Despite the revenue miss, the company reported a profit of $6 million, or 8 cents a share, showing growth from the $3.2 million profit recorded during the same period last year. Adjusted earnings per share reached 17 cents, surpassing the 15-cent consensus from FactSet projections. However, investors reacted sharply to the lowered financial targets for the remainder of the year.
In section Market Quotes
Bioventus Shares Slide as Sales Disappoint and Guidance Drops
An 11% drop in after-hours trading greeted Bioventus investors on Monday as the medical device company slashed its full-year revenue outlook. The sell-off followed a third-quarter performance where net sales of $142.4 million failed to reach the $149.5 million threshold anticipated by analysts, stalling the stock’s previous momentum.
Bioventus now expects full-year net sales to land between $590 million and $595 million, a retreat from its prior guidance of $600 million to $610 million. This revised forecast sits below the $604.8 million mark currently expected by market analysts. While the company reaffirmed its adjusted earnings guidance of 75 to 79 cents per share, the reduction in top-line expectations weighed heavily on the stock, which had climbed 77% year-to-date prior to Monday’s close.
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