Earnings call transcript Q1 2023

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Operator

Good afternoon, and welcome to the Bioventus Inc.

First Quarter 2023 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Dave Crawford, Vice President, Investor Relations. Please go ahead.

Dave Crawford

Chad. Thanks, and us. everyone, for thanks afternoon, joining Good It Bioventus call. XXXX pleasure to to the welcome you first is my quarter earnings conference me Bihl, Vice Tony today Mark With Senior Singleton, CEO; President and CFO. and are his begin our out and business, priorities, will perspective on remarks Tony current the review our will then lay his quarter. with the further Q&A. detail offer quarter will with our first results, call and Mark on we will finish section today's call is of Investors our for the website, presentation The on bioventus.com. available

our with would current item results like Securities uncertainties with Commission, may and to recent company's and Before our filings the remarks XX-Q December we of indicated, year that are the the today as other cause uncertainties Securities to XA, forward-looking made everyone Commission. on XX-K Factors, involve begin, XXXX, company's those described from including the for expectations the XX, most and including that statements and actual I Form materially that could and Exchange ended contain the risks Exchange remind the management Risk well differ inherent in based as risks of company's and filings

only place are statements speak You upon date as made. any of to reliance which the forward-looking cautioned undue not

from so otherwise, except whether as undertakes revise the do information, or events, as new voluntarily future to to forward-looking a required may update it securities time, the company statements, time commitment Although no or result applicable. of by

at in financial GAAP. and measures measures with generally are measures. to the adjusted GAAP in financial Accepted to and references also Relations that release not our reconciliations as or call definitions of and This U.S. press include earnings accordance measures website non-GAAP about these of financial portion presented the disclosures Investor non-GAAP refer accordance on We bioventus.com. the certain comparable Generally calculated are will Accounting Important most calculated those Principles, available to or in with

turn call to over Tony. the I'll Now,

Tony Bihl

continued good interest for afternoon, everyone. in Bioventus. Thank Dave, your you thanks, and Well,

Let I'm leading its thrilled saying that Bioventus be by and to team. me begin back talented

I my business to our a to year. performance, discussing remainder discuss lay want take on minutes our quarter's the for to the few Before of priorities the since returning out and perspective

opportunity company, our our Over new we and employees the with near-term move members business. my the the of ability had meet month, across growth team am who since the the reconnect the to revenue from Despite to their retirement as understand and confident in opportunities XXXX, I've on perspective Bioventus past forward. leverage and challenges, I joined to earnings reduce in

in for execution, participate provide large of Most markets growing differentiated employees we are delivering commitments, and we business, enhancing our truly on focused our a on innovative challenges business. our and our products team importantly, and understand Across have who current our dedicated patients.

to aggressively elements team, stabilize returning our plans address plan on to are profitable and are to now address and In role the CEO, issues predictability. My the and I the recent on action then leadership issues growth prioritizing and is our of impacting to positive look team profitability here performance. my build and our impacting quickly as the that focus

loan be will of on growth, attention laser-like remaining compliant on a deliver but growth not amended we with and Our profitable have ensuring our we focus bank leverage. driving just covenants down and

of rebuild quarters we the the believe investors. course year we the will several next regain to our past look will we our of over in single all credibility reverse with sheet and balance a the headwinds While not quarter,

business. operating necessary our closing noncore following we'll efficiency, HA strategic of increase and XXXX, franchise; prioritize third, business throughout actions improve and wound dissecting impact to divestiture the the of the the the evaluate areas: of to and first, divestiture the improve franchise our recent the examining headwinds our Over remainder opportunities our in continuing executing second, assets profitability, predictability; after and of controls to

provide on our three quarter. recent context Let before further reviewing areas these me

one the us of volume payer, recent we the private to recent increase understand through them assess and profitability. that quality contracts a quarters bolster partner increased to of volume the most with and It's to changes has changes important their due to potential First, resulted initiated to in review private HA procedural the strategic payer to franchise, from to impacting continue in improve invoicing. in we've highlight our

franchise. the that we and lower expect in can impact further must but to evaluate private months the steps uncertainty, evaluation we began future third quarter based. on renegotiated an would These on few addition, call payer given smaller aspects update pricing which as that assess over consultant, we and of an through rates coming provide the In to the with improve on our next reduce impact see increased second Working will rebates we the external contracts. additional HA expect sales our are our conduct volume earnings results quarter rebate the we

we announcement simplifies by encouraged our Second, our the management which sheet. remaining focus franchise also and wound attention The business allows our additional our business, the on of of balance of divestiture are liquidity areas wound improves week's strategic portfolio. to regarding delevers divestiture and last our our

- additional use on remove approximately which sales At $XX potentially receive, repay milestones. expect quarterly the the or from closing, debt will and need This repayment the three to we quarters the next our amortization quarterly with repay potential to debt. loan quarters proceeds we to to pay to million, fees, term after plan for

sheet divestiture the is While a assets. our noncore additional continue step, we divestiture to to opportunities positive wound of evaluate balance strengthen will further through

prioritization the divesting we win. only the in for negotiation attractive strategically value. at we will we of any an business be Still, Our define areas areas our on remain business believe can will we and noncore simplify that disciplined assets placed will investment which and where as and emphasis consider

our start area arose inefficiencies operating our we due of opportunities the of across throughout exploring and At The business employee turnover. began controls involves year, recent focus where the and business. to increase improve work to and third acquisitions profitability select areas efficiency our

be additional make enable throughout efforts savings cost beginning potential to to the required our in year. drive us some find and will and internal inefficiencies, addressing and working controls. these back-office We're steady performance Those improved enhance operational progress capital work processes should but

complete facility continue In the of by Misonix the expect to addition, manufacturing of Memphis. the we of to integration move new with the year to end our the in

quarter Now let to first turn our me results.

period $XXX revenues earnings a Mark quarter, million compared laid the call. in For ago, last out the with year to the quarterly same line our X% was which on increased of commentary

the $XX to prior EBITDA adjusted our compared to million importantly, More increased year. million $X in

above acid. to this disciplined our rise to in impacted differentiation. related Durolane continue required of expectations impacted Once for given payer due accrual control treatments, pain The expenses. volume strong clinical be was Across was contracts private Adjusted hyaluronic our EBITDA for we shift rate the impact by to sales, us increase its but again, HA volume less growth to of the headwinds. mitigate helped to

quarter, Consistent erosion from drive with through portfolio, our progress selling our we last we subside will volume XXXX. price, growth. share growth, an HA lower across anticipate as price increase we Meanwhile, to combined market in message with believe

improved impact of However, turnaround of driven we to the of low-double high-single and next year to this the in reduction and revenue expect stabilization to fourth by by due HA revenue first begin growth. expect volume HA to We and quarter quarter price year lower see the growth do overall selling price. of digits

Now turning to Surgical Solutions.

we quarter, Growth bone was substitutes deliver again OsteoAmp strong continued Flowable. across double-digit the driven growth. to For graft organic by once

Additionally, digits. our ultrasonics portfolio grew high-single

anticipated substitute offset portfolio to bone losses graft the the we as some year. slowdown expect the to due half large second quarter, customer our increased in ahead we Looking wins recent into churn, second are move but account to of these

the we year. that organic growth growth will double-digit for overall the our While current likely continue lower will be full forecast quarter, in

both smaller share and ultrasonics overall penetration backdrop Our graft and continued growth a substitutes. growth our market and rates bone for market market provide strong across

to improving as to physicians Restorative we continue grew and realignment the Advanced partially digits, the after challenges in chain Exogen XXXX. with revenue of the and double regulatory the was fourth benefit experiencing business Rehabilitation. from quarter. Within similar the approval reflects organic disruptions experienced our we're force start prior trend associated revenue Revenue at year sales supply reengage growth driven recovery Therapies, by across

portfolio, When and basis growth approximately the Therapies across Restorative points total vertical. divested wound Exogen XXX Advanced higher excluding Rehabilitation was than recently our

drive We expect growth mid-single-digit growth with portfolio. will our stability overall for in entire Restorative Therapies Advanced Exogen for Rehabilitation combined

headwinds Growth growth as we Rehabilitation maintaining Finally, well International graft in XX%. regulatory year. segment strong our segment EU substitutes. grew Constant International our growth was currency anticipate was recovery as driven our and proceed related growth MDR the We double-digit in as from bone through Durolane in the XX%. by Advanced

address to business to am I'm repeat move team's Finally, again. be our and ability our leading let I forward. confident Bioventus immediate me in the how challenges excited

our driving those work We areas profitability efficiencies improving balance increased and and confidence in are margins, aggressively enhancing your as our to operational restore in Bioventus. prioritizing we meaningful most sheet,

Now the over to Mark. let me call turn

Mark Singleton

and everyone. Thanks, good Tony, afternoon,

by as margins Revenue was quarter our operating to quarter growth. to improving and million, first prior we start $XXX center on was the me am this X% higher profitable I saying with Let cost pleased compared which our reduce that for our ability attention year. driving the

as private increased sales year. XX% spending to the adjusted prior portfolio, pricing declined of revenue pressure combined our up in face prior to the HA increased to the our as of expenses compared On X% related million. lower continued related were percentage ASP to Across generated a compared basis, move sales year discipline, treatments, the constant due with and currency restructuring, WAC operating from pain we to to Higher volume with $XX contracts. EBITDA payer profitability we our along

selling quarters offset was HA experienced pressure ultrasonics volume. to our but the to reductions two of quarter for in pricing Also Solutions, pricing grew first Meanwhile, time since of increase maintain Surgical momentum was year for offset in we volume and both last bone XX%, we representing we saw parts. consecutive in portfolios. year, growth growth last we the graft helping as growth largest across substitutes price. similar In Revenue GELSYN, an as four our second double-digit therapy, across volume continued Durolane, headwinds

expect continue results to growth recent for as below the We Tony performance. to stated second earlier, But year. double-digit be the are quarter full expected for

by delivered driven our growth, growth Therapies Rehabilitation double-digit Restorative in portfolio. XX% Finally, Advanced

mid-single-digit expect across momentum. we as vertical. Exogen we Additionally, Therapies grew digits sales regain Restorative mid-single our growth to continue Overall, domestically

down was and prior income Moving factors. was margin two compared to gross by down primary statement. the driven XX% points XXX of basis the year Adjusted

increased private percentage were the we decline ASP. the in overall revenue by going through First, of impacted HA and our payers

unfavorable Rehabilitation higher portfolio. given revenue had Second, product mix our we from Advanced

and research to restructuring, administrative our combined from of adjusted The with reduction in and million expenses discipline reduced investment benefits expenses operating the in general resulted prior year. compared $XX spending development. were and Overall, lower total across expense

metrics. increased $X to financial turning $XX Adjusted million million a the prior the decline operating lower in more offset our gross in year. prior year. Now to compared margin. bottom operating and line income to EBITDA Adjusted in than $X expenses from million revenue million $XX totaled Increased

with valuation $X.XX impact wound quarter. earnings allowance associated year for assets Adjusted the a $XX quarter for the of income net share totaled the ago. by to was The Adjusted of tax noncash loss million. intangible million $XX allowance of driven resulting income the million against The impairment valuation impacted of negative by deferred The establishment loss loss lowered our a divestiture. the valuation $X $X.XX quarter. per compared unfavorably by was asset, for allowance from the the the

cash and at and $XXX which revolver Now on quarter, on debt our end the first statement. facility sheet turning the quarter. the $XX We to the the outstanding. of with boosted the quarter had at of our credit of We drawn balance cash million hand cash hand end million on of flow $XX million ended

of the repaid revolver quarter April, an $XX on the we exit our CartiHeal for The $XX primarily million first million an million additional saw revolver inflow In capital. acquisition. to of of draw is an in our $X $XX the represented to related resulting draw. improvement of Operating working cash payment week as we million our flow

eliminating purchase sales related we our quarter, obligations liquidity last deferred mentioned of we and the position entire As CartiHeal. $XXX by million improved to milestones

our our In debt covenants. with addition, headroom amend we to provide banking worked agreement partners with our to additional

interest first Our the covenants leverage with was for of quarter of expectations, end compliance and and the adjusted we remain within ahead our the well our quarter. EBITDA coverage at thus,

million we wanting said, compliant the be the Finally, covenants that throughout least last being the confirmatory Tony EBITDA being again CEO, until in achieve firmly $XX week's named to divestiture, and of at business, our XXXX and remain our impact wound to invoices quantified. delaying these we of due timing year. and to are expect for our With HA to year to can debt earnings recently additional receive guidance Interim with the sales related

we remain our and increased financial operating continuing expense improve higher on enhancing closing, and In to margin, our management. through liquidity focused disciplined performance revenue,

Operator, line for questions. please open the

Operator

And the Capital Craig-Hallum question from Alex Nowak go Instructions] from [Operator ahead. first will Group. be Please

Alex Nowak

afternoon, retirement just how from Good at Tony happening you Board to challenges us for you once these Tony, And again wrong? fixes from your look everyone. Bioventus great. went Okay, the when here are the joining back what from recap perspective, what prevent more story? happened can with here. of now, implemented, thanks do we these

Tony Bihl

X-year after excited X-year as for I term I'm said my and joined about retirement. Bioventus a to thanks question. your delighted at the Alex, and here company have then

this from it take me Let perspective.

products, are and about here and processes, think and we go forward. of we people, where when of as a we I little touch bit I let's and think got where talk business now And here. I'll look on and at I how the

of focused. I've on since first but down to what's been But, focused not building very time, This arrived what's to forward not team place, tough very correcting all, really working. assess in very good facing, is people a on a that forward periods committed able very are again I've working, of some from that's here,

that was the when company I and new see there were things. surprised, - say pleased So the in was the the were many pleasantly the XX% I products. here I team. then of at products and the won't of with And CEO I but I look revenue are what very people

their great news on. one build that this products truly And top are products; The markets. differentiated a to marketplace these the about leadership foundation in in you many gives two cases is positions, in positions or fantastic

products. are you So in and who got know right place doing you terrific they're and people got what the some

got us process. was thing The that

the that overwhelmed collectively the think we processes I acquisitions company. and the that in all of did IPO the maybe

place And got so time we've the here. most in But focus energy. me confidence that great got gives to of on having our that's to the category we've something two and that build first

about heard you've the up now. And processes conversation to

of seen some think the the I some surprises you've the behind that of and scenes. you've seen things working are

much maybe ourselves those of there projects now all that of think process taking that I we'll things it's once focus and understanding to the on really The is right of we this. on fixable. organization, I the the without are many improving underway those overwhelm as get do aspects think out learning at too impact things just but

Alex Nowak

that. appreciate the deeper digging I No, a little bit into business. Maybe

wasn't correctly. trying I bad quarters, prior like out the now it, XXXX, HA stabilization on growth getting you heard think headwinds decline sound gets that the like what It side are I'm looks QX it of to figure really as some but the worse? the does as to I if out, pushed

Tony Bihl

of the very, positive Well, difficult year. Look some what dark working I storm our becoming very us. at quarter fourth behind That and hard the there we're part start that this are in still is think the going clouds are to are These is describing clouds see to But that's to story of clear. through. way HA dark still I through. we're think times we're said, things movement over. that we the need And work the

Mark outlined And it. I think

we terms I been a we a going pricing. exactly think business good HA the the looks and And the of handle better is But like got like. know has what underlying of think that's we've volume I to of feel good end about business. think on look growth I positive, in what that. Underlying impact this still

Alex Nowak

start substitute been starting business side, bone graft Maybe But other has see there? mentioned that customer the really challenges in QX. That these throughout in churn on churn we strong there. customer that cracks all then on form maybe the to different And segments. are to expand you some

Tony Bihl

certain distributors occur very got positive turning now. turnover was that there feeling new behind business. is probably we're is key news naturally there on. bit distributors We Good in a in little No, that the I element a this think of bringing

bringing gap, that had on now. And - forward. so you we're moving a business bit distributors new of and filling we're We lose distributors, bring keep a gap that to some you little as

got in problem new a that with business. but is we've you handle distributors that now that, with through we'll I is, in QX. come a So we'll where a and in softness really we what of bit heard little forward. think and the getting fundamental on slowness comments the still That's Not stand the maybe of that on, go fallout a

Alex Nowak

update. Thank Appreciate you. the got it. Okay,

Operator

Please is question Robbie Instructions] next The [Operator JPMorgan. from ahead. from Marcus go

Unidentified Analyst

This for Robbie. on is [Alan] thanks. actually Hi,

upon direction, portfolio. really but how the touched in seems about you a talked potentially wound like step the You divestiture the rationalizing further right

the So looking are assets when at? a that about you might belongs you of somewhere one would sell at could what better kinds else? either I to that make Bioventus kind one maybe be that think What metrics spin, really or business really and really looking do of

Tony Bihl

Allen, here. Tony let take me first. it

I a began this, arrived. and through process that this think scrubbing been is as before we've I

I are. at take think work of really done a a look to lot where was we good hard

this, by them and investment For investment, can that market ability we fund can commercial growth to that's me, businesses, leadership. long-term development achieve the and make these to achieve And going going properly of all where potential growth long-term to driven invest sustainable we we're in we're appropriate forward. sustainable be overlaying criteria to and on both

be then get need look better can't businesses. If a ownership some for to in for to there, path that, to these us clear we those we can't candidates see

through in them in to And would surprises. businesses, of can't now. all any I it, that don't dramatic we love be look, in places. evaluation we're invest them, in we're these think I just and we all that think grow go end but you there'll But of do so the And it, doing as these

apply. be will that think we'll criteria I So the

Unidentified Analyst

about I non-GAAP cost like actually performance in, than Got expected. when P&L with of there. say, I obviously, then little your I the it. actual your it bit look divestiture when But a the messy came OpEx goods think your And adjustments GAAP, this and SG&A, looks some would quarter, of at sold, better

rationalize very your continuing we the when once do line think through headwinds forward, Thank to costs? how you So top accelerate near-term to about really we you get look the efforts much. while

Mark Singleton

Yes, thanks. great out overall. pleased my actions job, of a coming that increasing first with restructuring done our This is our in discipline I'm opinion, had. Mark. our performance We've quarter really managing of expenses, we the

so of lot obviously, deeper a And positions, go our in P&L make spending clear a to also restructuring, we do was were the of execute their some of but held and understand there sure of that. and other part budgets everybody they that perspective from what bottoms-up items needed at looked and and that everybody clear to elimination in accountable to were on to

look if year. be points and And you low those in XQ XQ, the at for will both spending revenue in of

We come that sure the that maybe And and year. spending spend and phasing established have the the from will revenue XQ. to the of it's making spending to and R&D XQ also the expect above revenue correlating up some drive managing then coming like achieved - and But things investments commissions, have and QX discipline just while that within spending QX. that we throughout we remaining we we revenue QX year discipline our in didn't in the in throughout into employee right that rest in maintaining growth profitable overall, that comes quarters we've year the the merit, revenue there's increase what with for that

Operator

Kyle you. Rose ahead. next go the Canaccord. from question will Thank Please from And be

Kyle Rose

be stability I the for ask but the of organization. around leadership question. lot of comfortable of? aware to to sort, A the Thank it to asked, we key a turn transition been guess, Can it's Or taking the speak do of the for Great. period a look, moving this org? you with of, should you. has I you from just organization you for the team commercial Thank the that turnover, that things wanted and Any period key get been cultural call standpoint, and Tony, how challenging we'll we contributors the forward? need the that just stability

Tony Bihl

and led have that and No, of in off of able thanks my on time, on the highly some Kyle, the I we the I various team, confident and been comments certainly, about confidence the have reports my direct aspects group. amount spend to and leadership fair feel I business, the of people I've our

I And nice we We've the got in stability fill lead a of confident forward. got candidate got to We've the we and need Manager's highly our group. position talent in to a list. that General position, International feel

a able build So a so neat a on, employer. that. good for We're and business We've a to we are good to come. to we'll find place International got candidate be

style of I is to fix. turnover the our think people in get what the My organization very we're that and our have and turnover sales teams. in had part is I manageable of - restore to than decentralize that's the of confidence. empowerment more be the we trying And share do. share of leadership to to part our do And think

a strong invigorated And with are by this build on. think role company a get to so playing great and our we got I foundation that. They're again, by energized helping leaders

that know aren't can They done, our confidence products. confidence want nobody established. here There's they that this in company. can it, think products with very be they terms this I and team be what And So of that to leaving will in the work do we restore to have I'm hard good. because the

that's where part So a the fix the look, looking part this I on very looking team our empowered, backwards letting people driving focus be have future. this - there's focused I'm we to attention, I've and my been of of, spend think growth, going to and not forward of because time again, be

of engage the let people be part this. in think to more you I And that, more the want they

leadership of Certainly, like open been is we everything where we like one with have stable stabilize I much turnover nobody So feel feel to And team about the intact but the spot now fill. here, feel experiencing. I going I to predict and that good we're can are.

Kyle Rose

taking Thank you the for questions.

Tony Bihl

bet. You

Operator

will you. from go the next question Morgan from come Stanley. ahead. Drew Thank And Ranieri Please

Drew Ranieri

focused Hi, think taking the but $XX year, for least right XXXX more about X. now, or the guidance when improvements get would a you in we number the But don't pieces really the you want going that's more some think are sense questions. come million, of quarter upside? I on about that it the Or little EBITDA EBITDA taking just revenue to a better and first upside multiplying to OpEx essentially at Just from thanks even trying moving do that gross margins for coming expected? to to potential know give we there. of than of by drive that are as

Mark Singleton

all making opportunity in getting focus about. would talked deep focused, really his the we remarks, there, really say going market and positive and that that I of the growth pricing volume Tony we're in our the optimizing seeing talked more half Drew, HA maximizing we're in on about above, sure Yes. recovering in the that as business we're second as

we - When we other talked have Advanced that we from perspective, double-digit where at full that. our Surgical Rehabilitation expect a look The year growth. growth double-digit about Solutions to from portfolio, expect

business Our quarter. good had first International a really

continue to for year. expect the We that

people that in had spending foundation organization it we've that organization back earlier into a in of But in spending perspective. we've I the growth perspective past, set revenue more about and discipline XXXX a from the do there. that's about making a perspective. clear and what I from on lot talked really feel so are to driving the from from coming managing the their part there good sure getting And a

due there's to raise but phasing some R&D spending employee will things investments XQ, also items, that this with like So and of from mostly increase revenue-related along salary.

efficient for in new cash leverage about raising on the to from can managing continuing From EBITDA, what obviously, receivable he's working it's have get making that the coming on leader maximizing And capital. we more to an to rest managing the as accordingly in, sure and, we're of where we then over look through year really go continuing well a saw manage so standpoint that revenue as spending all XQ flow and our from accounts and the that we of just areas essentially improving focus and down. perspective, working our inventory operations we

And P&L So from items, back the I we to we're aren't really know board leverage but this are. we when manage obviously the to company across that's to important trying perspective. those a that know strong get

Drew Ranieri

and that then market is HA, care the volume I just Mark. business? maybe we Or I in - now, about follow-up. still Tony. disruption. the more And And any are the color those wound that. going the mentioned going both potential Allen's around third and you right that? to But for believe you a And question seeing growth across back be thinking HA question business. Thanks magnitude back a of appreciate and you might this should be divestitures, about in

taking you your little about you talk more maybe and within could for are products? any seeing bit a So shifts the growth types of volume questions. share the Thanks

Mark Singleton

Yes.

I'll to. I think go just - back

that do better it's any capable those best team. best to lot and work the and a that require to the to ones mirror myself. one making those choices, of we're of can not that afford as the I other. sure said we're then make ourselves that a are have I and the doing on Tony just or summarized we products I think just continuing understanding It's perfectly. to going and that think looking couldn't and situation in that what what divestiture manage we're really maximize investments

not as you said, one So that any there. portfolio just profile, do. evaluate the we continue There's to would

part of you - the second repeat For could the second question? your

Drew Ranieri

Sure.

the gains types? injection share about market about Thanks. seeing But the Just volume talking your just with market talk in seeing market, you're HA the across were any what increases the broadly, maybe disruption you're across in portfolio. you

Mark Singleton

XQ as of We're to competitive unit in always a dynamics, from know say last some good a Yes. especially from positive the to competitive we year, perspective business. continuing our Durolane from saw on a impact I'd negative continues dynamics become prior in you growth surprise. SUPARTZ from see calls a year-to-year and

we've competition And in that share recover from been of able the some quarter, headwinds into portfolio back actually first our we there and to increase business some that had.

And of through as the so dynamics we'd the rest expect some of year. go we continue to those

Drew Ranieri

the taking for questions. Thanks

Tony Bihl

I'll the still still U.S. is - echo, HA a market. just market in good underlying is

X% predict. about talking as market a our that still can in You're with rates, this bit we're growth everybody a growth ahead running of best And quarter.

confidence where have we are. we in good So

Operator

our back remarks. Tony concludes to question-and-answer and conference this over Bihl Ladies the gentlemen, for I to session. turn any would like closing

Tony Bihl

again, for continued your thanks, everyone, in Bioventus. Well, interest

recent some While leadership our we're rebuilding our this opportunities. My earnings remain team a Thanks, dedicated realizing growth a team our and mission credibility our and on confident execution in again. and creation. of I focused quarter employees are our stakeholder and and lead in business, that and was step first results value revenue challenges

Operator

thank sir. The presentation. you, concluded. has conference today's And you attending Thank for now

disconnect. now may You

Bioventus (BVS) 16 May 232023 Q1 Earnings call transcript