As part of our efforts in having a cohesive executive team we hold offsite meetings once a quarter where we spend about a day and half reviewing the business, priorities, strategy and other critical initiatives within the company.  The foundation of these meetings are built on robust and transparent conversation where everyone’s voice is heard and understood.  Through this process we gain agreement as an executive team and this way of working together is critical to Bioventus success as we build our company.  Importantly it is about everyone pushing in the same direction and this can be powerful.  After each of these offsite meetings I will send out a summary to all employees so you know first-hand what was discussed.

  • Leigh Ann presented a summary of the Diversity and Inclusion meetings she has led and also a framework for how we will proceed going forward.  We discussed the critical importance of this initiative and the strong support this has from the executive team.  The goal is to foster a culture of diversity and inclusiveness by focusing in the following key areas; 1) pipeline candidates for new positions, 2) current employees working in an environment where they are valued, have personal and professional growth and are treated equitably, 3) supporting communities where we live and work and 4) support our industry or sector where we increase the diversity of our vendor partners and other customers that we work with.  Many of these initiatives have or are in the process of being implemented.  In the coming months a Diversity and Inclusion Counsel will be selected to provide insight and guidance to our Diversity and Inclusion strategies going forward.  Further discussion and updates on this topic will be reviewed at an All Hands Meeting later this year.
  • Alessandra reviewed the R&D pipeline.  We spent quite a bit of time on this topic reviewing the pipeline projects as well as understanding risk relative to development, reimbursement, timing and execution.  We are taking steps to quantify risk which will help in balancing our portfolio over time.
  • We spent time discussing company branding and how to best position the company outwardly.  Today the company is operating in three important customer verticals; OA Joint Pain, MI Trauma/Exogen, and Bone Graft Substitutes.  Please see the attached slide which pictorially explains these verticals and the broad customer reach we have across orthopedics.  We will be leveraging this significant customer base more fully as we move forward relative to our business development strategy, R&D pipeline and ultimately how we organize ourselves.
  • John and Ken reviewed progress being made with an outside consultant on the customer synergies relative to our business development strategy and the three verticals mentioned above.  We will exit this project with a half dozen or more business development opportunities that leverage our customer base and have near term implications critical to balancing our portfolio and our global reach.
  • John reviewed the strategy to get our Surgical business to $100M and beyond in the next several years.  The team, strategy, products and momentum are in place to make this happen!
  • We spent significant time discussing our talent particularly key roles reporting into the executive team as well as other high potential individuals within the company.  The talent reviews, which will be done quarterly, allow for broad discussions on our talent from many stakeholders.  Bioventus is so fortunate to have a developing and emerging key talent group and this will continue to be a high priority for our organization.  The end goal is we want people to have room to grow at Bioventus and people development will be an ongoing priority.  Our employees and key talent will always be our top priority.
  • We reviewed the current office strategy in light of the ongoing coronavirus pandemic.  The back to office actions have had challenges and the team has responded well in adjusting to these.  Most importantly employee safety has been first and foremost.  Next steps were discussed on the back to office strategy and further formalized communication on this topic will come from the executive team next week.
  • Our culture was discussed and reviewed and this is something we started with at our May offsite meeting.  The culture at Bioventus is a positive and resilient one fostered by a strong belief in our mission of helping patients return to active and healthy lives.  What a great foundation to build from!  Our culture is ultimately owned by all of us.  We are stewards of this culture and our own actions will dictate our cultural norms.
  • Importantly, we reviewed the company objectives by executive to best understand any gaps in performance and expectations.  The business is performing well, the financial metrics continue to be strong and the strategy continues to be well supported!  We look forward to everyone pushing in the same direction as we enter the last four months of this year!

The executive team is coming together nicely in terms of cohesiveness and it was terrific having our new Chief Compliance Officer Katrina Church involved as part of her first two days with the company.  Thanks for making the effort Katrina!

If you have questions on the above please reach out to me or anyone on the executive team.

Thanks for your dedication to what we do!  You all make a difference each day in the patients that depend on us.

Ken