Bioventus reports revenue growth in first-quarter 2024 financial results
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Key takeaways:
- Bioventus announced its first-quarter 2024 financial results.
- Bioventus reported $129.5 million in worldwide revenue for the quarter, an 8.7% increase from the prior year period.
Bioventus Inc. reported $129.5 million in worldwide revenue in its first quarter of 2024 financial results, an 8.7% increase compared with its reported revenue in the first quarter of 2023, according to a company press release.
The company also reported a 15.3% revenue increase on an organic basis, as well as a net loss from continuing operations of $6 million, a significant decrease compared with a net loss from continuing operations of $100 million in the prior year period. The company reported adjusted earnings before interest, taxes, depreciation and amortization of $22.6 million, a 33.5% increase from the prior year period.
“We are pleased with the strong start to the year driven by double-digit revenue growth in both pain treatments and surgical solutions leading to a substantial increase in our profitability,” Rob Claypoole, president and CEO of Bioventus, said in the release. “As we look ahead, we remain laser focused on executing on our priorities to accelerate revenue growth, enhance profitability and reduce our leverage. The increase in our financial guidance signals the confidence we have in our ability to build on our momentum throughout 2024 and create further value for our stakeholders.”
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