0001628280-24-045114 | 10-Q | XBRL Viewer

Earnings per share

9 Months Ended

Sep. 28, 2024

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


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Numerator:
Net loss from continuing operations, net of tax	$	(5,421)	$	(8,791)	$	(43,515)	$	(113,540)
Net loss attributable to noncontrolling interests, continuing operations	597		1,488		10,129		22,898
Net loss attributable to Bioventus Inc. Class A common stockholders, continuing operations	$	(4,824)	$	(7,303)	$	(33,386)	$	(90,642)

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

Denominator:
Weighted-average shares of Class A common stock outstanding, basic and diluted	65,258,427		62,824,318		64,234,922		62,494,686

Net loss per share of Class A common stock from continuing operations, basic and diluted	$	(0.07)	$	(0.12)	$	(0.52)	$	(1.45)
Net loss per share of Class A common stock from discontinued operations, basic and diluted	—		—		—		(0.95)
Net loss per share of Class A common stock, basic and diluted	$	(0.07)	$	(0.12)	$	(0.52)	$	(2.40)

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 September 28, 2024 and September 30, 2023 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		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737	15,786,737
Stock options	1,164,448	4,540,415	755,598	6,620,251
RSUs	2,068,915	448,715	2,068,023	928,817
Total	19,020,100	20,775,867	18,610,358	23,335,805

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

Organization (Policies)	9 Months Ended
Organization (Policies)	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. During the first quarter of 2024, the Company reclassified revenue and expense of the SonicOne Ultrasonic Cleansing and Debridement Systems (“SonicOne”) from the Restorative Therapies to the Surgical Solutions business. The reclassification of SonicOne activity affected prior presentation of disaggregated revenue by business, which is detailed further in Note 12. Revenue recognition. The reclassification had no effect on previously reported total revenues, net loss, other comprehensive loss, stockholders’ equity or cash flows.
Use of estimates	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, as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. On an ongoing basis, management evaluates these estimates, including those related to contractual allowances and sales incentives, allowance for credit losses, inventory reserves, goodwill and intangible assets impairment, valuation of assets and liabilities assumed in acquisitions, useful lives of long lived assets, fair value measurements, litigation and contingent liabilities, income taxes, and equity-based compensation. Management bases its estimates on historical experience, future expectations and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.
Recent accounting pronouncements	Recent accounting pronouncements In addition to being a smaller reporting and an emerging growth company, the Company is an accelerated filer under SEC rules and regulations. Therefore, required effective dates for adopting new or revised accounting standards are generally earlier than when smaller reporting companies and emerging growth companies who are not accelerated filers are required to adopt. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting, which improves reportable segment disclosure requirements. ASU 2023-07 primarily enhances disclosures about significant segment expenses by requiring that a public entity disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss. This ASU also (i) requires that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment, and a description of its composition; (ii) requires that all annual disclosures are provided in the interim periods; (iii) clarifies that if the CODM uses more than one measure of profitability in assessing segment performance and deciding how to allocate resources, that one or more of those measures may be reported; (iv) requires disclosure of the title and position of the CODM and a description of how the reported measures are used by the CODM in assessing segment performance and in deciding how to allocate resources; (v) requires that an entity with a single segment provide all new required disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and requires retrospective application. Early adoption is permitted. The amendments under ASU 2023-07 relate to financial disclosures and its adoption will not have an impact on the Company’s results of operations, financial position or cash flows. The Company will adopt ASU 2023-07 for the annual reporting period ending December 31, 2024 and for interim reporting periods thereafter.

Stockholders’ equity - Narrative (Details)		9 Months Ended
Stockholders’ equity - Narrative (Details)	Feb. 16, 2021 $ / shares shares	Sep. 28, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
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
Number of votes per common share \| vote		1
Shares issued or issuable, required stock to LLC interest ratio		1
Common Class A \| Bioventus Inc.
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
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
Cancellation ratio, required stock to LLC interest ratio		1

Commitments and contingencies - Narrative (Details) $ in Thousands								3 Months Ended			9 Months Ended
	Jul. 15, 2024 USD ($)	Jan. 31, 2024 USD ($)	Mar. 08, 2023 USD ($)	Nov. 10, 2021 USD ($)	Dec. 22, 2020	Aug. 23, 2019	Feb. 09, 2016	Sep. 28, 2024 USD ($) letter_of_credit	Sep. 30, 2023 USD ($)	Apr. 01, 2023 USD ($)	Sep. 28, 2024 USD ($) letter_of_credit	Sep. 30, 2023 USD ($)	May 01, 2024 lawsuit	Dec. 31, 2023 USD ($) letter_of_credit
Loss Contingencies [Line Items]
Line of credit facility, number of LOCs outstanding \| letter_of_credit								3			3			3
Letters of credit outstanding, amount								$ 2,200			$ 2,200			$ 2,200
Stop loss insurance, threshold per member per year											250
Bioventus Shareholder Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount awarded to other party	$ 15,250
Shareholder litigation costs								50			13,720
Insurance settlement receivable								6,500			6,500
Number of derivative shareholder lawsuits \| lawsuit													2
Three Injection OA Product
Loss Contingencies [Line Items]
Supply commitment, term							10 years
Supply commitment, renewal term							5 years
Harbor
Loss Contingencies [Line Items]
Collaborative agreement, royalty percentage						3.00%
Supply commitment, term					8 years
Supplier of Single Injection OA Product
Loss Contingencies [Line Items]
Royalty expense								$ 4,354	$ 3,546		$ 12,527	$ 9,986
HA Product
Loss Contingencies [Line Items]
Collaborative arrangement, upfront payments				$ 853
Collaborative arrangement, amount payable upon transfer of customer data										$ 853
Collaborative arrangement, amount payable upon obtaining product certification				$ 1,707
Collaborative arrangement, royalty percentage, threshold one				5.00%
Collaborative arrangement, sales threshold for royalties				$ 569
Collaborative arrangement, royalty percentage, threshold two				2.50%
Collaborative arrangement, adjusted amount payable upon obtaining product certification			$ 1,418
Milestone payment paid		$ 709
Finite-lived intangible asset recognized		$ 709
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								8 years 7 months 6 days			8 years 7 months 6 days

Consolidated Condensed Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated other comprehensive income (loss)	Accumulated Deficit	Non- controlling interest
Beginning balance (in shares) at Dec. 31, 2022				62,063,014	15,786,737
Beginning balance at Dec. 31, 2022	$ 412,222			$ 62	$ 16	$ 490,576	$ (110)	$ (165,306)	$ 86,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				901,468
Issuance of Class A common stock for equity plans	620			$ 1		619
Net loss	(187,969)							(150,134)	(37,835)
Change in noncontrolling interest allocation	0					377			(377)
Equity based compensation	947					921			26
Translation adjustment	636						507		129
Ending balance (in shares) at Sep. 30, 2023				62,964,482	15,786,737
Ending balance at Sep. 30, 2023	226,456			$ 63	$ 16	492,493	397	(315,440)	48,927
Beginning balance (in shares) at Jul. 01, 2023				62,804,506	15,786,737
Beginning balance at Jul. 01, 2023	233,341			$ 63	$ 16	490,598	655	(308,137)	50,146
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				159,976
Issuance of Class A common stock for equity plans	397					397
Net loss	(8,791)							(7,303)	(1,488)
Change in noncontrolling interest allocation	0					(8)			8
Equity based compensation	1,833					1,506			327
Translation adjustment	(324)						(258)		(66)
Ending balance (in shares) at Sep. 30, 2023				62,964,482	15,786,737
Ending balance at Sep. 30, 2023	226,456			$ 63	$ 16	492,493	397	(315,440)	48,927
Beginning balance (in shares) at Dec. 31, 2023		63,267,436	15,786,737	63,267,436	15,786,737
Beginning balance at Dec. 31, 2023	221,118			$ 63	$ 16	494,254	794	(321,536)	47,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				2,069,996
Issuance of Class A common stock for equity plans	1,339			$ 2		1,337
Net loss	(43,515)							(33,386)	(10,129)
Change in noncontrolling interest allocation	0					695			(695)
Equity based compensation	8,327					6,848			1,479
Translation adjustment	(436)						(349)		(87)
Ending balance (in shares) at Sep. 28, 2024		65,337,432	15,786,737	65,337,432	15,786,737
Ending balance at Sep. 28, 2024	186,833			$ 65	$ 16	503,134	445	(354,922)	38,095
Beginning balance (in shares) at Jun. 29, 2024				65,172,159	15,786,737
Beginning balance at Jun. 29, 2024	189,062			$ 65	$ 16	500,969	(17)	(350,098)	38,127
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock for equity plans (in shares)				165,273
Issuance of Class A common stock for equity plans	553					553
Net loss	(5,421)							(4,824)	(597)
Change in noncontrolling interest allocation	0					(126)			126
Equity based compensation	2,064					1,738			326
Translation adjustment	575						462		113
Ending balance (in shares) at Sep. 28, 2024		65,337,432	15,786,737	65,337,432	15,786,737
Ending balance at Sep. 28, 2024	$ 186,833			$ 65	$ 16	$ 503,134	$ 445	$ (354,922)	$ 38,095

- Definition

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

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Discontinued Operations

9 Months Ended

Sep. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

On February 27, 2023, the Company reached a Settlement Agreement with the Former Securityholders of CartiHeal that resulted in the transfer of 100% of the Company’s shares in CartiHeal to a Trustee. Refer to Note 3. Acquisitions and divestitures for further details concerning the Settlement Agreement and the deconsolidation of CartiHeal. CartiHeal had no sales during the year ended December 31, 2023.

The following table summarizes the major income and expense line items of these discontinued operations, as reported in the consolidated statements of operations for the nine months ended September 30, 2023 as there was no activity for discontinued operations subsequent to the first quarter of 2023:


	Nine Months Ended
		September 30, 2023



Selling, general and administrative expense		$	1,728
Research and development expense		396
Change in fair value of contingent consideration(a)		1,710
Depreciation and amortization(a)		4,264


Operating loss from discontinued operations		(8,098)
Interest expense, net		4,889
Other expense(b)		61,442
Other expense		66,331
Loss before income taxes		(74,429)
Income tax benefit, net		—
Net loss from discontinued operations		(74,429)
Loss attributable to noncontrolling interest - discontinued operations		14,937
Net loss attributable to Bioventus Inc. - discontinued operations		$	(59,492)

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

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

Stockholders’ equity - Schedule of Other Ownership Interests (Details) - Bioventus Inc. - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 31, 2023
Class of Stock [Line Items]
LLC Interests	$ 65,337	$ 63,267
Ownership %	80.50%	80.00%
Continuing LLC Owner
Class of Stock [Line Items]
LLC Interests	$ 15,787	$ 15,787
Ownership %	19.50%	20.00%
Bioventus and Continuing LLC Owner
Class of Stock [Line Items]
LLC Interests	$ 81,124	$ 79,054
Ownership %	100.00%	100.00%

- Definition

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

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+ Details

Segments (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

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

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


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment Adjusted EBITDA
U.S.	$	19,662	$	18,949	$	71,008	$	58,373
International	3,895		2,786		9,624		8,471
Interest expense, net	(9,532)		(10,115)		(29,795)		(30,396)
Depreciation and amortization	(12,275)		(13,827)		(37,150)		(44,900)
Acquisition and related costs	(483)		(1,424)		(994)		(4,047)
Shareholder litigation costs	(50)		—		(13,720)		—
Restructuring and succession charges	(54)		26		(67)		(911)
Equity compensation	(2,064)		(1,833)		(8,327)		(947)
Financial restructuring costs	(4)		(478)		(351)		(7,065)
Impairments of assets	(2,031)		—		(33,901)		(78,615)
Loss on disposal of a business	—		(340)		—		(1,317)
Other items	(1,896)		(1,935)		(5,685)		(11,351)
Loss before income taxes	$	(4,832)	$	(8,191)	$	(49,358)	$	(112,705)

Discontinued Operations and Disposal Groups - Schedule of Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on deconsolidation	$ 60,639	$ 60,639	$ 60,639	$ 60,639
Non-refundable payments	10,150	10,150	10,150	10,150
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	$ 1,356	$ 1,356	$ 1,356	1,356
Disposed of by Sale \| Carti Heal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative expense				1,728
Research and development expense				396
Change in fair value of contingent consideration				1,710
Depreciation and amortization				4,264
Operating loss from discontinued operations				(8,098)
Interest expense, net				4,889
Other (income) expense				61,442
Other expense				66,331
Loss before income taxes				(74,429)
Income tax benefit, net				0
Net loss from discontinued operations				(74,429)
Loss attributable to noncontrolling interest - discontinued operations				14,937
Net loss attributable to Bioventus Inc. - discontinued operations				$ (59,492)

Revenue recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 138,964	$ 120,794	$ 419,638	$ 376,922
U.S.
Disaggregation of Revenue [Line Items]
Total net sales	122,909	106,227	371,599	331,052
U.S. \| Pain Treatments
Disaggregation of Revenue [Line Items]
Total net sales	56,306	48,416	172,137	145,028
U.S. \| Restorative Therapies
Disaggregation of Revenue [Line Items]
Total net sales	25,448	23,105	78,187	83,893
U.S. \| Surgical Solutions
Disaggregation of Revenue [Line Items]
Total net sales	41,155	34,706	121,275	102,131
International
Disaggregation of Revenue [Line Items]
Total net sales	16,055	14,567	48,039	45,870
International \| Pain Treatments
Disaggregation of Revenue [Line Items]
Total net sales	6,821	5,274	19,939	16,629
International \| Restorative Therapies
Disaggregation of Revenue [Line Items]
Total net sales	4,489	5,223	13,844	15,462
International \| Surgical Solutions
Disaggregation of Revenue [Line Items]
Total net sales	$ 4,745	$ 4,070	$ 14,256	$ 13,779

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Commitments and contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Leases

The Company leases its office facilities as well as other property, vehicles and equipment under operating leases. The Company also leases certain office equipment under nominal finance leases. The remaining lease terms range from 1 month to 8.6 years.

The components of lease cost were as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Operating lease cost	$	792	$	1,041	$	2,618	$	3,120
Short-term lease cost(a)	235		156		641		591
Financing lease cost:
Amortization of finance lease assets	155		394		487		1,022
Interest on lease liabilities	216		230		654		596
Total lease cost	$	1,398	$	1,821	$	4,400	$	5,329

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

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


	Nine Months Ended
	September 28, 2024		September 30, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	3,459	$	3,675
Operating cash flows from financing leases	$	654	$	644
Financing cash flows from finance leases	$	564	$	334

Right-of-use assets obtained in exchange for lease obligations:
Operating lease obligations	$	761	$	275
Financing lease obligations	$	—	$	15,567

Current portions of operating and financing lease liabilities are recorded within other current liabilities on the consolidated condensed balance sheets. Noncurrent liabilities resulting from operating and financing leases are recorded within other long-term liabilities. Supplemental balance sheet and other information related to leases were as follows:


	September 28, 2024			December 31, 2023
Operating lease assets(a)	$	9,779		$	13,353

Operating lease liabilities—current(b)	$	3,113		$	4,057
Operating lease liabilities—noncurrent(b)	7,790			10,573
Total operating lease liabilities	$	10,903		$	14,630

Property, plant and equipment, net (finance leases)	$	13,097		$	14,279

Finance lease liabilities—current	$	805		$	759
Finance lease liabilities—noncurrent	9,776			10,386
Total financing lease liabilities	$	10,581		$	11,145

Weighted average remaining lease term (years) for leases
Operating leases	3.2			3.8
Finance leases	8.6			9.3

Weighted average discount rate for leases
Operating leases	4.9		%	4.7		%
Finance leases	8.1		%	8.1		%

(a)Net operating lease assets totaling $1,663 attributable to the Advanced Rehabilitation Business were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

(b)Current and noncurrent operating lease liabilities of $1,118 and $399, respectively, were reclassified to liabilities held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

Governmental and legal contingencies

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

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

Bioventus shareholder litigation

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

On July 15, 2024, a Stipulation and Agreement of Settlement (the “Settlement Agreement”) by and between the lead plaintiff and the defendants was filed with the Court. The Court preliminarily approved the Settlement Agreement on August 13, 2024, and a final hearing to approve the Settlement Agreement is scheduled for December 13, 2024. The Settlement Agreement, which is subject to Court approval, provides among other things for (i) the dismissal of all claims against the defendants, including the Company; (ii) a settlement amount of $15,250, together with interest earned thereon, to be paid by the defendants and/or the defendant’s insurers within 30 days after the later of (x) the date of entry by the Court of an order preliminarily approving the terms of the settlement or (y) receipt by the defendants from lead counsel of the information necessary to effectuate a transfer of the settlement funds; and (iii) no admission of liability or wrongdoing by any party. The Company incurred $50 and $13,720 of net shareholder litigation costs (including estimated settlement and reimbursement) during the three and nine months ended September 28, 2024 under the Settlement Agreement, which were recorded in selling, general and administrative expense within the consolidated condensed statements of operations and comprehensive loss. The Company expects to be reimbursed approximately $6,500 of the fees incurred to date, which was recorded in other current assets within the September 28, 2024 consolidated condensed balance sheets.

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

On February 9, 2024, another plaintiff filed a derivative shareholder lawsuit against certain of the Company’s current and former directors and officers (in which the Company is a nominal defendant) filed in the United States District Court for the District of Delaware, Sanderson, on behalf of Bioventus Inc., v. Reali, et.al., No. 1:24-cv-00180-RGA (D. Del. 2024). Like the Grogan case, this case asserts violations of Section 10(b) of the Exchange Act, breaches of fiduciary duties and related state law claims, and a claim for contribution, and generally alleges the same purported misconduct as alleged in the Ciarciello case. On May 1, 2024, the parties filed a stipulation to consolidate the two derivative matters and stay them on terms similar to those entered in the Grogan case. On May 2, 2024, the United States District Court for the District of Delaware granted the stipulation and ordered the consolidation of the Sanderson and Grogan cases.

On July 31, 2024, another plaintiff filed a derivative complaint (the “Vince Complaint”) against certain of the Company’s current and former officers and directors, naming Bioventus as a nominal defendant only, in the United States District Court for the Middle District of North Carolina, captioned Vince v. Reali, No. 1:24-cv-006390CCEJEP (M.D.N.C. 2024). The Vince Complaint asserts violations of Section 14(a) of the Exchange Act similar to those alleged in the Ciarciello case, in addition to claims for breach of fiduciary duties, unjust enrichment, contribution, and waste. Defendants intend to move to transfer the Vince Complaint to the District of Delaware, pursuant to the forum selection clause in Bioventus’s certificate of incorporation. The parties are in discussions to consolidate the above derivative matters, once they are all pending in the same district.

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

Bioness stockholder litigation

On February 8, 2022, a minority shareholder of Bioness filed an action in the Delaware State Court of Chancery in connection with the Company’s acquisition of Bioness, Teuza, a Fairchild Technology Venture Ltd. v. Lindon, et al., No. 2022-0130 -SG. This action names the former Bioness directors, the Alfred E. Mann Trust (“Trust”), which was the former majority shareholder of Bioness, the trustees of the Trust and Bioventus as defendants. The complaint alleges, among other things, that the individual directors, the Trust, and the trustees breached their fiduciary duty to the plaintiff in connection with their consideration and approval of the Company’s transaction. The complaint also alleges that the Company aided and abetted the other defendants in breaching their fiduciary duties to the plaintiff and that the Company breached the Merger Agreement by failing to pay the plaintiff its pro rata share of the merger consideration. The Company believes that it is indemnified under the indemnification provisions contained in the Bioness Merger Agreement for these claims. On July 20, 2022, the Company filed a motion to dismiss all claims made against it on various grounds, as did all the other named defendants in the suit. A hearing on Bioness’ and other the defendant’s motions was held before the Court of Chancery on January 19, 2023. On April 27, 2023, the Court issued an order which, among other things, dismissed Bioventus from the case.

Other matters

On November 10, 2021, the Company entered into an asset purchase agreement for an HA product and made an upfront payment of $853. An additional payment of $853 was made in 2022 upon the transfer of certain seller customer data. If the Company is able to obtain a Medical Device Regulation Certification for the product, $1,707 (the “Milestone Payment”) will be paid to the seller within five days. The Company is also required to pay royalties if certifications are achieved before December 31, 2024. Royalties will be payable through 2026 of 5.0% on the first $569 in sales and 2.5% thereafter. On March 8, 2023, the parties amended the agreement under which the Milestone Payment was reduced to $1,418, of which $709 was paid on January 31, 2024, and the remainder is due upon receipt of the Medical Device Regulation Certification for the product provided that it is obtained prior to December 31, 2024. As a result, the Company recorded an intellectual property intangible asset totaling $709 for initial payment.

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.

On December 9, 2016, the Company entered into an amended and restated license agreement for the exclusive U.S. distribution and commercialization rights of a single injection osteoarthritis (“OA”) product with the supplier of the Company’s single injection OA product for the non-U.S. market. The agreement requires the Company to meet annual minimum purchase requirements and pay royalties on net sales. Royalties related to this agreement during the three months ended September 28, 2024 and September 30, 2023 and the nine months ended September 28, 2024 and September 30, 2023 totaled $4,354, $3,546, $12,527 and $9,986, respectively. These royalties are included in cost of sales within the consolidated condensed statements of operations and comprehensive 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 10 years. After the initial 10 years, the agreement will automatically renew for an additional 5 years unless terminated by the Company or the seller in accordance with the agreement.

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

From time to time, the Company causes 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 September 28, 2024 and December 31, 2023, the Company had three LOCs outstanding for $2,200.

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

Balance sheet information - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Carrying amount	$ 764,781	$ 764,781	$ 816,031
Accumulated amortization	(349,169)	(349,169)	(332,803)
Intangible assets, net before currency translation	415,612	415,612	483,228
Currency translation	(803)	(803)	(878)
Intangible assets, net	414,809	414,809	482,350
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Expected future amortization, remainder of fiscal year	9,436	9,436
Expected future amortization, year one	37,423	37,423
Expected future amortization, year two	34,192	34,192
Expected future amortization, year three	35,259	35,259
Expected future amortization, year four	31,012	31,012
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Carrying amount	626,008	626,008	677,258
Accumulated amortization	(229,933)	(229,933)	(218,031)
Intellectual Property \| Discontinued Operations, Held-for-sale
Finite-Lived Intangible Assets [Line Items]
Carrying amount	17,348	17,348
Accumulated amortization	(16,656)	(16,656)
Impairment of intangible assets	2,031	33,901
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Carrying amount	61,325	61,325	61,325
Accumulated amortization	(53,041)	(53,041)	(49,301)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying amount	57,950	57,950	57,950
Accumulated amortization	(57,950)	(57,950)	(57,950)
Developed technology and other
Finite-Lived Intangible Assets [Line Items]
Carrying amount	5,500	5,500	5,500
Developed technology and other
Finite-Lived Intangible Assets [Line Items]
Carrying amount	13,998	13,998	13,998
Accumulated amortization	$ (8,245)	$ (8,245)	$ (7,521)

Segments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segments - Narrative (Details) $ in Thousands	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 122,909	$ 106,227	$ 371,599	$ 331,052
International \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 16,055	$ 14,567	$ 48,039	$ 45,870

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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

Stockholders’ equity

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Stockholders’ equity

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

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

Noncontrolling interest

In connection with any redemption pursuant to the BV LLC Agreement, the Company will receive a corresponding number of LLC Interests, increasing its ownership interest in BV LLC. Future redemptions of LLC Interests will result in a change in ownership and reduce the amount recorded as noncontrolling interest and increase additional paid-in capital. There were no redemptions during the nine months ended September 28, 2024 or during the year ended December 31, 2023. The following table summarizes the ownership interest in BV LLC as of September 28, 2024 and December 31, 2023 (number of units in thousands):


	September 28, 2024			December 31, 2023
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests owned
Bioventus Inc.	65,337	80.5	%	63,267	80.0	%
Continuing LLC Owner	15,787	19.5	%	15,787	20.0	%
Total	81,124	100.0	%	79,054	100.0	%

- Definition

The entire disclosure for equity.

+ References

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

Equity-based compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 28, 2024 USD ($) $ / shares shares
Number of options
Beginning balance (in shares) \| shares	4,347
Granted (in shares) \| shares	1,763
Exercised (in shares) \| shares	(361)
Forfeited or canceled (in shares) \| shares	(826)
Ending balance (in shares) \| shares	4,923
Exercisable and vested (in shares) \| shares	1,871
Weighted-average exercise price
Beginning balance (in dollars per share) \| $ / shares	$ 8.68
Granted (in dollars per share) \| $ / shares	5.18
Exercised (in dollars per share) \| $ / shares	6.28
Forfeited or canceled (in dollars per share) \| $ / shares	10.45
Ending balance (in dollars per share) \| $ / shares	7.58
Exercisable and vested (in dollars per share) \| $ / shares	$ 10.30
Outstanding, weighted average remaining contractual term	7 years 6 months 14 days
Exercisable and vested (in years)	5 years 6 months 21 days
Options outstanding, Aggregate intrinsic value \| $	$ 22,424
Exercisable and vested \| $	$ 1,379

Stockholders’ equity (Tables)

9 Months Ended

Sep. 28, 2024

Equity [Abstract]

Schedule of Other Ownership Interests

The following table summarizes the ownership interest in BV LLC as of September 28, 2024 and December 31, 2023 (number of units in thousands):


	September 28, 2024			December 31, 2023
	LLC Interests	Ownership %		LLC Interests	Ownership %
Number of LLC Interests owned
Bioventus Inc.	65,337	80.5	%	63,267	80.0	%
Continuing LLC Owner	15,787	19.5	%	15,787	20.0	%
Total	81,124	100.0	%	79,054	100.0	%

Financial instruments (Tables)

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following as of:


	September 28, 2024		December 31, 2023
Amended Term Loan due October 2026 (9.26% at September 28, 2024)	$	371,128	$	382,448
Revolver due October 2025 (9.26% at September 28, 2024)	15,000		15,000
Less:
Current portion of long-term debt	(38,566)		(27,848)
Unamortized debt issuance cost	(1,303)		(917)
Unamortized discount	(1,238)		(1,685)
	$	345,021	$	366,998

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Balance sheet information

9 Months Ended

Sep. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance sheet information

Accounts receivable, net

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

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


	September 28, 2024		December 31, 2023
Accounts receivable(a)	$	124,740	$	127,008
Less: Allowance for credit losses	(2,815)		(4,219)
	$	121,925	$	122,789

(a)Accounts receivable of $6,437 attributable to the Company’s Advanced Rehabilitation Business (as defined in Note 3. Acquisitions and divestitures) were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

Due to the short-term nature of the Company’s 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. The Company has a diverse customer base with no single customer representing ten percent or more of sales. The Company had one customer representing approximately 23.2% and 16.0% of the accounts receivable balance as of September 28, 2024 and December 31, 2023, respectively. Historically, the Company’s reserves have been adequate to cover credit losses.

Inventory

Inventory consisted of the following as of:


	September 28, 2024		December 31, 2023
Raw materials and supplies(a)	$	23,463	$	21,062
Finished goods(a)	66,569		70,271
	$	90,032	$	91,333

(a)Raw materials and supplies of $7,011 and finished goods inventory of $8,111 attributable to the Company’s Advanced Rehabilitation Business were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

Property and equipment, net

Property and equipment consisted of the following as of:


	September 28, 2024		December 31, 2023
Computer equipment and software	$	41,509	$	37,860
Demonstration and consignment inventory	9,484		9,341
Leasehold improvements	4,063		3,763
Furniture and fixtures(a)	4,586		4,163
Finance leases	15,737		15,737
Machinery and equipment(b)	1,913		2,180
Assets not yet placed in service	599		4,065
	77,891		77,109
Less accumulated depreciation	(48,466)		(40,504)
	$	29,425	$	36,605

(a)Net furniture and fixtures of $20 attributable to the Company’s Advanced Rehabilitation Business were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

(b)Net machinery and equipment of $237 attributable to the Company’s Advanced Rehabilitation Business were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

The Company incurred a $1,064 disposal loss on fixed assets during the three and nine months ended September 30, 2023 as a result of the integration of acquisitions. The loss is recorded in loss on disposal within the consolidated condensed statements of operations and comprehensive loss.

Intangible assets, net

Intangible assets consisted of the following as of:


	September 28, 2024		December 31, 2023
Intellectual property(a)(b)	$	626,008	$	677,258
Distribution rights	61,325		61,325
Customer relationships	57,950		57,950
IPR&D	5,500		5,500
Developed technology and other	13,998		13,998
Total carrying amount	764,781		816,031
Less accumulated amortization:
Intellectual property(a)(b)	(229,933)		(218,031)
Distribution rights	(53,041)		(49,301)
Customer relationships	(57,950)		(57,950)
Developed technology and other	(8,245)		(7,521)
Total accumulated amortization	(349,169)		(332,803)
Intangible assets, net before currency translation	415,612		483,228
Currency translation	(803)		(878)
	$	414,809	$	482,350

(a)Intellectual property of $17,348 and accumulated amortization of $16,656 attributable to the Company’s Advanced Rehabilitation Business were reclassified to assets held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3.Acquisitions and divestitures for further details regarding assets held for sale.

(b)The Company recorded an impairment loss of $2,031 and $33,901 for the three and nine months ended September 28, 2024 in the U.S. reporting segment of net intellectual property solely attributable to the Company’s Advanced Rehabilitation Business. The loss was recorded in impairment of assets within the consolidated condensed statements of operations and comprehensive loss. Refer to Refer to Note 3. Acquisitions and divestitures for further details regarding businesses held for sale.

Estimated amortization expense for intangibles subsequent to reclassifications, impairment and additions for the remainder of 2024 and for the years ended December 31, 2025 through 2028 is expected to be $9,436, $37,423, $34,192, $35,259 and $31,012, respectively.

Accrued liabilities

Accrued liabilities consisted of the following as of:


	September 28, 2024		December 31, 2023
Gross-to-net deductions	$	68,308	$	59,592
Bonus and commission	25,442		19,437
Compensation and benefits	7,414		9,709
Accrued interest	5,924		6,606
Income and other taxes	6,147		4,749
Other liabilities(a)	15,462		19,702
	$	128,697	$	119,795

(a)Accrued liabilities of $884 attributable to the Company’s Advanced Rehabilitation Business were reclassified to liabilities held for sale within the September 28, 2024 consolidated condensed balance sheets. Refer to Note 3. Acquisitions and divestitures for further details regarding assets held for sale.

Acquisitions and divestitures (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	May 22, 2023	Feb. 27, 2023	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Jul. 12, 2022
Business Acquisition [Line Items]
Payments on long-term debt	$ 30,000
Impairments of assets					$ 33,901	$ 78,615
Loss on deconsolidation			$ 60,639	$ 60,639	$ 60,639	60,639
CartiHeal Ltd
Business Acquisition [Line Items]
Litigation settlement, amount awarded to other party		$ 10,150
CartiHeal Ltd
Business Acquisition [Line Items]
Percentage of business acquired							100.00%
CartiHeal Ltd \| Deferred Consideration
Business Acquisition [Line Items]
Contingent consideration		215,000
CartiHeal Ltd \| Sales Milestone
Business Acquisition [Line Items]
Contingent consideration		$ 135,000
Disposed of by Sale \| Wound Business
Business Acquisition [Line Items]
Cash consideration	84,675
Closing amount	34,675
Deferred amount	$ 5,000
Deferral period	18 months
Earn-out payments	$ 45,000
Transactional fees	$ 3,880
Impairments of assets						78,615
Loss on deconsolidation				$ 340		$ 1,317
Discontinued Operations, Disposed of by Means Other than Sale \| CartiHeal Ltd
Business Acquisition [Line Items]
Business acquisition, percentage of shares transferred to trustee		100.00%
Loss from discontinued operations, net of tax		$ 60,639

Commitments and contingencies - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 792	$ 1,041	$ 2,618	$ 3,120
Short-term lease cost	235	156	641	591
Amortization of finance lease assets	155	394	487	1,022
Interest on lease liabilities	216	230	654	596
Total lease cost	$ 1,398	$ 1,821	4,400	5,329
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases			3,459	3,675
Operating cash flows from financing leases			654	644
Financing cash flows from finance leases			564	334
Right-of-use assets obtained in exchange for lease obligations:
Operating lease obligations			761	275
Financing lease obligations			$ 0	$ 15,567

Discontinued Operations (Tables)

9 Months Ended

Sep. 28, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Balance Sheet and Statement of Operation

The carrying amounts for the major classes of assets and liabilities of the Advanced Rehabilitation Business classified as held for sale were as follows:


	September 28, 2024
Carrying amounts of assets classified as held for sale:
Accounts receivable	$	6,437
Inventory	15,122
Prepaid and other current assets	2,484
Property and equipment, net	257
Intangible assets	692
Operating lease assets	1,663
Other assets	79
Total assets held for sale	$	26,734

Carrying amounts of liabilities classified as held for sale:
Accounts payable	$	1,833
Accrued liabilities	884
Other liabilities	1,517
Total liabilities held for sale	$	4,234


	Nine Months Ended
		September 30, 2023



Selling, general and administrative expense		$	1,728
Research and development expense		396
Change in fair value of contingent consideration(a)		1,710
Depreciation and amortization(a)		4,264


Operating loss from discontinued operations		(8,098)
Interest expense, net		4,889
Other expense(b)		61,442
Other expense		66,331
Loss before income taxes		(74,429)
Income tax benefit, net		—
Net loss from discontinued operations		(74,429)
Loss attributable to noncontrolling interest - discontinued operations		14,937
Net loss attributable to Bioventus Inc. - discontinued operations		$	(59,492)

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

- Definition

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

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+ Details

Balance sheet information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Accrued Liabilities [Line Items]
Gross-to-net deductions	$ 68,308	$ 59,592
Bonus and commission	25,442	19,437
Compensation and benefits	7,414	9,709
Accrued interest	5,924	6,606
Income and other taxes	6,147	4,749
Other liabilities(a)	15,462	19,702
Accrued liabilities	128,697	$ 119,795
Discontinued Operations, Held-for-sale
Accrued Liabilities [Line Items]
Accrued liabilities	$ 884

- Definition

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

+ References

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+ Details

Fair value measurements (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

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

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


	September 28, 2024				December 31, 2023
	Total		Level 3		Total		Level 3
Liabilities:
Current portion of contingent consideration	$	19,228	$	19,228	$	—	$	—
Contingent consideration	—		—		18,150		18,150
Total liabilities:	$	19,228	$	19,228	$	18,150	$	18,150

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

Valuation Technique

Unobservable inputs

Range

Bioness contingent consideration

Discounted cash flow

Payment discount rate

6.4% - 6.8%

Payment period

2025

Fair value measurements

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair value measurements

The process for determining fair value has not changed from that described in the Annual Report on Form 10-K for the year ended December 31, 2023.

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


	September 28, 2024				December 31, 2023
	Total		Level 3		Total		Level 3
Liabilities:
Current portion of contingent consideration	$	19,228	$	19,228	$	—	$	—
Contingent consideration	—		—		18,150		18,150
Total liabilities:	$	19,228	$	19,228	$	18,150	$	18,150

Contingent consideration

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

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

Unobservable inputs

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

Valuation Technique

Unobservable inputs

Range

Bioness contingent consideration

Discounted cash flow

Payment discount rate

6.4% - 6.8%

Payment period

2025

Significant changes in these assumptions could result in a significantly higher or lower fair value. The contingent consideration reported in the table above resulted from the acquisition of Bioness on March 30, 2021. Contingent consideration is adjusted quarterly based upon the passage of time or the anticipated success or failure of achieving certain milestones. Changes in contingent consideration related to Bioness for the three months ended September 28, 2024 and September 30, 2023 totaled a loss of $483 and a gain of $98, respectively. Changes in contingent consideration related to Bioness for the nine months ended September 28, 2024 and September 30, 2023 totaled losses of $1,078 and $429, respectively. Contingent consideration activity is recorded as the change in fair value of contingent consideration within the consolidated condensed statements of operations and comprehensive loss.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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+ Details

Earnings per share (Tables)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

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


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Numerator:
Net loss from continuing operations, net of tax	$	(5,421)	$	(8,791)	$	(43,515)	$	(113,540)
Net loss attributable to noncontrolling interests, continuing operations	597		1,488		10,129		22,898
Net loss attributable to Bioventus Inc. Class A common stockholders, continuing operations	$	(4,824)	$	(7,303)	$	(33,386)	$	(90,642)

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

Denominator:
Weighted-average shares of Class A common stock outstanding, basic and diluted	65,258,427		62,824,318		64,234,922		62,494,686

Net loss per share of Class A common stock from continuing operations, basic and diluted	$	(0.07)	$	(0.12)	$	(0.52)	$	(1.45)
Net loss per share of Class A common stock from discontinued operations, basic and diluted	—		—		—		(0.95)
Net loss per share of Class A common stock, basic and diluted	$	(0.07)	$	(0.12)	$	(0.52)	$	(2.40)

Schedule of Antidilutive Securities


	Three Months Ended		Nine Months Ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
LLC Interests held by Continuing LLC Owner(a)	15,786,737	15,786,737	15,786,737	15,786,737
Stock options	1,164,448	4,540,415	755,598	6,620,251
RSUs	2,068,915	448,715	2,068,023	928,817
Total	19,020,100	20,775,867	18,610,358	23,335,805

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

Fair value measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 - Valuation Technique, Discounted Cash Flow - Payment discount rate - Bioness contingent consideration	Sep. 28, 2024
Minimum
Business Acquisition [Line Items]
Payment discount rate	0.064
Maximum
Business Acquisition [Line Items]
Payment discount rate	0.068

Income taxes (Details)	3 Months Ended		9 Months Ended
Income taxes (Details)	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Feb. 16, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	12.20%	7.30%	11.80%	0.70%
Tax receivable agreement, percent					85.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,824)	$ (7,303)	$ (33,386)	$ (150,134)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Condensed Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Depreciation and amortization	$ 10,206	$ 11,506	$ 31,252	$ 38,146

Equity-based compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - RSUs shares in Thousands	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Number of units
Beginning balance (in shares) \| shares	2,066
Granted (in shares) \| shares	2,463
Vested (in shares) \| shares	(1,583)
Forfeited or canceled (in shares) \| shares	(146)
Ending balance (in shares) \| shares	2,800
Weighted-average grant-date fair value per unit
Beginning balance (in dollars per share) \| $ / shares	$ 4.51
Granted (in dollars per share) \| $ / shares	5.45
Vested (in dollars per share) \| $ / shares	4.63
Forfeited or canceled (in dollars per share) \| $ / shares	6.87
Ending balance (in dollars per share) \| $ / shares	$ 5.09

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 43,074	$ 36,964
Accounts receivable, net	121,925	122,789
Inventory	90,032	91,333
Prepaid and other current assets	16,923	16,913
Assets held for sale	26,734	0
Total current assets	298,688	267,999
Property and equipment, net	29,425	36,605
Goodwill	7,462	7,462
Intangible assets, net	414,809	482,350
Operating lease assets	9,779	13,353
Deferred tax assets	7,396	0
Investment and other assets	1,933	3,141
Total assets	769,492	810,910
Current liabilities:
Accounts payable	16,849	23,038
Accrued liabilities	128,697	119,795
Current portion of long-term debt	38,566	27,848
Current portion of contingent consideration	19,228	0
Other current liabilities	3,918	4,816
Liabilities held for sale	4,234	0
Total current liabilities	211,492	175,497
Long-term debt, less current portion	345,021	366,998
Deferred income taxes	0	1,213
Contingent consideration	0	18,150
Other long-term liabilities	26,146	27,934
Total liabilities	582,659	589,792
Commitments and contingencies (Note 11)
Stockholders’ Equity
Additional paid-in capital	503,134	494,254
Accumulated deficit	(354,922)	(321,536)
Accumulated other comprehensive income	445	794
Total stockholders’ equity attributable to Bioventus Inc.	148,738	173,591
Noncontrolling interest	38,095	47,527
Total stockholders’ equity	186,833	221,118
Total liabilities and stockholders’ equity	769,492	810,910
Common Class A
Stockholders’ Equity
Common stock, value	65	63
Common Class B
Stockholders’ Equity
Common stock, value	$ 16	$ 16

Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Liabilities:
Current portion of contingent consideration	$ 19,228	$ 0
Contingent consideration	0	18,150
Fair Value, Recurring
Liabilities:
Total liabilities:	19,228	18,150
Fair Value, Recurring \| Bioness, Inc
Liabilities:
Current portion of contingent consideration	19,228	0
Contingent consideration	0	18,150
Fair Value, Recurring \| Level 3
Liabilities:
Total liabilities:	19,228	18,150
Fair Value, Recurring \| Level 3 \| Bioness, Inc
Liabilities:
Current portion of contingent consideration	19,228	0
Contingent consideration	$ 0	$ 18,150

Commitments and contingencies (Tables)

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

The components of lease cost were as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Operating lease cost	$	792	$	1,041	$	2,618	$	3,120
Short-term lease cost(a)	235		156		641		591
Financing lease cost:
Amortization of finance lease assets	155		394		487		1,022
Interest on lease liabilities	216		230		654		596
Total lease cost	$	1,398	$	1,821	$	4,400	$	5,329

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

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


	Nine Months Ended
	September 28, 2024		September 30, 2023
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	3,459	$	3,675
Operating cash flows from financing leases	$	654	$	644
Financing cash flows from finance leases	$	564	$	334

Right-of-use assets obtained in exchange for lease obligations:
Operating lease obligations	$	761	$	275
Financing lease obligations	$	—	$	15,567

Schedule of Assets and Liabilities, Lessee

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


	September 28, 2024			December 31, 2023
Operating lease assets(a)	$	9,779		$	13,353

Operating lease liabilities—current(b)	$	3,113		$	4,057
Operating lease liabilities—noncurrent(b)	7,790			10,573
Total operating lease liabilities	$	10,903		$	14,630

Property, plant and equipment, net (finance leases)	$	13,097		$	14,279

Finance lease liabilities—current	$	805		$	759
Finance lease liabilities—noncurrent	9,776			10,386
Total financing lease liabilities	$	10,581		$	11,145

Weighted average remaining lease term (years) for leases
Operating leases	3.2			3.8
Finance leases	8.6			9.3

Weighted average discount rate for leases
Operating leases	4.9		%	4.7		%
Finance leases	8.1		%	8.1		%

Revenue from Contract with Customer - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 138,964	$ 120,794	$ 419,638	$ 376,922
Customer One \| Revenue Benchmark \| Customer
Disaggregation of Revenue [Line Items]
Total net sales	$ 12,933		$ 44,342
Revenue percentage of total net sales	9.30%		10.60%
U.S.
Disaggregation of Revenue [Line Items]
Revenues		1,750		5,294
Total net sales	$ 122,909	106,227	$ 371,599	331,052
International
Disaggregation of Revenue [Line Items]
Revenues		65		214
Total net sales	$ 16,055	$ 14,567	$ 48,039	$ 45,870

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Balance sheet information - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 124,740	$ 127,008
Less: Allowance for credit losses	(2,815)	(4,219)
Accounts receivable, net	$ 121,925	$ 122,789

Equity-based compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Jun. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation	$ 2,064,000		$ 8,112,000
Unamortized compensation expense, options	3,506,000		3,506,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense, RSUs	$ 5,739,000		$ 5,739,000
Compensation expense net yet amortized, period for recognition			2 years 5 months 12 days
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
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense net yet amortized, period for recognition			2 years 11 months 1 day
Expiration period			10 years
Weighted-average fair value of stock options granted (in dollars per share)			$ 2.25
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Stock options \| 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]
Number of shares available to be awarded (in shares)	1,393,982		1,393,982
Equity compensation		$ 99,000	$ 215,000	$ 292,000
Number of shares issued (in shares)		93,092	125,622	460,019
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit	$ 0	$ 0	$ 0	$ 0
2021 and 2023 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation		$ 1,734,000		$ 655,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock closing price, (in dollars per share)					$ 11.64
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)	19,564,333		19,564,333
Number of shares available to be awarded (in shares)	9,020,111		9,020,111
Common Class A \| 2023 Retention Equity Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be awarded (in shares)	600,000		600,000
Number of shares available to be awarded (in shares)	66,450		66,450

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Entity File Number	001-37844
Entity Registrant Name	BIOVENTUS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0980861
Entity Address, Address Line One	4721 Emperor Boulevard
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27703
City Area Code	919
Local Phone Number	474-6700
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	BVS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001665988
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		65,367,830
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,786,737

Segments

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segments

The Company’s two reportable segments are U.S. and International. U.S. segment revenues totaled $122,909, $106,227, $371,599 and $331,052 for the three months ended September 28, 2024 and September 30, 2023 and the nine months ended September 28, 2024 and September 30, 2023, respectively. International segment revenues totaled $16,055, $14,567, $48,039 and $45,870 for the three months ended September 28, 2024 and September 30, 2023 and the nine months ended September 28, 2024 and September 30, 2023, respectively. 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 CODM does not review or use it to allocate resources or assess operating results and financial performance. Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s CODM 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 loss before income taxes:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Segment Adjusted EBITDA
U.S.	$	19,662	$	18,949	$	71,008	$	58,373
International	3,895		2,786		9,624		8,471
Interest expense, net	(9,532)		(10,115)		(29,795)		(30,396)
Depreciation and amortization	(12,275)		(13,827)		(37,150)		(44,900)
Acquisition and related costs	(483)		(1,424)		(994)		(4,047)
Shareholder litigation costs	(50)		—		(13,720)		—
Restructuring and succession charges	(54)		26		(67)		(911)
Equity compensation	(2,064)		(1,833)		(8,327)		(947)
Financial restructuring costs	(4)		(478)		(351)		(7,065)
Impairments of assets	(2,031)		—		(33,901)		(78,615)
Loss on disposal of a business	—		(340)		—		(1,317)
Other items	(1,896)		(1,935)		(5,685)		(11,351)
Loss before income taxes	$	(4,832)	$	(8,191)	$	(49,358)	$	(112,705)

- Definition

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

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+ Details

Restructuring costs	9 Months Ended
Restructuring costs	Sep. 28, 2024
Restructuring and Related Activities [Abstract]
Restructuring costs	Restructuring costs Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. These charges are included in restructuring costs in the consolidated statements of operations and comprehensive loss. Liabilities associated from restructuring costs are recorded in accrued liabilities on the consolidated balance sheets. The Company’s prior restructuring plans adopted in 2021 and 2022 focused on aligning its organizational and management cost structure to improve profitability and cash flow, reduce headcount and the consolidation of facilities. These plans have been completed. There were no restructuring expenses incurred during the three and nine months ended September 28, 2024. Restructuring expenses incurred during the three and nine months ended September 30, 2023 totaled an expense reversal of $26 and pre-tax charges of $911, respectively. Payments for restructuring liabilities during the three and nine months ended September 28, 2024 and September 30, 2023 totaled $986 and $3,305, respectively.

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 28, 2024	Sep. 28, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 26, 2024, our President and Chief Executive Officer (Robert E. Claypoole), Senior Vice President and Chief Financial Officer (Mark L. Singleton), Senior Vice President and General Counsel (Anthony D’Adamio) and Senior Vice President and Chief Compliance Officer (Katrina Church) each adopted an instruction for the sale of shares of Company Class A common stock to cover withholding taxes that may become due upon the vesting of any restricted stock units that are granted to such officers after December 2, 2024 pursuant to a Company equity plan. The aforementioned instructions are designed to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Anthony D'Adamio [Member]
Trading Arrangements, by Individual
Name	Anthony D’Adamio
Title	Senior Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Mark L. Singleton [Member]
Trading Arrangements, by Individual
Name	Mark L. Singleton
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Katrina Church [Member]
Trading Arrangements, by Individual
Name	Katrina Church
Title	Senior Vice President and Chief Compliance Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Robert E. Claypoole [Member]
Trading Arrangements, by Individual
Name	Robert E. Claypoole
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Numerator:
Net loss from continuing operations, net of tax	$ (5,421)	$ (8,791)	$ (43,515)	$ (113,540)
Net loss attributable to noncontrolling interests, continuing operations	597	1,488	10,129	22,898
Net loss attributable to Bioventus Inc. Class A common stockholders, continuing operations	(4,824)	(7,303)	(33,386)	(90,642)
Net loss from discontinued operations, net of tax	0	0	0	(74,429)
Net loss attributable to noncontrolling interests, discontinued operations	0	0	0	14,937
Net loss attributable to Bioventus Inc. Class A common stockholders, discontinued operations	$ 0	$ 0	$ 0	$ (59,492)
Denominator:
Weighted-average shares of Class A common stock outstanding - basic (in shares)	65,258,427	62,824,318	64,234,922	62,494,686
Weighted-average shares of Class A common stock outstanding - diluted (in shares)	65,258,427	62,824,318	64,234,922	62,494,686
Net loss per share of Class A common stock from continuing operations, basic (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.52)	$ (1.45)
Net loss per share of Class A common stock from continuing operations, diluted (in dollars per share)	(0.07)	(0.12)	(0.52)	(1.45)
Net loss per share of Class A common stock from discontinuing operations, diluted (in dollars per share)	0	0	0	(0.95)
Net loss per share of Class A common stock from discontinuing operations, basic (in dollars per share)	0	0	0	(0.95)
Net loss per share of class A common stock, basic (in dollars per share)	(0.07)	(0.12)	(0.52)	(2.40)
Net loss per share of class A common stock, diluted (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.52)	$ (2.40)

Segments - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Interest expense, net	$ (9,532)	$ (10,115)	$ (29,795)	$ (30,396)
Depreciation and amortization			(37,150)	(44,900)
Equity compensation	(2,064)		(8,112)
Impairments of assets			(33,901)	(78,615)
Loss on disposals	0	(1,404)	0	(2,381)
Loss before income taxes	(4,832)	(8,191)	(49,358)	(112,705)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest expense, net	(9,532)	(10,115)	(29,795)	(30,396)
Depreciation and amortization	(12,275)	(13,827)	(37,150)	(44,900)
Acquisition and related costs	(483)	(1,424)	(994)	(4,047)
Shareholder litigation costs	(50)	0	(13,720)	0
Restructuring and succession charges	(54)	26	(67)	(911)
Equity compensation	(2,064)	(1,833)	(8,327)	(947)
Financial restructuring costs	(4)	(478)	(351)	(7,065)
Impairments of assets	(2,031)	0	(33,901)	(78,615)
Loss on disposals	0	(340)	0	(1,317)
Other items	(1,896)	(1,935)	(5,685)	(11,351)
U.S. \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	19,662	18,949	71,008	58,373
International \| Operating Segments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 3,895	$ 2,786	$ 9,624	$ 8,471

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (43,515)	$ (187,969)
Less: Loss from discontinued operations, net of tax	0	(74,429)
Net loss from continuing operations	(43,515)	(113,540)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	37,150	44,900
Benefit for expected credit losses	(613)	(695)
Equity-based compensation	8,327	947
Change in fair value of contingent consideration	1,078	429
Deferred income taxes	(8,609)	(3,540)
Impairment of assets	33,901	78,615
Loss on disposals	0	2,381
Unrealized loss on foreign currency fluctuations	(133)	1,397
Other, net	1,559	1,401
Changes in operating assets and liabilities:
Accounts receivable	(4,874)	19,247
Inventories	(10,874)	(14,123)
Accounts payable and accrued expenses	1,224	(11,067)
Other current and noncurrent assets and liabilities	4,852	787
Net cash from operating activities - continuing operations	19,473	7,139
Net cash from operating activities - discontinued operations	0	(2,169)
Net cash from operating activities	19,473	4,970
Investing activities:
Proceeds from sale of a business	0	34,897
Purchase of property and equipment	(432)	(6,993)
Investments and acquisition of distribution rights	(709)	0
Net cash from investing activities - continuing operations	(1,141)	27,904
Net cash from investing activities - discontinued operations	0	(11,506)
Net cash from investing activities	(1,141)	16,398
Financing activities:
Proceeds from issuance of Class A common stock	1,339	620
Borrowing on revolver	0	64,000
Payment on revolver	0	(49,000)
Debt refinancing costs	(1,180)	(3,661)
Payments on long-term debt	(11,320)	(38,264)
Other, net	(564)	(334)
Net cash from financing activities	(11,725)	(26,639)
Effect of exchange rate changes on cash	(497)	261
Net change in cash, cash equivalents and restricted cash	6,110	(5,010)
Cash, cash equivalents and restricted cash at the beginning of the period	36,964	31,837
Cash, cash equivalents and restricted cash at the end of the period	43,074	26,827
Supplemental disclosure of noncash investing and financing activities
Accrued liabilities for intellectual property	0	709
Accounts payable for purchase of property, plant and equipment	$ 113	$ 1,304

Fair value measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration	$ 483	$ (98)	$ 1,078	$ 429
Bioness, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of contingent consideration	$ 483	$ 98	$ 1,078	$ 429

Earnings per share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	19,020,100	20,775,867	18,610,358	23,335,805
LLC Interests held by Continuing LLC Owner
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	15,786,737	15,786,737	15,786,737	15,786,737
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,164,448	4,540,415	755,598	6,620,251
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,068,915	448,715	2,068,023	928,817

Financial instruments - Schedule Of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Current portion of long-term debt	$ (38,566)	$ (27,848)
Unamortized debt issuance cost	(1,303)	(917)
Unamortized discount	(1,238)	(1,685)
Long-term debt, less current portion	345,021	366,998
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 15,000	15,000
Effective interest rate	9.26%
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 371,128	$ 382,448
Effective interest rate	9.26%

- Definition

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

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+ Details

Organization - Narrative (Details)	Sep. 28, 2024 employee
Bioventus Inc.
Class of Stock [Line Items]
Number of employees	1,030

- Definition

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

+ References

+ Details

Revenue recognition (Tables)

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by major business within each segment as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
U.S.
Pain Treatments	$	56,306	$	48,416	$	172,137	$	145,028
Restorative Therapies	25,448		23,105		78,187		83,893
Surgical Solutions	41,155		34,706		121,275		102,131
Total U.S. net sales	122,909		106,227		371,599		331,052

International
Pain Treatments	6,821		5,274		19,939		16,629
Restorative Therapies	4,489		5,223		13,844		15,462
Surgical Solutions	4,745		4,070		14,256		13,779
Total International net sales	16,055		14,567		48,039		45,870

Total net sales	$	138,964	$	120,794	$	419,638	$	376,922

Consolidated Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 138,964	$ 120,794	$ 419,638	$ 376,922
Cost of sales (including depreciation and amortization of $10,206, $11,506, $31,252 and $38,146, respectively)	45,413	41,944	134,068	135,030
Gross profit	93,551	78,850	285,570	241,892
Selling, general and administrative expense	81,090	69,820	254,281	225,522
Research and development expense	3,808	3,015	10,393	10,184
Restructuring costs	0	(26)	0	911
Change in fair value of contingent consideration	483	(98)	1,078	429
Depreciation and amortization	2,065	2,317	5,884	6,740
Impairments of assets	2,031	0	33,901	78,615
Loss on disposals	0	1,404	0	2,381
Operating income (loss)	4,074	2,418	(19,967)	(82,890)
Interest expense, net	9,532	10,115	29,795	30,396
Other (income) expense	(626)	494	(404)	(581)
Other expense	8,906	10,609	29,391	29,815
Loss before income taxes	(4,832)	(8,191)	(49,358)	(112,705)
Income tax expense (benefit), net	589	600	(5,843)	835
Net loss from continuing operations	(5,421)	(8,791)	(43,515)	(113,540)
Loss from discontinued operations, net of tax	0	0	0	(74,429)
Net loss	(5,421)	(8,791)	(43,515)	(187,969)
Loss attributable to noncontrolling interest - continuing operations	597	1,488	10,129	22,898
Loss attributable to noncontrolling interest - discontinued operations	0	0	0	14,937
Net loss attributable to Bioventus Inc.	(4,824)	(7,303)	(33,386)	(150,134)
Change in foreign currency translation adjustments	575	(324)	(436)	636
Comprehensive loss	(4,846)	(9,115)	(43,951)	(187,333)
Comprehensive loss attributable to noncontrolling interest - continuing operations	484	1,544	10,216	22,769
Comprehensive loss attributable to noncontrolling interest - discontinued operations	0	0	0	14,937
Comprehensive loss attributable to Bioventus Inc.	$ (4,362)	$ (7,571)	$ (33,735)	$ (149,627)
Loss per share of Class A common stock
Loss per share of Class A common stock from continuing operations, basic (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.52)	$ (1.45)
Loss per share of Class A common stock from continuing operations, diluted (in dollars per share)	(0.07)	(0.12)	(0.52)	(1.45)
Loss per share of Class A common stock from discontinuing operations, basic (in dollars per share)	0	0	0	(0.95)
Loss per share of Class A common stock from discontinuing operations, diluted (in dollars per share)	0	0	0	(0.95)
Net loss per share of class A common stock, basic (in dollars per share)	(0.07)	(0.12)	(0.52)	(2.40)
Loss per share of class A common stock, diluted (in dollars per share)	$ (0.07)	$ (0.12)	$ (0.52)	$ (2.40)
Weighted-average shares of Class A common stock outstanding
Basic (in shares)	65,258,427	62,824,318	64,234,922	62,494,686
Diluted (in shares)	65,258,427	62,824,318	64,234,922	62,494,686

Acquisitions and divestitures - Schedule of Held for Sale Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairments of assets		$ 33,901	$ 78,615
Discontinued Operations, Held-for-sale \| Advanced Rehabilitation Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transactional fees	$ 2,500	2,500
Impairments of assets	2,031	33,901
Assets Held for Sale [Abstract]
Accounts receivable	6,437	6,437
Inventory	15,122	15,122
Prepaid and other current assets	2,484	2,484
Property and equipment, net	257	257
Intangible assets	692	692
Operating lease assets	1,663	1,663
Other assets	79	79
Total assets held for sale	26,734	26,734
Liabilities Held for Sale [Abstract]
Accounts payable	1,833	1,833
Accrued liabilities	884	884
Other liabilities	1,517	1,517
Total liabilities held for sale	$ 4,234	$ 4,234
Discontinued Operations, Held-for-sale \| Advanced Rehabilitation Business \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Closing amount				$ 25,000
Earn-out payments				$ 20,000

Balance sheet information - Components of Accounts Receivable (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Sep. 28, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Accounts receivable	$ 124,740	$ 124,740	$ 127,008
Loss on disposals	1,064	1,064
Discontinued Operations, Held-for-sale
Concentration Risk [Line Items]
Accounts receivable	$ 6,437	$ 6,437
Accounts Receivable \| Customer \| Customer One
Concentration Risk [Line Items]
Concentration risk percentage		23.20%	16.00%

Discontinued Operations - Narrative (Details)	Feb. 27, 2023
Discontinued Operations, Disposed of by Means Other than Sale \| CartiHeal Ltd
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business acquisition, percentage of shares transferred to trustee	100.00%

Financial instruments - Narrative (Details)						1 Months Ended		3 Months Ended			4 Months Ended	9 Months Ended
Financial instruments - Narrative (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) letter_of_credit	Mar. 31, 2023 USD ($)	Jul. 12, 2022	Jul. 11, 2022 USD ($)	Jan. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 28, 2024 USD ($) letter_of_credit	Sep. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Dec. 29, 2021 USD ($)	Sep. 28, 2024 USD ($) letter_of_credit	Sep. 30, 2023 USD ($)	Oct. 29, 2021 USD ($)	Dec. 06, 2019 USD ($)
Debt Instrument [Line Items]
Borrowing on revolver												$ 0	$ 64,000,000
Deferred financing costs		$ 917,000						$ 1,303,000				1,303,000
Original issue discount		$ 1,685,000						$ 1,238,000				$ 1,238,000
Line of credit facility, number of LOCs outstanding \| letter_of_credit		3						3				3
Secured Debt
Debt Instrument [Line Items]
Debt instrument, covenant, liquidity, minimum			$ 10,000,000				$ 10,000,000
Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate			4.25%	3.25%
Secured Debt \| Base Rate
Debt Instrument [Line Items]
Debt instrument, lending margin, interest rate			3.25%	2.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolver credit capacity reduced amount	$ 5,000,000	$ 5,000,000
Term Loan \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value								$ 372,056,000				$ 372,056,000
Line of Credit
Debt Instrument [Line Items]
Loss on debt retirement and modification						$ 0	$ 0
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount															$ 200,000,000
Line of Credit \| Secured Debt \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount														$ 360,750,000
Repayments on revolver											$ 80,000,000
Line of Credit \| Secured Debt \| Term Loan Facility, July 2022
Debt Instrument [Line Items]
Borrowing on revolver					$ 80,000,000
Line of Credit \| Secured Debt \| Term Loan Facilities
Debt Instrument [Line Items]
Deferred financing costs								1,303,000				1,303,000
Long-term debt								368,587,000				368,587,000
Original issue discount								1,238,000				1,238,000
Repayments of medium-term notes										$ 30,000,000
Interest expense, debt								381,000	$ 262,000			1,143,000	1,400,000
Line of Credit \| Secured Debt \| Term Loan Facility, January 2024
Debt Instrument [Line Items]
Debt issuance costs, gross								1,180,000				1,180,000
Amortization of debt issuance costs												325,000
Deferred financing costs								855,000				855,000
Line of Credit \| Secured Debt \| Term Loan Facility, March 2023
Debt Instrument [Line Items]
Debt issuance costs, gross									3,661,000				3,661,000
Amortization of debt issuance costs													1,617,000
Deferred financing costs									$ 2,044,000				$ 2,044,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity	$ 40,000,000							45,000,000				$ 45,000,000			$ 50,000,000
Debt instrument, term												5 years
Outstanding borrowings on line of credit		$ 15,000,000						15,000,000				$ 15,000,000
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, borrowing capacity								$ 7,500,000				$ 7,500,000
Line of credit facility, number of LOCs outstanding \| letter_of_credit								3				3
Line of credit facility, remaining borrowing capacity								$ 5,300,000				$ 5,300,000
Line of Credit \| Swingline Loan
Debt Instrument [Line Items]
Debt instrument, term												5 days

Equity-based compensation

9 Months Ended

Sep. 28, 2024

Compensation And Employee Benefit Plans [Abstract]

Equity-based compensation

2021 Plan

The Company operates an equity-based compensation plan (the “2021 Plan”), which 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, the “2021 Plan Awards”). As of September 28, 2024, 19,564,333 shares of Class A common stock have been authorized to be awarded under the 2021 Plan and 9,020,111 shares were available for 2021 Plan Awards.

2023 Plan

The Company also operates the 2023 Retention Equity Award Plan (the “2023 Plan” and, together with the 2021 Plan, the “Plans”), the purpose of which is to retain and motivate critical personnel over the short-term by providing them additional incentives in the form of RSUs (the “Retention Awards” and together with the “2021 Plan Awards,” the “Awards”). As of September 28, 2024, 600,000 shares of Class A common stock were authorized to be awarded under the 2023 Plan and 66,450 shares were available for Retention Awards.

Activity under the Plans

Expense

Equity-based compensation, net for Awards granted under the Plans for the three and nine months ended September 28, 2024 totaled $2,064 and $8,112, respectively. Equity-based compensation, net for Awards granted under the Plans for the three and nine months ended September 30, 2023 totaled $1,734 and $655, respectively. Expenses and expense reductions are primarily included in selling, general and administrative expense with a nominal amount in research and development expense within the consolidated condensed statements of operations and comprehensive loss based upon the department of the employee. There were no income tax benefits related to equity-based compensation expense for the three and nine months ended September 28, 2024 and September 30, 2023.

Restricted Stock Units

During the three and nine months ended September 28, 2024, the Company granted time-based RSUs which vest at various dates through March 15, 2028. RSU compensation expense is recognized over the vesting period, which is typically between 1 and 4 years. Unamortized compensation expense related to the RSUs totaled $5,739 at September 28, 2024, and is expected to be recognized over a weighted average period of approximately 2.45 years. A summary of the RSU award activity for the nine months ended September 28, 2024 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
Unvested at December 31, 2023	2,066	$	4.51
Granted	2,463	5.45
Vested	(1,583)	4.63
Forfeited or canceled	(146)	6.87
Unvested at September 28, 2024	2,800	$	5.09

Stock Options

During the three and nine months ended September 28, 2024, the Company granted time-based stock options which vest over 1 to 4 years following the date of grant and expire within 10 years. The fair value of time-based stock options is determined using the Black-Scholes valuation model, with such value recognized as expense over the service period, which is typically 1 to 4 years, net of actual forfeitures. A summary of the Company’s assumptions used in determining the fair value of the stock options granted during the nine months ended September 28, 2024 is shown in the following table:


Risk-free interest rate	3.9% - 4.3%
Expected dividend yield	—	%
Expected stock price volatility	36.1% - 36.4%
Expected life of stock options (years)	6.25

The weighted-average grant date fair value of options granted during the nine months ended September 28, 2024 was $2.25 per share. The expected term of the options granted is estimated using the simplified method. Expected volatility is based on the historical volatility of the Company’s peers’ common stock. The risk-free interest rate is determined based upon a constant U.S. Treasury security rate with a contractual life that approximates the expected term of the option. Unamortized compensation expense related to the options totaled $3,506 at September 28, 2024, and is expected to be recognized over a weighted average period of approximately 2.92 years.

A summary of stock option activity is as follows for the nine months ended September 28, 2024 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
Outstanding at December 31, 2023	4,347	$	8.68
Granted	1,763	5.18

Exercised	(361)	6.28
Forfeited or canceled	(826)	10.45
Outstanding at September 28, 2024	4,923	7.58		7.54	$	22,424
Exercisable and vested at September 28, 2024	1,871	$	10.30	5.56	$	1,379

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s Class A common stock for options that had exercise prices lower than $11.64 per share, as this was the closing price of the Company’s Class A common stock on September 27, 2024, the last trading day of the second quarter.

Employee Stock Purchase Plan

The Company operates a non-qualified Employee Stock Purchase Plan (“ESPP”), which provides for the issuance of shares of the Company’s Class A common stock to eligible employees of the Company that elect to participate in the plan and purchase shares of Class A common stock through payroll deductions at a discounted price. As of September 28, 2024, the aggregate number of shares reserved for issuance under the ESPP was 1,393,982. A total of 125,622 shares were issued under the ESPP and $215 of expense was recognized during the nine months ended September 28, 2024. A total of 93,092 and 460,019 shares were issued under the ESPP and $99 and $292 of expense was recognized during the three and nine months ended September 30, 2023, respectively.

Equity-based compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.90%
Risk-free interest rate, maximum	4.30%
Expected dividend yield	0.00%
Expected stock price volatility, minimum	36.10%
Expected stock price volatility, maximum	36.40%
Expected life of stock options (years)	6 years 3 months

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 0	$ (26)	$ 0	$ 911
Payments for restructuring	$ 986	$ 3,305	$ 986	$ 3,305

Acquisitions and divestitures (Tables)

9 Months Ended

Sep. 28, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Held for Sale Assets and Liabilities

The carrying amounts for the major classes of assets and liabilities of the Advanced Rehabilitation Business classified as held for sale were as follows:


	September 28, 2024
Carrying amounts of assets classified as held for sale:
Accounts receivable	$	6,437
Inventory	15,122
Prepaid and other current assets	2,484
Property and equipment, net	257
Intangible assets	692
Operating lease assets	1,663
Other assets	79
Total assets held for sale	$	26,734

Carrying amounts of liabilities classified as held for sale:
Accounts payable	$	1,833
Accrued liabilities	884
Other liabilities	1,517
Total liabilities held for sale	$	4,234


	Nine Months Ended
		September 30, 2023



Selling, general and administrative expense		$	1,728
Research and development expense		396
Change in fair value of contingent consideration(a)		1,710
Depreciation and amortization(a)		4,264


Operating loss from discontinued operations		(8,098)
Interest expense, net		4,889
Other expense(b)		61,442
Other expense		66,331
Loss before income taxes		(74,429)
Income tax benefit, net		—
Net loss from discontinued operations		(74,429)
Loss attributable to noncontrolling interest - discontinued operations		14,937
Net loss attributable to Bioventus Inc. - discontinued operations		$	(59,492)

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

- Definition

+ References

+ Details

Balance sheet information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Inventory [Line Items]
Raw materials and supplies	$ 23,463	$ 21,062
Finished goods	66,569	70,271
Total	90,032	$ 91,333
Discontinued Operations, Held-for-sale \| Advanced Rehabilitation Business
Inventory [Line Items]
Raw materials and supplies	7,011
Finished goods	$ 8,111

- Definition

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

+ References

+ Details

Balance sheet information - Schedule od Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance leases	$ 15,737	$ 15,737
Property and equipment and finance leases, gross	77,891	77,109
Less accumulated depreciation and amortization	(48,466)	(40,504)
Property and equipment and finance leases, net	29,425	36,605
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	41,509	37,860
Demonstration and consignment inventory
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,484	9,341
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,063	3,763
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,586	4,163
Furniture and fixtures \| Discontinued Operations, Held-for-sale
Property, Plant and Equipment [Line Items]
Property and equipment and finance leases, net	20
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,913	2,180
Machinery and equipment \| Discontinued Operations, Held-for-sale
Property, Plant and Equipment [Line Items]
Property and equipment and finance leases, net	237
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 599	$ 4,065

Organization	9 Months Ended
Organization	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization The Company Bioventus Inc. (together with its subsidiaries, the “Company”) was formed as a Delaware corporation for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of Bioventus LLC and its subsidiaries (“BV LLC”). Bioventus Inc. functions as a holding company with no direct operations, material assets or liabilities other than the equity interest in BV LLC. BV LLC is a limited liability company formed under the laws of the state of Delaware on November 23, 2011 and operates as a partnership. BV LLC commenced operations in May 2012. On February 16, 2021, the Company completed its initial public offering (“IPO”), which was conducted through what is commonly referred to as an umbrella partnership C Corporation (“UP-C”) structure. The Company has majority interest, sole voting interest and controls the management of BV LLC. As a result, the Company consolidates the financial results of BV LLC and reports a noncontrolling interest representing the interest of BV LLC held by its continuing LLC owner. The Company is focused on developing and commercializing clinically differentiated, cost efficient and minimally invasive treatments that engage and enhance the body’s natural healing processes. The Company is headquartered in Durham, North Carolina and has approximately 1,030 employees. 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 2024 end on March 30, June 29 and September 28. Comparable periods for 2023 ended on April 1, July 1 and September 30. The fourth and first quarters may vary in length depending on the calendar year. Unaudited interim financial information The accompanying unaudited consolidated condensed 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, and the adjustments discussed in Note 1. Organization) 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 Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated balance sheets at December 31, 2023 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by U.S. GAAP. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. During the first quarter of 2024, the Company reclassified revenue and expense of the SonicOne Ultrasonic Cleansing and Debridement Systems (“SonicOne”) from the Restorative Therapies to the Surgical Solutions business. The reclassification of SonicOne activity affected prior presentation of disaggregated revenue by business, which is detailed further in Note 12. Revenue recognition. The reclassification had no effect on previously reported total revenues, net loss, other comprehensive loss, stockholders’ equity or cash flows. Unless otherwise noted, all financial information in the unaudited consolidated condensed financial statements reflects the Company’s results from continuing operations. 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, as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. On an ongoing basis, management evaluates these estimates, including those related to contractual allowances and sales incentives, allowance for credit losses, inventory reserves, goodwill and intangible assets impairment, valuation of assets and liabilities assumed in acquisitions, useful lives of long lived assets, fair value measurements, litigation and contingent liabilities, income taxes, and equity-based compensation. Management bases its estimates on historical experience, future expectations and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Recent accounting pronouncements In addition to being a smaller reporting and an emerging growth company, the Company is an accelerated filer under SEC rules and regulations. Therefore, required effective dates for adopting new or revised accounting standards are generally earlier than when smaller reporting companies and emerging growth companies who are not accelerated filers are required to adopt. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating ASU 2023-09 to determine its impact on the Company's disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting, which improves reportable segment disclosure requirements. ASU 2023-07 primarily enhances disclosures about significant segment expenses by requiring that a public entity disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss. This ASU also (i) requires that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment, and a description of its composition; (ii) requires that all annual disclosures are provided in the interim periods; (iii) clarifies that if the CODM uses more than one measure of profitability in assessing segment performance and deciding how to allocate resources, that one or more of those measures may be reported; (iv) requires disclosure of the title and position of the CODM and a description of how the reported measures are used by the CODM in assessing segment performance and in deciding how to allocate resources; (v) requires that an entity with a single segment provide all new required disclosures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and requires retrospective application. Early adoption is permitted. The amendments under ASU 2023-07 relate to financial disclosures and its adoption will not have an impact on the Company’s results of operations, financial position or cash flows. The Company will adopt ASU 2023-07 for the annual reporting period ending December 31, 2024 and for interim reporting periods thereafter.

Commitments and contingencies - Schedule of Assets and Liabilities, Lessee (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets	$ 9,779	$ 13,353
Operating lease liabilities - current	3,113	4,057
Operating lease liabilities - noncurrent	7,790	10,573
Total operating lease liabilities	10,903	14,630
Finance leases:
Property, plant and equipment, net (finance leases)	13,097	14,279
Finance lease liabilities—current	805	759
Finance lease liabilities—noncurrent	9,776	10,386
Total financing lease liabilities	$ 10,581	$ 11,145
Weighted average remaining lease term (years) for leases
Operating leases	3 years 2 months 12 days	3 years 9 months 18 days
Finance leases	8 years 7 months 6 days	9 years 3 months 18 days
Weighted average discount rate for leases
Operating leases	4.90%	4.70%
Finance leases	8.10%	8.10%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Discontinued Operations, Held-for-sale \| Advanced Rehabilitation Business
Operating leases:
Operating lease assets	$ 1,663
Operating lease liabilities - current	1,118
Operating lease liabilities - noncurrent	$ 399

Balance sheet information (Tables)

9 Months Ended

Sep. 28, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable

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


	September 28, 2024		December 31, 2023
Accounts receivable(a)	$	124,740	$	127,008
Less: Allowance for credit losses	(2,815)		(4,219)
	$	121,925	$	122,789

Schedule of Inventory

Inventory consisted of the following as of:


	September 28, 2024		December 31, 2023
Raw materials and supplies(a)	$	23,463	$	21,062
Finished goods(a)	66,569		70,271
	$	90,032	$	91,333

Schedule of Property and Equipment, Net

Property and equipment consisted of the following as of:


	September 28, 2024		December 31, 2023
Computer equipment and software	$	41,509	$	37,860
Demonstration and consignment inventory	9,484		9,341
Leasehold improvements	4,063		3,763
Furniture and fixtures(a)	4,586		4,163
Finance leases	15,737		15,737
Machinery and equipment(b)	1,913		2,180
Assets not yet placed in service	599		4,065
	77,891		77,109
Less accumulated depreciation	(48,466)		(40,504)
	$	29,425	$	36,605

Schedule of Intangible Assets

Intangible assets consisted of the following as of:


	September 28, 2024		December 31, 2023
Intellectual property(a)(b)	$	626,008	$	677,258
Distribution rights	61,325		61,325
Customer relationships	57,950		57,950
IPR&D	5,500		5,500
Developed technology and other	13,998		13,998
Total carrying amount	764,781		816,031
Less accumulated amortization:
Intellectual property(a)(b)	(229,933)		(218,031)
Distribution rights	(53,041)		(49,301)
Customer relationships	(57,950)		(57,950)
Developed technology and other	(8,245)		(7,521)
Total accumulated amortization	(349,169)		(332,803)
Intangible assets, net before currency translation	415,612		483,228
Currency translation	(803)		(878)
	$	414,809	$	482,350

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of:


	September 28, 2024		December 31, 2023
Gross-to-net deductions	$	68,308	$	59,592
Bonus and commission	25,442		19,437
Compensation and benefits	7,414		9,709
Accrued interest	5,924		6,606
Income and other taxes	6,147		4,749
Other liabilities(a)	15,462		19,702
	$	128,697	$	119,795

Revenue recognition

9 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenue recognition

Our policies for recognizing sales have not changed from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.

As previously discussed in Note 1. Organization, SonicOne revenue was reclassified from Restorative Therapies to Surgical Solutions on a prospective and retrospective basis as its capabilities to remove devitalized or necrotic tissue and fiber deposits more closely align with Surgical Solutions’ soft tissue management. SonicOne revenue reclassified for the three and nine months ended September 30, 2023 totaled $1,750 and $5,294, respectively, for the U.S. reporting segment and $65 and $214, respectively, for the International reporting segment. The Company had product sales to one customer totaling $12,933 and $44,342 primarily in the U.S. reporting segment during the three and nine months ended September 28, 2024, representing 9.3% and 10.6% of total net sales, respectively. There were no customers representing 10% or more of net sales during the three and nine months ended September 30, 2023. The following table presents the Company’s net sales disaggregated by major business within each segment as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
U.S.
Pain Treatments	$	56,306	$	48,416	$	172,137	$	145,028
Restorative Therapies	25,448		23,105		78,187		83,893
Surgical Solutions	41,155		34,706		121,275		102,131
Total U.S. net sales	122,909		106,227		371,599		331,052

International
Pain Treatments	6,821		5,274		19,939		16,629
Restorative Therapies	4,489		5,223		13,844		15,462
Surgical Solutions	4,745		4,070		14,256		13,779
Total International net sales	16,055		14,567		48,039		45,870

Total net sales	$	138,964	$	120,794	$	419,638	$	376,922

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Equity-based compensation (Tables)

9 Months Ended

Sep. 28, 2024

Compensation And Employee Benefit Plans [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

A summary of the RSU award activity for the nine months ended September 28, 2024 is as follows (number of units in thousands):


	Number of units	Weighted-average grant-date fair value per unit
Unvested at December 31, 2023	2,066	$	4.51
Granted	2,463	5.45
Vested	(1,583)	4.63
Forfeited or canceled	(146)	6.87
Unvested at September 28, 2024	2,800	$	5.09

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 nine months ended September 28, 2024 is shown in the following table:


Risk-free interest rate	3.9% - 4.3%
Expected dividend yield	—	%
Expected stock price volatility	36.1% - 36.4%
Expected life of stock options (years)	6.25

Schedule of Stock Options Roll Forward

A summary of stock option activity is as follows for the nine months ended September 28, 2024 (number of options in thousands):


	Number of options	Weighted-average exercise price		Weighted average remaining contractual term	Aggregate intrinsic value
Outstanding at December 31, 2023	4,347	$	8.68
Granted	1,763	5.18

Exercised	(361)	6.28
Forfeited or canceled	(826)	10.45
Outstanding at September 28, 2024	4,923	7.58		7.54	$	22,424
Exercisable and vested at September 28, 2024	1,871	$	10.30	5.56	$	1,379

Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares outstanding (in shares)	65,337,432	63,267,436
Common stock, shares issued (in shares)	65,337,432	63,267,436
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

Acquisitions and divestitures

9 Months Ended

Sep. 28, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions and divestitures

Advanced Rehabilitation Business

On September 30, 2024, the Company entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with a third-party purchaser to sell certain products within our advanced rehabilitation business, including the L100, L300 Go, L360, H200, Vector Gait & Safety System and Bioness Integrated Therapy System® (BITS) (collectively, the “Advanced Rehabilitation Business”). The Advanced Rehabilitation Business is considered non-core and requires additional research and development expenditures to achieve its next stage of growth. The consideration for the transaction includes $25,000 at closing, subject to a post-closing adjustment for net working capital, indebtedness, transaction expenses and cash, and up to an aggregate of $20,000 in potential earn-out payments (“Earn-out Payments”), which are based on the achievement of certain revenue and financial metric thresholds in respect to sales of products from the Advanced Rehabilitation Business during the 2025 and 2026 fiscal years.

The divestiture of the Advanced Rehabilitation Business is expected to close near the end of 2024 or early 2025 and is expected to simplify the Company’s business structure and improve liquidity, as the proceeds, net of transactional fees, are required to be used to reduce long-term debt obligations. As of September 28, 2024, the Company had incurred $2,500 in transactional fees resulting from the planned divestiture of the Advanced Rehabilitation Business.

The Company has classified the identifiable net assets of the Advanced Rehabilitation Business as held for sale. A significant portion of the Advanced Rehabilitation Business net assets were within the U.S. reporting segment. Assets and liabilities determined to be part of the Advanced Rehabilitation Business have been recorded as single amounts within the Company’s consolidated financial statements. Assets held for sale are reported at the lower of the carrying amount or fair value less costs to sell, which is expected to occur within one year. The Company ceased depreciating and amortizing the assets classified as held for sale on June 29, 2024. Assets and liabilities held for sale are reviewed each reporting period to determine whether existing carrying values are fully recoverable in comparison to estimated fair values less costs to sell.

The Company evaluated the Advanced Rehabilitation Business for impairment due to its planned divestiture. As a result of this evaluation, the Company recorded impairments totaling $2,031 and $33,901 for the three and nine months ended September 28, 2024, respectively, under the U.S. reporting segment within the consolidated condensed statements of operations and comprehensive loss. The impairment losses reduced the intangible assets of the Advanced Rehabilitation Business to reflect their respective fair values less any costs to sell. The fair value of its intangibles was based on the consideration agreed to with the purchaser for the Advanced Rehabilitation Business.

The carrying amounts for the major classes of assets and liabilities of the Advanced Rehabilitation Business classified as held for sale were as follows:


	September 28, 2024
Carrying amounts of assets classified as held for sale:
Accounts receivable	$	6,437
Inventory	15,122
Prepaid and other current assets	2,484
Property and equipment, net	257
Intangible assets	692
Operating lease assets	1,663
Other assets	79
Total assets held for sale	$	26,734

Carrying amounts of liabilities classified as held for sale:
Accounts payable	$	1,833
Accrued liabilities	884
Other liabilities	1,517
Total liabilities held for sale	$	4,234

Wound Business

On May 22, 2023, the Company closed the sale of certain assets within its Wound Business, including the TheraSkin and TheraGenesis products (collectively, the “Wound Business”), for potential consideration of $84,675, including $34,675 at closing, $5,000 deferred for 18 months and up to $45,000 in potential earn-out payments, which are based on the achievement of certain revenue thresholds for sales of the TheraSkin and TheraGenesis products by the purchaser of the Wound Business during the 2024, 2025 and 2026 fiscal years.

The Company incurred $3,880 in transactional fees resulting from the sale of the Wound Business. The Company used the proceeds from the sale of its Wound Business to prepay $30,000 of long-term debt obligations. Refer to Note 4. Financial instruments for further details regarding the Company’s outstanding long-term debt obligations.

The Company evaluated the Wound Business for impairment prior to its sale and recorded a $78,615 impairment within the consolidated condensed statements of operations and comprehensive loss during the nine months ended September 30, 2023 as a result of this evaluation to reduce the intangible assets of the Wound Business to reflect their respective fair values less any costs to sell. The fair value of its intangibles was determined based on the consideration received for the Wound Business. The loss resulting from the deconsolidation of the Wound Business totaled $340 and $1,317 for the three and nine months ended September 30, 2023, respectively, and were recorded in loss on disposals within the consolidated condensed statements of operations and comprehensive loss.

CartiHeal (2009) Ltd.

On July 12, 2022, the Company completed the acquisition of 100% of the remaining shares in CartiHeal (2009) Ltd. (“CartiHeal”), a developer of the proprietary Agili-C implant for the treatment of joint surface lesions in traumatic and osteoarthritic joints. On February 27, 2023, the Company entered into a settlement agreement (the “Settlement Agreement”) with Elron Ventures Ltd. (“Elron”), as representative of CartiHeal’s former securityholders (the “Former Securityholders”). Pursuant to the Settlement Agreement, Elron, on behalf of the Former Securityholders, agreed to forbear from initiating any legal action or proceedings related to non-payment of any obligations including deferred purchase price and contingent consideration totaling $215,000 and $135,000, respectively, under the Company’s previous agreements to purchase CartiHeal from the Former Securityholders.

Pursuant to the Settlement Agreement, the Company also transferred 100% of its shares in CartiHeal to a trustee (the “Trustee”) for the benefit of the Former Securityholders and made a one-time non-refundable payment of $10,150 to Elron to be used for purposes set forth in the Settlement Agreement. Given that upon execution of the Settlement Agreement, the Company had no ownership interest or voting rights in CartiHeal, the Company concluded that it had ceased to control CartiHeal for accounting purposes, and therefore, deconsolidated CartiHeal effective February 27, 2023. CartiHeal was part of the Company’s international reporting segment and the Company treated the deconsolidation of CartiHeal as a discontinued operation. The loss on disposal was $60,639 and was recorded within discontinued operations, net of tax within the consolidated condensed statements of operations and comprehensive loss for the nine months ended September 30, 2023. Refer to Note 14. Discontinued operations for further information regarding the impact of CartiHeal on the Company’s consolidated condensed financial statements for the nine months ended September 30, 2023.

Income taxes	9 Months Ended
Income taxes	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes 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 and nine months ended September 28, 2024 and September 30, 2023, the Company’s effective tax rate was 12.2%, 7.3%, and 11.8% and 0.7%, respectively. The change in rate for the three months ended September 28, 2024 compared to the prior year comparable period was primarily due to losses in certain entities. The change for the nine months ended September 28, 2024 compared to prior year was due to the recognition of deferred tax benefits resulting from the impairments recorded. 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 maintains 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. Subsequent to the consummation of the IPO Mergers, the Continuing LLC Owner has not exchanged LLC Interests for shares of Class A common stock.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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+ Details

Financial instruments

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Financial instruments

Long-term debt consisted of the following as of:


	September 28, 2024		December 31, 2023
Amended Term Loan due October 2026 (9.26% at September 28, 2024)	$	371,128	$	382,448
Revolver due October 2025 (9.26% at September 28, 2024)	15,000		15,000
Less:
Current portion of long-term debt	(38,566)		(27,848)
Unamortized debt issuance cost	(1,303)		(917)
Unamortized discount	(1,238)		(1,685)
	$	345,021	$	366,998

Amended Term Loan

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

On July 11, 2022, the Company further amended the 2019 Credit Agreement in conjunction with the acquisition of CartiHeal (the “CartiHeal Acquisition”). Pursuant to that amendment, an $80,000 term loan facility (the “July 2022 Term Loan” and, together with the Term Loan, the “Term Loan Facilities”) was extended to the Company to be used for: (i) the financing of the CartiHeal Acquisition; (ii) the payment of related fees and expenses; (iii) repayment of the draws made on the Revolver; and (iv) working capital needs and general corporate purposes of the Company, including without limitation for permitted acquisitions.

On March 31, 2023, the Company entered into an additional amendment to the 2019 Credit Agreement to, among other things, modify certain financial covenants, waive covenant noncompliance at December 31, 2022, and to modify interest rates applicable to borrowings under the 2019 Credit Agreement.

On January 18, 2024 (the “Closing Date”), the Company further amended the 2019 Credit Agreement (collectively, with the August 2021, October 2021, July 2022 and March 2023 amendments, the “Amended 2019 Credit Agreement”), to further modify certain financial covenants under the 2019 Credit Agreement. The Company was in compliance as of September 28, 2024 with the financial covenants as stated within the 2019 Credit Agreement.

SOFR loans and base rate loans had a margin of 3.25% and 2.25%, respectively, subsequent to July 11, 2022 and prior to the Closing Date. As of the March 31, 2023 amendment, SOFR loans and base rate loans had a margin of 4.25% and 3.25%, respectively. All obligations under the Amended 2019 Credit Agreement are guaranteed by the Company and certain wholly owned subsidiaries where substantially all the assets of the Company collateralize the obligations.

The Amended 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 Bioventus LLC’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 assets of Bioventus LLC and its subsidiaries, as well as limitations on making changes to the business and organizational documents of Bioventus LLC and its subsidiaries. Financial covenant requirements include a maximum debt leverage ratio and an interest coverage ratio. In addition, during the period commencing on the Closing Date and ending upon the satisfaction of certain conditions occurring not prior to the delivery of financial statements of the Company for the fiscal quarter ending October 29, 2025, the Company will be subject to certain additional requirements and covenants, including a requirement to maintain Liquidity (as defined in the Amended 2019 Credit Agreement) of not less than $10,000 as of the end of each calendar month during such period. The Term Loan Facilities will mature on October 29, 2026. The Revolver will mature on October 29, 2025.

The January 2024 amendment had deferred financing costs of $1,180, of which $325 was recorded in selling, general and administrative expense within the consolidated condensed statements of operations and comprehensive loss and $855 was capitalized on the consolidated condensed balance sheets during the nine months ended September 28, 2024. The March 2023 amendment had deferred financing costs of $3,661, of which $1,617 was recorded in selling, general and administrative expense within the consolidated condensed statements of operations and comprehensive loss and $2,044 was capitalized on the consolidated condensed balance sheets during the nine months ended September 30, 2023. There were no losses on debt refinancing and modification as a result of either the January 2024 or March 2023 amendments.

As of September 28, 2024, $368,587 was outstanding on the Term Loan Facilities, net of original issue discount of $1,238 and deferred financing costs of $1,303. As previously discussed in Note 3. Acquisitions and divestitures, the Company made a prepayment of $30,000 on its Term Loan Facilities with the proceeds from the Wound Business divestiture during the second quarter of 2023. Capitalized deferred fees are amortized to interest expense on a straight-line basis over the term of the Term Loan Facilities, which approximates the effective interest method. Interest expense includes deferred cost amortization of $381, $262, $1,143 and $1,400 for the three months September 28, 2024 and September 30, 2023 and the nine months ended September 28, 2024 and September 30, 2023, respectively.

The estimated fair value of the Term Loan Facilities was $372,056 as of September 28, 2024. The fair value of these obligations was determined based on the midpoint of the Bloomberg Valuation. This is classified as a Level 2 instrument within the fair value hierarchy.

Revolver and Letters of Credit

The Revolver is a five-year revolving credit facility that includes revolving and swingline loans as well as letters of credit (“LOC”) and, inclusive of all, could not exceed $45,000 at any one time as the Revolver capacity was reduced by $5,000 at December 31, 2023 in accordance with the 2019 Credit Agreement then in effect. The Revolver was further reduced by $5,000 at June 30, 2024, limiting borrowing capacity to $40,000. The Company had $15,000 outstanding borrowings on its Revolver as of September 28, 2024 and December 31, 2023. LOCs are available in an amount not to exceed $7,500. The Company had three LOCs outstanding as of September 28, 2024, leaving approximately $5,300 available. Revolving loans are due at the earlier of termination or maturity. Swingline loans are available as base 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.

- Definition

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

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+ Details