On December 23, Katrina J. Church, Senior Vice President and Chief Compliance Officer, Inc Bioventus (NASDAQ:), sold 2,535 shares of the company's Class A common stock. The shares were sold at a weighted average price of $10.53, for a total transaction value of $26,693. This deal comes at a time when Bioventus stock has shown remarkable strength, achieving gains of 102% over the past year. according to InvestingPro According to the data, analysts maintain a positive outlook with price targets ranging from $13 to $17.
This sale was made to cover taxes upon vesting of restricted stock units, in accordance with Standing Instructions 10b5-1 adopted in June 2023. Following this transaction, Church retains ownership of 47,264 shares of Bioventus. Do you want deeper insights into insider transactions and comprehensive analysis? InvestingPro Provides exclusive access to detailed insider trading patterns and 8 additional key insights about Bioventus, along with a professional research report that turns complex data into actionable intelligence.
In other recent news, Bioventus, an orthopedic solutions provider, reported impressive third-quarter growth, with a 15% year-over-year increase in revenue to $139 million. The company also raised its full-year revenue guidance to between $562 million and $567 million, indicating expected growth of approximately 13%. Key growth drivers were identified as surgical solutions, particularly in the area of ultrasound and bone graft substitutes, and the HA business for knee osteoarthritis. Additionally, adjusted EBITDA increased 9% to $24 million, with an expected annualized marginal improvement of 100 basis points.
Bioventus also announced the sale of its advanced rehabilitation business for $25 million, with potential profits of up to $20 million. The company aims to reduce net leverage to less than 3 times by the end of 2025 and increase its cash position to $43 million. Full-year adjusted EPS guidance was increased to $0.40 to $0.42.
Although the growth rate is expected to decline in the fourth quarter due to difficult year-on-year comparisons and a temporary slowdown in the appointment of new distributor agents, Bioventus remains confident that its strong performance will continue into 2025. The company is optimistic about growth driven by its strong position in the HA market and allocation strategy Disciplined resources. These developments reflect the company's strategic initiatives aimed at driving growth and profitability.
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