Bioventus Inc. (BVS): Business Model Canvas [Dec-2025 Updated]

You're looking at a medical device company, Bioventus Inc., that's actively reshaping its focus, moving away from older assets to double down on high-growth areas like pain treatments and surgical solutions. Honestly, after watching the sector for two decades, this strategic pivot-shedding the $25.0 million rehab business while targeting net sales between $560 million and $570 million for 2025-tells a clear story about where they see the real money. With an expected Adjusted EBITDA range of $112 million to $116 million against about $280 million in net debt, understanding how they plan to execute this leaner model is crucial. Dive into the full Business Model Canvas below to see the nine building blocks driving Bioventus Inc.'s next chapter.

Bioventus Inc. (BVS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Bioventus Inc. (BVS) relies on to execute its focused strategy post-divestiture. These aren't just names on a contract; they're the channels and agreements that keep the revenue flowing from their core Pain Treatments, Surgical Solutions, and Restorative Therapies segments.

Accelmed Partners for the Divestiture of Advanced Rehabilitation Business

The strategic move to divest the Advanced Rehabilitation business to Accelmed Partners, which closed on January 2, 2025, was a major partnership event. This deal was structured to immediately boost liquidity and sharpen Bioventus Inc.'s focus. Honestly, the structure of the deal tells you a lot about their near-term financial priorities.

Here's the quick math on that transaction:

This divestiture allowed Bioventus Inc. to use the proceeds to repay existing debt, strengthening the balance sheet. For context, in Q4 2024, the company reduced long-term debt by $48.3 million following the closing of this deal.

Global Network of Distributors for International Market Penetration

For international market penetration, Bioventus Inc. leans heavily on its established global network of distributors. While the exact count isn't public, the financial contribution is tracked. For the first quarter ended March 29, 2025, total international net sales were reported at $13,356 thousand. This figure reflects the ongoing importance of these partners, even with the divestiture impact factored in.

The company's overall 2025 guidance suggests a push for above-market revenue growth, which depends on these channels performing well globally.

Strategic Alliances with Healthcare Providers and Research Institutions

Bioventus Inc. actively cultivates strategic alliances to expand its portfolio reach. These partnerships are key to getting new technologies into the hands of physicians. They're definitely not just relying on their internal sales force.

Key examples of these essential relationships include:

• Entered into a distribution agreement with APEX Biologix for the XCELL PRP system in the United States.
• Active participation in major industry conferences like the Canaccord Genuity conference, signaling engagement with leaders.
• Focus on advancing core technologies like the EXOGEN Bone Stimulation System, which relies on clinical validation from institutions.

Manufacturing and Supply Chain Partners for Device Production

Bioventus Inc. depends on manufacturing and supply chain partners to produce its devices across its core segments: Pain Treatments, Surgical Solutions, and Restorative Therapies. While specific partner names and contract values aren't detailed in recent public filings, the focus on operational efficiency suggests these relationships are managed tightly. The company's Q4 2024 results showed an adjusted gross margin expansion of 230 basis points, which points to effective cost management within the production and supply chain structure.

The company's 2025 Adjusted EBITDA guidance of $112 million to $116 million relies on maintaining these operational efficiencies with their partners.

Bioventus Inc. (BVS) - Canvas Business Model: Key Activities

You're looking at the core things Bioventus Inc. actually does to make its business run, right? It's all about getting their active healing innovations from the lab bench to the operating room and beyond. Here's the breakdown of those essential functions based on what they've been up to through late 2025.

Research and development (R&D) for new products like PNS and PRP systems

R&D is clearly focused on building out the pipeline, especially in areas like Peripheral Nerve Stimulation (PNS) and Platelet-Rich Plasma (PRP) systems. This activity is crucial for future growth, as they aim to become a $1 billion high-growth company. A major recent win here was obtaining FDA 510(k) clearance for two next-generation PNS products, TalisMann™ and StimTrial™, on July 30, 2025. This positions them to capture a piece of the PNS market, which is expected to exceed $500 million by 2029. Also, they are expanding the Pain Treatments portfolio by entering a distribution agreement with APEX Biologix for the XCELL PRP system.

The focus on R&D is translating into product launches:

• Limited commercial launch of StimTrial and TalisMann initiated in select U.S. markets during the third quarter of 2025.
• The company is looking for FDA clearances for the STIM trial and Telesmen to further bolster the Pain & Surgical (P&S) business.

Commercialization and sales of Pain Treatments and Surgical Solutions

This is where the rubber meets the road, turning those developed products into revenue. Bioventus Inc. is driving sales across its core segments, even while streamlining its portfolio. For the twelve months ending December 31, 2025, they are guiding for total Net sales between $560 million and $570 million. The commercial teams are executing well, as evidenced by strong organic growth figures across the first three quarters of 2025.

Here's a look at how the main segments performed in the third quarter of 2025:

The Pain Treatments growth was primarily driven by strong U.S. demand for Durolane, a single-injection hyaluronic acid therapy. Surgical Solutions saw advances from higher U.S. demand for Bone Graft Substitutes and Ultrasonics.

Clinical evidence generation to support product efficacy and payer coverage

You can't sell advanced medical devices without solid proof they work, and you certainly can't get paid for them without payer buy-in. Bioventus Inc. actively generates clinical evidence. For instance, the StimTrial product is explicitly designed to facilitate physician adoption and payer reimbursement where trial assessments are required. Also, remember that the earlier CartiHeal acquisition was supported by robust data showing superiority to current treatments. A concrete win on the coverage front was the agreement reached in late 2023 for a nationwide contract with Aetna Medicare Advantage Plans for DUROLANE.

Key evidence-related activities include:

• Supporting the launch of PNS products with data showing non-opioid relief from chronic pain.
• Leveraging strong clinical and health economic value propositions for Surgical Solution products like Bone Graft Substitutes.

Strategic portfolio management, including acquisitions and divestitures

This is about actively shaping the company to focus on higher-growth, higher-margin areas. Bioventus Inc. has been busy shedding non-core assets to enhance liquidity and focus execution. The most recent major move was the completion of the divestiture of its Advanced Rehabilitation business to Accelmed Partners on January 2, 2025. That business generated revenue of $45.4 million in 2024. This follows the earlier divestiture of the Wound business in May 2023.

The financial impact of this strategic focus is clear:

• The divestitures allow the company to focus on core businesses and improve financial flexibility.
• The company entered a new Credit Agreement on July 31, 2025, securing a $300 million term loan and a $100 million revolving credit facility.
• This new structure is expected to provide over $2 million in annual interest expense savings.
• Net leverage is anticipated to drop below 2.5 times by year-end 2025.

The gross margin remains strong in the mid-70s, with profit margin guidance just over 20%. Finance: draft the Q4 2025 cash flow projection incorporating the new credit facility terms by next Tuesday.

Bioventus Inc. (BVS) - Canvas Business Model: Key Resources

You're looking at the core assets Bioventus Inc. (BVS) relies on to generate revenue and execute its strategy as of late 2025. These aren't just things they own; they are the engines driving their stated goal to become a $1 billion high-growth, high-margin business, with 2025 net sales guidance set between $560 million to $570 million.

Proprietary Medical Device Technologies

The value here is in the clinically proven, minimally invasive treatments that engage the body's natural healing processes. These products are grouped into Pain Treatments, Restorative Therapies, and Surgical Solutions. The performance of these specific assets directly impacts quarterly results; for instance, Q3 2025 revenue hit $139 million, showing 8% organic growth.

Key product platforms that form this resource base include:

• EXOGEN Bone Stimulation System: Drove double-digit organic growth in Q2 2025.
• DUROLANE: A differentiated, single-injection hyaluronic acid therapy that led double-digit growth in Pain Treatments in Q1 2025.
• StimTrial and TalisMann: Peripheral Nerve Stimulation (PNS) solutions that recently gained FDA 510(k) clearance in July 2025, targeting a PNS market expected to exceed $500 million by 2029.

Intellectual Property (IP) Portfolio and Regulatory Approvals

The depth of Bioventus Inc.'s IP portfolio underpins its competitive moat. This is a tangible asset that requires constant defense and expansion. As of October 2025, the reported IP statistics show significant scale:

Regulatory approvals, like the recent FDA clearances for StimTrial and TalisMann, are critical gateways to revenue generation. The company's ability to maintain compliance across its global footprint is essential for keeping its products on the market.

Specialized, Trained Direct Sales Force and Clinical Support Teams

The commercial execution capability is a vital, non-physical resource. While a precise headcount for the direct sales force isn't immediately available, the total global workforce is over 1,200 employees across multiple continents. Success in commercial effectiveness is evident in the Q2 2025 organic revenue growth of 6.2%, which was explicitly driven by sales force execution with EXOGEN. The DUROLANE platform also relies on its dedicated commercial team for growth.

This specialized team resource is structured to support three main segments:

• Pain Treatments (e.g., DUROLANE, PNS portfolio).
• Restorative Therapies (e.g., EXOGEN).
• Surgical Solutions (e.g., Bone Graft Substitutes, Ultrasonics).

Manufacturing and Distribution Infrastructure, Globally

Bioventus Inc. supports its global reach with physical infrastructure, allowing it to serve patients in more than 50 countries. The company manages its operations through key locations, including its Corporate Headquarters in Durham, NC, and an International Headquarters in Hoofddorp, The Netherlands.

The manufacturing backbone includes significant operational space, such as the Memphis, TN, location which features approximately 55,000 square feet dedicated to light manufacturing and operations. This infrastructure is designed to manage organic growth and vertical integration of key manufacturing capabilities. The company maintains a consistent mid-70s gross margin, which speaks to the efficiency of this operational resource base.

Bioventus Inc. (BVS) - Canvas Business Model: Value Propositions

You're looking at the core things Bioventus Inc. offers to its customers-the tangible benefits that drive adoption and revenue, based on late 2025 data. It's all about providing proven ways to help people get back to active lives.

Minimally invasive, clinically proven solutions for active healing.

This is the overarching theme, especially evident in their Pain Treatments segment. The company is clearly pushing non-opioid, minimally invasive options. For instance, the recent FDA 510(k) clearances in July 2025 for TalisMann and StimTrial devices underscore this focus on advancing non-opioid solutions for chronic pain management. StimTrial, Bioventus' first trial lead, lets physicians evaluate patient response to PNS therapy before a permanent implant, which should help adoption and reimbursement where trial assessments are needed. The U.S. Peripheral Nerve Stimulation (PNS) market itself is expected to reach approximately $2 billion, and Bioventus is positioning itself to capture a piece of this market, which is currently estimated to be growing above 20 percent annually.

Non-surgical options for osteoarthritis pain relief (Hyaluronic Acid).

The Durolane product, a single-injection hyaluronic acid therapy for knee osteoarthritis, is a key driver here. In the first quarter of 2025, the Pain Treatments segment saw global revenue of $58.9 million, with Durolane demand showing double-digit growth. By the third quarter of 2025, the entire Pain Treatments segment generated global revenue of $67.2 million, accelerating by 6.4%, primarily due to strong U.S. demand for Durolane. This shows a consistent, high-value offering in the non-surgical pain space.

Advanced bone graft substitutes for surgical procedures.

The Surgical Solutions segment is showing solid traction, which includes Bone Graft Substitutes (BGS). In the third quarter of 2025, this segment posted global revenue of $50.2 million, marking an advance of 9.3%. This growth was explicitly driven by higher U.S. demand for both BGS and Ultrasonics, reflecting their strong clinical and health economic value propositions. To give you a sense of the overall company performance supporting this, the full-year 2025 net sales guidance is set between $560 million to $570 million.

New Peripheral Nerve Stimulation (PNS) devices for pain management.

This is a major growth vector, tied closely to the minimally invasive solutions. The recent FDA clearances in July 2025 for TalisMann and StimTrial are central here. The company expects to leverage these new products as it expands in the PNS market, which is projected to exceed $500 million by 2029. While the Pain Treatments segment revenue for Q3 2025 was $67.2 million, the specific revenue contribution from the newly launched PNS devices is still ramping up, with a limited commercial release starting in Q3 2025 and a broader rollout planned for early 2026.

Here's a quick look at the segment revenue contribution as of the third quarter of 2025:

The company's overall operational health supports these value propositions, with Q3 2025 Adjusted EBITDA reaching $27 million, representing a margin of 19%. Also, cash from operations for Q3 2025 was $30 million, nearly tripling from the prior year.

You can see the focus areas clearly:

• FDA clearance for StimTrial in July 2025.
• Durolane driving double-digit growth in Q1 2025.
• Surgical Solutions growth of 9.3% in Q3 2025.
• Reaffirmed 2025 full-year revenue guidance of $560 million to $570 million.

The commitment to evidence-based medicine is a constant thread across all these offerings. Finance: draft 13-week cash view by Friday.

Bioventus Inc. (BVS) - Canvas Business Model: Customer Relationships

You're looking at how Bioventus Inc. connects with the people who use and prescribe its Innovations for Active Healing. The relationships here are deep, focusing heavily on the clinical side, which makes sense given their portfolio of surgical orthobiologics and pain treatments.

Direct engagement and education with physicians and surgeons remains central. Bioventus emphasizes being a trusted partner for physicians worldwide, built on high quality standards and evidence-based medicine. This direct line is crucial for driving adoption of complex products. For instance, the company is actively shifting its engagement model for new growth areas; they plan to invest in a direct sales force in the second half of 2025 to support the commercial launch of their Peripheral Nerve Stimulation (PNS) products, StimTrial and TalisMann, which will see a limited commercial release starting in the third quarter in select U.S. markets.

The focus on education supports product lines like Pain Treatments, where DUROLANE saw global revenue growth of 3.9% in Q1 2025, led by double-digit growth in demand for this differentiated, single-injection hyaluronic acid therapy. Also, the Surgical Solutions segment, which includes Ultrasonics, saw global revenue growth of 7.0% in Q1 2025, driven by strong capital equipment purchases in the U.S., indicating successful engagement with surgical centers.

For clinical support and training for product usage and procedures, the company supports its offerings through resources like clinical data and patient case studies, especially for devices like the EXOGEN Ultrasound Bone Healing System. The commitment to evidence-based medicine underpins the credibility needed for physician adoption. This approach seems to be working, as organic revenue grew 4.0% in Q1 2025 across the core business, driven by improvement in commercial effectiveness and sales force execution.

Building long-term relationships with hospital systems and ambulatory surgery centers often involves securing favorable payer coverage. A concrete example of success here is the nationwide contract Bioventus agreed to with Aetna Medicare Advantage plans, which began January 1, 2024, giving over 3 million Aetna members access to DUROLANE for knee osteoarthritis pain. Securing this level of coverage is key for system-wide adoption.

When it comes to customer service for patient-facing products like EXOGEN, Bioventus maintains dedicated support channels. You'll find specific numbers for different needs, reflecting an understanding that patient support is critical for adherence and satisfaction. For general U.S. Customer Service, the number is 800-836-4080, and support hours run Monday through Friday from 8am to 8pm EST. For patients needing direct financial help with EXOGEN, the Patient Balance and Collections line is 800-754-1471, while Patient Advocacy is reachable at 800-847-2381.

Here's a quick look at some of the operational scale and financial context influencing these relationships as of late 2025:

The company is clearly focused on improving profitability, with Q2 2025 Non-GAAP earnings at $0.21 per share, a 31% increase year-over-year for that quarter. This financial health is what allows for investments in direct sales force expansion. Still, you see a split in service preference industry-wide; while Bioventus offers direct support, general industry data suggests 81% of customers prefer self-service options before escalating to a live agent, which means their digital support resources must be top-notch.

• Direct Sales Force Investment for PNS Products: H2 2025
• StimTrial/TalisMann Limited Commercial Release Start: Q3 2025
• DUROLANE Aetna Contract Coverage: Over 3 million members
• General Customer Service Hours: Mon - Fri 8am to 8pm EST

Finance: draft 13-week cash view by Friday.

Bioventus Inc. (BVS) - Canvas Business Model: Channels

You're looking at how Bioventus Inc. gets its innovations to the doctors and patients who need them as of late 2025. It's a mix of direct engagement and leveraging established networks, which is typical for specialized medical device and therapy companies. The numbers show a strong reliance on the U.S. market, but they are actively working to bolster their direct reach.

Direct sales force targeting orthopedic and sports medicine specialists.

The company's channel strength is heavily weighted toward the United States, which accounted for 87.21% of total revenue in the second quarter of 2025. This suggests a significant portion of sales, particularly for higher-value or complex products, is managed through a dedicated, in-house team calling directly on specialists. Bioventus Inc. explicitly planned to invest in its direct sales force in the second half of 2025 and going forward. This investment is aimed at accelerating growth, especially with new product launches like TalisMann and StimTrial, which have a potential revenue opportunity of an estimated $100 million or more. The success of this direct channel is evident in segments like Surgical Solutions, which saw global revenue increase 7.0% in Q1 2025, driven by strong capital equipment purchases in the U.S.

The effectiveness of commercial execution, which relies on the sales force, is also reflected in the Restorative Therapies segment. For Q3 2025, organic revenue in Restorative Therapies grew 11.5%, directly attributed to improvement in commercial effectiveness and sales force execution with the EXOGEN Bone Stimulation System.

International distributors and agents for non-U.S. markets.

For markets outside the U.S., Bioventus Inc. relies on a network of international distributors and agents. The international channel has faced headwinds, as total international net sales declined 12.0% reported, or 9.3% on a constant currency basis, in the second quarter of 2025. This contrasts with the overall 2025 guidance, which projects total net sales between $560 million to $570 million for the full year. The company is focused on driving organic growth, with a full-year guidance range reflecting approximately 6.1% to 8.0% organic growth. The company also recently broadened its Pain Treatments portfolio in the U.S. through a distribution agreement with APEX Biologix for its XCELL PRP system, which shows a willingness to use partnerships to expand reach even domestically.

Hospital and clinic procurement systems for surgical products.

Surgical products, which fall under the Surgical Solutions business, are typically sold directly into hospital and clinic procurement systems. This channel requires navigating value analysis committees and securing formulary placement. The growth in this area, with Q1 2025 global revenue up 7.0%, suggests successful navigation of these complex buying processes, particularly with strong capital equipment purchases. The company's overall Q3 2025 reported revenue was $138.7 million, with organic revenue advancing 8%. This segment's performance is key to the company's goal of achieving an Adjusted EBITDA between $112 million to $116 million for the full year 2025.

Specialty pharmacies and durable medical equipment (DME) providers.

While specific revenue figures tied exclusively to specialty pharmacies or DME providers aren't broken out, these channels are critical for certain product lines, particularly those involving patient-administered therapies or longer-term device use, like the EXOGEN system under Restorative Therapies. The success of EXOGEN, which contributed to the 11.5% organic growth in Restorative Therapies in Q3 2025, implies effective utilization of these downstream channels. The company's overall strategy emphasizes delivering clinically proven, cost-effective products to help patients resume active lives, which often necessitates coordination with these specialized fulfillment partners.

Here's a snapshot of the financial context influencing channel performance for 2025:

The company is actively managing its channel mix, planning direct sales force investment in H2 2025 to capture more of the revenue directly, while also using distribution partnerships to expand market access. You see the impact of this strategy in the segment results, like the 3.9% growth in Pain Treatments revenue in Q1 2025, led by Durolane.

Bioventus Inc. (BVS) - Canvas Business Model: Customer Segments

You're looking at the specific groups Bioventus Inc. targets with its active healing innovations as of late 2025. The company serves a diverse set of healthcare providers and, ultimately, patients across North America, Europe, and international markets. Bioventus Inc. has identified a total market opportunity of $6.4 billion across its core areas: pain treatments, surgical solutions, and restorative therapies.

The primary customer groups are defined by the medical specialty they represent and the product line they utilize. The financial performance of these customer-facing segments in the third quarter of 2025 gives a clear picture of where the revenue is currently flowing:

The full-year 2025 guidance suggests the company expects total net sales between $560 million and $570 million. This revenue base is built upon penetrating the practices of these core professional customers.

Orthopedic surgeons and specialists (spine, trauma, sports medicine) are key users of the Surgical Solutions portfolio. Growth in this area is directly tied to the adoption of precision technologies:

• Surgical Solutions global revenue advanced 9.3% in Q3 2025.
• Growth was driven by higher U.S. demand for Bone Graft Substitutes and Ultrasonics, valued for their strong clinical and health economic propositions.
• In Q1 2025, the Surgical Solutions segment grew 7% year-over-year, propelled by double-digit growth in Ultrasonics due to strong surgeon adoption.

Pain management physicians and rheumatologists are the primary prescribers for the Pain Treatments segment. This group drives revenue through injectable therapies:

• Pain Treatments global revenue accelerated 6.4% in Q3 2025.
• This acceleration was primarily due to strong U.S. demand for Durolane, a differentiated, single-injection hyaluronic acid therapy for knee osteoarthritis.
• In Q1 2025, Pain Treatments revenue increased 3.9%, led by double-digit growth for Durolane.

Hospitals and ambulatory surgery centers (ASCs) serve as the institutional point-of-sale and procedural setting for the products used by surgeons and physicians. While Bioventus Inc. reports revenue by product segment, the facilities are critical for volume and access. The company is focused on enhancing OR efficiency, which directly impacts ASC and hospital economics.

Patients with musculoskeletal conditions and non-union fractures are the end-users benefiting from the Restorative Therapies segment, which includes fracture care solutions like the EXOGEN Bone Stimulation System. Even with the divestiture of the Advanced Rehabilitation Business, this segment shows underlying strength:

• Restorative Therapies global revenue was $21.3 million in Q3 2025.
• On an organic basis (excluding the divestiture impact), revenue grew 11.5% in Q3 2025, driven by the EXOGEN Bone Stimulation System.
• In Q1 2025, Restorative Therapies showed organic growth of 4%, validated by Exogen's continued momentum.

Bioventus Inc. (BVS) - Canvas Business Model: Cost Structure

You're looking at the major drains on Bioventus Inc.'s operating cash flow, which is key to understanding their path to profitability. For a medical device company, costs are often locked into the product itself and getting it into the hands of surgeons.

High cost of goods sold (COGS) due to specialized medical device manufacturing is a structural reality. Bioventus Inc. maintained a strong gross margin, which tells you the cost to produce the goods is controlled relative to the selling price. For the nine months ended September 27, 2025, the year-to-date gross margin held steady at 68.1%. This high margin is necessary to cover the fixed costs associated with specialized, regulated manufacturing processes.

The next big bucket is getting those devices used, which means significant selling, general, and administrative (SG&A) expenses for sales force and overhead. For the year-to-date period ending September 27, 2025, Bioventus Inc. reported SG&A expense of $231.3 million. Honestly, this figure reflects the necessary infrastructure for a global medical technology sales organization, though the company did manage to reduce this by 10.0% year-to-date through cost reductions.

You can't ignore the future, so R&D investment in new product platforms like PNS and PRP remains a cost driver, even when being managed tightly. For the first nine months of 2025, Research & Development Expense was reported at $9.1 million, a decrease of 14.7% year-to-date, reflecting lower project activity. This spending is the price of admission for future revenue growth in areas like Peripheral Nerve Stimulation (PNS) and Platelet-Rich Plasma (PRP) therapies.

Finally, the balance sheet dictates a significant financial cost: interest expense on net debt. As of September 2025, Bioventus Inc.'s net debt was approximately $280.4 million, down from $383.6 million a year prior. This debt load results in ongoing interest payments. For the third quarter of 2025, interest expense was $6.2 million, and year-to-date interest expense dropped by 28.9% to $21.2 million due to a new credit agreement. That refinancing action definitely helped reduce the carrying cost of the debt.

Here's a quick look at the major cost and leverage components based on recent filings:

The cost profile is heavily weighted toward commercial execution and servicing the existing capital structure. You can see the focus on cost control in the expense trends:

• SG&A Expense YTD 2025 down 10.0%.
• R&D Expense YTD 2025 down 14.7%.
• Interest Expense YTD 2025 reduced by $8.6 million.
• Total Liabilities were $494.3 million as of September 27, 2025.

Finance: draft 13-week cash view by Friday.

Bioventus Inc. (BVS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Bioventus Inc. brings in money as we move through late 2025. This company structures its revenue around three main product categories, all aimed at what they call Innovations for Active Healing.

The top-line expectation for the full year 2025 is quite clear, though it reflects the impact of a recent strategic move-the divestiture of the Advanced Rehabilitation Business, which brought in $45.4 million in revenue in 2024. Bioventus Inc. projects its 2025 net sales to land between $560 million and $570 million. This guidance implies an organic growth rate of approximately 6.1% to 8.0% when accounting for that divestiture. For comparison, the full-year 2024 worldwide revenue was $573.28 million.

Profitability expectations are also set, with Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding certain items) guided to be in the range of $112 million to $116 million for 2025. This range suggests an Adjusted EBITDA Margin improvement of 100 basis points compared to the 2024 margin of 19.0%, using the low end of the 2025 guidance.

Here's a quick look at the key financial projections for the 2025 fiscal year:

The revenue streams are segmented based on the product portfolio, which you know includes offerings for Pain Treatments, Surgical Solutions, and Restorative Therapies. The momentum in the core segments has been strong, with both Pain Treatments and Surgical Solutions showing double-digit revenue growth in the fourth quarter of 2024.

You can see the specific drivers within those segments based on recent performance data:

• Sales of Pain Treatments, which includes products like DUROLANE, are a key driver in the pain category.
• Sales from Restorative Therapies, which features products such as EXOGEN, showed double-digit organic growth in Q3 2025.
• Sales from Surgical Solutions, which encompasses products like Ultrasonics Bone Graft Substitutes, also demonstrated strong organic growth in Q3 2025.

For instance, in the third quarter of 2025, organic revenue growth was 8.2% year-over-year, supported by Pain Treatments growing at 6.4% and Surgical Solutions at 9.3%. The company is definitely leaning on these established product lines to hit its 2025 targets.

Finance: draft 13-week cash view by Friday.