Bioventus (NSDQ:BVS) shares ticked up on fourth-quarter results that topped the consensus forecast.
The Durham, N.C.-based ortho tech company posted profits of $2.3 million, or 10¢ per share, on sales of $98.6 million for the three months ended Dec. 31, 2020, for a 56% bottom-line slide on sales growth of 1.1%.
Adjusted to exclude one-time items, earnings per share were $2.32, an impressive $2.09 ahead of Wall Street, where analysts were looking for sales of $98.1 million.
“Bioventus finished 2020 with improved momentum in our overall business with second-half net sales increasing 3% year-over-year, and fourth-quarter net sales increasing 15% on a quarter-over-quarter basis, as we continued to rebound from the global pandemic,” Bioventus CEO Ken Reali said in a news release. “We are proud of the strong operating and financial performance we delivered in 2020, despite the unprecedented challenges presented by the external environment. We believe this performance is a direct result of our results-oriented culture at Bioventus and the focus by our team on our mission to make a difference by helping patients resume and enjoy active lives.
“The substantial improvements in our execution and operating achievements that we delivered in 2020 have continued in 2021. We have significantly enhanced our balance sheet and financial condition with the net proceeds raised in our IPO in February and believe we are well-positioned to execute our growth strategy going forward.”
Bioventus said it now expects to produce revenues of between $360 million and $372 million for the full year.
BVS shares were up nearly 2% to $15.03 apiece in trading by midday. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.6%.