Bioventus reports 2.3% decrease in net sales in second-quarter 2023 financial results
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Key takeaways:
- Bioventus reported a 2.3% decrease in net sales during its second quarter.
- The company sold its wound business to repay debt and improve its financial standing.
Bioventus Inc. reported net sales of $137.1 million in its second-quarter 2023 financial results, a 2.3% decrease year-over-year, according to a company press release.
The company reported $28.2 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a 26.1% increase from the prior year period.
In the second quarter of 2023, Bioventus brought in $31 million in net proceeds from the sale of its wound business to repay debt and improve its financial standing, according to the release.
“We are pleased with our team’s strong execution in the second quarter resulting in significant growth in adjusted EBITDA and cash flow,” Tony Bihl, interim CEO of Bioventus, said in the release. “We remain committed to strengthening our financial position, enhancing liquidity and improving profitability as we accelerate revenue growth and maintain spending discipline over the long-term to create value for our stakeholders,” Bihl added.
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