04 December 2021
1 min read
Bioventus Inc. reported net sales of $ 108.9 million for the third quarter of 2021 compared to $ 85.9 million for the third quarter of 2020, according to a press release from the company.
The company attributed the 26.8% increase in net sales to acquisitions, strong business execution and continued recovery from the COVID-19 pandemic. The company’s international revenue also increased 38.5% (34.7% at constant exchange rates) for the third quarter.
Gross profit was $ 79.1 million compared to $ 62.5 million for the third quarter of 2020. No- Generally Accepted Accounting Principles (GAAP) gross profit was $ 85.7 million, an increase of 26.1% from 2020, and non-GAAP operating profit was $ 15.1 million of dollars, up 2.3% from 2020. Non-GAAP net income was $ 13.8 million from 2020. $ 12.6 million for the third quarter of 2020.
However, adjusted earnings before interest, taxes, depreciation, and amortization decreased from $ 23.1 million in 2020 to $ 21.3 million for the third quarter. Operating loss was $ 1 million compared to operating income of $ 6.9 million for the third quarter of 2020. Net loss was $ 2.3 million compared to net income of 8 million dollars in 2020.
“During the third quarter, we continued to build momentum across our diversified portfolio as the Bioventus team demonstrated strong execution and resilience, driving double-digit organic growth despite certain headwinds linked to the pandemic in our bone graft substitute business. ” Ken real, CEO of Bioventus said in the statement. “We are on track to complete the integration of Bioness in the first quarter of 2022 and meet our cost synergy targets over the next year. “