Bioventus Inc. (NASDAQ:BVS), a $578.5 million medical device company whose stock has surged 75.6% over the past year, saw its President and CEO Robert E. Claypoole recently sell 28,786 shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The shares were sold on January 13 at a weighted average price of $9.10, generating a total of approximately $261,952. The shares were sold to cover taxes upon the vesting of restricted stock units, following a standing 10b5-1 instruction adopted on January 11, 2024. After the transaction, Claypoole retains ownership of 64,964 shares in the company. The sales were executed in multiple transactions, with prices ranging from $8.935 to $9.22 per share. With analyst price targets ranging from $13 to $17, suggesting significant upside potential, investors seeking deeper insights into insider trading patterns and company valuations can access comprehensive analysis through InvestingPro, which offers exclusive access to 8+ additional real-time insights for BVS.
In other recent news, Bioventus, a global leader in orthobiologic solutions, reported a 15% year-over-year increase in Q3 revenue, reaching $139 million. This marks the company's fourth consecutive quarter of double-digit organic revenue growth. The company also raised its full-year revenue guidance to between $562 million and $567 million, reflecting nearly 13% expected growth. In addition, Bioventus has finalized the divestiture of its Advanced Rehab business to Accelmed Partners, a move that Canaccord Genuity has sustained its Buy rating for the company in light of.
The Advanced Rehab business sale is viewed as a strategic move by Canaccord Genuity, which could potentially improve Bioventus' margins and reduce debt. It is also expected to allow the company to focus more on growth areas such as Ultrasonics, PNS, and international expansion.
Bioventus is also selling its advanced rehabilitation business for $25 million, with potential earn-outs of up to $20 million. The company aims to reduce net leverage to below three times by the end of 2025 and has increased its cash position to $43 million. Adjusted earnings per share guidance for the full year has been increased to $0.40 to $0.42. These are recent developments that highlight the company's strong performance and strategic initiatives aimed at driving growth and profitability.
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