Bioventus Inc. (BVS) Form 10-Q — Aug 5, 2026

$BVSForm 10-QFiled Aug 5, 2026, 7:43 AM ET0001665988-26-000042Original filing

Bioventus reported Q2 2026 net sales of $153.2 million, up 3.8% year over year, with net income of $36.2 million ($0.49 basic EPS) versus $9.3 million ($0.11) a year ago. The profit jump was driven largely by a one-time $24.6 million income tax benefit from releasing a deferred tax asset valuation allowance; Adjusted EBITDA rose a more modest 4.5% to $35.3 million. The headline item is a strategic alternatives review: after receiving a recent unsolicited acquisition proposal and multiple other expressions of interest, the Board formed a committee of independent directors to evaluate options including a sale of the Company or continued execution of the standalone plan.

Key figures

Eps: $0.49 basic / $0.47 diluted (Q2 2026) vs $0.11 prior year; $0.54 basic / $0.52 diluted (1H 2026)
Revenue: $153.2 million (Q2 2026); $285.3 million (1H 2026)
Net Income: $36.2 million (Q2 2026) vs $9.3 million (Q2 2025); $40.2 million (1H 2026) vs $6.0 million (1H 2025)
Total Debt: $248.5 million outstanding under 2025 Term Loan (net of OID and deferred financing costs)
Revenue Yoy: +3.8% Q2 2026; +5.1% 1H 2026
Total Assets: $673.3 million
Cash Position: $29.5 million at June 27, 2026 (vs $51.2 million at December 31, 2025)
Shares Outstanding: 68,305,143 Class A and 15,786,737 Class B as of July 27, 2026
Covenants: max consolidated net leverage 3.50x, min interest coverage 2.50x; in compliance at June 27, 2026
Adjusted ebitda: $35.3 million Q2 2026 (+4.5% YoY); $59.2 million 1H 2026 (+11.7% YoY)
Debt prepayments: $42.0 million discretionary prepayments in 1H 2026 ($22.0M Q1 + $20.0M Q2); total principal payments $45.8 million
Divestiture earnout: up to $20.0 million contingent payments possible on divested Advanced Rehabilitation Business
Interest rate swaps: $150.0 million notional at 3.60% weighted average fixed rate, mostly expiring July 31, 2028
Operating cash flow: $28.8 million 1H 2026 vs $6.6 million 1H 2025
Interest expense net: $4.1 million Q2 2026, down 45.7% YoY; $8.4 million 1H, down 44.1%
Revolver availability: $98.4 million available under 2025 Revolver net of $1.6 million LOCs
Customer concentration: one customer 13.3% of Q2 net sales and one customer 27.7% of accounts receivable
Future debt obligations: $250.5 million principal plus $63.4 million interest remaining
Valuation allowance release: $24.6 million income tax benefit; effective tax rate 136.5% Q2 / 102.5% 1H

Price after filing

1 day: 0.0%7 days: +3.7%30 days: +7.0%

Close on the filing date to close N calendar days later (from $13.42). Historical, not a forecast.

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