We finished the month of August with a continued strong recovery in our business and for the second month in a row showed significant growth of 7% as well as revenue performance just above our H2 forecast tied to our 2020 bonus plan. Please note this included some adjustments due to United Healthcare rebates that brought down our initial reported number shared with some of you. The US business still finished at 11% growth over prior year. The graph below highlights our “V” shaped recovery in our business which is outstanding! Congratulations to All on this performance and especially our Sales Team for their excellence! We are at 8% growth for the quarter and importantly ahead of our H2 forecast in revenue and EBITDA. It will be important to close the quarter strong particularly as our forecast increases in September and the months ahead.
In the US we have reached Labor Day weekend, which is hard to believe. This is always a sign of Fall. Besides great weather and football I do look forward to pumpkin spice coffee (and do need to find a Dunkin Donuts somewhere;))!
Early September is also the home stretch in our fiscal year as we complete Q3 and enter Q4. It has been a wild year that is no question. Sadly, I have heard reports recently of people already writing off 2020 and thinking about 2021 – certainly understandable in some cases – but we have the best parts of the year left and so much that can be accomplished to make the year a great one based on the finish!
As individuals and as a company this can be a time to shine, grow and deliver on the final commitments for the year! Our final memories of 2020 can be good ones.
Most importantly there are patients out there today waiting for our medical devices that with their use they can move on with their lives, heal or live pain free lives and reach their own goals. We are all in this together at Bioventus and our role in our larger community is profound! We make a difference and impact lives in a way that few can. No matter your role in our organization we are all needed in making a difference working together.
I hope you enjoy the holiday weekend with family and friends and maintain great health now and going forward. This weekend I hope you can take a deep breath, relax, take a long look in the mirror, meditate (or whatever gives you perspective) and realize 2020 is not over and its ending can be dictated by you, your attitude and your drive to the finish! I wish you all the best in reaching your objectives, goals and aspirations this year!
Thank you for all you do!
Ken