Quality Investor

Bioventus Inc.

Rank #56ValueWatchlistCompare with other stocks

BVS · Nasdaq · Healthcare

Bioventus Inc. (BVS) — Rank #56 by gross profitability (GP/assets 0.58) · ROE 10.0% · Piotroski F-Score 8 / 9.

As-of 2026-10-30 · CIK 0001665988 · all metrics point-in-time as of the filing date.

About

Bioventus Inc., a medical device company, focuses on relieving pain and addressing musculoskeletal therapies in the United States and internationally.

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The company's product portfolio includes pain treatments, which comprise various intra-articular and hyaluronic acid injections; peripheral nerve stimulation products, such as Durolane, GELSYN-3, and SUPARTZ for the treatment of knee osteoarthritis; and Stimrouter to treat chronic peripheral pain, and TalisMann provides stimulation to the targeted peripheral nerve, as well as XCELL PRP System, a benchtop device that processes whole blood to produce high-yield PRP with a 10-minute single-spin cycle. It also offers precision bone resection for patients with degenerative spine conditions and spinal deformities, as well as enables precision ultrasonic neuro and general surgery to address brain tumors and pathologies of the liver and other organs; and bone graft substitutes, including various products that facilitate optimal bone fusion. In addition, the company provides neXus, an ultrasonic surgical system; BoneScalpel, a surgical solution enabling precise cuts in hard tissue; BoneScalpel Access, for bone removal with visualization; SonaStar system, a precise ablation and removal of soft tissue; SonaStar Elite handpiece and accessories; SonicOne, an ultrasonic cleansing and debridement system; Osteoamp, an allograft-derived bone graft for orthopedic, neurosurgical, and reconstructive bone grafting procedures; Signafuse bone graft; Purebone, a natural osteoconductive scaffold; and Reficio demineralized bone matrix. The company's restorative therapies include minimally invasive fracture treatments and rehabilitation products. Its products also include Exogen, an ultrasound bone stimulation system. The company sells its products to healthcare institutions, physicians, patients, distributors and dealers. Bioventus Inc.

was founded in 2011 and is headquartered in Durham, North Carolina.

Industry
Medical Devices
Sector
Healthcare
State
DE
Filer Category
Accelerated filerEmerging growth company
Fiscal Year End
December 31

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

950

Industry

Medical Devices

Exchange

Nasdaq

10/12

Flags passed

BVS fails 1 critical flag

Passes 10 of 12 quality flags, 1 caution

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.58
Return on equity
10.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.43
Current ratio
1.69×
Net cash
-$215.49M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
2.2%

Growth

0/2 pass
Revenue growth
-0.9%
Piotroski F-Score
8 / 9
Share dilution
6.8%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 63rd percentile of 20 SIC 3841 peers

Gross profitability (GP / assets)

0.58

Primary signal (Novy-Marx).

63rd pctl of 20 SIC 3841 peers

Return on equity

10.0%

Gross margin

68.3%

68th pctl of 20 SIC 3841 peers

Revenue growth (YoY)

-0.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

3.5%

Revenue CAGR (5Y)

12.1%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 217% above net income

Free cash flow

$72.11M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

217.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.2%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net debt $215.49M, F-Score 8/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.43

18th of 19 SIC 3841 peers (best = lowest)

Current ratio

1.69×

5th pctl of 20 SIC 3841 peers

Quick ratio

1.10×

Net cash

-$215.49M

Cash & equivalents minus total debt.

Piotroski F-Score

8 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
6.8%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
7.6%5/5 Strong

Lifecycle Phase History

20202025
Hypergrowth
Startup
Value

Price History

BVS-10.6% · -2.2% CAGRSPY+82.9% · +12.8% CAGR