Global medical device company specializing in treatments and devices for musculoskeletal pain and injury recovery across Pain Treatments, Surgical Solutions, and Restorative Therapies, with US and International reporting segments.

# Bioventus Inc.

## Overview
- Global medical device company focused on helping patients recover from musculoskeletal pain and injuries.
- Two reporting segments: United States (US) and International.
  - For the year ended December 31, 2025, US accounted for 88% of total net sales and International accounted for 12%.
- Portfolio is organized into three customer-focused business areas covering five product families:
  - Pain Treatments
  - Surgical Solutions
  - Restorative Therapies

## Pain Treatments
- KOA (Knee Osteoarthritis): Intra-articular hyaluronic acid (HA) injections. In the US, Bioventus distributes the XCELL Platelet-Rich Plasma (PRP) system, which complements existing physician call points for HA and PRP.
- Peripheral Nerve Stimulation (PNS): Developing and commercializing a portfolio of PNS products for acute, temporary, and chronic pain.

## Surgical Solutions
- Ultrasonics: Precision bone resection systems for degenerative spine conditions and spinal deformities; also used for precision bone cutting in ultrasonic neuro and general surgery applications (for example, brain tumors and certain liver pathologies).
- Bone Graft Substitutes (BGS): A portfolio of materials designed to facilitate bone fusion after surgery.

## Restorative Therapies
- Fracture Care: Low-intensity pulsed ultrasound to aid healing of fractures that have not responded to traditional methods. The company plans to expand US indications to additional fresh fractures, with emphasis on high-risk patients.

## Corporate and financial structure
- The principal asset is Bioventus LLC (BV LLC); the company depends on distributions from BV LLC to pay taxes and other expenses, including obligations under a Tax Receivable Agreement.
- Distributions from BV LLC may be subject to limitations and restrictions.
- The company acknowledges potential dilution risk to Class A common stockholders upon exchange of BV LLC interests.

Bioventus Inc. is a global medical device company focused on developing innovative solutions for pain relief and musculoskeletal health management.

### Company Overview: Bioventus Inc.

**Business Focus:**
Bioventus Inc. is a global medical device company centered on developing, manufacturing, and marketing innovative solutions aimed at relieving pain and managing musculoskeletal health challenges. The company's product offerings are primarily segmented into three areas: Pain Treatments, Surgical Solutions, and Restorative Therapies.

**Key Product Areas:**

1. **Pain Treatments:**
   - **Knee Osteoarthritis (KOA) Products:** 
     - Includes hyaluronic acid (HA) injections like Durolane, GELSYN-3, and SUPARTZ, designed to relieve pain and improve joint function.
   - **Peripheral Nerve Stimulation (PNS):** 
     - Products targeting chronic pain management without drug intervention, exemplified by the StimRouter system.

2. **Surgical Solutions:**
   - **Ultrasonics:** 
     - The neXus Ultrasonic Surgical System that provides precision surgical tools for bone resection and soft tissue management.
   - **Bone Graft Substitutes (BGS):** 
     - Products such as OSTEOAMP and SIGNAFUSE designed to promote optimal bone healing and fusion post-surgery.

3. **Restorative Therapies:**
   - **Fracture Care:** 
     - EXOGEN system that employs ultrasound technology to treat nonunion fractures and aid in healing.

**Market Presence:**
- Bioventus operates primarily in the **U.S.**, with a **12%** revenue contribution from **International Markets**.
- The company serves a broad array of healthcare providers, including physicians, clinics, hospitals, and outpatient facilities focusing on musculoskeletal care.

**Financials:**
- For the fiscal year ending December 31, 2024, Bioventus reported revenue from its HA products as constituting **46%** of total revenue.
- Revenue trends (2024, 2023, 2022) show dependence on a limited number of products, particularly in the Pain Treatments segment.
- Revenue figures, exact income and total customers are not specified in the document, but with **approximately 930 employees**, the company likely has robust operational support to maintain product development, sales, and distribution.

**Employees and Corporate Structure:**
- Bioventus has a workforce of about **930 employees** and is structured as a holding company, deriving its revenue from ownership interest in Bioventus LLC (BV LLC). 
- The operational management is centralized, focusing on growth strategy, product innovation, and market expansion.

**Growth Strategy:**
- The company is focused on a four-pronged strategy aimed at market expansion:
  1. Further development and marketing of surgical solutions.
  2. Strategic international market growth.
  3. Strengthening market position in Knee Osteoarthritis.
  4. Expanding product portfolio through partnerships and internal development.

**Industry Position:**
- Bioventus operates in a highly competitive landscape characterized by significant regulatory scrutiny, especially for medical devices. The company faces competition from large healthcare corporations and novel entrants in the field.

**Challenges and Risks:**
- Numerous risks include dependence on a limited product portfolio, pricing pressures from competitors, regulatory challenges, and the potential impact of market fluctuations on product acceptance.

### Conclusion:
Bioventus Inc. stands as a key player in the medtech field, focused on musculoskeletal solutions, with a clear growth strategy aimed at leveraging its product portfolio amid competitive pressures and regulatory landscapes. The company’s structure, reliance on technology and innovation, and focus on expanding into new markets positions it to address the ongoing demand for effective pain management and musculoskeletal therapies.

Bioventus Inc.

10-K / March 5, 2026

10-K / March 11, 2025

10-K / March 5, 2026

Bioventus Inc.

Overview

Pain Treatments

Surgical Solutions

Restorative Therapies

Corporate and financial structure