)

Income from continuing operations before income taxes	$	15,914		$	9,689		$	6,107

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.

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Subsequent events

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Subsequent events

12. 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. As of the record date for the Bioventus special meeting, the Bioventus supporting stockholders are the beneficial owners of approximately

[●]%

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.

4. Subsequent event

Transactions

The Company and BV LLC completed the following Transactions regarding 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 and Class B common stock are entitled to one vote per share and, except as otherwise required, will vote together as a single class on all matters on which stockholders generally are entitled to vote. Holders of Class B common stock are not entitled to receive dividends and will not be entitled to receive any distributions upon the liquidation, dissolution or winding up of the Company. Shares of Class B common stock may only be issued to the extent necessary to maintain the one-to-one ratio between the number of LLC Interests held by the only member of BV LLC that remained a member (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 of LLC Interests at carrying value, as the Merger is considered to be a transaction between entities under common control. Following the Merger and IPO, the Company now holds 41,038,589 LLC Interests, representing a 72.2% ownership interest in BV LLC.

Tax Receivable Agreement

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 Bioventus 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.

Equity-Based Compensation

In February 2021, in connection with the IPO, the BV LLC Phantom Profits Interest Plan (Phantom Plan) terminated and the Company assumed the obligations of settling the vested awards. The awards will be settled 12 months following the Phantom Plan termination. Vested awardees whose BV LLC employment terminated prior to the IPO will have their awards settled in cash totaling $10,875. Vested awardees that were active BV LLC employees at the IPO will receive 798,422 shares of Class A common stock.

In February 2021, in connection with the IPO, the Company began operating two equity-based compensation plans. These are the Bioventus Inc. 2021 Incentive Award Plan (2021 Plan) and the Bioventus Inc. 2021 Employee Stock Purchase Plan (ESPP).

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 provides for the grant of stock options, including incentive stock options and nonqualified stock options, restricted stock, dividend equivalents, restricted stock units (RSUs), other stock-based awards, and cash awards.

In conjunction with the IPO, 7,592,476 shares of Class A common stock were authorized for issuance. The number of shares available for issuance will be increased by an annual increase on January 1 of each calendar year beginning in 2022 and ending in and including 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.

In conjunction with the IPO, 4,561,500 stock options were granted to certain employees with an exercise price of $13.00 per share and vest equally over two or four years as indicated in each option agreement. Additionally, the Company granted 360,670 RSUs to the directors and certain employees which vest equally over one or four years as indicated in each RSU agreement and entitles the recipient to the same number of shares of Class A common stock. 2,670,306 shares of Class A common stock remain available for issuance under the 2021 Plan.

ESPP

The ESPP allows for the Company to grant options to employees to purchase shares of the Company’s Class A common stock through payroll deductions of up to 15% of their eligible compensation as defined in the ESPP.

In conjunction with the IPO, 542,320 shares of Class A common stock were authorized for issuance. The number of shares available for issuance will be increased by an annual increase on January 1 of each calendar year beginning in 2022 and ending in and including 2031, equal to the lesser of (i) 1% 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. There have been no grants under the ESPP as of March 22, 2021.

Basis of Accounting, Policy

Subsequent events

17. Subsequent events

Investment

On January 4, 2021, the Company made a convertible debt investment of $1,500 in a medical device company.

Recapitalization

On February 16, 2021, the following Transactions occurred.

•

The Company amended and restated its limited liability company agreement (New LLC Agreement) to, among other things, (i) provide for the new single class of common membership interests in the Company as discussed in

Note 1. Organization and basis of presentation for financial information

; (ii) exchange all of the then existing membership interests of the common and preferred unit holders (Original LLC Owners) for Common LLC Interests and (ii) appoint the New LLC Owner as the sole managing member of the Company. The amendment resulted in the Company’s common and preferred units, including the preferred distribution rights, being converted into 47,625,326 Common LLC Interests.

•

The New LLC Owner amended and restated its certificate of incorporation to, among other things, (i) provide for Class A common stock and Class B common stock, each share of which entitles its holders to one vote per share on all matters presented to the New LLC Owner’s stockholders and (ii) issue 15,786,737 shares of Class B common stock to the Continuing LLC Owner, on a one-to-one basis with the number of LLC Interests it owns. While the Class B common stock holds voting rights it holds no economic interest in the New LLC Owner.

•

The New LLC Owner acquired, by merger, the Former LLC Owners and upon consummation of the merger, owned 31,838,589 Common LLC Interests.

•

The New LLC Owner closed an IPO of 9,200,000 shares of Class A common stock at a public offering price of $13.00 per share. The New LLC Owner received $111,228 in proceeds, net of underwriting discounts and commissions, which was used to make a capital contribution to the Company in exchange for 9,200,000 Common LLC Interests of the Company at a price per interest equal to the IPO price of $13.00.

Subsequent to the Transactions, the New LLC Owner owns 41,038,589 Common LLC Interests or 72.2% of the Company and the Continuing LLC Owner owns 15,786,737 or 27.8%. The New LLC Owner has a majority economic interest, the sole voting interest in, and controls the management of the Company. As a result, the New LLC Owner will consolidate the financial results of the Company and will report a non-controlling interest representing the interests owned by the Continuing LLC Owner.

The New LLC Agreement requires that the Company, at all times, maintain (i) a one-to-one ratio between the number of shares of Class A common stock issued by the New LLC Owner and the number of Common LLC Interests owned by the New LLC Owner and (ii) 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.

On February 22, 2021, the Company finalized all terms related to a settlement agreement with the USAO and the OIG with respect to the submission of Medicare claims that did not meet CMS coverage requirements and for which our sales representatives completed Section B of the CMN forms. The Company entered into a formal settlement agreement with the USAO and OIG which included releases from associated False Claims Act liability and further Civil Monetary Penalties that are customary in self-disclosures of this type and resolved the potential liability related to the Company’s self-disclosure in this matter for $3,600, of which $2,400 has already been paid through the Company’s 2019 return of overpayments described previously. The remaining $1,200 net settlement amount due under the agreement was recorded in accrued liabilities within the consolidated balance sheets as of December 31, 2020 and was paid on February 23, 2021.

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.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Basis of accounting

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.

Recent accounting pronouncements

Accounting Pronouncements Recently Adopted

In August 2018, the FASB issued Accounting

Standards

New Accounting Pronouncements Not Yet Adopted

Variable Interest Entity

evaluates

whether

made.

Noncontrolling Interest

Deconsolidation and discontinued operations

Effect of foreign currency

Other comprehensive income (loss)

Cash and cash equivalents

Cash equivalents consist of highly liquid investments with an original maturity of

three

Derivatives

Note 5. Financial instruments

for further details regarding the Company’s derivatives.

Fair value

The Company records certain assets and liabilities at fair value. Refer to

Note 7. Fair value measurements

The three levels of inputs used to measure fair value are as follows:

•

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

•

Revenue recognition

Sale of Products

OA Joint Pain Treatment and Joint Preservation

Distributor chargebacks

Discounts and gross-to-net deductions

Bone Graft Substitute

Minimally Invasive Fracture Treatment

Note 12. Commitments and contingencies

for further information.

Product returns

Accounts receivable, net

Contract assets

Contract liabilities

Shipping and handling

Company has elected to recognize shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment costs and these are included in

cost

of sales.

Contract costs

Inventory

Business combinations

considerat

ion are recognized in earnings in the period of change.

Property and equipment

Long-lived assets

Property and equipment


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

Goodwill and intangible assets

Fini

te-lived intangible assets were initially recorded at fair value upon acquisition and are amortized using the straight-line method over their estimated useful lives in years are as follows:


	Weighted Average Useful Life
Intellectual property		17.3
Distribution rights		12.7
Customer relationships		10.0
Developed technology		8.3

Software development costs

Acquired in-process research and development

Deferred Offering Costs

Concentration of risk

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


	2020			2019			2018
Supplier A		26	%		20	%		12	%
Supplier B		17	%		19	%		17	%
Supplier C		10	%		15	%		20	%

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


	2020		2019
Supplier A	$	2,983	$	3,586
Supplier B	$	471	$	697
Supplier C	$	1,000	$	360

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


	2020			2019			2018
Product A		27	%		30	%		38	%
Product B		26	%		20	%		12	%
Product C		17	%		19	%		17	%
Product D		10	%		15	%		20	%

Restructuring costs

Profits interest compensation

Advertising costs

Research and development expense

Collaborative agreements

Contingencies

Income taxes

Net income (loss) per common unit

Subsequent Events

The Company has considered the effects of subsequent events through March 26, 2021, the date the Company’s consolidated financial statements were issued.

Summary of Significant Accounting Policies (Tables) - Bio Ventus LLC

12 Months Ended

Dec. 31, 2020

Summary of useful lives in assets

The useful lives in years are as follows:


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

Summary of Finite-lived intangible assets

Fini

te-lived intangible assets were initially recorded at fair value upon acquisition and are amortized using the straight-line method over their estimated useful lives in years are as follows:


	Weighted Average Useful Life
Intellectual property		17.3
Distribution rights		12.7
Customer relationships		10.0
Developed technology		8.3

Summary of significant percentage of total sales

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


	2020			2019			2018
Supplier A		26	%		20	%		12	%
Supplier B		17	%		19	%		17	%
Supplier C		10	%		15	%		20	%

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


	2020		2019
Supplier A	$	2,983	$	3,586
Supplier B	$	471	$	697
Supplier C	$	1,000	$	360

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


	2020			2019			2018
Product A		27	%		30	%		38	%
Product B		26	%		20	%		12	%
Product C		17	%		19	%		17	%
Product D		10	%		15	%		20	%

Restructuring costs (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring Cost and Reserve [Line Items]

Summary of restructuring charges and payments

The Company’s restructuring charges and payments for all plans are comprised of the following:


	Employee severance and temporary labor costs			Other charges			Total
Balance at December 31, 2018	$	997		$	206		$	1,203
Expenses incurred		491			84			575
Payments made		(1,488	)		(290	)		(1,778	)
Balance at December 31, 2019		—			—			—
Expenses incurred		408			155			563
Payments made		(242	)		(74	)		(316	)

Balance at December 31, 2020	$	166		$	81		$	247

Members' equity (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Members Equity

Member Equity [Line Items]

Members’ equity consisted of the following at December 31:


	2020		2019
Preferred	$	168,000	$	168,000
Common		113,373		113,373
Profits interest and other equity awards (Refer to Note 9. Equity-based compensation )		3,800		3,774

	$	285,173	$	285,147

Net sales (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Disaggregated By Geographic Markets And Major Products

The following table presents our net sales by segment disaggregated by geographic markets and major products (Vertical) for the years ended December 31 as follows:


	2020		2019		2018
Primary geographic markets:
U.S.	$	293,697	$	305,072	$	282,895
International		27,464		35,069		36,282

Total net sales	$	321,161	$	340,141	$	319,177


Vertical:
OA joint pain treatment and joint preservation	$	171,178	$	182,082	$	155,576
Minimally invasive fracture treatment		88,624		103,504		121,032
Bone graft substitutes		61,359		54,555		42,569

Total net sales	$	321,161	$	340,141	$	319,177

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Summary Of Disposal Group Discontinued Operations Statement Of Operations And Comprehensive Income (Loss)

The following table summarizes the statement of operations and comprehensive income (loss) from discontinued operations for the years ended December 31:


	2019			2018
Research and development expense	$	1,773		$	7,127
Loss on disposal		52			9,638
Income tax benefit		(10	)		(115	)

Loss from discontinued operations, net of tax	$	1,815		$	16,650

Segments (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

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

Schedule Of Reconciliation Of Operating Profit (Loss) From Segments To Consolidated

The following table presents segment adjusted EBITDA reconciled to income from continuing operations before income taxes for the years ended December 31 as follows:


	2020			2019			2018
Segment adjusted EBITDA from continuing operations
U.S.	$	69,252		$	71,673		$	67,480
International		3,191			7,515			4,691
Depreciation and amortization		(28,643	)		(30,316	)		(29,238	)
Interest expense		(9,751	)		(21,579	)		(19,171	)
Equity compensation		(10,103	)		(10,844	)		(14,325	)
COVID-19 benefits, net		4,123			—			—
Succession and transition charges		(5,609	)		—			—
Restructuring costs		(563	)		(575	)		(1,373	)
Foreign currency impact		117			(8	)		(234	)
Equity loss in unconsolidated investments		(467	)		—			—
Other non-recurring costs		(5,633	)		(6,177	)		(1,723	)

Income from continuing operations before income taxes	$	15,914		$	9,689		$	6,107

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

Net income (loss) per unit (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

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	)

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share

The following table presents the computation of basic and diluted net income (loss) per unit for the years ended December 31 as follows:


	2020			2019			2018
Net income from continuing operations	$	14,722		$	8,113		$	4,443
Loss attributable to noncontrolling interest		1,689			553			—

	$	16,411		$	8,666		$	4,443

Net income from continuing operations attributable to unit holders	$	16,411		$	8,666		$	4,443
Accumulated and unpaid preferred distributions		(6,133	)		(5,955	)		(5,781	)
Net income allocated to participating shareholders		(5,895	)		(1,555	)		—

Net income (loss) from continuing operations attributable to common unit holders		4,383			1,156			(1,338	)
Loss from discontinued operations, net of tax		—			1,815			16,650

Net income (loss) attributable to common unit holders	$	4,383		$	(659	)	$	(17,988	)

Net income (loss) per unit attributable to common unit holders - basic and diluted
Net income (loss) from continuing operations	$	0.89		$	0.24		$	(0.27	)
Loss from discontinued operations, net of tax		—			0.37			3.40

Net income (loss) attributable to common unit holders	$	0.89		$	(0.13	)	$	(3.67	)

Weighted average common units outstanding, basic and diluted		4,900,000			4,900,000			4,900,000

Commitments and contingencies (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Loss Contingencies [Line Items]

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

•

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 fo

llow


	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	%

Schedule of Assets and Liabilities, Lessee

Loss Contingencies [Line Items]

Schedule of Lease, Cost

The components of lease cost were as follows:


	2020		2019
Operating lease cost	$	2,610	$	2,529
Short-term lease cost*		388		358

Total lease cost	$	2,998	$	2,887

*Includes

variable lease cost and sublease income, which are immaterial.

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


	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities:	$	2,567	$	2,343
Right-of-use assets obtained in exchange for operating lease obligations:	$	1,497	$	5,016

Other balance sheet information related to leases are as follows:


	2020			2019
Operating lease assets	$	14,961		$	15,267

Operating lease liabilities—current	$	1,960		$	1,814
Operating lease liabilities—noncurrent		14,108			14,513

Total operating lease liabilities	$	16,068		$	16,327

Weighted average remaining operating lease term in years		7.2			8.0
Weighted average discount rate for operating leases		5.0	%		5.0	%

Summary of lessee liability maturity

Maturities of lease liabilities as of December 31, 2020 were as follows:


	Operating leases
2021	$	2,714
2022		2,645
2023		2,460
2024		2,476
2025		2,569
Thereafter		6,281

Total future lease payments		19,145
Less imputed interest		(3,077	)

Present value of future lease payments	$	16,068

Balance sheet information (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

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

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


	2020			2019
Accounts receivable	$	92,273		$	89,274
Less: Allowance for credit losses		(3,990	)		(4,146	)

	$	88,283		$	85,128

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

Schedule of Restrictions on Cash and Cash Equivalents

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


	2020			2019
Accounts receivable	$	92,273		$	89,274
Less: Allowance for credit losses		(3,990	)		(4,146	)

	$	88,283		$	85,128

Summary of Accounts Receivable, Allowance for Credit Loss

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


	2020			2019
Beginning balance	$	(4,146	)	$	(4,497	)
Provision for credit losses		(1,215	)		(2,242	)
Write-offs		1,787			2,949
Recoveries		(416	)		(356	)

Ending balance	$	(3,990	)	$	(4,146	)

Schedule of Inventory

Inventory consisted of the following as of December 31:


	2020			2019
Raw materials and supplies	$	3,665		$	3,349
Finished goods		26,323			24,509

Gross		29,988			27,858
Excess and obsolete reserves		(868	)		(532	)

	$	29,120		$	27,326

Schedule Of Inventory Valuation Reserves

Changes in excess and obsolete reserves for inventory were as follows for the years ended December 31:


	2020			2019
Balance, beginning of period	$	(532	)	$	(570	)
Provision for losses		(904	)		(870	)
Write-offs		568			908

	$	(868	)	$	(532	)

Property, Plant and Equipment

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


	2020			2019
Computer equipment and software	$	20,547		$	16,854
Leasehold improvements		3,126			2,918
Furniture and fixtures		1,474			1,451
Machinery and equipment		1,234			1,138
Assets not yet placed in service		819			370

		27,200			22,731
Less accumulated depreciation		(20,321	)		(18,242	)

	$	6,879		$	4,489

Schedule of Goodwill

There were no changes to goodwill during the years ended December 31, 2020 and 2019. Following is a summary of goodwill by reportable segment:


	U.S.		International		Consolidated
Balance at December 31, 2020 and 2019	$	41,040	$	8,760	$	49,800

Schedule Of Intangible Assets Net Excluding Goodwill

Intangible assets consisted of the following as of December 31:


	2020			2019
Intellectual property	$	263,422		$	263,422
Distribution rights		60,700			59,700
Customer relationships		57,700			57,700
IPR&D		1,445			11,095
Developed technology and other		13,999			4,649

Total carrying amount		397,266			396,566

Less accumulated amortization:
Intellectual property		(117,281	)		(100,982	)
Distribution rights		(34,461	)		(28,716	)
Customer relationships		(51,247	)		(46,407	)
Developed technology and other		(3,786	)		(3,404	)

Total accumulated amortization		(206,775	)		(179,509	)

Intangible assets, net before currency translation		190,491			217,057
Currency translation		1,159			(547	)

	$	191,650		$	216,510

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following at December 31:


	2020		2019
Gross-to-net deductions	$	43,656	$	14,622
Bonus and commission		15,188		14,200
Reserve for estimated overpayments from third-party payers		2,790		6,801
Compensation and benefits		5,875		3,231
Income and other taxes		2,434		2,555
Other liabilities		18,244		11,418

	$	88,187	$	52,827

Business combinations and investments (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

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

(a)

(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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date:


Cash and cash equivalents	$	1,430
Intellectual property (10-year useful life)		4,834
IPR&D		1,445
Other assets		70
Accounts payable and accrued liabilities		(932	)
Other current liabilities		(1,696	)
Other long-term liabilities		(697	)
Deferred income tax		(266	)

Estimated fair value of net assets acquired		4,188
Bioventus purchase price		1,000
Fair value of Harbor’s noncontrolling interest		3,188

	$	—

Schedule of Variable Interest Entities


	2020		2019
Cash and cash equivalents	$	803	$	1,127
Property and equipment, net		173		60
Intangible assets, net		5,635		6,122
Operating lease assets		178		231
Other assets		74		59

	$	6,863	$	7,599


Accounts payable and accrued liabilities	$	366	$	458
Other current liabilities		2,004		2,395
Deferred income tax		—		215
Other long-term liabilities		659		872

	$	3,029	$	3,940

Schedule of Long-term Debt Instruments

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

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

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

Summary of Debt Instruments Periodic Payments

Scheduled quarterly principal payments are as follows with the final payment of $125,000 at Maturity:


	Quarterly payment
2021 and 2022	$	3,750
2023 and 2024	$	5,000

Schedule of Loan margin Adusted on Pricing Grid

Loan margin is adjusted after the quarterly financial statements are delivered to the lenders in accordance with the pricing grid below:


Leverage ratio	Eurodollar			BR
> 2.50 to 1.00		2.50	%		1.50	%
>1.50 to 1.00 and < 2.50 to 1.00		2.25	%		1.25	%
> 1.25 to 1.00 and <1.50 to 1.00		1.75	%		0.75	%
> 0.75 to 1.00 and <1.25 to 1.00		1.50	%		0.50	%
< 0.75 to 1.00		1.25	%		0.25	%

Schedule of Commitment Fee Adjusted Based on Pricing Grid

The commitment fee rate is adjusted after the quarterly financial statements are delivered to lenders based on the pricing grid below:


Leverage ratio	Commitment fee rate
> 2.50 to 1.00		0.30	%
>1.50 to 1.00 and < 2.50 to 1.00		0.25	%
> 1.25 to 1.00 and <1.50 to 1.00		0.20	%
> 0.75 to 1.00 and <1.25 to 1.00		0.15	%
< 0.75 to 1.00		0.10	%

Summary of Contractual maturities of long-term debt

Contractual maturities of long-term debt as of December 31, 2020, were as follows:


2021	$	15,000
2022		15,000
2023		20,000
2024		140,000
2025 and thereafter		—
Deferred financing costs		(1,098	)
Original issue discount		(524	)
Total long-term debt		188,378
Less current portion		(15,000	)

Total	$	173,378

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.

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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurements (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

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	$	—

Summary of range of key assumptions used within the valuation of the awards

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	$	—

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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.


	December 31, 2020						December 31, 2019
	Total		Level 2		Level 3		Level 3
Interest rate swap	$	1,602	$	1,602	$	—	$	—
Management incentive plan and liability-classified awards		40,303		—		40,303		40,802
Equity Participation Rights		6,101		—		6,101		5,457

Total liabilities	$	48,006	$	1,602	$	46,404	$	46,259

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, 2018	$	33,063
Initial estimate (vesting)		5,464
Forfeitures		(1,013	)
Change in fair value		6,290
Payment		(3,002	)

Balance at December 31, 2019		40,802
Initial estimate (vesting)		4,734
Forfeitures		(1,298	)
Change in fair value		6,641
Payment		(10,576	)

Balance at December 31, 2020	$	40,303

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, 2018	$	4,892
Change in fair value		565

Balance at December 31, 2019		5,457
Change in fair value		644

Balance at December 31, 2020	$	6,101

Summary of range of key assumptions used within the valuation of the awards

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, 2018	$	33,063
Initial estimate (vesting)		5,464
Forfeitures		(1,013	)
Change in fair value		6,290
Payment		(3,002	)

Balance at December 31, 2019		40,802
Initial estimate (vesting)		4,734
Forfeitures		(1,298	)
Change in fair value		6,641
Payment		(10,576	)

Balance at December 31, 2020	$	40,303

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, 2018	$	4,892
Change in fair value		565

Balance at December 31, 2019		5,457
Change in fair value		644

Balance at December 31, 2020	$	6,101

Equity Participation Right Unit [Member] | Bio Ventus LLC [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

The following table provides a range of key assumptions used within the valuation of the awards as of December 31, 2020:


Valuation technique	Unobservable inputs	Range	Weighted Average
Option pricing approach	Time to liquidity event	0.4	0.4
	Risk free rate	0.10%	0.10%
	Equality volatility	35.13% - 101.25%	50.0%
	Equity value	$1,065,000 - $1,240,000	$1,145,000
	Lack of marketability discount	7.0%	7.0%

Summary of range of key assumptions used within the valuation of the awards

The following table provides a range of key assumptions used within the valuation of the awards as of December 31, 2020:


Valuation technique	Unobservable inputs	Range	Weighted Average
Option pricing approach	Time to liquidity event	0.4	0.4
	Risk free rate	0.10%	0.10%
	Equality volatility	35.13% - 101.25%	50.0%
	Equity value	$1,065,000 - $1,240,000	$1,145,000
	Lack of marketability discount	7.0%	7.0%

Equity-based compensation (Tables)

6 Months Ended

12 Months Ended

Jul. 03, 2021

Dec. 31, 2020

Schedule of Nonvested Restricted Stock Units Activity

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

Summary of Phantom Plan Award activity

A summary of the award activity of the Phantom Plan for the year ended December 31, 2020 is as follows (number of awards in thousands):


	2012 Phantom Units				2015 Phantom Units
(awards in thousands)	Number of awards		Weighted average grant-date fair value		Number of awards			Weighted average grant-date fair value
Outstanding at December 31, 2019		658	$	5.72		1,139		$	10.24
Granted		—	$	—		553		$	10.29
Converted to cash		—	$	—		(146	)	$	6.45
Forfeited		—	$	—		(124	)	$	12.98

Outstanding at December 31, 2020		658	$	5.72		1,422		$	10.41

Awards vested at December 31, 2020		658	$	5.72		495		$	8.15

Bio Ventus LLC [Member] | Other Phantom Unit [Member]

Summary of Phantom Plan Award activity


	2012 Phantom Units				2015 Phantom Units
(awards in thousands)	Number of awards		Weighted average grant-date fair value		Number of awards		Weighted average grant-date fair value
Nonvested at December 31, 2019		2	$	10.01		667	$	12.71
Vested during 2020		2	$	10.01		147	$	10.81
Nonvested at December 31, 2020		—	$	—		927	$	11.62

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

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

Income taxes (Tables) - Bio Ventus LLC [Member]

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Line Items]

Summary of net income from continuing operations before taxes

The components of net income from continuing operations before taxes for the years ended December 31 are as follows:


	2020		2019		2018
Taxable subsidiaries:
Domestic	$	306	$	2,679	$	2,925
Foreign		387		2,967		(1,393	)

		693		5,646		1,532
Other domestic subsidiaries		15,221		4,043		4,575

Income from continuing operations before income taxes	$	15,914	$	9,689	$	6,107

Summary Of Components Of Income Tax Expense Benefit


	2020			2019			2018
Federal income taxes:
Current	$	782		$	932		$	891
Deferred		(508	)		(345	)		(294	)
Foreign income taxes:
Current		707			815			472
Deferred		—			—			180
State income taxes:
Current		214			177			380
Deferred		(3	)		(3	)		(1	)
Change in tax rates - deferred		—			—			36

Income tax expense	$	1,192		$	1,576		$	1,664

Summary of Effective Income Tax Rate Reconciliation

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


	2020			2019			2018
U.S. statutory federal corporate income tax rate		21.0	%		21.0	%		21.0	%
LLC flow-through structure		(20.1	)		(8.8	)		(15.7	)
State and local income taxes, net of federal benefit		1.5			2.4			7.3
Foreign rate differential		1.2			1.7			11.5
Provision to return adjustment		3.9			—			3.1

Effective income tax rate		7.5	%		16.3	%		27.2	%

Summary of Deferred Tax Assets and Liabilities


	2020			2019
Deferred tax assets:
Net operating losses	$	3,874		$	3,530
Tax credit carryforwards and other		696			390
Gross deferred tax assets		4,570			3,920
Valuation allowance		(2,993	)		(2,423	)

Total deferred tax assets		1,577			1,497

Deferred tax liability:
Acquired intangible		4,939			5,371

Net deferred tax liability	$	3,362		$	3,874

Organization (Details)			1 Months Ended	6 Months Ended	12 Months Ended	13 Months Ended
Organization (Details)	Aug. 10, 2021 shares	Feb. 16, 2021 USD ($) Business Entities $ / shares shares	Apr. 30, 2020 USD ($)	Jul. 03, 2021 USD ($) EMPLOYEE Vote $ / shares shares	Dec. 31, 2020 USD ($) employee $ / shares shares	Jul. 31, 2021 USD ($)	Dec. 31, 2021	Dec. 31, 2019 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					10			10
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)		10,000,000		10,000,000	10,000,000
Cash received from provident relief fund \| $			$ 1,247,000
Number of LLC interest held (in shares)		31,838,589
Subsequent Event
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000
BV LLC
Class of Stock [Line Items]
Number of employees \| employee					700
Number of entities acquired \| Business		10
BV LLC \| Subsequent Event
Class of Stock [Line Items]
Number of entities acquired \| Entities		10
Number of LLC interest held (in shares)	41,038,589	31,838,589
IPO
Class of Stock [Line Items]
Proceeds from public offering \| $		$ 111,228,000
Payment of underwriting discounts and commissions \| $		8,372,000
Sale of stock, offering costs \| $		4,778,000
Payment of offering expenses \| $				$ 3,451,000	$ 1,327,000
IPO \| Subsequent Event
Class of Stock [Line Items]
Proceeds from public offering \| $		111,228
Payment of underwriting discounts and commissions \| $		8,372
Sale of stock, offering costs \| $		$ 4,310
Bio Ventus LLC
Class of Stock [Line Items]
Number of employees \| EMPLOYEE				900
Cash received from provident relief fund \| $			$ 1,247,000			$ 2,854,000
Employer social security payroll tax \| $					$ 1,889
Percentage of deferred payroll tax							50.00%
Number of LLC interest held (in shares)		31,838,589
Bio Ventus LLC \| Subsequent Event
Class of Stock [Line Items]
Number of LLC interest held (in shares)	41,062,652
Bio Ventus LLC \| BV LLC
Class of Stock [Line Items]
Number of entities acquired \| Business		10
Bio Ventus LLC \| IPO
Class of Stock [Line Items]
Proceeds from public offering \| $		$ 111,228
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%
Noncontrolling interest, ownership percentage by noncontrolling owners				27.80%
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000		250,000,000	250,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001	$ 0.001
Common Class A \| Subsequent Event
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		250,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 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 \| BV LLC \| Subsequent Event
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 \| IPO \| Subsequent Event
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 A \| Over-Allotment Option \| Subsequent Event
Class of Stock [Line Items]
Number of shares issued in public offering (in shares)		1,200,000
Common Class A \| Bio Ventus LLC \| 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 \| Bio Ventus LLC \| 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	50,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 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
Common Class B \| Subsequent Event
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		50,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 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
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	Dec. 31, 2019
Accounts receivable	$ 105,048	$ 92,273
Less: Allowance for credit losses	(3,019)	(3,990)
Accounts receivable, net	$ 102,029	88,283
Bio Ventus LLC
Accounts receivable		92,273	$ 89,274
Less: Allowance for credit losses		(3,990)	(4,146)
Accounts receivable, net		$ 88,283	$ 85,128

Balance sheet information - Allowance for credit loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (3,811)	$ (4,684)	$ (3,990)	$ (4,146)	$ (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)	(3,990)	$ (4,146)
Bio Ventus LLC
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ (3,990)	$ (4,146)	(4,146)	(4,497)
Recovery (provision)					(1,215)	(2,242)
Write-offs					1,787	2,949
Recoveries					(416)	(356)
Ending balance					$ (3,990)	$ (4,146)

Balance sheet information - Inventory (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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
Bio Ventus LLC
Raw materials and supplies		3,665	$ 3,349
Finished goods		26,323	24,509
Gross		29,988	27,858
Excess and obsolete reserves		(868)	(532)	$ (570)
Inventory, net		$ 29,120	$ 27,326

Balance sheet information - Accrued liabilities (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
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
Bio Ventus LLC [Member]
Gross-to-net deductions		43,656	$ 14,622
Bonus and commission		15,188	14,200
Reserve for estimated overpayments from third-party payers		2,790	6,801
Compensation and benefits		5,875	3,231
Income and other taxes		2,434	2,555
Other liabilities		18,244	11,418
Accrued liabilities		$ 88,187	$ 52,827

Balance sheet information - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 30, 2021
Restructuring reserve, current		$ 247
Payments for restructuring	$ 247
Amortization expense		27,565	$ 26,252	$ 26,622
Amortization expense included in inventory		7,455	6,416	7,766
Expected future amortization, year one		28,262			$ 4,475
Expected future amortization, year two		23,910			4,381
Expected future amortization, year three		22,297			4,350
Expected future amortization, year four		22,297			$ 4,350
Expected future amortization, year five		21,259
Bio Ventus LLC
Depreciation		2,106	2,579	$ 3,439
Goodwill, Increase (Decrease)		0	$ 0
Distribution rights \| Accounts Payable
Finite lived intangible assets acquired		$ 1,000
Acquired finite lived intangible assets, Weighted average useful life		8 years
Reclassification Of IPRD \| Developed Technology Rights \| Bio Ventus LLC
Finite lived intangible assets acquired		$ 9,650
Acquired finite lived intangible assets, Weighted average useful life		10 years

Balance sheet information - Schedule Of Inventory Valuation Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance, end of period	$ (868)
Bio Ventus LLC
Balance, beginning of period	(532)	$ (570)
Provision for losses	(904)	(870)
Write-offs	568	908
Balance, end of period	$ (868)	$ (532)

Balance sheet information - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 8,960	$ 6,879
Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		27,200	$ 22,731
Less accumulated depreciation		(20,321)	(18,242)
Property, Plant and Equipment, Net		6,879	4,489
Computer equipment and software \| Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		20,547	16,854
Leasehold improvements \| Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		3,126	2,918
Furniture and fixtures \| Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		1,474	1,451
Machinery and equipment \| Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		1,234	1,138
Assets not yet placed in service \| Bio Ventus LLC
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 819	$ 370

Balance sheet information - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 52,135	$ 49,800
Operating Segments \| Bio Ventus LLC
Goodwill [Line Items]
Goodwill		49,800	$ 49,800
U.S. Segment [Member] \| Operating Segments \| Bio Ventus LLC
Goodwill [Line Items]
Goodwill		41,040	41,040
International Segment \| Operating Segments \| Bio Ventus LLC
Goodwill [Line Items]
Goodwill		$ 8,760	$ 8,760

Balance sheet information - Schedule Of Intangible Assets Net Excluding Goodwill (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Less accumulated amortization:
Intangible Assets, Net	$ 257,848	$ 191,650
Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Total carrying amount		397,266	$ 396,566
Less accumulated amortization:
Accumulated Amortization		(206,775)	(179,509)
IntangibleAssets, net before currency translation		190,491	217,057
Currency translation		1,159	(547)
Intangible Assets, Net		191,650	216,510
IPR&D \| Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)		1,445	11,095
Intellectual property \| Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross		263,422	263,422
Less accumulated amortization:
Accumulated Amortization		(117,281)	(100,982)
Distribution rights \| Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross		60,700	59,700
Less accumulated amortization:
Accumulated Amortization		(34,461)	(28,716)
Customer relationships \| Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross		57,700	57,700
Less accumulated amortization:
Accumulated Amortization		(51,247)	(46,407)
Developed technology and other \| Bio Ventus LLC
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross		13,999	4,649
Less accumulated amortization:
Accumulated Amortization		$ (3,786)	$ (3,404)

Business combinations and investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands											3 Months Ended		6 Months Ended			12 Months Ended
	Aug. 02, 2021	Jun. 08, 2021	Mar. 30, 2021	Nov. 30, 2020	Oct. 05, 2020	Jul. 15, 2020	Mar. 27, 2020	Jan. 22, 2020	Aug. 23, 2019	Jan. 30, 2018	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 24, 2021	Jan. 31, 2020
Business Acquisition [Line Items]
Expected future amortization, remainder of fiscal year			$ 2,238
Expected future amortization, year one			4,475													$ 28,262
Expected future amortization, year two			4,381													23,910
Expected future amortization, year three			4,350													22,297
Expected future amortization, year four			$ 4,350													$ 22,297
Acquisition costs											$ 1,833		$ 5,029
Revenue of acquiree since acquisition date											11,870		3,529
Acquisition integration costs and inventory related adjustments											3,939		$ 7,135
Variable interest entity, ownership percentage													8.80%
Impairment of variable interest entity assets											5,674	$ 0		$ 5,674	$ 0
Impairment of variable interest entity assets, attributable to noncontrolling interest		$ 5,176
Impairment of variable interest entity		$ 1,369
Equity method investments											$ 17,737		$ 17,737	$ 17,737
Equity method investment, ownership percentage											10.03%		10.03%	10.03%
Income (loss) from equity method investments											$ 432		$ 901
Period after receipt of statistical report for which the company may terminate agreement	30 days
Payment due upon termination of agreement	$ 30,000
Escrow deposit	50,000
Consideration transferred upon achievement of certain sales milestones	150,000
Consideration payable upon closing	$ 314,895
Variable interest entity, ownership percentage													8.80%
Debt instrument interest rate percentage											2.60%		2.60%	2.60%
Equity method investment ownership percentage											10.03%		10.03%	10.03%
Equity method investment											$ 17,737		$ 17,737	$ 17,737
Net losses from equity method investment											$ 432		$ 901
Vaporox
Business Acquisition [Line Items]
Investment owned, balance, shares (in shares)																		406,504
Investment owned, ownership percentage																		6.00%
Investment owned, cost																		$ 1,000
Bioness, Inc
Business Acquisition [Line Items]
Percentage of business acquired			100.00%								100.00%		100.00%	100.00%
Contingent consideration at fair value			$ 43,000
Escrow deposit			4,207
Consideration payable upon closing			91,933
Bioness, Inc \| Maximum
Business Acquisition [Line Items]
Contingent consideration at fair value			65,000
Bioness, Inc \| Convertible Debt
Business Acquisition [Line Items]
Repayments of convertible debt			1,500
Bioness, Inc \| Obtaining FDA Approval Of Certain Products
Business Acquisition [Line Items]
Contingent consideration at fair value			15,000
Bioness, Inc \| Meeting Net Sales Targets Over A Three-Year Period, Payment One
Business Acquisition [Line Items]
Contingent consideration at fair value			20,000
Bioness, Inc \| Meeting Net Sales Targets Over A Three-Year Period, Payment Two
Business Acquisition [Line Items]
Contingent consideration at fair value			10,000
Bioness, Inc \| For Obtaining CMS Coverage And Reimbursement For Certain Products
Business Acquisition [Line Items]
Contingent consideration at fair value			$ 20,000
CartiHeal
Business Acquisition [Line Items]
Percentage of business acquired											100.00%		100.00%	100.00%
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
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 \| Series G Preferred Stock
Business Acquisition [Line Items]
Additional shares to be purchased upon completion of study (in shares)											338,089		338,089	338,089
Additional investment to be purchased upon completion of study											$ 5,000		$ 5,000	$ 5,000
Additional shares to be purchased upon completion of study (in shares)											338,089		338,089	338,089
Additional investment to be purchased upon completion of study											$ 5,000		$ 5,000	$ 5,000
Bio Ventus LLC
Business Acquisition [Line Items]
Fair value of intangible assets used to determined using the income approach through excess earnings analysis with projected earnings discounted rate, percentage																16.50%
Bio Ventus LLC \| In Process Research and Development
Business Acquisition [Line Items]
Intangible assets fair value disclosure																$ 1,445
Bio Ventus LLC \| Promissory Note \| Harbor Common Stock
Business Acquisition [Line Items]
Debt conversion converted instrument warrants issued							428,572
Bio Ventus LLC \| Harbor Medtech Inc
Business Acquisition [Line Items]
Percentage of noncontrolling interest																91.20%
Bio Ventus LLC \| Variable Interest Entity, Primary Beneficiary \| Promissory Note
Business Acquisition [Line Items]
Debt conversion converted instrument amount							$ 500
Debt instrument convertible conversion exercisable price							$ 1.167
Maturity date							Mar. 27, 2025									Aug. 31, 2021	Aug. 31, 2020
Debt instrument face amount				$ 320
Refinanced with additional borrowings amount																$ 1,811
Debt instrument interest rate percentage																8.00%
Debt instrument frequency of periodic payment																monthly
Bio Ventus LLC \| Variable Interest Entity, Primary Beneficiary \| Promissory Note \| Other Current Liabilities
Business Acquisition [Line Items]
Debt instrument face amount																	$ 1,845
Bio Ventus LLC \| Variable Interest Entity, Primary Beneficiary \| Harbor Series C Preferred Stock
Business Acquisition [Line Items]
Stock issued during period shares new issues					285,714
Stock issued during period value new issues					$ 1,000
Bio Ventus LLC \| Variable Interest Entity, Primary Beneficiary \| Harbor Series C Preferred Stock \| Promissory Note
Business Acquisition [Line Items]
Debt conversion converted instrument shares issued				92,500			142,858
Debt instrument convertible conversion price				$ 3.50
Bio Ventus LLC \| Variable Interest Entity, Primary Beneficiary \| Harbor Medtech Inc \| Series C Preferred Stock
Business Acquisition [Line Items]
Variable interest entity, ownership percentage									3.10%
Variable interest entity shares purchased									285,714
Variable interest entity, ownership percentage									3.10%
Variable interest entity cost									$ 1,000
Bio Ventus LLC \| CartiHeal Ltd
Business Acquisition [Line Items]
Equity method investments						$ 16,579										$ 18,689
Equity method investment, ownership percentage										2.80%
Income (loss) from equity method investments																$ (467)
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
Equity method investment ownership percentage										2.80%
Equity method investment aggregate cost										$ 2,500
Equity method investment capitalized transaction costs						1,427													$ 152
Equity method investment						$ 16,579										$ 18,689
Net losses from equity method investment																$ (467)
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
Bio Ventus LLC \| CartiHeal Ltd \| Option and Equity Purchase Agreement
Business Acquisition [Line Items]
Increase in equity ownership percentage						10.03%
Bio Ventus LLC \| CartiHeal Ltd \| Simple Agreement For Future Equity
Business Acquisition [Line Items]
Additional investment,cash paid								$ 152
Bio Ventus LLC \| CartiHeal Ltd \| Series G Preferred Stock
Business Acquisition [Line Items]
Additional shares to be purchased upon completion of study (in shares)																338,089
Additional investment to be purchased upon completion of study																$ 5,000
Additional shares to be purchased upon completion of study (in shares)																338,089
Additional investment to be purchased upon completion of study																$ 5,000
Bio Ventus LLC \| CartiHeal Ltd \| Series G Preferred Stock \| Option and Equity Purchase Agreement
Business Acquisition [Line Items]
Additional shares purchased						1,014,267
Additional shares purchased Value						$ 15,000
Bio Ventus LLC \| CartiHeal Ltd \| Series F Convertible Preferred Stock
Business Acquisition [Line Items]
Number of shares issued										337,397
Bio Ventus LLC \| CartiHeal Ltd \| Series G1 Preferred Stock
Business Acquisition [Line Items]
Number of shares issued						12,825

Business combinations and investments - Consideration transferred (Details) - USD ($) $ in Thousands	Aug. 02, 2021	Mar. 30, 2021
Business Acquisition [Line Items]
Fair value of consideration	$ 314,895
Bioness, Inc
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	12 Months Ended
	Aug. 02, 2021 USD ($)	Mar. 30, 2021 USD ($)	Mar. 29, 2021 USD ($) Loans	Dec. 31, 2020 USD ($)	Jul. 03, 2021 USD ($)
Business Acquisition [Line Items]
Fair value of consideration	$ 314,895
Assets acquired and liabilities assumed:
Goodwill				$ 49,800	$ 52,135
Escrow deposit	$ 50,000
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:
Interest rate percentage			1.00%
Current portion of long-term debt					$ 1,000
Bioness, Inc \| Paycheck Protection Program, CARES Act
Assets acquired and liabilities assumed:
Number of loans \| Loans			2
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
Cash and cash equivalents		2,143
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		2,143
Restricted cash acquired		1,000
Escrow deposit		$ 4,207
Harbor Medtech Inc [Member]
Business Acquisition [Line Items]
Fair value of consideration				1,000
Assets acquired and liabilities assumed:
Cash and cash equivalents				1,430
Intangible assets				4,834
Other assets				70
Accounts payable and accrued liabilities				(932)
Other current liabilities				(1,696)
Other liabilities				(697)
Deferred income tax				(266)
IPR&D				1,445
Net assets acquired				4,188
Goodwill				0
Fair value of Harbor's noncontrolling interest				3,188
Cash and cash equivalents				$ 1,430

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	Dec. 31, 2019
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
Deferred income tax	48,410	3,362
Other long-term liabilities	24,171	21,728
Total liabilities	$ 427,272	350,306
Bio Ventus LLC
Variable Interest Entity [Line Items]
Cash and cash equivalents		86,839	$ 64,520
Property and equipment, net		6,879	4,489
Intangible assets, net		191,650	216,510
Operating lease assets		14,961	15,267
Total assets		494,466	472,407
Other current liabilities		3,926	4,201
Deferred income tax		3,362	3,874
Other long-term liabilities		21,728	20,681
Total liabilities		350,306	326,790
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
Variable Interest Entity, Primary Beneficiary \| Harbor Medtech Inc \| Bio Ventus LLC
Variable Interest Entity [Line Items]
Cash and cash equivalents		803	1,127
Property and equipment, net		173	60
Intangible assets, net		5,635	6,122
Operating lease assets		178	231
Other assets		74	59
Total assets		6,863	7,599
Accounts payable and accrued liabilities		366	458
Other current liabilities		2,004	2,395
Deferred income tax		0	215
Other long-term liabilities		659	872
Total liabilities		$ 3,029	$ 3,940

Business combinations and investments - Pro forma results (Details) - Bioness, Inc - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020
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)	$ (0.03)		$ (0.08)
Diluted (in dollars per share)	$ (0.03)		$ (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) $ in Thousands		3 Months Ended			6 Months Ended		12 Months Ended
Financial instruments - Narrative (Details) $ in Thousands	Dec. 06, 2019 USD ($)	Jul. 03, 2021 USD ($) Segment	Sep. 30, 2020 USD ($)	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) Segment	Jun. 27, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Outstanding borrowings on line of credit		$ 0			$ 0		$ 0
Original issue discount		457			457		524
Line of credit facility maximum borrowing capacity		50,000			50,000
deferred financing costs		959			959		1,098
Bio Ventus LLC [Member]
Debt Instrument [Line Items]
Original issue discount							524
custom sec							188,378
deferred financing costs							1,098
Line of Credit Facility, Expiration Period	15 days
Additional margin percentage to reference Rates	0.50%
Amortization of debt Instrument capitalized deferred fees							$ 543	$ 711	$ 745
Fronting fee percentage on undrawn amount							0.125%
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 250,000
Maturity date	Dec. 06, 2024
Debt, Weighted Average Interest Rate							2.72%
Threshold maximum aggregate additional borrowings							$ 100,000
Percentage of total outstanding Debt loaned by lenders							50.00%
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio							3.00
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	2.25%
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate	1.25%
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| BR Interest Rate Basis [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	1.00%
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowings on line of credit							$ 0
Line of credit facility maximum borrowing capacity	$ 50,000
Line of Credit Facility, Expiration Period	5 years
Proceeds from Lines of Credit							49,000
Repayments of Lines of Credit			$ 49,000
Line of Credit Facility, Remaining Borrowing Capacity							$ 49,912
commitment fee							0.25%
Debt Instrument capitalized deferred fees							$ 653
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 7,500
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Swing Line Credit Facility [Member]
Debt Instrument [Line Items]
Outstanding borrowings on line of credit							0
Line of Credit Facility, Description	outstanding for at least five days. Swingline loans are due the fifteenth or last day of a calendar month or Maturity whichever is earlier
Bio Ventus LLC [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Swing Line Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Period	5 days
Bio Ventus LLC [Member] \| Prior Credit Agreement [Member]
Debt Instrument [Line Items]
Payments of Financing Costs								2,117
Debt financing costs charged to selling general adminstrative expense on refinancing								269
Interest Costs Capitalized								1,848
Extinguishment of Debt, Amount								2,985
Interest Expense Debt								2,985
Gain (Loss) on Extinguishment of Debt								3,252
Bio Ventus LLC [Member] \| Term Loan [Member] \| Two Thousand Nineteen Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt, fair value							189,534
Debt instrument face amount	$ 200,000
Original issue discount	$ 666						524
custom sec							188,378
deferred financing costs							$ 1,098
Debt instrument, lending margin, interest rate							2.25%
Debt Instrument, Interest Rate, Effective Percentage							2.40%
Debt Instrument Final Principal Payment At Maturity							$ 125,000
Debt Instrument capitalized deferred fees							1,398
Bio Ventus LLC [Member] \| Term Loan [Member] \| Two Thousand Nineteen Credit Agreement [Member] \| BR Interest Rate Basis [Member]
Debt Instrument [Line Items]
Debt instrument floor rate percentage	0.00%
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt, fair value		$ 184,505			$ 184,505
Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate swap agreements \| Segment		1			1
Interest (income) expense, net		$ 255		$ 933	$ 1,310	$ 2,001
Derivative, notional amount		$ 100,000			$ 100,000
Percentage of debt hedged by derivative		54.80%			54.80%
Derivative, locked in interest rate		0.64%			0.64%
Interest Rate Swap \| Bio Ventus LLC [Member]
Debt Instrument [Line Items]
Interest (income) expense, net							1,599
Derivative, notional amount							$ 100,000
Percentage of debt hedged by derivative							52.60%
Derivative, locked in interest rate							0.64%
Derivative Stated Fixed Interest Rate							2.25%
Derivative Effective Interest Rate							2.89%
Interest rate swap								$ 0

Fair value measurements - Liabilities measured at fair value (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of contingent consideration	$ 13,220
Long-term contingent consideration, less current portion	30,421
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
Long-term contingent consideration, less current portion	30,421	0
Management incentive plan and liability-classified awardsManagement incentive plan and liability-classified awards	0	40,303
Equity Participation Right	0	6,101
Total liabilities	43,933	48,006
Fair Value, Recurring \| Bio Ventus LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap		1,602
Management incentive plan and liability-classified awardsManagement incentive plan and liability-classified awards		40,303
Equity Participation Right		6,101
Total liabilities		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
Long-term contingent consideration, less current portion	0	0
Management incentive plan and liability-classified awardsManagement 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 2 \| Bio Ventus LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap		1,602
Management incentive plan and liability-classified awardsManagement incentive plan and liability-classified awards		0
Equity Participation Right		0
Total liabilities		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
Long-term contingent consideration, less current portion	30,421	0
Management incentive plan and liability-classified awardsManagement incentive plan and liability-classified awards	0	40,303
Equity Participation Right	0	6,101
Total liabilities	$ 43,641	46,404
Fair Value, Recurring \| Fair Value, Inputs, Level 3 \| Bio Ventus LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap		0	$ 0
Management incentive plan and liability-classified awardsManagement incentive plan and liability-classified awards		40,303	40,802
Equity Participation Right		6,101	5,457
Total liabilities		$ 46,404	$ 46,259

Fair value measurements - Acquisition unobservable level 3 inputs (Details) - Fair Value, Inputs, Level 3 - Valuation Technique, Discounted Cash Flow - Measurement Input, Discount Rate	Jul. 03, 2021
Minimum
Business Acquisition [Line Items]
Payment discount rate	5.0
Maximum
Business Acquisition [Line Items]
Payment discount rate	6.8

Fair value measurements - Additional information (Details) $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended				12 Months Ended
	Feb. 16, 2021 USD ($)	Feb. 28, 2021 USD ($) Plan shares	Feb. 10, 2021 USD ($) Plan	Jun. 30, 2020 USD ($) shares	Jul. 03, 2021 USD ($) Business shares	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) Business shares	Jul. 03, 2021 USD ($) Business shares	Jun. 27, 2020 USD ($)	Jun. 27, 2020 USD ($)	Dec. 31, 2018 USD ($)	Feb. 15, 2021	Dec. 31, 2020 USD ($) Plan shares	Dec. 31, 2019 USD ($) shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration					$ 641	$ 0	$ 641	$ 641	$ 0	$ 0
Number of equity-based compensation plans			2		2		2	2
Cash paid to settle award			$ 479
Number of shares issued (in shares) \| shares								24,063
EPR unit, entitled percentage of distributions												0.55%
Accrued equity-based compensation					$ 10,875		$ 10,875	$ 10,875					$ 11,054
Subsequent Event [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of equity-based compensation plans \| Plan		2
Cash paid to settle award		$ 10,875
Number of shares issued (in shares) \| shares		798,422
Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration											$ (739)
Number of equity-based compensation plans \| Plan			2										2
EPR unit, entitled percentage of distributions												0.55%
Accrued equity-based compensation													$ 11,054	$ 15,547
Equity Participation Right Unit [Member] \| Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Equity participation right estimated accrued preferred distribution													43,854
Bioness, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration					$ 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	183,078
Cash paid to settle award							$ 10,802
Vesting period							12 months
Management Incentive Plan And Liability-Classified Awards \| Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of awards outstanding (in shares) \| shares				150,252
Cash paid to settle award				$ 6,329
Accrued equity-based compensation													$ 11,054
Number of equity instruments other than options outstanding, including both vested and non-vested instruments \| shares				333,330									183,078	333,330
Accrued equity-based compensation, less current portion													$ 29,249
Management Incentive Plan And Liability-Classified Awards \| Bio Ventus LLC [Member] \| Subsequent Event [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of awards outstanding (in shares) \| shares		183,078
Cash paid to settle award		$ 10,802
Equity Participation Right Unit [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash paid to settle award	$ 3,327
Equity Participation Right Unit [Member] \| Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
EPR unit, entitled percentage of distributions													0.55%
Equity Participation Right Unit [Member] \| Bio Ventus LLC [Member] \| Subsequent Event [Member]
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) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 25,185
Management Incentive Plan And Liability-Classified Awards
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
Payment	(11,281)
Phantom plan conversion to Class A common stock	(4,666)
Ending balance	0	$ 40,303
Management Incentive Plan And Liability-Classified Awards \| Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 40,303	40,802	$ 33,063
Change in fair value		6,641	6,290
Initial estimate (vesting)		4,734	5,464
Forfeitures		(1,298)	(1,013)
Payment		(10,576)	(3,002)
Ending balance		$ 40,303	$ 40,802

Fair value measurements - Equity participation right unit (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 25,185
Equity Participation Right Unit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,101
Change in fair value	(2,774)
Payment	(3,327)
Ending balance	0	$ 6,101
Equity Participation Right Unit \| Bio Ventus LLC [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6,101	5,457	$ 4,892
Change in fair value		644	565
Ending balance		$ 6,101	$ 5,457

Fair value measurements - Summary of range of key assumptions used within the valuation of the awards (Detail) - Equity Participation Right Unit [Member] - Valuation Technique, Option Pricing Model [Member] - Bio Ventus LLC [Member]	Dec. 31, 2020 USD ($) Business
Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	0.4
Measurement Input, Risk Free Interest Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	0.10
Measurement Input, Discount for Lack of Marketability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	7.0
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Equity Value \| $	$ 1,240,000
Maximum [Member] \| Measurement Input Equity Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	101.25
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Equity Value \| $	$ 1,065,000
Minimum [Member] \| Measurement Input Equity Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	35.13
Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Equity Value \| $	$ 1,145,000
Weighted Average [Member] \| Measurement Input, Expected Term [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	0.4
Weighted Average [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	0.10
Weighted Average [Member] \| Measurement Input Equity Volatility [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	50.0
Weighted Average [Member] \| Measurement Input, Discount for Lack of Marketability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Participation Rights Unit Measurable Input	7.0

Equity-based compensation - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended			12 Months Ended
	Feb. 10, 2021 USD ($) Plan shares	Jun. 30, 2020 USD ($) shares	Jul. 03, 2021 USD ($) Business $ / shares shares	Apr. 03, 2021 $ / shares shares	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($) Business $ / shares shares	Jul. 03, 2021 USD ($) Business $ / shares shares	Jun. 27, 2020 USD ($)	Dec. 31, 2020 USD ($) Plan $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans	2		2			2	2
Number of awards granted (in shares) \| shares	90,000
Number of awards forfeited (in shares) \| shares	900
Equity compensation			$ 5,778					$ 7,722
Income tax expense (benefit)			$ 1,714		$ (110)		$ 1,641	(71)
Change in fair value						$ 25,185
Number of shares available to be awarded (in shares) \| shares			518,257			518,257	518,257
Unamortized compensation expense, RSUs			$ 9,976			$ 9,976	$ 9,976
Unamortized compensation expense, options			15,797			$ 15,797	$ 15,797
Number of options vested (in shares) \| shares							0
Compensation expense net yet amortized, period for recognition						8 months 8 days	1 year 2 months 8 days
Options outstanding, aggregate intrinsic value			16,095			$ 16,095	$ 16,095
Number of shares issued (in shares) \| shares							24,063
Cash paid to settle award	$ 479
Equity compensation			5,778					7,722
Unamortized compensation expense			$ 9,976			9,976	$ 9,976
Compensation expense net yet amortized, period for recognition \| shares	90,000
Management Incentive Plan Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares) \| shares	0
Compensation expense net yet amortized, period for recognition \| shares	0
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation	$ 829				663			1,078
Decrease in fair value due to the impact of COVID-19 on the market and economy					408			7,849
Equity compensation	$ 829				$ 663			$ 1,078
Phantom Share Units (PSUs) \| Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation						1,777
Equity compensation						$ 1,777
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted (in shares) \| shares			2	945
Number of awards forfeited (in shares) \| shares			4
Vested (in shares) \| shares			0
Number of Equity instruments other than options granted during period \| shares			0
Number of awards outstanding (in shares) \| shares			943	945		943	943		0
Weighted average grant-date fair value \| $ / shares			$ 14.38	$ 14.38		$ 14.38	$ 14.38		$ 0
Compensation expense net yet amortized, period for recognition \| shares			2	945
Granted (in dollars per share) \| $ / shares			$ 14.90	$ 14.38
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								1 year
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period								4 years
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation			$ 75
Expiration period							10 years
Purchase price of common stock, percentage of fair market value							85.00%
Equity compensation			$ 75
Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Percentage of employee compensation deducted to purchase common stock			1.00%			1.00%	1.00%
Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Percentage of employee compensation deducted to purchase common stock			15.00%			15.00%	15.00%
Management Incentive Plan And Liability-Classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						12 months
Number of awards outstanding (in shares) \| shares			183,078			183,078	183,078
Cash paid to settle award						$ 10,802
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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	$ 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) \| shares			7,592,476			7,592,476	7,592,476
Number of shares available to be awarded (in shares) \| shares			2,024,123			2,024,123	2,024,123
Annual percentage increase in number of shares authorized			4.50%			4.50%	4.50%
Bio Ventus LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity-based compensation plans \| Plan	2								2
Number of awards granted (in shares) \| shares									1.3
Equity compensation									$ 10,103	$ 10,844	$ 14,325
Income tax expense (benefit)									1,192	1,576	1,664
Unamortized compensation expense, RSUs									9,741
Equity compensation									10,103	$ 10,844	14,325
Unamortized compensation expense									$ 9,741
Compensation expense net yet amortized, period for recognition \| shares									1.3
Granted (in dollars per share) \| $ / shares										$ 0
Defined contribution plan maximum annual contributions per employee percent									50.00%
Defined contribution plan employer matching contribution, percent of match									6.00%
Defined contribution plan employers matching contribution annual vesting percentage									4.50%
Defined Contribution Plan, Cost									$ 3,379	$ 5,401	$ 5,462
Bio Ventus LLC [Member] \| Management Incentive Plan And Liability-Classified Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares) \| shares									0	0	0
Number of Equity instruments other than options granted during period \| shares									0	0	0
Number of awards outstanding (in shares) \| shares		150,252
Number of equity instruments other than options outstanding, including both vested and non-vested instruments \| shares		333,330							183,078	333,330
Cash paid to settle award		$ 6,329
Weighted average grant-date fair value \| $ / shares									$ 4.89
Bio Ventus LLC [Member] \| Other Phantom Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash paid to settle award									$ 4,703
Granted (in dollars per share) \| $ / shares										$ 15.31

Equity-based compensation - Restricted stock unit activity (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 10, 2021	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]
Granted (in shares)	90,000
Forfeited/canceled (in shares)	(900)
RSUs
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	3 Months Ended
	Jul. 03, 2021	Apr. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	4,621	0
Granted (in shares)	4	4,621
Ending balance (in shares)	4,625	4,621
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
Granted (in dollars per share)	14.90	13.03
Ending balance (in dollars per share)	$ 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

3 Months Ended

5 Months Ended

6 Months Ended

Jul. 03, 2021

Jun. 27, 2020

Jul. 03, 2021

Jun. 27, 2020

Numerator:

Net loss

$ (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

41,802,840

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)

$ (0.12)

[1]

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

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
-Topic 250
-SubTopic 10
-Section 50
-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
-Paragraph 10
-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
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
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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 - Summary of Net Income From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended				12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Taxable subsidiaries:
Income from continuing operations before income taxes	$ (9,066)	$ (6,090)	$ (6,090)	$ 15,389	$ 15,389	$ 4,435	$ 4,435
Bio Ventus LLC [Member]
Taxable subsidiaries:
Domestic								$ 306	$ 2,679	$ 2,925
Foreign								387	2,967	(1,393)
Income From Continuing Operations Before Income Taxes Domestic And Foreign								693	5,646	1,532
Other domestic subsidiaries								15,221	4,043	4,575
Income from continuing operations before income taxes								$ 15,914	$ 9,689	$ 6,107

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

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Income taxes - Summary Of Components Of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
State income taxes:
Income tax expense	$ 1,714	$ (110)	$ 1,641	$ (71)
Bio Ventus LLC [Member]
Federal income taxes:
Current					$ 782	$ 932	$ 891
Deferred					(508)	(345)	(294)
Foreign income taxes:
Current					707	815	472
Deferred							180
State income taxes:
Current					214	177	380
Deferred					(3)	(3)	(1)
Change in tax rates - deferred							36
Income tax expense					$ 1,192	$ 1,576	$ 1,664

Income taxes - Summary of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective income tax rate	18.90%	1.80%	10.70%	1.60%
Bio Ventus LLC [Member]
U.S. statutory federal corporate income tax rate					21.00%	21.00%	21.00%
LLC flow-through structure					(20.10%)	(8.80%)	(15.70%)
State and local income taxes, net of federal benefit					1.50%	2.40%	7.30%
Foreign rate differential					1.20%	1.70%	11.50%
Provision to return adjustment					3.90%		3.10%
Effective income tax rate					7.50%	16.30%	27.20%

Income taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Tax credit carryforwards and other	$ 481
Bio Ventus LLC [Member]
Deferred tax assets:
Net operating losses		$ 3,874	$ 3,530
Tax credit carryforwards and other		696	390
Gross deferred tax assets		4,570	3,920
Valuation allowance		(2,993)	(2,423)
Total deferred tax assets		1,577	1,497
Deferred tax liability:
Acquired intangible		4,939	5,371
Net deferred tax liability		$ 3,362	$ 3,874

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Line Items]
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
Bio Ventus LLC [Member]
Valuation Allowance [Line Items]
Valuation allowance on deferred tax assets					$ 2,993	$ 2,423
Effective income tax rate					7.50%	16.30%	27.20%
Deferred tax assets, tax credits					$ 696	$ 390
Bio Ventus LLC [Member] \| Tax Year 2015 [Member]
Valuation Allowance [Line Items]
Open tax year					2015
Bio Ventus LLC [Member] \| Tax Year 2020 [Member]
Valuation Allowance [Line Items]
Open tax year					2015
Bio Ventus LLC [Member] \| Federal And State [Member] \| Year Two Thousand Twenty One To Year Two Thousand And Thirty Seven [Member]
Valuation Allowance [Line Items]
Net operating losses carry forwards					$ 25,537
Bio Ventus LLC [Member] \| Federal And State [Member] \| Indefinitely [Member]
Valuation Allowance [Line Items]
Net operating losses carry forwards					2,141
Bio Ventus LLC [Member] \| Non-US [Member]
Valuation Allowance [Line Items]
Valuation allowance on deferred tax assets					171
Bio Ventus LLC [Member] \| Harbor [Member]
Valuation Allowance [Line Items]
Valuation allowance on deferred tax assets					$ 2,822

Related-party transactions - Narrative (Detail) - Bio Ventus LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash distributions made to members towards tax	$ 19,886	$ 9,137	$ 7,846
Cash distributions as a percentage of members total taxable income	40.00%	40.00%	40.00%
Related party transaction tax distributions payable to tax authorities on behalf members	$ 541	$ 473

Commitments and contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
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
Bio Ventus LLC [Member]
Operating lease cost					$ 2,610	$ 2,529
Short-term lease cost					388	358
Total lease cost					$ 2,998	$ 2,887

Commitments and contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019
Operating cash flows from operating leases	$ 1,696	$ 1,269
Bio Ventus LLC [Member]
Operating cash flows from operating leases			$ 2,567	$ 2,343
Right-of-use assets obtained in exchange for operating lease obligations:			$ 1,497	$ 5,016

Commitments and contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
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 for operating leases	4.40%	5.00%
Bio Ventus LLC [Member]
Operating lease assets		$ 14,961	$ 15,267
Operating lease liabilities- current		1,960	1,814
Operating lease liabilities- noncurrent		14,108	14,513
Total operating lease liabilities		$ 16,068	$ 16,327
Weighted average remaining lease term (years)		7 years 2 months 12 days	8 years
Weighted average discount rate for operating leases		5.00%	5.00%

Commitments and contingencies - Summary of Lessee Liability Maturity (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019
Total operating lease liabilities	$ 18,907	$ 16,068
Bio Ventus LLC [Member]
2021		2,714
2022		2,645
2023		2,460
2024		2,476
2025		2,569
Thereafter		6,281
Total future lease payments		19,145
Less imputed interest		(3,077)
Total operating lease liabilities		$ 16,068	$ 16,327

Commitments and contingencies - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 23, 2021	Dec. 22, 2020	Aug. 23, 2019	Feb. 09, 2016	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Stop loss insurance, threshold per member per year							$ 200
Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Refund of excess payments to third party customers									$ 1,519	$ 7,458
Stop loss insurance, threshold per member per year									150
Other Current Liabilities [Member] \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Loss contingency accrual product liability net									2,790	6,801
USAO And OIG [Member] \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Loss contingency accrual									1,200	3,600
Loss contingency accruals payments made during the year										2,400
USAO And OIG [Member] \| Subsequent Event [Member] \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Loss contingency accruals payments made during the year	$ 1,200
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
Three Injection OA Product \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Supply commitment, term				10 years
Supply commitment, renewal term				5 years
Collaborative agreement, term		8 years
Harbor
Loss Contingencies [Line Items]
Collaborative agreement, royalty percentage			3.00%
Collaborative agreement, term		8 years
Harbor \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Collaborative agreement, royalty percentage			3.00%
Milestone payment payable										6,000
Supplier of Single Injection OA Product
Loss Contingencies [Line Items]
Royalty expense					$ 3,548	$ 1,767	$ 5,925	$ 3,969
Supplier of Single Injection OA Product \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Royalty expense									10,021	$ 7,622	$ 3,082
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
Damages from Product Defects \| Bio Ventus LLC [Member]
Loss Contingencies [Line Items]
Estimated probable loss related to product recall									$ 1,684

Net income (loss) per unit - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended		12 Months Ended
	Jul. 03, 2021	Jun. 27, 2020	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Loss attributable to noncontrolling interest	$ 6,654	$ 214	$ 7,062	$ 7,062	$ 672
Bio Ventus LLC
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income from continuing operations						$ 14,722	$ 8,113	$ 4,443
Loss attributable to noncontrolling interest						1,689	553
Net (loss) income attributable to Bioventus Inc.						16,411	8,666	4,443
Net income from continuing operations attributable to unit holders						16,411	8,666	4,443
Accumulated and unpaid preferred distributions						(6,133)	(5,955)	(5,781)
Net income allocated to participating shareholders						(5,895)	(1,555)
Net income (loss) from continuing operations attributable to common unit holders						4,383	1,156	(1,338)
Loss from discontinued operations, net of tax							1,815	16,650
Net income (loss) attributable to common unit holders						$ 4,383	$ (659)	$ (17,988)
Net income (loss) per unit attributable to common unit holders - basic and diluted
Net income (loss) from continuing operations						$ 0.89	$ 0.24	$ (0.27)
Loss from discontinued operations, net of tax							0.37	3.40
Net income (loss) attributable to common unit holders						$ 0.89	$ (0.13)	$ (3.67)
Weighted average common units outstanding, basic and diluted						4,900,000	4,900,000	4,900,000

Net income (loss) per unit - Narrative (Details) - shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jul. 03, 2021	Jul. 03, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share	21,663,037	21,365,213
Bio Ventus LLC \| Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of earnings per share			6,590	6,590	6,590

Revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Revenue recognition (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020
Disaggregation of Revenue [Line Items]
Total net sales	$ 109,816	$ 58,017	$ 58,017	$ 191,594	$ 191,594	$ 136,662	$ 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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Segments (Details) $ in Thousands	3 Months Ended			6 Months Ended				12 Months Ended
Segments (Details) $ in Thousands	Jul. 03, 2021 USD ($)	Jun. 27, 2020 USD ($)	Jun. 27, 2020 USD ($)	Jul. 03, 2021 USD ($)	Jul. 03, 2021 USD ($) Segment	Jun. 27, 2020 USD ($)	Jun. 27, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
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)
Equity compensation	(5,778)					(7,722)
Acquisition and integration costs	(1,833)				$ (5,029)
Equity loss in unconsolidated investments	432				901
Change in fair value of contingent consideration	(641)	0		(641)	(641)	0	$ 0
Impairments related to variable interest entity	(5,674)	0		(5,674)		0
(Loss) income before income taxes	(9,066)	$ (6,090)	$ (6,090)	$ 15,389	15,389	$ 4,435	4,435
Bio Ventus LLC
Segment Reporting Information [Line Items]
Depreciation and amortization								$ (7,439)	$ (7,908)	$ (8,615)
Interest (expense) income								(9,751)	(21,579)	(19,171)
Equity compensation								(10,103)	(10,844)	(14,325)
Restructuring costs								(563)	(575)	(1,373)
Change in fair value of contingent consideration										739
(Loss) income before income taxes								15,914	9,689	6,107
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			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)
Segment Reconciling Items \| Bio Ventus LLC
Segment Reporting Information [Line Items]
Depreciation and amortization								(28,643)	(30,316)	(29,238)
Interest (expense) income								(9,751)	(21,579)	(19,171)
Equity compensation								(10,103)	(10,844)	(14,325)
COVID-19 benefits, net								4,123
Succession and transition charges								(5,609)
Restructuring costs								(563)	(575)	(1,373)
Foreign currency impact								117	(8)	(234)
Equity loss in unconsolidated investments								(467)
Other non-recurring costs								(5,633)	(6,177)	(1,723)
U.S \| Operating Segments
Segment Reporting Information [Line Items]
Segment adjusted EBITDA	17,149		7,439		27,147		21,151
U.S \| Operating Segments \| Bio Ventus LLC
Segment Reporting Information [Line Items]
Segment adjusted EBITDA								69,252	71,673	67,480
International Segment \| Operating Segments
Segment Reporting Information [Line Items]
Segment adjusted EBITDA	$ 2,738		$ (497)		$ 3,810		$ 37
International Segment \| Operating Segments \| Bio Ventus LLC
Segment Reporting Information [Line Items]
Segment adjusted EBITDA								$ 3,191	$ 7,515	$ 4,691

Subsequent events (Details)										1 Months Ended				3 Months Ended			6 Months Ended		12 Months Ended
Subsequent events (Details)	Aug. 10, 2021 shares	Aug. 02, 2021 USD ($)	Jul. 29, 2021 USD ($)	Mar. 30, 2021 USD ($)	Mar. 22, 2021 shares	Feb. 23, 2021 USD ($)	Feb. 17, 2021 USD ($) $ / shares shares	Feb. 16, 2021 Business Entities $ / shares shares	Jan. 04, 2021 USD ($)	Jul. 31, 2021 USD ($)	Feb. 28, 2021 USD ($) Plan $ / shares shares	Feb. 10, 2021 USD ($) Plan shares	May 31, 2012 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Jul. 03, 2021 Business $ / shares shares	Apr. 03, 2021 $ / shares shares	Jul. 03, 2021 Business Vote $ / shares shares	Jul. 03, 2021 Business $ / shares shares	Dec. 31, 2020 USD ($) Plan $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Subsequent Event [Line Items]
Fair value of consideration \| $		$ 314,895,000
Common stock, shares authorized (in shares)																			10	10
Preferred stock, shares authorized (in shares)								10,000,000							10,000,000		10,000,000	10,000,000	10,000,000
Common stock, par value (in dollars per share) \| $ / shares																			$ 0.01	$ 0.01
Share-based Payment Arrangement, Cash Used to Settle Award \| $												$ 479,000
Number of shares issued (in shares)																		24,063
Number of equity-based compensation plans												2			2		2	2
Granted (in shares)															4	4,621
Granted (in dollars per share) \| $ / shares															$ 14.90	$ 13.03
Granted (in shares)												90,000
Limited Liability Company LLC Or Limited Partnership LP Managing Member Or General Partner Number Of Interests Held								31,838,589
Employee Stock \| Maximum
Subsequent Event [Line Items]
Vesting period															4 years
Percentage of employee compensation deducted to purchase common stock															15.00%		15.00%	15.00%
Employee Stock \| Minimum
Subsequent Event [Line Items]
Vesting period															2 years
Percentage of employee compensation deducted to purchase common stock															1.00%		1.00%	1.00%
Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)								250,000,000							250,000,000		250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001							$ 0.001		$ 0.001	$ 0.001	$ 0.001
Common Class A \| 2021 Plan
Subsequent Event [Line Items]
Number of shares authorized to be awarded (in shares)															7,592,476		7,592,476	7,592,476
Annual percentage increase in number of shares authorized															4.50%		4.50%	4.50%
Common Class B
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)								50,000,000							50,000,000		50,000,000	50,000,000	50,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001							$ 0.001		$ 0.001	$ 0.001	$ 0.001
Number of votes per common share \| Vote																	1
Shares issued or issuable, required stock to LLC interest ratio															1		1	1
Cancellation ratio, required stock to LLC interest ratio								1
Number of shares cancelled (in shares)								31,838,589
Bio Ventus LLC
Subsequent Event [Line Items]
Proceeds from the issuance of common units of limited liability company \| $													$ 4,900,000,000
Number of equity-based compensation plans \| Plan												2							2
Granted (in shares)																			1.3
Bio Ventus LLC \| USAO And OIG
Subsequent Event [Line Items]
Loss contingency accrual \| $																			$ 1,200,000	$ 3,600,000
Loss contingency accruals payments made during the year \| $																				$ 2,400,000
Bioness, Inc
Subsequent Event [Line Items]
Fair value of consideration \| $				$ 91,933,000
BV LLC
Subsequent Event [Line Items]
Number of entities acquired \| Business								10
BV LLC \| Common Class A
Subsequent Event [Line Items]
Number of shares issued in acquisition (in shares)								31,838,589
Forecast \| Misonix, Inc
Subsequent Event [Line Items]
Fair value of consideration \| $														$ 518,000,000
Business acquisition, share price (in dollars per share) \| $ / shares														$ 16.6284
Business acquisition, consideration transferred per share, cash (in dollars per share) \| $ / shares														$ 28.00
Business acquisition, consideration transferred per share (in shares)														1.6839
Business acquisition, consideration transferred per share, maximum amount payable (in dollars per share) \| $ / shares														$ 10.50
Common stock, par value (in dollars per share) \| $ / shares														$ 0.001
Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares authorized (in shares)								10,000,000
Share based payment award, Settlement period											12 months
Share-based Payment Arrangement, Cash Used to Settle Award \| $											$ 10,875,000
Number of shares issued (in shares)											798,422
Number of equity-based compensation plans \| Plan											2
Number of shares authorized to be awarded (in shares)											7,592,476
Annual percentage increase in number of shares authorized											4.50%
Granted (in shares)											4,561,500
Granted (in dollars per share) \| $ / shares											$ 13.00
Granted (in shares)											360,670
Subsequent Event \| Maximum \| Option and Equity Purchase Agreement
Subsequent Event [Line Items]
Vesting period											4 years
Subsequent Event \| Maximum \| Restricted Stock Units Agreement
Subsequent Event [Line Items]
Vesting period											4 years
Subsequent Event \| Minimum \| Option and Equity Purchase Agreement
Subsequent Event [Line Items]
Vesting period											2 years
Subsequent Event \| Minimum \| Restricted Stock Units Agreement
Subsequent Event [Line Items]
Vesting period											1 year
Subsequent Event \| Employee Stock
Subsequent Event [Line Items]
Number of shares issued (in shares)					0
Subsequent Event \| Employee Stock \| Maximum
Subsequent Event [Line Items]
Percentage of employee compensation deducted to purchase common stock											15.00%
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)								250,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001
Number of votes per common share \| Vote																	1
Subsequent Event \| Common Class A \| Employee Stock
Subsequent Event [Line Items]
Number of shares authorized to be awarded (in shares)											542,320
Annual percentage increase in number of shares authorized											1.00%
Subsequent Event \| Common Class A \| 2021 Plan
Subsequent Event [Line Items]
Granted (in shares)											2,670,306
Subsequent Event \| Common Class B
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)								50,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001
Number of votes per common share \| Vote																	1
Shares issued or issuable, required stock to LLC interest ratio															1		1	1
Cancellation ratio, required stock to LLC interest ratio								1
Number of shares cancelled (in shares)								31,838,589
Subsequent Event \| Bio Ventus LLC
Subsequent Event [Line Items]
Managing member, ownership interest	72.20%						72.20%
Subsequent Event \| Bio Ventus LLC \| Continuing LLC Owner
Subsequent Event [Line Items]
Limited liability owenrship pinterest held by members							27.80%
Subsequent Event \| Bio Ventus LLC \| USAO And OIG
Subsequent Event [Line Items]
Loss contingency accruals payments made during the year \| $						$ 1,200,000
Subsequent Event \| Bio Ventus LLC \| Continuing LLC Owner
Subsequent Event [Line Items]
Common stock shares subscribed but not issued								15,786,737
Limited liability company number of interests held by persons other than managing member							15,786,737
Subsequent Event \| Bio Ventus LLC \| New LLC Owner
Subsequent Event [Line Items]
Proceeds from the issuance of common units of limited liability company \| $							$ 111,228
Common units of limited liability company issued during the period							9,200,000
Limited Liability Company LLC Or Limited Partnership LP Managing Member Or General Partner Number Of Interests Held							41,038,589	31,838,589
Subsequent Event \| Bio Ventus LLC \| New LLC Owner \| Common Class A
Subsequent Event [Line Items]
Stock shares issued during the period shares new issues							9,200,000
Shares issued price per share \| $ / shares							$ 13.00
Subsequent Event \| Bio Ventus LLC \| Restated Limited Liability Company Agreement
Subsequent Event [Line Items]
Common and preferred units converted into interests in limited liability company								47,625,326
Subsequent Event \| Bio Ventus LLC \| Convertible Debt Instruments
Subsequent Event [Line Items]
Payment to acquire debt investments \| $									$ 1,500
Subsequent Event \| BV LLC
Subsequent Event [Line Items]
Number of entities acquired \| Entities								10
Limited Liability Company LLC Or Limited Partnership LP Managing Member Or General Partner Number Of Interests Held	41,038,589							31,838,589
Subsequent Event \| BV LLC \| Common Class A
Subsequent Event [Line Items]
Number of shares issued in acquisition (in shares)								31,838,589
Subsequent Event \| PPP Loan \| Bioness, Inc
Subsequent Event [Line Items]
Unsecured PPP loan forgiven \| $										$ 2,003,000
Subsequent Event \| Term Loan Facility \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, face amount \| $			$ 262,000,000
Debt instrument, term			3 years
Subsequent Event \| 2019 Credit Agreement \| Secured Debt
Subsequent Event [Line Items]
Debt instrument, required prepayment \| $			$ 80,000,000

Stockholder's Equity - Additional Information (Detail) - shares	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Common stock, Shares outstanding	10	10

Discontinued Operations - Summary Of Disposal Group Discontinued Operations Statement Of Operations And Comprehensive Income (Loss) (Details) - Bio Ventus LLC - BMP Research And Development Programme - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Research and development expense	$ 1,773	$ 7,127
Loss on disposal	52	9,638
Income tax benefit	(10)	(115)
Loss from discontinued operations, net of tax	$ 1,815	$ 16,650

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Discontinued Operations - Additional Information (Details) - Bio Ventus LLC - BMP Research And Development Programme $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration	$ 172
Disposal group discontinued operations payment of accrued liabilities	$ 400

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended				12 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020	Jul. 03, 2021	Jul. 03, 2021	Jun. 27, 2020	Jun. 27, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 109,816	$ 58,017	$ 58,017	$ 191,594	$ 191,594	$ 136,662	$ 136,662
Bone graft substitutes
Disaggregation of Revenue [Line Items]
Total net sales	$ 20,601		$ 11,181		$ 39,028		$ 25,078
Bio Ventus LLC [Member]
Disaggregation of Revenue [Line Items]
Total net sales								$ 321,161	$ 340,141	$ 319,177
Bio Ventus LLC [Member] \| OA joint pain treatment and joint preservation
Disaggregation of Revenue [Line Items]
Total net sales								171,178	182,082	155,576
Bio Ventus LLC [Member] \| Minimally invasive fracture treatment
Disaggregation of Revenue [Line Items]
Total net sales								88,624	103,504	121,032
Bio Ventus LLC [Member] \| Bone graft substitutes
Disaggregation of Revenue [Line Items]
Total net sales								61,359	54,555	42,569
Bio Ventus LLC [Member] \| U.S
Disaggregation of Revenue [Line Items]
Total net sales								293,697	305,072	282,895
Bio Ventus LLC [Member] \| International
Disaggregation of Revenue [Line Items]
Total net sales								$ 27,464	$ 35,069	$ 36,282