Earnings call transcript Q2 2023

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Operator

Thank you for standing by, and welcome to Bioventus, Inc.

Second Quarter 2023 Earnings Conference Call.

I will now turn the call over to your host for today, Mr. Dave Crawford, Vice President of Investor Relations. Please go ahead.

Dave Crawford

Joanne. Thanks, and us. everyone, for thanks morning, joining Good It's XXXX Second to welcome the Bioventus you to Quarter my pleasure Earnings Conference Call. morning President this Singleton, me are CEO; Bihl, With and Senior Vice and CFO. Tony Mark

outlook review and his of remarks our further guidance. the update business half Tony will discuss quarter. financial for by Mark with second a begin the followed detail results our the on XXXX second an our quarter and of year, offer of will

Q&A. A on with for will today's of available call We finish is presentation the our call the website, section Investors bioventus.com.

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

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

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

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

over the to turn I'll Tony. call now And

Tony Bihl

for you Bioventus. morning, Thanks, everyone. Dave, your Thank in continued and good interest

Let by that encouraged saying by for I'm our begin results me the quarter.

year's last business. as our improving commitments execution, Our our dedicated enhancing our delivering focus on challenges we addressing are employees on diligently and

want the Before few solidify the of improved to and priorities reflect to position our take discussing our strive in on performance, of then we first financial quarter's deliver progress the our to profitability year to half made for year the discuss the minutes I growth, predictability. remainder as a and

Our performance. leadership last aggressively on are I team and impacting to near focused the term year's continue issues the and address

laser-like on on the turn We quickly Our long-term this her debt focus attention profitable covenants CEO next our sustainable, opportunities attention to remains or and his with remaining position and reducing compliant delivering will more a have leverage. Bioventus. to we growth, that our for better maximizing believe

the reverse of recent half the combined I regain able year, further As in we believe solidify rebuild our but business sheet credibility to to quarters, the enable with investors. of balance our us be course results several the single won't last to next over all the with quarter, quarter, headwinds the we and will first of our strong ability a the stated over

financial we investment and growth also undertook to significantly position assess our our steps During the quarter, important improved opportunities. while strategically we

context. further provide me Let

range expenses similar executed quarter of the achieved control for we financial and revenue expectations, quarter. the our First, plan we while thorough the in our maintained to of first

up first prior more million than to adjusted EBITDA is half year, $XX equates the the nearly in far XX% and to this growth compared of increase. So year,

and employee targeted generation. reduce during of selected our enhanced where part, but of acquisitions achieved we work proceeds business areas by across was Cash from working addition, the arose to of a in debt, turnover. with paydown closing our inefficiencies from also the divestiture, cash our the wound significant In business our strong capital recent flow

which the strategic from of assessment opportunities prioritize and to our our we furthered we and be forward. growth analysis evaluate choose in to improvement selective where our we Due perspective, with investment profitable we to leverage areas to Second, Board current our as intend Directors our we a to we we an the on areas dialogue need can profitability, in desire invest. focus our to as believe of move growth. achieve and sustainable accelerate investments We

second Board. the into to for hierarchy we year, the As of plan our review improved investment for the continue areas we half with

on during Additionally, first the the pressure maintain control cost we half the business to the plan to exemplified of keep year.

steps year, our prudent to As the we're enhance confident the metrics we in of diligently financial second our taking and execute begin half plan.

Solutions Surgical and growth on return we to As we business First, HA quarter. focused the international of growth double-digit volume stabilization maintaining for through areas: across our gain growth to expected access and plan in start while as portfolio in on fourth remainder share our delivering sales our the price year, through momentum look remain following strong our the build the continued to we revenue

maintaining in Second, selected growth. back to for some into begin discipline, see future investment business areas the but spending

operating continuing to and bolster enhance improve our cash internal efficiencies flow And to third, controls.

participate the our and we innovative revenue opportunities differentiated large, With leverage and products patients. growth reduce I'm ability and our growing our confident forward. strong markets business, our earnings as Across in move start in to provide we for year, to

quarter let me our Now results. to second turn

revenue declined a of period to compared $XXX X% same quarter, For the the ago. year million

However, our to year. when business growth considering even prior wound of the impact was divestiture,

our compared $XX adjusted $XX year. our expenses. to importantly, our increased EBITDA due above prior to EBITDA was in to control part Adjusted million the in expectations, million More stringent of

gain once selling impacted a DUROLANE average double-digit we sales continued offering. and complete differentiated our double-digit we while for portfolio by again volume in the we to with Across increase our with and in volume pain as share significant GELSYN, for take saw price decline in clinically market be DUROLANE to treatments, continue

lower an believe prices portfolio, will market to HA volume growth. to continue continue into drive erosion Meanwhile, progress subside to combined as from XXXX we We that with and price anticipate across we share in XXXX. early selling growth our through increase

selling to for overall year, see of return in this we the impact revenue revenue year. While quarter expect due the HA double to single the reduction lower of price, year-over-year to high we growth in of expect digits an fourth low

to Surgical Solutions. turning Now

As growth distributor in a due to we last graft slowdown saw previewed in revenue increased quarter, bone churn we substitutes.

Looking offset the base to accelerate we recent ahead in second losses. large our the gain increase account of expect to distributor growth from year, half we wins as these and

One grew initiated sell this quarter customers purchase Additionally, growth generators consignment digits, small accounts, the results portfolio on to are will through momentum neXus program the them use expectation, than ultrasonics scalpels due the second we in while who year. program revenue and rather ultrasonic disposable place the the and ultrasonics which is of year made. to we the our for a that across portion bolstering believe the a expect more generators to we aspect of is of half the continue ahead investment double

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

digits expected some divestiture. of quarter. Therapies, third our benefited the Within in Restorative single into Vector revenue Advanced forward accelerated to organic wound when acceleration This the which quarter. weight-bearing business impact placements removing growth were Rehabilitation Revenue pulled systems, installed from revenue of be the fell in low second

as improving prior across and realignment reflects reengage with continue business our but after trend we sales force year. sequentially compared revenue down to EXOGEN year, last experiencing are the revenue the to we physicians was increased

growth segment strong Solutions grew Growth EXOGEN. in our business as was was International growth strength across Finally, currency as XX%. well Surgical Constant XX%. driven by

a Additionally, we recently as segments. across Manager hired track leader profitable David a of David our is [ph] new General record Rene several strategic medical device Business. International delivering with for growth

growth International as throughout With the year. proceed David we on in board, maintaining we anticipate segment our double-digit

with Finally, financial and headwinds year's I'm last in our ability pleased achieve improvement meaningful and address results liquidity. to our

business required, most internal believe While on as our remain your meaningful increased more balance and work enhancing in is efficiencies and our confidence work prioritizing our areas we plan, to Bioventus. focused operating we improving controls we restore are profitability, those in driving sheet executing

over like Mark. to Now call turn I'd the to

Mark Singleton

morning, good everyone. Thanks, Tony, and

proud our reducing structure. on we our by team's of first start plan year cost our saying I'm focused liquidity through and financial me Let as execution the improving of half the our of position our attention

the year. May, Adjusting prior a lower compared basis, million, to $XXX On divestiture currency quarter to was the year. X% revenue compared the the constant prior second our year. even the which closed lower for was Revenue wound in is sales which for with of prior were X% business, growth

to start in EBITDA and reducing lower adjusted year. our we $XX increase million benefits the initiated million. million the significant from driven at by In was The saw spending restructuring focus on primarily of from operating $X $XX expenses our increase from addition, a

helped the related to contracts lower-than-expected our addition, planning to we EBITDA. realized due during below accruals In which assumptions boost invoices to private payer adjusted from HA our quarter,

half as pricing portfolio. offsetting prior compared anticipate DUROLANE but treatments, Across sales our the pain year to to volume for second we last the the double-digit to of we both HA the declined the focused compared X% from volume pressure accelerate and in growth Meanwhile, headwind continued year. the for flat was from SUPARTZ. move to Partially ASP was in GELSYN to growth ASP GELSYN move WAC the due to year, volume

substitute slowed but Solutions, as as recent double-digit was for X%, Ultrasonics trend growth, bone we our graft Surgical grew double-digit business. offset growth. below of slightly In maintained our expected growth partially

growth from given accelerating We BGS expect of year in second in for account the ultrasonics wins. the new continued double-digit and the half growth momentum

declined driven as EXOGEN divestiture Rehabilitation. On Finally, a offset by growth of Advanced Restorative in Therapies than our wound Therapies decline Restorative May. in and fell X%, the X% impact in business an more basis, organic largely

into $X organic to acceleration Tony previously from of the we to million in believe, in The cause the As will third over the this the quarter. occur was third were sales to expected second highlighted, planned quarter. than quarter, impact Advanced decline higher due of Rehabilitation timing, revenue revenue which

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

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

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

benefits across reduced administrative As the combined to highlighted overall almost in wound in total business compared and discipline investment the earlier, restructuring divestiture, from and reduction The -- million our adjusted resulted expenses expenses development. our research spending and of lower $XX and expense general in with year. were prior operating

year. income million our wound earnings Adjusted line ago. prior $XX to compared compared operating decline Lower compared the in per from income turning prior Adjusted totaled divestiture. share operating lower $XX increased from net financial to than totaled revenue a $XX $X.XX offset the $XX more million prior a quarter our to year. the expenses million and bottom in year EBITDA metrics. $X.XX year. million to margin Adjusted were million in Now for million $XX in Adjusted to $X the gross

Now We the turning to end $XX the hand statement. quarter of credit $XXX We second and balance of outstanding. at revolving of facility ended sheet the million flow on million had drawn $X debt cash cash our quarter. and on the million with

and overall business from cash $XX proceeds million. the outstanding borrowings strong flow our wound by reduced bank we Given our divestiture,

Operating our leverage the With with of capital. cash and for remain we at quarter the million flow coverage half our working first end as for the $XX saw compliance second covenants represented we inflow within of the our the an adjusted year, of expectations, ahead quarter. EBITDA of interest improvement well in

providing HA our the business, our and Finally, sales of wound divestiture and XXXX additional business earnings closing now guidance. to invoices confirmatory we are with related

to revenue million. XXXX be expect $XXX million the $XXX in We range of to

to In adjusted EBITDA loss XXXX, year of a of range the adjusted of $X.XX be diluted a million loss to $XX addition, in the for we loss per be $XX guidance to share full $X.XX. anticipate to million

environment management. as expense we and through closing, In margin our improved control on remain financial increased and revenue, enhancing we drive higher focused operating performance liquidity disciplined

please the line for open questions. Operator,

Operator

Instructions] Capital the question comes Chase first with Your of Group. [Operator Craig-Hallum line from Knickerbocker

Chase Knickerbocker

of can it should that that of ASP ahead is give above we as turning is of look in business at progress Congrats maybe thinking, is positive or a that at this market, I the that the be digit, of typically, to let's should little year thinking changed well, growth to mid-single mean, rate all, If rates a year? on say, business the think this I way out bit next ahead forward, QX. X%. market we are it's rates here. you X%, Or improve, we as which that we you of kind how rate? about to market to are at look right the If look volumes of growing guys good the has kind you guys pain put this growth as next the potentially start about growing out be market mean, now? business,

Tony Bihl

Bihl your for thanks here. Chase, question. Tony

Let me ask start any to add and comments. Mark then

in a And U.S. the with growing is than and X% arguably the of we First faster we've that's all, in volume quarters, over call growing mentioned as to this number double-digit are a market of growth. year-over-year. market X%

So we're in market even us a taking for share challenged today.

GELSYN what a we very ahead have again, of think contracting, with portfolio base outgrow market. give but in the time stabilizes, as of I SUPARTZ we're good numbers, and to have And force the top product market DUROLANE that. the fantastic want differentiated the and think of we on with as that I we feel us. our you our and addition to accounts, I very with of strong ability don't have specific very strength good on a any to footprint ability see, the great strongly we very bullish in sales our

and good it we comment. feel So real about Mark there's leave any to if I'll it, additional

Mark Singleton

have ASP Yes. our we and lot No, Tony managing remain WAC coming think dynamics volume pricing better emphasize, the the covered handle way and that growth it consistent, of business, into of we expect that all our I a from would to has over Well year diving this, and just past said. the to all. XXXX. deeper this on throughout into been challenges I

rebates DUROLANE, XQ we in we've to into on XXXX. to And we'll on about that GELSYN on lot expect then the lot And from turn as going are a be we talked us corner price well, the corner of about, variability XQ into for start we've talked GELSYN. the see And challenges in should XQ. more and turn GELSYN as just and had in we will the payers less our a declines there year, But that beginning business with in rebates well, this as last XXXX. less that profitable had

Chase Knickerbocker

providers? been Got of then the it. I clinical mean, that. your or investors turning being Or it is what's has chief volume and in very Maybe driver background, lower costs a of it bit maybe Is it strong. driver? profile acquisition very, differentiated on on there, there? a for of is a specifically your growth kind DUROLANE. And think, to Maybe more kind about little the walk talk Aetna the I just

Tony Bihl

Chase, Tony again.

Clearly, our lead position team very, of As ways. executing contracted it's a said a we that combination helping that the I And a A in the a this game-changer might contracts lot. think many, space. sole imagine, everything, product differentiated and right? you as in of that's number or have us with I well is us But many our as well are of insurers, also sales just very before, then in is some market.

So it's those combination things. all of a

may do as be and product may lesser well, a think I not not lesser advantageous. contracting as

positioned market we've this expect that segments. is currently market, of and nicely about the single the injection to of XX% the to combination fastest-growing think X be the things, of I ourselves in it So grow

So our we position, we love contract our love position.

here. continue to I think grow we'll

Chase Knickerbocker

some guys. Just thinking guys Or about than last one to give how to now? for better that you have obviously, the we another divestiture quarter still might about model If believe needs model of you and recovering here, headroom the made to kind me, be we the Is is beginning the with improve leverage? the expected? are guys guidance, still there on you divestitures think

Tony Bihl

we've We've our this the discussion will no what the on I'd longer about Board I Chase. the during It's topic. table. is Tony with as about everything I narrowed Thanks, Guess our focus. probably say divestiture? script, continued, say Yes. that strategic said again.

businesses. on are debt, desire We appropriate in the remaining all of reduce focused the to investment simplify to enable to business, our

our So in everything, profitable provide on the growth. that can't we thought is ones sustainable invest

and reduces hard, it's not that look sounds don't my our evaluate that's that resolve from to sense makes watch generally on I And business CEO would our good desperate, very that new substantially improving say ratio, a for we debt to if sense makes us. deal a achieve proceed to we think anything. we we so options. it my will But these accretive think leverage we're to that is building it focus there. free so desire is must we think speaking, to I We on feel can do the this

So more to progress. as we come

Operator

And your next Canaccord line question Genuity. with the comes of Kyle Rose from

Caitlin Cronin

Rose. Kyle for on Caitlin is This

on Just briefly EXOGEN.

last into this kind on of you to year? quarter, saw o-U.S. So this remind going growth kind think, business U.S. where expect you us half the And you the be quarter. saw of Can I just the you of in second growth,

Tony Bihl

Caitlin, Tony.

Yes, question. the start. for me thanks Let

think look minus quarter, of that to quarter-over-quarter, did to we see We the and encouraging. strength said, was business, There in EXOGEN or said I sort there. as X% time, sequential business, this state. signs current for we've as its flat growth plus of some are this over be

back-office field our together We year. sales of is -- got in engagement. operating recent finding outstanding this restructuring we're claims meeting of new this of to disruption But think, our lot processing where the are a What I an Tennessee, We've had coming sales we process? team got fast. a but a best device with billing in succeed learning that's there, got our we've meeting, last successful had team through moving the at curve we interaction, the Memphis, a some was they're there up in how process, great who deal placed do reps somewhat facility

And doing is slightly to keep this business. I'm flattish to optimistic going come that, a to growing back business we as on that

the here. of stay rest So we're and move focused looking as we progress year, for through the better we'll

Caitlin Cronin

private on touching Awesome. just And payer the then contracts. again

particularly that initiating there just would last I of of clear interesting found clearing I quarter, -- know going and but review. forward. it help quarter, much that headwind anything a strategic think wasn't as kind mentioned you a this Was you it

Tony Bihl

Yes. team like it non-contract and to deep obviously et of with We for it. over start analysis. it gaining a the to I Mark look people dive We a We to contracts. that did contracting, contracting. we the mentioned of Maybe these comes for -- drive outcome consulting meeting was do sales outside in then on turn great that to think We using had cetera. comment. at X-day a a here firm we an were our Tony. want our business position rather deployment, deep I'll good And additional dive more of our with

we about able so talked of that do activity. And and the to to be strategies plans more

a I think how with plans we function we in be exactly we that can win that the time in integrate accounts. also that in talking this tactical to how work on our so And diligence. excellent forward with of going contracting contract, creating better spent sales we team deeper will project win some our know team about terms once very a to

So overall, current pretty I we're our think position. pleased with

you been down As a renegotiated have know, time. rebates over number our probably of

we and has growth And executed team every and well we're our strong double-digit really This got We keep we'll sales to share say can't enough really, volume is that of just market business, get But been share has the of for about quarter. just non-contracted here us a performance. so think terrific more I positioned. pressing forward.

Mark, add? So anything you'd

Mark Singleton

meeting ahead future very continue our I business, being execution. Yes. a the Thanks, I and this from away with to agree. encouraged bright came Tony. on

accruals this, HA side improvement dynamics the payers as the financial I significant the today with the we processes approaching think in around and have our understanding controls from as caution. and our business our of far

really lot levels a this. process cautious a operationalized detailed this being detailing more accrual on as with lot our lot our with of We're a and time approach understanding spending very and deeper, out going

the on time of and just smaller this grow this situation a improvement with the good forward we team to well. double rebate lot too, about -- And digits. approach that on to and continue the Tony, significant feel volume accruals, to going a process very gets spent from as and between ability of emphasize our variability our perspective, business, at in lot a But our

Tony Bihl

another make Yes. I'd comment just love that. to to

and I to the to look do. work different the It every improvement. no-surprises rebate our at more we've There's better think point, still mantra but moved has dramatic how so to its Mark's seen it, ability dramatically. that invoice terms is emphasize of always has invoicing we in closely much our control work over analyze the get process and challenges, here with and partners,

variability think we've And to going go as I reduce predictability. forward. it's we to reflected messages in seen, the -- confident improve our see we're it's going that you'll reduce And our this,

Operator

line from your Robbie of with And question comes JPMorgan. Marcus next the

Robbie Marcus

the pick went company to Great. and on some public, M&A, a the a today? the overall Maybe of lot potential some portfolio it subtractions been about to questions. do or spot start How here? you other of right for lot the feel up of forward? you of there's going how for more Is in think the do portfolio, Since And the subtractions. additions additions

Tony Bihl

the Tony. question, Robbie. for Thanks

start, first all. Let me of

our As the process. and I Board be and turn people, they're of think and product think I as in anxious we've to got the part improve. business people, my of I to we around rejoined Bioventus that and and look solution employees think at very super very one of And the team and company the a forward-facing was comments of April, to

I was completely impressed with the product portfolio.

argue acquisitions, products exciting while with are is underlying with think, product fantastic. of ultrasonics can numbers an some about I associated Misonix these the of the The you potential. lots

the processes. the rehab And TalisMann we regulatory space, acquisition Bioness nerve asset in sleeper but this I the sort has market-leading right hopefully, as peripheral potential. positions of It's which now, gave real got stim, the we'll -- we talking called that advance us think that about be through Our in

we've products. So terrific got

our on wound achieve growth. sustainable, in level is, And first we them was said, adequate an hard all really target. to invest at why that's of profitable it's the challenge As to

mass, to for with divestiture huge the it think be us. mass lack and made so was sense that of successful wound, difficult we I a critical had, critical in or

I things with and details, Board. our and without to be back we absolutely discussion fantastic it going dialogue, do it other and we focus And need we've may stated, as an there some said It's to forth, open our and been but good sense we'll trim, narrowed makes look, if into very still continue get I and Other that I other able return. I products. portfolio there upside being the if see. sort areas and and excellent to appropriate that, sort see the we foundation can of EXOGEN the is opportunity. of no on this these are build see points than problem HA anchor or points as in business

So products, because yes, to but do we have good work some just can't we more all. do, it's it we have

Robbie Marcus

Got today view reiterating to a return it. to decline assumption. HA but let's And going is versus we've competitive talked in flat your GELSYN-X lapped second of forward, view say, the about with business, And the product in to mid- the And you for the the driving beyond, just positioning should prior? year. reimbursement. XXXX your the that growth quarter of what's in for once the what the speak high half single-digit Maybe in line the HA anniversary change

Tony Bihl

Yes.

detail. with Let then some one start me for turn and to Mark over it that

this begin of the DUROLANE actually, First until GELSYN, that don't we say of will pricing, see into turn, settling turn the we it's all, to positive late XXXX. year.

right we see turn. we'll product DUROLANE will in a lead to GELSYN make begin to is the by recovery. quarter, And the portfolio. So fourth its see longer that that begin take this bit the to think But

is before, said portfolio the I excellent. As

X% in share. pace. X%-ish said, opportunity a sitting are It's I growth, in to as to there's think in the HA. nice market, #X are on squarely taking We but we position And that continue market we

And this so we like business.

the an business. we've We've through It's gets profitable profitable a that business. lost very HA, all or but very with it's a got of position. some We gone and think tales strong underlying of

single-injection to the I the that. we has in think strong a market lead being to very continue future, a product our of drive intend and possibility in

successful So we has HA more a it have be successful. But headwinds we're and front perspective, on share capture capture business. some perspective believe in and it to bullish the market will from does of been a it. continue It

us So marketplace, continued and nice our continuing has in a help way. portfolio to go, that to

me add Mark, Let any comments you'd ask to other that?

Mark Singleton

Tony. with agree you said, what really I No,

a of first WAC manage good say, price with think, half understanding next the are formula that declines to I year, done expectations. marketplace perspective, reimbursement to going from consistent the CMS a you've from and in through managing the about. ASP with we'll lot job the a become what the favorable of coming pricing more we've our predictable into continue to And talked slightly year, is price

will GELSYN some in of XQ part declines more of the some see see start year. into then next to We stabilize that first in and

to prices start future, overall, we'll sequentially So the to the feel be increase overall able the into and portfolio. about good

and a expect that I on that to quarter we volume of view the for start was business space is portfolio with highly non-contracted slightly focus we the we XQ in attractive. in down, think our have. GELSYN forward successful more that but to and off continue we'll And increase to as dynamics, and to this our lot in what that going XQ business feel, as contracted drafting executing those that we in sales be starts team

Robbie Marcus

seen been me. There's the the started give on there's been of employee health us in morale company revenues for one you business, in the and at pretty at on an going last have amount one maybe restructuring. lot and a company. an the at since voluntary change of And restructuring? And a increase Great. you Maybe turnover update the just decent the

Tony Bihl

and as walked bit in the door. as expect the whipped Robbie. feeling about a business. Thanks, of I might didn't you But negative opposite. might imagine, the I there all that a history have the Look, I team Yes. little be found I that was

part found we've be anxious view. was added very leadership. people We've organization. It their of people new also some forward-looking I really strong found talent. found one the in to pleasant surprises of in the solution. I the I lost some Yes,

need the them in leader my really pedigree Mike Stefaniak, David and moving Laborie and affairs to background in and New who the over as international. Kellie from also be, from I on standards Crowe, comes a then taken And regulatory others. J&J. Abbott, who's up we needle operations, mentioned, the [ph] Covidien, team Rene staff where with a Abbott, the

what attract So a is to to been supplement a the -- be real team the strong we've builds as good of to already challenge. team. -- winning, the not solution. to that might was part quarters, like got area want able marquee a this my of some We team. I'm they're you good when feel of couple players They really, really momentum. organization imagine, Good really

that And forward. our build objective momentum this as and drive a is management on to team

yes, you people going like can they're want of but who to good is part it bet the So things, to the solution, feel don't some you as continues the there part to watch solution, of who be improve. feel probably are story more find about I'll

about I'm excited So it.

sales us think for together held I teams well. our a amazingly great done as have have job

aspect So strength. I go going as think could be on about positive there's on success. to we it's I of it, think many our where I that and of but in areas I'm business, are and a

Mark Singleton

the Tony in Tony's and at. bar companies like company lot talked as of a that morale say, around is place add you'd I that. about to them. raises we And at would than the the overall, not comment some Abbott industry for was what raise beginning as today what what that our the really using to from really agree it of device people the other that of things. medical using in see an And level processes is turnover the in with just and than of better X One, opportunity the for as looks look I'd different year. from to all of the like people also this turnover good talent bring

So to that momentum our the as this we're and strengthen have. team to on trying build an use really opportunity we

And those we're where also positions a left live high some could some able to that we learn and people our business without at positions. identify without level execute actually to of

up our line And some well. in of expense showing as that's

organization. really that me, there's to here and So strong to into in red good position the flags bring feel able no we're for talent be the about

Operator

final for conference comments. There would at over questions Please go are time. turn Tony to Mr. ahead. no further like Bihl to this the now I

Tony Bihl

and plan. execution our everyone, on Well, your in the to continued our thanks, earnings our We creation. for improve with focused year, improvement in in along financial of future. commitment position team achieved lead ability look our a our the revenue strong and dedicated significant interest and confident and in you processes deliver team My of that through mission leadership Bioventus. for controls. stakeholder We We're business value are talking continuing to to to our on forward employees again. I Thanks

Operator

call. conference today's concludes This

may You disconnect. now

Bioventus (BVS) 8 Aug 232023 Q2 Earnings call transcript