Quality Investor

Bioventus Inc.

Rank #58Value

BVS · Nasdaq · Healthcare

Bioventus Inc. (BVS) — Rank #58 by gross profitability (GP/assets 0.58) · ROE 10.0% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · 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

Price History

BVS-13.5% · -2.9% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$880.45M

P/E (annual)

39.1

P/S (annual)

1.5

P/B

3.9

P/OCF (annual)

11.8

Shareholder Yield

-6.8%

Employees

950

Industry

Medical Devices

Exchange

Nasdaq

Signal Flags

1 green1 yellow1 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Revenue declining YoYRevenue contracted year over year

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%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

1.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 6.8% — per-share value needs a total required return of 7.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 15.4%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-2.8%

r = 10% (base)

1.1%

r = 12%

4.4%

Net debt / market cap: 24.3%

Note: current FCF margin is 1.7σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $72.1M3Y mean FCF: $39.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

1.1xFair
0.1xmed 1.1x1.5x

P / B

Price / book value per share

3.4xExpensive
0.2xmed 2.0x4.7x

P / GP

Price / gross profit per share

1.6xFair
0.2xmed 1.6x2.1x

P / FCF

Price / free cash flow per share

8.7xCheap
8.7xmed 29.6x44.0x

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

Profitability

Gross profitability (GP / assets)

0.58

Primary signal (Novy-Marx).

6th of 17 SIC 3841 peers

Return on equity

10.0%

Gross margin

68.3%

7th of 17 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)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.43

14th of 16 SIC 3841 peers (best = lowest)

Current ratio

1.69×

16th of 17 SIC 3841 peers

Quick ratio

1.10×

Net cash

-$215.49M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$72.11M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

2.17

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.2%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Startup
Value