Bioventus Inc.
BVS · Surgical & Medical Instruments & Apparatus · 62.6M shares · +8%/yr ↑ dilution · EDGAR filings ↗
Reference price $8.79 · est. market cap ~$550M — last insider sale, 2026-03-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B68Orthobiologics/medtech company — profitable with positive free cash flow, but leveraged.
Strengths
- Profitable with positive FCF — operating margin 10% (78th), ROE 12% (73rd), FCF $72M (85th)
Risks
- Leverage — D/E 1.5 (76th)
- Reimbursement/competition risk — per 10-K
- Thin net margin — 4%
Notable findings
- Material weaknessFailure to establish and maintain effective financial controls could cause us to have material weaknesses and financial misstatements due to error, which could adversely affect our business and stock
- Customer concentration~49% of revenue from one customer/distributor — Our HA products accounted for 49%, 46% and 43% of our total revenue for the years ended December 31, 2025, 2024 and 2023, respectively
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +8%/yr over 4y (dilution, book value/share -71%)
- Revenue declineRevenue -16.3% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
68.3%
Operating margin
9.5%
Net margin
4.0%
Return on equity
12.3%
Return on assets
3.3%
ROIC
9.2%
Revenue growth (QoQ)
-16.3%
Debt / equity
1.5×
Net debt / EBITDA
2.2×
Current ratio
1.7×
Free cash flow
$72M
EBITDA
$101M
Tangible book value
-$192M
Cash & investments
$54M
Stock comp / revenue
2.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | McMurry-Heath Michelle | Option exercise | 32K | — |
| 2026-06-02 | Ladone Mary Kay | Option exercise | 32K | — |
| 2026-06-02 | Cowdy Philip G. | Option exercise | 32K | — |
| 2026-06-02 | Beyer Pat | Option exercise | 32K | — |
| 2026-06-02 | Bartholdson John A. | Option exercise | 32K | — |
| 2026-06-02 | NEELS GUIDO J | Option exercise | 32K | — |
| 2026-06-02 | STALNECKER SUSAN M | Option exercise | 32K | — |
| 2026-06-02 | NOHRA GUY P | Option exercise | 32K | — |
| 2026-06-02 | HAWKINS WILLIAM A | Option exercise | 40K | — |
| 2026-06-02 | SUTTER MARTIN P | Option exercise | 32K | — |
| 2026-04-10 | Singleton Mark Leonard | Option exercise | 13K | — |
| 2026-04-10 | Singleton Mark Leonard | Tax withheld | 5.6K | $9.06 |
| 2026-04-10 | D'Adamio Anthony | Option exercise | 9.9K | — |
| 2026-04-10 | D'Adamio Anthony | Tax withheld | 4.3K | $9.06 |
| 2026-04-10 | CHURCH KATRINA J | Option exercise | 4.3K | — |
| 2026-04-10 | CHURCH KATRINA J | Tax withheld | 1.9K | $9.06 |
| 2026-03-20 | Singleton Mark Leonard | Option exercise | 19K | — |
| 2026-03-20 | Singleton Mark Leonard | Tax withheld | 8.1K | $8.64 |
| 2026-03-13 | Claypoole Robert E | Option exercise | 34K | — |
| 2026-03-13 | Claypoole Robert E | Tax withheld | 15K | $8.62 |
| 2026-03-13 | Singleton Mark Leonard | Option exercise | 14K | — |
| 2026-03-13 | Singleton Mark Leonard | Tax withheld | 5.9K | $8.62 |
| 2026-03-13 | D'Adamio Anthony | Option exercise | 8.9K | — |
| 2026-03-13 | D'Adamio Anthony | Tax withheld | 3.9K | $8.62 |
| 2026-03-13 | D'Adamio Anthony | Option exercise | 8.8K | — |
| 2026-03-13 | D'Adamio Anthony | Tax withheld | 3.8K | $8.62 |
| 2026-03-13 | CHURCH KATRINA J | Option exercise | 3.5K | — |
| 2026-03-13 | CHURCH KATRINA J | Tax withheld | 1.5K | $8.62 |
| 2026-03-13 | CHURCH KATRINA J | Option exercise | 3.5K | — |
| 2026-03-13 | CHURCH KATRINA J | Tax withheld | 1.5K | $8.62 |
| 2026-03-11 | McMurry-Heath Michelle | Sell | 12K | $8.79 |
| 2026-02-15 | Singleton Mark Leonard | Option exercise | 20K | — |
| 2026-02-15 | Singleton Mark Leonard | Tax withheld | 9.4K | $8.27 |
| 2026-02-15 | D'Adamio Anthony | Option exercise | 13K | — |
| 2026-02-15 | D'Adamio Anthony | Tax withheld | 6.3K | $8.27 |
| 2026-02-15 | CHURCH KATRINA J | Option exercise | 4.4K | — |
| 2026-02-15 | CHURCH KATRINA J | Tax withheld | 2.1K | $8.27 |
| 2026-01-09 | Claypoole Robert E | Option exercise | 94K | — |
| 2026-01-09 | Claypoole Robert E | Tax withheld | 42K | $8.03 |
| 2025-12-04 | NOHRA GUY P | Sell | 10K | $7.57 |
| 2025-11-07 | McMurry-Heath Michelle | Sell | 18K | $7.42 |
| 2025-06-06 | Bartholdson John A. | Option exercise | 7.6K | — |
| 2025-06-02 | Bartholdson John A. | Option exercise | 26K | — |
| 2025-06-02 | SUTTER MARTIN P | Option exercise | 26K | — |
| 2025-06-02 | STALNECKER SUSAN M | Option exercise | 26K | — |
| 2025-06-02 | NOHRA GUY P | Option exercise | 26K | — |
| 2025-06-02 | NEELS GUIDO J | Option exercise | 26K | — |
| 2025-06-02 | McMurry-Heath Michelle | Option exercise | 26K | — |
| 2025-06-02 | Ladone Mary Kay | Option exercise | 26K | — |
| 2025-06-02 | HAWKINS WILLIAM A | Option exercise | 26K | — |
| 2025-06-02 | Beyer Pat | Option exercise | 26K | — |
| 2025-04-11 | Singleton Mark Leonard | Sell | 3.9K | $7.57 |
| 2025-04-11 | D'Adamio Anthony | Sell | 3.0K | $7.57 |
| 2025-04-11 | CHURCH KATRINA J | Sell | 1.3K | $7.57 |
| 2025-04-10 | Singleton Mark Leonard | Option exercise | 13K | — |
| 2025-04-10 | D'Adamio Anthony | Option exercise | 9.9K | — |
| 2025-04-10 | CHURCH KATRINA J | Option exercise | 4.3K | — |
| 2025-03-24 | Singleton Mark Leonard | Sell | 5.5K | $9.79 |
| 2025-03-21 | Singleton Mark Leonard | Option exercise | 19K | — |
| 2025-03-17 | CHURCH KATRINA J | Sell | 1.0K | $9.75 |
| 2025-03-17 | D'Adamio Anthony | Sell | 2.6K | $9.75 |
| 2025-03-14 | CHURCH KATRINA J | Option exercise | 3.5K | — |
| 2025-03-14 | D'Adamio Anthony | Option exercise | 8.9K | — |
| 2025-02-18 | Singleton Mark Leonard | Sell | 6.5K | $10.19 |
| 2025-02-18 | D'Adamio Anthony | Sell | 4.4K | $10.19 |
| 2025-02-18 | CHURCH KATRINA J | Sell | 1.5K | $10.19 |
| 2025-02-15 | Singleton Mark Leonard | Option exercise | 20K | — |
| 2025-02-15 | D'Adamio Anthony | Option exercise | 13K | — |
| 2025-02-15 | CHURCH KATRINA J | Option exercise | 4.4K | — |
| 2025-01-13 | Claypoole Robert E | Sell | 29K | $9.10 |
| 2025-01-10 | Claypoole Robert E | Option exercise | 94K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT01295580 ↗ | Comparative Study of Safety and Efficacy of Two Hyaluronic Acids for the Treatment of Knee Osteoarthritis Pain Knee Osteoarthritis | NA | Completed | 2011-08-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001665988-26-000035 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001665988-26-000029 ↗ |
| 10-Q | 2026-05-06 | 2026-03-28 | 0001665988-26-000027 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001665988-26-000026 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001665988-26-000011 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001665988-26-000010 ↗ |
| 8-K | 2025-11-17 | 2025-11-14 | 0001665988-25-000032 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001665988-25-000025 ↗ |
| 10-Q | 2025-11-04 | 2025-09-27 | 0001665988-25-000026 ↗ |
| 10-Q | 2025-08-06 | 2025-06-28 | 0001665988-25-000017 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001665988-25-000016 ↗ |
| 8-K | 2025-08-04 | 2025-07-31 | 0001193125-25-172192 ↗ |