Anthony D'Adamio, Senior Vice President and General Counsel at Bioventus Inc. (NASDAQ:BVS), recently sold 5,848 shares of the company's Class A common stock. The shares were sold on December 23 at a weighted average price of $10.53, amounting to a total transaction value of $61,579. The transaction comes as Bioventus, currently valued at approximately $716 million, has seen its stock surge over 100% in the past year, according to InvestingPro data.
The sale was conducted to cover taxes upon the vesting of restricted stock units, as part of a pre-established 10b5-1 trading plan adopted in June 2023. Following this transaction, D'Adamio holds 109,578 shares directly. The shares were sold as part of a broader trade involving multiple employees at Bioventus, with prices ranging from $10.41 to $10.71. While the company isn't currently profitable, InvestingPro analysis indicates expected profitability this year, with 8 additional key insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Bioventus, a global leader in orthobiologic solutions, reported a robust financial performance in the third quarter of 2024. The company announced a 15% year-over-year increase in revenue to $139 million, marking its fourth consecutive quarter of double-digit organic revenue growth. Bioventus also raised its full-year revenue guidance to between $562 million and $567 million, reflecting nearly 13% expected growth. The company's adjusted EBITDA rose to $24 million, a 9% increase, and they expect an annual margin improvement of 100 basis points.
In addition to these strong financial results, Bioventus is 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 3 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.
Despite anticipating a lower growth rate in Q4 due to challenging year-over-year comparisons and a temporary slowdown in onboarding new distributor agents, Bioventus expects continued strong performance into 2025. The company is optimistic about growth driven by a strong position in the HA market and a disciplined resource allocation strategy. This is part of a recent series of developments for Bioventus.
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