Bioventus Completes Divestiture of its Wound Business
23 Mai 2023 - 1:30PM
Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a
global leader in innovations for active healing, announced today
that it has successfully completed the divestiture of its Wound
business, including the skin substitutes TheraSkin and
TheraGenesis, to LifeNet Health. The transaction, announced earlier
this month, enables Bioventus’ improved focus on execution and
delivers approximately $30 million of net closing proceeds, which
will be used for debt repayment.
In connection with the closing of the sale, Bioventus and
LifeNet Health have also entered into a Sales Agent Agreement under
which LifeNet Health will have exclusive rights to sell SonicOne
ultrasonic wound debridement products in the US and Canada.
About Bioventus
Bioventus delivers clinically proven, cost-effective products
that help people heal quickly and safely. Its mission is to make a
difference by helping patients resume and enjoy active lives. The
Innovations for Active Healing from Bioventus include offerings for
Pain Treatments, Restorative Therapies and Surgical Solutions.
Built on a commitment to high quality standards, evidence-based
medicine and strong ethical behavior, Bioventus is a trusted
partner for physicians worldwide. For more information, visit
www.bioventus.com, and follow the Company on LinkedIn and
Twitter. Bioventus and the Bioventus logo are registered trademarks
of Bioventus LLC.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. Any statements contained
herein that do not relate to matters of historical fact should be
considered forward-looking statements, including, without
limitation, statements concerning the Company’s future growth,
operating margins, market leadership and strategy. In some cases,
you can identify forward-looking statements by terminology such as
“aim,” “anticipate,” “assume,” “believe,” “contemplate,”
“continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,”
“may,” “objective,” “plan,” “predict,” “potential,” “positioned,”
“seek,” “should,” “target,” “will,” “would” and other similar
expressions that are predictions of or indicate future events and
future trends, or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified. Factors that could cause actual results to differ
materially from those contemplated herein include, but are not
limited to, our ability to successfully complete planned
divestitures, the risk that the material weakness we identified in
the third quarter of 2022 or a new material weakness could
adversely affect our ability to report our results of operations
and financial condition accurately and in a timely manner; we might
not be able to continue to fund our operations for at least the
next twelve months as a going concern; we might not meet certain of
our debt covenants under our Credit Agreement and might be required
to repay our indebtedness; restrictions on operations and other
costs associated with our indebtedness; we maintain cash at
financial institutions, often in balance that exceed federally
insured limits; we are subject to securities class action
litigation and may be subject to similar or other litigation in the
future, which will require significant management time and
attention, result in significant legal expenses and may result in
unfavorable outcomes; we are highly dependent on a limited number
of products; our long-term growth depends on our ability to
develop, acquire and commercialize new products, line extensions or
expanded indications; we may be unable to successfully
commercialize newly developed or acquired products or therapies in
the United States; demand for our existing portfolio of products
and any new products, line extensions or expanded indications
depends on the continued and future acceptance of our products by
physicians, patients, third-party payers and others in the medical
community; the proposed down classification of non-invasive bone
growth stimulators, including our Exogen system, by the U.S. Food
and Drug Administration (FDA) could increase future competition for
bone growth stimulators and otherwise adversely affect the
Company’s sales of Exogen; failure to achieve and maintain adequate
levels of coverage and/or reimbursement for our products or future
products, the procedures using our products, such as our hyaluronic
acid (HA) viscosupplements, or future products we may seek to
commercialize; pricing pressure and other competitive factors;
governments outside the United States might not provide coverage or
reimbursement of our products; our business may continue to
experience adverse impacts as a result of the COVID-19 pandemic;
risks related to intellectual property matters; legislative or
regulatory reforms; risks related to intellectual property matters;
and other important factors described in Part I. Item 1A. Risk
Factors in our 2022 Annual Report on Form 10-K as updated by our
subsequent Quarterly Reports on Form 10-Q, this Quarterly Report on
Form 10-Q and as may be further updated from time to time in our
other filings with the SEC. You are urged to consider these factors
carefully in evaluating these forward-looking statements. These
forward-looking statements speak only as of the date hereof. Except
as required by law, we assume no obligation to update or revise
these forward-looking statements for any reason, even if new
information becomes available in the future. Actual results may
differ materially from those set forth in the forward-looking
statements.
Investor and Media Inquiries:Dave
Crawford919-474-6787dave.crawford@bioventus.com
Bioventus (NASDAQ:BVS)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Bioventus (NASDAQ:BVS)
Historical Stock Chart
Von Mai 2023 bis Mai 2024