Bioventus (BVS) Q4 2025 earnings summary

Executive summary

• Achieved 10% organic revenue growth in Q4 2025, with reported revenue of $158 million, strong performance across core businesses, and record quarterly cash from operations of $38 million.

• Full-year 2025 revenue was $568.1 million, down 0.9% reported due to divestiture but up 7.5% organically, with net income of $22.7 million versus a $36.1 million loss prior year.

• Enhanced portfolio, strengthened capabilities, and set a track record of meeting or exceeding guidance for three consecutive years.

• Strategic focus for 2026 includes accelerating growth drivers (PNS, PRP, Ultrasonics, international), driving profitability above revenue growth, and strengthening cash flow for enhanced capital allocation.

• Entered a new phase focused on accelerating revenue growth, strengthening earnings, and expanding capital allocation options.

Financial highlights

• Q4 2025 revenue was $158 million, up 3% year-over-year; organic growth was 10% after adjusting for divestitures.

• Adjusted EBITDA for Q4 was $37 million, up $8 million (30%) year-over-year; margin expanded by 490 basis points to 23%.

• Adjusted gross margin reached 76%, up 180 basis points from the prior year.

• Adjusted net income for Q4 was $20 million, up $1 million year-over-year.

• Cash flow from operations nearly doubled in Q4 to $38 million; full year cash flow from operations increased 92%.

Outlook and guidance

• 2026 net sales expected between $600 million and $610 million, representing 6–7% growth.

• Adjusted EPS guidance for 2026 is $0.73–$0.77, up 7–13% year-over-year, with earnings growth projected to outpace revenue growth.

• Cash from operations projected at $82–$87 million for 2026, up 10–17%.

• Q1 2026 expected to be the lowest quarter due to fewer selling days and inventory normalization; growth to accelerate in Q2 and second half.

• $13 million incremental investment planned for 2026 in growth drivers (PNS, PRP, Ultrasonics, international).