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Bioventus (BVS) Q3 2026 Earnings Report
BVS Q3 2026 EPS Results
- Actual EPS
- $0.17
- Consensus EPS
- $0.15
- Beat/Miss
- Beat by +$0.02
- One Year Ago EPS
- $0.15
BVS Q3 2026 Revenue Results
- Actual Revenue
- $142.44M
- Expected Revenue
- $149.51M
- Beat/Miss
- Missed by -$7.07M
- YoY Revenue Growth
- +2.73%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- After Close
- Conference Call
- Monday, November 2, 2026
Bioventus's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly constructive and positive. The company reported revenue growth, expanding adjusted EBITDA margin, double-digit growth in Ultrasonics and international revenue, improving PRP and PNS indicators, strong cash generation and significant debt repayment. These positives outweighed the BGS weakness, lower full-year revenue guidance, Exogen-related softness, slightly lower gross margin and the unresolved strategic review.
Bioventus expects 2026 revenue of $590 million to $595 million, reflecting mid single digit revenue growth in Q4 and sequential acceleration; full-year adjusted earnings per share guidance is $0.75 to $0.79 per diluted share, while cash from operations guidance and adjusted cash from operations are both $84 million to $89 million. Full-year adjusted EBITDA margin is expected to be above the prior year level, net leverage ratio is expected to be below 1.5x by the end of this year, international revenue is expected to generate more than 20% growth in the fourth quarter and continued excellent growth in 2027, and Exogen growth is expected to be low single digits this year and low single digit to mid single digit going forward. The company expects strong double digit growth in international in the fourth quarter and for the full year, strong double digit growth in Ultrasonics in the fourth quarter and into 2027, PNS to scale to over $100 million in the coming years, and growth-driver investments to reach almost $15 million in 2026.
- Revenue Growth Led by Pain TreatmentsThird-quarter revenue was $142 million, up 3% year over year, driven by strong performance in pain treatments. Global pain-treatment revenue increased 6% to $71 million and was up 9% year to date, supported by Duralane, PRP and PNS.
- Improved Adjusted EBITDA and MarginAdjusted EBITDA increased by nearly $2 million to $28 million, growing faster than revenue. Adjusted EBITDA margin expanded 70 basis points year over year to 20%, despite increased investment in growth initiatives.
- Adjusted EPS Growth and Reaffirmed GuidanceThird-quarter adjusted EPS was $0.17 per diluted share, up 13% from $0.15 in the prior-year period. Year-to-date adjusted EPS increased 18%. The company reaffirmed full-year 2026 adjusted EPS guidance of $0.75 to $0.79 per diluted share.
- PRP Adoption MomentumPRP showed sequential growth in capital placements, while disposable-kit reorders ramped meaningfully. Revenue from PRP disposable kits exceeded revenue from capital placements in the quarter. Bioventus also secured exclusive rights from Apex Biologics to offer its PRP solution in sports medicine accounts, broadening the addressable market.
- PNS Leading Indicators Exceeding PlanPNS continued to gain traction, with trial-to-permanent conversion rates exceeding plan, a shorter time from trial to permanent implant placement, and physician training increasing by more than 50% quarter over quarter. The company added customers, trials and implants, and stated that it expects to scale the PNS business to over $100 million in the coming years.
- Expanded PNS Commercial CapabilitiesBioventus hired a marketing leader, expanded its commercial infrastructure, added competitive selling and targeting tools, and increased its presence at medical congresses and industry meetings to support PNS adoption.
- Strong Ultrasonics GrowthUltrasonics delivered strong double-digit revenue growth, supported by increased surgeon adoption, continued progress in capital placements, accelerated disposable volume and new account wins. The company said it was ahead of schedule on new users and surgeon adoption and expected momentum to continue into the fourth quarter and 2027.
- International Revenue AccelerationInternational revenue increased 16% in the third quarter, or 18% on a constant-currency basis, primarily due to strong double-digit growth in Ultrasonics and other businesses. The company expects more than 20% growth in international revenue in the fourth quarter and continued excellent growth in 2027.
- Strong Operating Cash Flow and Debt ReductionCash flow from operations was $21 million in the quarter. The company repaid $19 million of its term loan during the quarter, bringing year-to-date term-loan repayments to $65 million, and lowered net debt below $200 million at quarter-end. Management expects the net leverage ratio to be below 1.5x by year-end.
- Increased Investment in Growth DriversThe company increased planned incremental investment from $13 million to approximately $15 million, with more than half directed to PNS. Management said the higher investment reflects positive traction and growing data-backed insights across the growth drivers.
- Cash Flow Guidance MaintainedThe company updated cash from operations guidance to $84 million to $89 million and presented adjusted cash from operations in the same range, excluding the cash-flow impact of the review of potential strategic alternatives.
- Positive Early BGS Trends and IDN MomentumAfter taking actions late in the third quarter related to competitive dynamics and distributor additions, management said October was tracking ahead of expectations. The company also reported strong momentum in its IDN strategy and said large-account formularies were increasingly evaluating products based on clinical and economic value.
- Expected Improvement in Exogen GrowthThe Exogen sales-force vacancies that affected third-quarter volume have been filled. Management expects Exogen growth to improve in the fourth quarter and projects future growth in the low single digit to mid single digit range.
- Long-Term Strategic AmbitionManagement reiterated its objective of building Bioventus into a leading $1 billion medtech company while continuing to pursue above-market revenue growth, increased earnings and accelerated cash flow.
BVS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2026 (Q4) | 0.22- | 0.24 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | 0.150.17 | 0.15 | 13.33% (+0.02) | |
| Aug 05, 2026 | 2026 (Q2) | 0.220.22 | 0.21 | 4.76% (+0.01) | |
| May 06, 2026 | 2026 (Q1) | 0.070.15 | 0.08 | 87.50% (+0.07) | |
| Mar 05, 2026 | 2025 (Q4) | 0.220.24 | 0.15 | 60.00% (+0.09) | |
| Nov 04, 2025 | 2025 (Q3) | 0.100.15 | 0.06 | 150.00% (+0.09) | |
| Aug 06, 2025 | 2025 (Q2) | 0.160.21 | 0.19 | 10.53% (+0.02) | |
| May 06, 2025 | 2025 (Q1) | 0.030.08 | 0.07 | 14.29% (+0.01) | |
| Mar 11, 2025 | 2024 (Q4) | 0.080.15 | 0.07 | 114.29% (+0.08) | |
| Nov 05, 2024 | 2024 (Q3) | 0.020.06 | 0.05 | 20.00% (+0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
