BVSBioventus Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $568M; 0.9% YoY
Operating margin: 9.5%; 458% YoY
EBITDA: $101M; 194% YoY
Market cap: $938M
Employees: 930; $611K revenue each
Net debt / EBITDA: 3.2×; $327M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
328% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$611K · 80th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 12th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$938M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$312K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$431M	$512M	$512M	$573M	$568M	0.9%
Operating income	$12M	−$167M	−$82M	−$15M	$54M	455%
Net income	$19M	−$159M	−$156M	−$36M	$23M	163%
Operating cash flow	$23M	−$14M	$15M	$39M	$75M	92%
Capex	$14M	$1M	$7M	$1M	$3M	155%
Stock-based comp	$20M	$18M	$3M	$13M	$13M	4.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 16, 2023	Juniper Investment Company, LLC	SC 13D/A	10.7%	Passive
May 24, 2023	Juniper Investment Company, LLC	SC 13D/A	9.5%	Passive
Nov 15, 2022	Juniper Investment Company, LLC	SC 13D/A	7.4%	Passive
Jul 21, 2022	Juniper Investment Company, LLC	SC 13D	5.3%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $312K · 3
Net: −$312K

Pay vs performance

No pay-versus-performance disclosure yet.