On December 23, Katrina J. Church, Senior Vice President and Chief Compliance Officer at Bioventus Inc. (NASDAQ:), sold 2,535 shares of the company's Class A common stock. The shares were traded at an average price of $10.53, amounting to a total transaction value of $26,693. The transaction comes as Bioventus stock has shown incredible strength, posting a 102% gain over the past year. According to InvestingPro data, analysts maintain a positive outlook with price targets ranging from $13 to $17.
The sale was held to pay the tax on the distribution of restricted stock units, according to Standing Order 10b5-1 which was adopted in June 2023. Do you want deep insight into internal transactions and comprehensive analytics? InvestingPro provides exclusive access to insider trading patterns and 8 additional key insights about Bioventus, as well as expert research reporting that turns complex data into actionable intelligence.
In other recent news, Bioventus, a provider of orthobiologic solutions, reported impressive growth in the third quarter, with a 15% year-over-year increase in revenue to $139 million. The company also raised its full-year revenue guidance to between $562 million and $567 million, reflecting expected growth of about 13%. The main growth drivers have been identified as surgical solutions, particularly in ultrasonics and bone graft substitutes, and the HA industry for knee osteoarthritis. In addition, the company's adjusted EBITDA increased 9% to $24 million, with an improvement in the expected annual margin of 100 basis points.
Bioventus also announced the sale of its rehabilitation business for $25 million, with potential proceeds of up to $20 million. The company aims to reduce its leverage less than 3 times by the end of 2025 and increase its cash position to $43 million. Adjusted earnings per share guidance for the full year was raised to $0.40 to $0.42.
Despite expecting a lower growth rate in Q4 due to year-on-year comparison challenges and a temporary slowdown in the onboarding of new distribution agents, Bioventus remains confident of its strong performance through 2025. The company expects growth driven by a strong position in the HA market and a strategic resource allocation strategy. This development reflects the company's strategic initiatives aimed at driving growth and profitability.
This article is powered by AI and updated by an editor. For more information see our T&C.