Bioventus Q4 Organic Growth 10%, EBITDA Up 30% to $37M and $38M Cash Flow
Bioventus reported Q4 revenue of $158M, up 10% organic and 3% reported, driving adjusted EBITDA of $37M (+30%) and record operating cash flow of $38M. Management guided 2026 net sales of $600–610M, adjusted EPS of $0.73–0.77, and plans $13M in incremental investments across PNS, PRP, Ultrasonics and international expansion.
1. Q4 Financial Results
Bioventus reported Q4 revenue of $158M, up 3% year over year and 10% on an organic basis after adjusting for the Advanced Rehabilitation divestiture. Adjusted EBITDA rose 30% to $37M with a margin expansion to 23%, and adjusted earnings were $0.24 per diluted share.
2. Segment Performance
International revenue was flat year over year with 11% organic growth for the full year; Restorative Therapies revenue declined 26% due to the Advanced Rehabilitation divestiture but delivered 10% organic growth from EXOGEN. Surgical Solutions grew 3% despite a tough comparison for Ultrasonics sales, while Pain Treatments led with 15% growth driven by DUROLANE single-injection volume.
3. Cash Flow and Balance Sheet
Operating cash flow reached a quarterly record of $38M, doubling the prior-year quarter, and full-year cash from operations was nearly $75M, a 92% increase. The company ended Q4 with $51M in cash, $294M in debt, and reduced net leverage to below 2.5x with plans to reach under 2x by year-end 2026.
4. 2026 Guidance and Investment Plan
Management guided 2026 net sales of $600–610M, adjusted EPS of $0.73–0.77 and cash from operations of $82–87M. The company plans $13M of incremental investment in growth drivers including peripheral nerve stimulation, platelet-rich plasma, Ultrasonics and international expansion to accelerate revenue and profitability.