All,
The goal with any New Year is starting out with a BANG! Meaning getting off to a great start on your year, your departmental objectives and your personal objectives and goals!
My hope for you is that the first 7 weeks of 2021 have been a good start for you!
Certainly the year is off to a good start for Bioventus and it seems like most of our employees were able to share in the celebration of our IPO no matter where you were.
As stated the IPO is a testament to YOUR resilience, successes and achievements. Getting this done in the midst of a pandemic was just icing on the cake;)!
Before we exit talking about 2020 you will be hearing from your direct leadership and management about our bonus payout that will be occurring in March (depending on where you live March 12th or 19th I believe). Due to the extenuating circumstances regarding the United Healthcare Rebates for Durolane and Gelsyn (which most of us are tired of hearing about) we did agree to provide some concessions regarding the bonus payout for management. This should materially impact bonus payout amounts in a positive direction relative to the revenue and EBITDA portion and you will get details from your manager.
We had our quarterly executive team offsite this week and here are some highlights of this meeting;
- In our efforts to continue to build a cohesive executive team we went through an exercise with an external consultant focused on understanding each other more fully and how we each work, our traits and characteristics and how we act and lead based on these traits. We also discussed team norms which are the basis for our interactions together. We will finalize our team norms in the coming three months and this was a great session.
- Post IPO, we discussed the Value Drivers in our business and key priorities that will lead to double digit growth in the quarters to come; these include near term pipeline projects such as the Exogen relaunch, OsteoAmp Flowable launch, Motys, ProCuff and CartiHeal. We reviewed our M&A pipeline with Chris Yamamoto (SVP of Business Development and Strategy) and we are excited by the potential that tuck in acquisitions will provide and how being a public company actually enhances our ability for more M&A by increasing the number of M&A targets (public and private companies).
- We discussed the Full Potential Plan (FPP) and the positive impact this will have in the business in the next three years as we look to optimize how we do things. The FPP will commence in the early second quarter.
- We also reviewed our Operations focus and efforts for continuous improvement in our Quality Systems, Supply Chain Management and overall Operations scope which we see changing and growing significantly under the leadership of Miguel Beltran Delgado (SVP of Operations).
- Lastly, we reviewed some of the metrics around the IPO including the fact that 50% of our employees participated in the IPO by purchasing stock! That is phenomenal and the employee engagement that represents is a significant plus! Just keep in mind “Rome was not built in a day” and our stock will improve quarter by quarter as the business builds, exceeds expectations and consistently grows DOUBLE DIGITS! We can all do this together!
Have a great weekend! Warmer weather is coming soon;)!
Best regards,
Ken