Bioventus Cuts 2026 Sales Outlook to $590–595 Million Despite 2.7% Quarterly Revenue Growth
Key Facts
Bioventus reported third-quarter 2026 results on November 2, posting net sales of $142.442 million, up 2.7% from the same period a year earlier, or 2.9% on a constant-currency basis. The results showed that revenue growth did not prevent the company from cutting its full-year sales outlook, a shift that sets the quarter’s performance against a more cautious view for the rest of 2026. The company said comparable net sales were $138.651 million in the third quarter of 2025. Adjusted earnings were $0.17 per share, according to Zacks, matching its consensus estimate, compared with $0.15 a year earlier. The results were announced after the market close on November 2, and the company scheduled its earnings call for the same day at 4:30 p.m. Eastern Time.
Pain treatments were the company’s largest growth driver among its segments, with revenue of $71.3 million, up 6.2% year over year. Bioventus attributed the performance to strong volume growth in hyaluronic acid therapy products, led by Durolane, as well as platelet-rich plasma and peripheral nerve stimulation products. The company said volume growth supported revenue in the business, which also posted growth in the second quarter, when pain treatment sales reached $81.7 million, up 11.5%. But the third-quarter figures point to a slower growth pace in the segment than in the prior period. The company had linked second-quarter growth to Durolane volumes, while the third-quarter result came amid mixed performance across its other businesses.
Surgical solutions revenue rose 0.7% to $50.5 million, as demand improved for ultrasound systems and their consumables. The company said this demand partly offset weaker sales of bone graft substitutes, leaving segment growth limited. Meanwhile, regenerative therapies revenue fell 3.4% to $20.6 million, reflecting lower sales volume for the EXOGEN bone stimulation system. The divergence among segments highlights the quarter’s reliance on pain treatments for growth, while surgical solutions posted a slight improvement and regenerative therapies remained under pressure. In the second quarter, surgical solutions revenue had fallen 4.5% to $50.4 million, while regenerative therapies declined 2.4% to $21.1 million.
The company cut its 2026 net sales outlook to a range of $590 million to $595 million, equivalent to growth of about 4% to 5%. In August, it had forecast sales of $600 million to $610 million, making the new guidance a reduction to its previously announced annual range. Bioventus kept its adjusted earnings outlook at $0.75 to $0.79 per share and also issued a forecast for adjusted cash flow from operations of $84 million to $89 million. In August, its stated cash flow from operations range was the same, at $84 million to $89 million, while adjusted earnings per share were expected within the same range. The third-quarter update indicated that the sales cut came despite quarterly revenue growth, making the annual guidance a key focus alongside segment results.
Bioventus is continuing its review of strategic options while exploring opportunities to maximize shareholder value, its chief executive said. The company announced the start of the review in August after receiving an unsolicited acquisition proposal and several other indications of interest. It said at the time that options included selling the company or continuing to operate independently, without setting a timetable for completing the review. It also cautioned that there was no guarantee the process would result in a transaction or another strategic outcome. The third-quarter update did not announce an outcome of the review, while the company listed its continuation among the matters unfolding alongside its performance and outlook update.
The company made an optional $15 million payment on its term loan principal during the third quarter. It said the payment reduces future interest payments and borrowing costs, adding a financial measure to the period’s results. Global sales in the second quarter had reached $153.2 million, up 4% year over year, while net income attributable to the company was $33.4 million, compared with $7.5 million a year earlier. The company attributed the improvement in the net income comparison partly to the removal of a $24.6 million tax valuation allowance. The latest annual update in the third-quarter results focused on the sales outlook cut, while maintaining the adjusted earnings per share range and issuing an adjusted cash flow from operations forecast.