Slides
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Helping Patients Recover and Live Life to the Fullest 2026 J.P. Morgan Healthcare Conference January 14, 2026 Rob Claypoole, President and CEO Mark Singleton, Senior Vice-President and CFO Dave Crawford, Vice-President Treasurer and Investor Relations
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2026 JPMorgan Healthcare Conference Forward Looking Statements 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning our future financial results and liquidity; the impact of the planned divestiture of our Advanced Rehabilitation Business on our financial condition and operations; our business strategy, position and operations; and expected sales trends, opportunities, market position and growth. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. I mportant factors that may cause actual results to differ materially from current expectations include, among other things: the dilution of our Class A common stockholders upon an exchange of the outstanding common membership interests in Bioventus LLC could adversely affect the market price of our Class A common stock and the resale of such shares could cause the market price of our Class A common stock to fall; the risks related to unexpected increases in the volume of rebate claims; the impact of various governmental reimbursement reforms and other healthcare cost containment proposals, the risks related to tariffs and unexpected changes in tariffs, trade barriers and related regulatory requirements, or the imposition of retaliatory tariffs and other actions taken by foreign governments; we might not realize some or all of the benefits expected to result from the divestiture of our Advanced Rehabilitation Business; any identified material weakness could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner; we might not be able to complete acquisitions or suc cessfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; our cash is maintained at financial institutions, often in balance that exceed federally insured limits; we are subject to derivative stockholder litigation and were previously subject to securities class action litigation and may be subject to similar or other litigation in the future, which will require significant management time and attention, result in significant legal expenses or costs not covered by our insurers, and may result in unfavorable outcomes; our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and highly qualified personnel; we are highly dependent on a limited number of products; our long-term growth depends on our ability to develop, acquire and commercialize new products, line extensions or exp anded indications; we may be unable to successfully commercialize newly developed or acquired products or therapies in the United States; demand for our existing portfolio of products and any new products, line extensions or expanded indications depends on the continued and future acceptance of our products by physicians, patients, third-party payers and others in the medical community; the proposed down classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”) could increase future competition for bone growth stimulators and otherwise adversely affect the Company’s sales of Exogen; failure to achieve and maintain adequate levels of coverage and/or reimbursement for our products or future products, the procedures using our products, such as our hyaluronic acid (“HA”) viscosupplements, or future products we may seek to commercialize; pricing pressure and other competitive factors; governments outside the United States might not provide coverage or reimbursement of our products; our failure to properly manage our anticipated growth, scale our business and strengthen our brands; risks related to product liability claims; fluctuations in demand for our products; issues relating to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling; we compete and may compete in the future against other companies, some of which have longer operating histories, more establishe d products or greater resources than we do; if our HA products are reclassified from medical devices to drugs in the United States by the FDA, it could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; our failure to properly manage our anticipated growth and strengthen our brands; risks related to product liability claims; fluctuations in demand for our products; issues relating to the supply of our products, potential supply chain disruptions, and the increased cost of parts and components used to manufacture our products due to inflation; our reliance on a limited number of third-party manufacturers to manufacture certain of our products; we might not meet certain of our debt covenants under our 2025 Credit and Guaranty Agreement and might be required to repay our indebtedness on an accelerated basis;; there are restrictions on operations and other costs associated with our indebtedness if our facilities are damaged or become inoperable, we will be unable to continue to research, develop and manufacture certain of our products; economic, political, regulatory and other risks related to international sales, manufacturing and operations; failure to maintain contractual relationships; security breaches, unauthorized access to or disclosure of information, cyberattacks, or other incidents or the perception that confidential information in our or our vendors’ or service providers’ possession or control is not secure; failure of key information technology and communications systems, process or sites; risks related to our future capital needs; failure to comply with extensive governmental regulation relevan t to us and our products; we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits; the FDA regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; if clinical studies of our future product candidates do not produce results necessary to support regulatory clearance or approval in the United States or elsewhere, we will be unable to expand the indications for or commercialize the se products; unstable political or economic conditions; legislative or regulatory reforms; our business might experience adverse impacts due to public health outbreaks; risks related to intellectual property matters; and other the other risks identified in our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q, as such risk factors may be further updated from time to time in Bioventus’ other filings with the SEC which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at https://ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ materially from those set forth in the forward-looking statements.
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2026 JPMorgan Healthcare Conference Accelerating Revenue Growth Expanding Profitability Driving Significant Cash Flow v Bioventus: A Compelling Investment Opportunity 3 Helping Patients with Debilitating Pain and Musculoskeletal Co nditions Through Differentiated Energy and Orthobiologic Solutions Pain Treatments Value Creation Multiple, durable paths to future value creation Surgical Solutions Restorative Therapies $565M* 2025 Revenue High-Growth Prospects Advancing category leadership with emerging high-growth opportunities Pain Treatments Restorative Therapies Surgical Solutions $6.4B Addressable Market Market Leadership A category or a growth leader across entire portfolio * 2025 revenue reflects mid-point of financial guidance provided on March 11, 2025
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2026 JPMorgan Healthcare Conference Next Phase: Focused on Accelerating Growth and Profitability 4 Advanced the portfolio with new growth drivers Divested non-core assets Sharpened commercial execution Instilled strong financial discipline and reduced debt 1% Organic Revenue Growth 13% Adj. EBITDA Margin 2025: Growth Portfolio Advanced ~7% Organic Revenue Growth* ~20% Adj. EBITDA Margin* 10%+ Organic Revenue Growth ~25% Adj. EBITDA Margin Key Strategic Actions Strong Foundation for Future Acceleration Revenue growth well above the market rate Peer-leading gross margins in the mid 70s Expanded EBITDA margins ~700 bps Delivered over $100M in operating cash flow Durable Foundation to Create a Leading $1B MedTech Company Future: Ignite Growth Potential2022: Portfolio with Unrealized Potential * 2025 organic revenue growth and Adj. EBITDA margin reflects mid -point of financial guidance provided on March 11, 2025
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2026 JPMorgan Healthcare Conference Majority of sales today growing above market and delivering strong margin and cash flow Early stage and exciting long-term growth engines Delivering strong growth with additional near-term acceleration and expected to become more material HA, BGS and Fracture Care Ultrasonics and International PNS and PRP Bioventus Growth Portfolio: Our Core Funds Our Future 5 Core HA, BGS & Fracture Care Expansion Ultrasonics & International Emerging PNS & PRP
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2026 JPMorgan Healthcare Conference 2026: Investing In and Igniting Powerful Growth Drivers 6 Focus: Patients suffering from pain or mobility issues Market: $400M today, 10%+ CAGR Why We Win: • PRP solution with a single centrifuge spin saving valuable time • Allows physicians to customize treatment for a patient’s diverse needs • Leverage HA sales force Peripheral Nerve Stimulation (PNS) Platelet-Rich Plasma (PRP) Focus: Patients suffering from chronic peripheral pain Market: $250M today, 24%+ CAGR Why We Win: • Only product designed for peripheral nerves • More powerful and effective form of energy • Potential to reach deeper, larger nerves • Smallest wearable Focus: Patients suffering from Spine degeneration or deformation Market: >$1B today, 7%+ CAGR Why We Win: • Precision and control for surgeons • Tissue-sparing bone resections • Safer, more controlled surgical outcomes Expansion Focus: Geographies with significant opportunity & low penetration Market: >$2B today, ~5% CAGR Why We Win: • Stronger strategic focus and prioritization • New proven leadership • Targeted plan with substantial new investments Emerging Ultrasonics International
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2026 JPMorgan Healthcare Conference BVS Portfolio Today Future BVS Portfolio Portfolio Evolution Raises WAMGR and Accelerates Growth Profile 7 Expansion Emerging Core Prioritizing Investments Toward High-Growth Opportunities Strengthens Portfolio Core Emerging Expansion Milestone-based expansion of PNS sales force Targeted increase in International sales resources Strategic marketing to raise awareness of clinical and economic benefits R&D to expand PNS and Ultrasonics Strict ROIC lens Investment Priorities
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2026 JPMorgan Healthcare Conference Strong P&L Enables Investment With Profit Acceleration 8 Peer Leading Gross Margin Above Market Revenue Growth + Substantial Growth Investment Continued Earnings Expansion 2026 EPS 2-3X Revenue Growth
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2026 JPMorgan Healthcare Conference Accelerating Cash Flow, Enhancing Liquidity, and Reducing Net Leverage Creates Capital Allocation Optionality * Free Cash Flow yield defined as cash from operations less capital spending divided by Adjusted EBITDA ** Net leverage as defined in current 2025 Credit Agreement9 Capital Allocation Discipline Net leverage below 2.5x** Debt reduced to below $300M Further debt reduction – clear path to leverage below 2x M&A – only if highly synergistic and exceeds stringent ROIC threshold Consider returning cash to shareholders via share repurchase 1 2 3 2025 Accomplishments 2025 cash flow almost 2x 2024*
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2026 JPMorgan Healthcare Conference Bioventus: A Compelling Investment Opportunity With Multiple Value Creation Drivers 10 Confidential I December 2026 Generate Significant Free Cash Flow With Capital Deployment Optionality Deliver Increased Profitability & Strengthened Earnings Power Ignite Expansion & Emerging Platforms to Further Accelerate Growth1 2 3
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Helping Patients Recover and Live Life to the Fullest 2026 J.P. Morgan Healthcare Conference January 14, 2026