Better Days Ahead and Strong Close!
I hope this finds everyone healthy, safe and importantly you had a terrific holiday season!
It has been an eventful start to the year in many ways and want to reiterate where Bioventus stands on issues of social significance. The events at the US Capitol were disturbing this week to say the least. I am honored to sit on the Board of Directors of AdvaMed, our trade association for medical device companies based in Washington DC, in which Bioventus is also a member. The AdvaMed CEO Scott Whitaker, supported by the Board of Directors, issued the following statement immediately following Wednesday’s events.
“Today’s violence at the U.S. Capitol does not represent who we are or who we should be as a nation. We condemn it. In this country, we settle our political differences by passionately but peacefully seeking changes in policy through the process established by our Constitution,” Whitaker wrote. “The presidential election — certified by the states, the Electoral College, and the courts — will be ratified by Congress. It is now time to move forward together, as one nation, and build upon what unites us. We look forward to working with President Biden and the new Congress to advance policies that save and improve the lives of the patients we serve.”
We hope for better days ahead in 2021 as we begin the road to healing our nation and also our recovery from the pandemic. We can ALL play a positive role in this.
Turning to more positive matters, we had an amazing close to our fiscal year 2020! Special congratulations to the Sales Team and the entire company for the support and resiliency that has been exhibited in our business in 2020. We closed Q4 with 2% growth so we hit our goal of exhibiting growth in every quarter in 2020 but Q2. This is a remarkable tribute to the culture, work ethic and dedication of Bioventus employees in ALL we do providing such an important service to the patients we serve!
Here are some quick stats and commentary on the revenue month and Q4.
- At $36.95M we had 18% growth over prior year December and Q4 at $99.35M was our best ever all-time revenue quarter!
- Our ADS for December of $1.68M/day and $1.53M/day for the quarter compares favorably to prior quarter Q3 of $1.36M.
- Exogen was a significant contributor to our success with 23% growth in the month. The ADS of $348K/day compares favorably to November at $356K (in a shorter month) as we have seen Exogen continue to improve leading to our first growth month with the product since the pre-pandemic era.
- Our HA business benefited from favorable order timing with total HA growth in the month of 29% and in the quarter of 4%. Durolane increased in the month 50% over prior year and the ADS of $424K compared favorably to Q3 ADS at $321K. Durolane overall was up 40% for the year as the market continues to migrate to single injection.
- Our Bone Graft Substitutes Surgical business had an ADS of $294K compared to Q3 of $268K and overall growth of 19% in the month. The business finished the quarter at 17% growth and the year at 12% growth.
We will have more to come on our 2021 goals as we Kickoff the year! Thank you for all of your amazing work and hope you have a terrific weekend!
Best Regards,
Ken