All,
Here are some important priorities in and around the company as we exit the first month of Q2!
- Full Potential Plan work continues – we will roll out the plan starting in late May. Currently the sum of all the initiatives will elicit at least $184M in additional growth and $57M in additional EBITDA by 2024. While these numbers will continue to get tweaked as we finalize things much work has gone into this and appreciate the dedicated effort. The crux of the 6 or 7 initiatives we will employ will evolve around our Commercial Organization as well as our Operations areas. Each initiative will be well defined, benchmarked with set KPIs and will employ best thinking around current processes and approaches.
- Company Scorecard – we are largely on track with many of our key objectives for the year in our company Scorecard (see attached) which is paramount to our success! While we cannot discuss the current financial metrics we will be having our quarterly call on May 12th and will provide a full update during our Town Hall meeting on May 13th. One objective that will most likely be going to yellow from green is the Exogen PMA supplement timing. We did receive a deficiency letter from FDA a couple of weeks ago and it will take the regulatory team some time to work through the questions with FDA putting the Q3 timeline for PMA supplement approval in jeopardy. Also, we plan to have an addendum to the Corporate Scorecard for the Bioness team by early July as we work through the integration efforts.
- Cultural Assessment – please take the time to complete this short survey early this week if you have not yet. Bioventus has a terrific culture in many ways and we will use that as building blocks for our future cultural direction. Culture and Strategy are critical pillars toward the execution of our RESULTS driven plan and the achievement of double digit growth, working toward relationships of MUTUAL TRUST and our dedication to LEARNING and building our knowledge base as individuals, managers and leaders. These are all cultural identities for Bioventus. We will have more on our culture after our executive team offsite in late May where we will review and discuss the results from our cultural survey and provide some goals on next steps in the company’s evolution.
- Integration Efforts – great work is going into the integration between Bioventus and Bioness. Transparency and openness is critical as we work to find the right synergies, align culturally and drive continued evolution and support of both businesses. I am proud of the efforts on both sides and at the end of the work a stronger overall company will emerge capable of greater achievements and ultimately more extensive support of the patients we serve.
I hope you have a great week, good luck closing the first month of the quarter and enjoy the Spring!
Best Regards,
Ken