Bioventus sees overall growth in third quarter compared with 2020
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Bioventus Inc. reported $108.9 million in net sales for the third quarter of 2021 vs. its reported $85.9 million for the third quarter of 2020, according to a company press release.
The company attributed the 26.8% net sales increase to acquisitions, strong commercial execution and ongoing recovery from the COVID-19 pandemic. International net sales for the company also showed an increase of 38.5% (34.7% on a constant currency basis) for the third quarter.
Gross profit was $79.1 million vs. $62.5 million for the third quarter of 2020. Non- generally accepted accounting principles (GAAP) gross profit was $85.7 million, an increase of 26.1% vs. 2020, and non-GAAP operating income was $15.1 million, up by 2.3% vs. 2020. Non-GAAP net income was $13.8 million vs. $12.6 million for the third quarter of 2020.
However, adjusted earnings before interest, taxes, depreciation, and amortization decreased from $23.1 million in 2020 to $21.3 million for the third quarter. Operating loss was $1 million vs. an operating income of $6.9 million for the third quarter of 2020. Net loss was $2.3 million vs. a net income of $8 million in 2020.
“During the third quarter, we continued building momentum across our diversified portfolio as the Bioventus team demonstrated strong execution and resiliency, driving double-digit organic growth despite some pandemic related headwinds in our Bone Graft Substitutes business,” Ken Reali, CEO of Bioventus, said in the release. “We are on-track to complete the integration of Bioness in the first quarter of 2022 and deliver on our cost synergy targets over the course of the next year.”
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