Bioventus Inc (BVS) 2024 Q2 法說會逐字稿

Good day, and welcome to the Bioventus Second Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions). Please note this event is being recorded.

美好的一天，歡迎參加 Bioventus 2024 年第二季財報電話會議。所有參與者將處於僅聽模式。（操作員說明）。請注意此事件正在被記錄。

I would now like to turn the conference over to Dave Crawford, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁戴夫·克勞福德 (Dave Crawford)。請繼續。

Thanks, Danielle, and good morning, everyone, and thanks for joining us. It is my pleasure to welcome you to the Bioventus 2024 Second Quarter Earnings Conference Call. With me this morning are Rob Claypoole, President and CEO; and Mark Singleton, Senior Vice President and CFO.

謝謝丹妮爾，大家早安，謝謝您加入我們。我很高興歡迎您參加 Bioventus 2024 年第二季財報電話會議。今天早上和我在一起的有總裁兼執行長 Rob Claypoole；以及資深副總裁兼財務長馬克‧辛格頓 (Mark Singleton)。

Rob will begin his remarks with an update on our 2024 priorities and our business, and Mark will provide detail of our second quarter results and discuss our updated 2024 financial guidance. We'll finish the call with Q&A. A presentation for today's call is available on the Investors section of our website, bioventus.com.

Rob 將首先介紹我們 2024 年優先事項和業務的最新情況，馬克將提供我們第二季度業績的詳細信息，並討論我們更新的 2024 年財務指引。我們將透過問答來結束通話。今天電話會議的簡報可在我們網站 bioventus.com 的投資者部分查看。

But before I begin, I would like to remind everyone that our remarks today contain forward-looking statements that are based on current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including the risks and uncertainties described in the company's filings with the Securities and Exchange Commission, including Items 1A, Risk Factors, of the company's Form 10-K for the year ended December 31, 2023.

但在開始之前，我想提醒大家，我們今天的言論包含基於管理層當前預期的前瞻性陳述，涉及固有風險和不確定性，可能導致實際結果與所示結果存在重大差異，包括風險和不確定性。

And such factors may be updated from time to time in the company's other filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time-to-time, the company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

這些因素可能會在公司向美國證券交易委員會提交的其他文件中不時更新。請您注意不要過度依賴任何前瞻性陳述，這些陳述僅代表截至發布之日的情況。儘管公司可能會不時自願這樣做，但公司不承諾更新或修改前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非適用的證券法要求。

This call will also include references to certain financial measures that are not calculated in accordance with the US. Generally Accepted Accounting Principles, or GAAP. We refer to these as non-GAAP or adjusted financial measures. Important disclosures about the definitions and reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the Investor Relations portion of our website at bioventus.com.

此次電話會議也將提及某些並非依照美國計算的財務指標。公認會計原則（GAAP）。我們將這些稱為非公認會計原則或調整後的財務指標。有關這些非 GAAP 財務指標的定義以及與根據 GAAP 計算和呈現的最具可比性指標的調整的重要揭露，請參閱我們網站 bioventus.com 投資者關係部分的收益新聞稿。

And now I'll turn the call over to Rob.

現在我將把電話轉給羅布。

Thank you, Dave. Good morning, everyone, and thanks for joining our call today. We're off to an excellent start to 2024 thanks to the efforts of our Bioventus team across all functions and geographies. In the beginning of this year, we established new strategic priorities and aggressive goals for our team, and they have responded very well with their strong customer focus, agility and execution, along with the continuous improvement mindset to produce favorable results for the first half of the year.

謝謝你，戴夫。大家早安，感謝您今天加入我們的電話會議。感謝 Bioventus 各個職能部門和地區團隊的努力，我們在 2024 年有了一個好的開始。今年年初，我們為團隊制定了新的策略重點和進取目標，他們以客戶為中心、敏捷性和執行力以及持續改進的心態做出了很好的回應，為上半年取得了良好的業績那一年。

And while I'm encouraged by our clear progress this year, I'm even more enthused about the potential of our business for long-term growth and margin enhancement in the years ahead.

雖然我對今年的明顯進展感到鼓舞，但我對我們的業務在未來幾年實現長期成長和提高利潤率的潛力更加充滿熱情。

Let's take a look at our performance across the three priorities I introduced at the start of the year, accelerating revenue growth, improving profitability and enhancing our liquidity position. With respect to our first priority, accelerating revenue growth, we delivered organic revenue growth of 14% in the second quarter when removing the impact of our Wound Business divestiture.

讓我們來看看我們在年初提出的三個優先事項中的表現，即加速收入成長、提高獲利能力和增強流動性狀況。關於我們的首要任務，即加速收入成長，在消除傷口業務剝離的影響後，我們在第二季度實現了 14% 的有機收入成長。

This marks the third straight quarter of double-digit organic growth and because of our first half performance and expected momentum continuing into the second half, we now anticipate delivering double-digit organic growth for the full year.

這標誌著連續第三個季度實現兩位數的有機增長，並且由於我們上半年的業績和預期的勢頭持續到下半年，我們現在預計全年將實現兩位數的有機增長。

I'll share just a few highlights regarding our revenue. Starting with Surgical Solutions, we accelerated our double-digit growth in the second quarter with a strong performance in both Ultrasonics and Bone Graft Substitutes.

我將分享一些有關我們收入的亮點。從外科解決方案開始，我們在第二季度加速了兩位數的成長，在超音波和骨移植替代品方面均表現強勁。

With respect to Ultrasonics, our team once again doubled the number of generators sold compared to the prior year, which is a leading indicator for expected acceleration of our disposable portfolio.

在超音波方面，我們的團隊銷售的發電機數量再次比前一年增加了一倍，這是我們一次性產品組合預期加速的領先指標。

And moving forward, we believe we have an incredible opportunity to invest and create transformational growth in multiple ways, including building our base in the spine market, penetrating additional high-potential growth segments, including neurosurgery, and by investing in new geographies. We're looking forward to leveraging this powerful combination to drive sustained double-digit growth in the years ahead.

展望未來，我們相信我們擁有絕佳的機會以多種方式進行投資和創造轉型成長，包括在脊椎市場建立基礎、滲透包括神經外科在內的其他高潛力成長領域，以及投資新的地區。我們期待利用這強大的組合在未來幾年推動持續兩位數的成長。

Simultaneously, our Bone Graft Substitutes team continued to strengthen our commercial execution and growth with both existing and new distributors to further our market share gains. We also continue to advance innovation within our BGS portfolio with the recent FDA clearance for OSTEOAMP Cannula, unlocking new opportunities for future growth in minimally invasive surgery in the spine segment.

同時，我們的骨移植替代品團隊繼續加強我們的商業執行力，並與現有和新的經銷商一起發展，以進一步擴大我們的市場份額。我們也持續推進 BGS 產品組合的創新，最近 FDA 批准了 OSTEOAMP Cannula，為脊椎領域微創手術的未來成長釋放了新的機會。

With respect to our HA business for osteoarthritis, the team delivered double-digit growth again in the second quarter propelled by significant demand for Durolane, our single-injection therapy. We have a solid platform for sustained growth in HA with our clinical differentiation, dedicated commercial team, strength of our private payer coverage and significant opportunities for geographic expansion.

至於我們的骨關節炎 HA 業務，在我們的單次注射療法 Durolane 的巨大需求推動下，該團隊在第二季度再次實現了兩位數的成長。我們擁有一個堅實的平台，可以透過我們的臨床差異化、專業的商業團隊、我們的私人付款人覆蓋範圍和重大的地理擴張機會，實現 HA 的持續成長。

Moving along, after years of decline, we grew our Exogen business for the third straight quarter, and we expect mid-single-digit growth for the year. Keep in mind that this business previously generated over $100 million in annual revenue, but a lack of prioritization led to a significant decline.

經過多年的下滑之後，我們的 Exogen 業務連續第三個季度成長，我們預計今年將實現中個位數成長。請記住，該業務之前的年收入超過 1 億美元，但由於缺乏優先順序，導致收入大幅下降。

Now our team has returned the business to growth and with their focus on the fundamentals such as medical education, product enhancements and commercial execution, we have the potential to grow this business back over $100 million. The improved performance of our Exogen business is one of the clear indications that we have new momentum at Bioventus.

現在，我們的團隊已使業務恢復成長，並且透過專注於醫學教育、產品增強和商業執行等基礎知識，我們有潛力使這項業務恢復超過 1 億美元。Exogen 業務表現的改善是 Bioventus 擁有新動力的明確跡象之一。

Next, I'd like to briefly mention that we have made the strategic decision to divest our Advanced Rehabilitation business. We are highlighting this today and in our 10-Q because we may sign an agreement during the third quarter. This prudent decision reflects our deep respect for our advanced rehabilitation team, our customers and the many patients who benefit from this life-changing technology.

接下來我想簡單提一下，我們已經做出了剝離高階復健業務的策略決策。我們今天和 10 季報告中強調了這一點，因為我們可能會在第三季簽署協議。這項審慎的決定體現了我們對先進復健團隊、客戶以及眾多從這項改變生活的技術中受益的患者的深深尊重。

Our goal is for the business to be positioned in an environment that enables the higher focus and prioritization it deserves. This potential divestiture will also allow Bioventus to better focus on execution within our core businesses, continue accelerating our revenue and enhance our liquidity.

我們的目標是讓企業處於一個能夠得到應有的高度關注和優先考慮的環境中。這一潛在的剝離也將使 Bioventus 能夠更好地專注於我們核心業務的執行，繼續加速我們的收入並增強我們的流動性。

Now I'll shift to our second focus area, boosting profitability. With our peer-leading gross margin and our accelerated revenue growth, we significantly increased our adjusted EBITDA and operating margin. Adjusted EBITDA for the quarter was its highest to date at over $34 million, and we drove a 224-basis point increase in our adjusted EBITDA margin compared to the prior year.

現在我將轉向我們的第二個重點領域，即提高獲利能力。憑藉領先同業的毛利率和加速的營收成長，我們大幅提高了調整後的 EBITDA 和營業利潤率。本季調整後 EBITDA 達到迄今為止最高水平，超過 3,400 萬美元，與前一年相比，我們調整後 EBITDA 利潤率增長了 224 個基點。

We now have an opportunity to invest selectively in high-potential areas to drive long-term profitable growth, including areas like R&D, medical education, commercial productivity and our supply chain, in the second half of the year. Even with these increased investments, we will continue to grow the bottom line faster than our top line, and we project our overall 2024 adjusted EBITDA margin to expand by more than 100 basis points compared to the prior year.

我們現在有機會在下半年有選擇地投資高潛力領域，以推動長期獲利成長，包括研發、醫學教育、商業生產力和供應鏈等領域。即使增加了這些投資，我們的利潤成長速度仍將快於營收成長，我們預計 2024 年調整後的 EBITDA 利潤率將比上一年增長 100 個基點以上。

We believe this level of annual margin improvement is sustainable as we capitalized on revenue acceleration, preserve our high gross margins with supply chain improvements and reallocate or reduce operational expenditures to invest in higher ROI initiatives or drop the savings to the bottom line.

我們相信，這種年度利潤率的提高是可持續的，因為我們利用收入加速，透過供應鏈改進來維持高毛利率，並重新分配或減少營運支出以投資於更高的投資回報率計劃或將節省的資金降到底線。

And now I'll turn to our third major focus area, improving our liquidity position. We further reduced our net leverage ratio at the end of the second quarter with the increase in adjusted EBITDA and reduction in debt. Equally important, I want to highlight the significant increase in cash flow for the quarter.

現在我將談談我們的第三個主要重點領域，即改善我們的流動性狀況。隨著調整後 EBITDA 的增加和債務的減少，我們在第二季末進一步降低了淨槓桿率。同樣重要的是，我想強調本季現金流的顯著增加。

We are encouraged by the faster-than-anticipated reduction in our leverage ratio, and we will remain very focused on this priority moving forward. Given our progress, we're confident we can reduce our net leverage ratio to below 3x before we exit 2025.

我們對槓桿率下降速度快於預期感到鼓舞，我們將繼續高度關注此優先事項。鑑於我們取得的進展，我們有信心在 2025 年退出之前將淨槓桿率降至 3 倍以下。

That concludes my update on our 3 priorities. Before turning it over to Mark to dive deeper into our financials, I'll mention that, since joining Bioventus just 7 months ago, I've had the opportunity to continuously engage with many employees, customers and shareholders. And I want to take a moment to express my appreciation to all of our stakeholders.

我對我們的 3 個優先事項的更新到此結束。在交給 Mark 深入了解我們的財務狀況之前，我要提一下，自從 7 個月前加入 Bioventus 以來，我有機會不斷與許多員工、客戶和股東接觸。我想花點時間向我們所有的利害關係人表示感謝。

With your help, we're transforming Bioventus and I'm confident that the work that's taking place across our organization to improve our fundamentals and unlock new long-term growth will advance our business and create significant shareholder value.

在您的幫助下，我們正在改造 Bioventus，我相信我們整個組織為改善基本面和實現新的長期成長而開展的工作將推動我們的業務發展並創造顯著的股東價值。

Now I'll turn the call over to Mark.

現在我將把電話轉給馬克。

Thanks, Rob, and good morning, everyone. Let me begin by saying that I am encouraged by the sustained improvement exhibited throughout our business over the past several quarters, and we are well-positioned to enhance our growth profitability and cash flow for the remainder of the year and into the future.

謝謝羅布，大家早安。首先我要說的是，過去幾季我們整個業務所表現出的持續改善令我感到鼓舞，我們處於有利位置，可以在今年剩餘時間和未來提高我們的成長獲利能力和現金流。

Now, turning to our results for the second quarter, revenue of $151 million increased 10% compared to the prior year. Adjusting for the divestiture of our Wound Business, organic revenue advanced 14%. We maintained our momentum across all 3 of our businesses as we achieved results ahead of our expectations.

現在，讓我們來看看第二季的業績，營收為 1.51 億美元，比去年同期成長 10%。考慮到傷口業務的剝離，有機收入增加了 14%。我們在所有 3 項業務中保持了成長勢頭，取得了超出預期的成果。

In addition, adjusted EBITDA of over $34 million increased $6 million and represented a 22% increase compared to the prior year. Year-to-date, adjusted EBITDA is up 27% compared to the prior year. The increase in the second quarter was driven by higher revenue and gross margin expansion.

此外，調整後 EBITDA 超過 3,400 萬美元，與前一年相比增加了 600 萬美元，成長 22%。今年迄今，調整後 EBITDA 比上年成長 27%。第二季的成長是由收入增加和毛利率擴張所推動的。

Adjusted gross margin of 76% improved 180 basis points compared to the prior year. This is a result of favorable revenue mix given robust growth from the higher-margin HA and Surgical Solutions businesses, lower private payer rebates for our HA business and the impact from the divestiture of the lower-margin Wound Business.

調整後毛利率為 76%，較前一年提高 180 個基點。這是由於利潤率較高的 HA 和手術解決方案業務的強勁增長、HA 業務的私人付款人回扣較低以及利潤率較低的傷口業務剝離的影響，有利的收入組合的結果。

Looking more closely at our revenue performance for the quarter, Surgical Solutions revenue accelerated by 16% as both Ultrasonics and BGS continue to generate double-digit growth. Through the diligent work of our product supply and commercial teams, we successfully navigated the recent supply challenge and drove growth above our expectations. As we move into the second half, we are steadily increasing supply and continue to enhance our sales planning and operations processes.

更仔細地觀察我們本季的營收表現，隨著超音波和 BGS 繼續實現兩位數成長，外科解決方案收入成長了 16%。透過我們的產品供應和商業團隊的辛勤工作，我們成功應對了最近的供應挑戰，並推動了超越我們預期的成長。隨著進入下半年，我們正在穩步增加供應，並繼續增強我們的銷售規劃和營運流程。

In Pain Treatments revenue increased 17% compared to the prior year as we maintained double-digit growth for the third consecutive quarter driven by Durolane's brand recognition and the strength of our team's commercial execution. In addition, revenue was enhanced by a few million dollars from favorable mix shift lowering our private payer rebates. We expect to maintain our strong execution in the second half and now project driving double-digit growth for the year.

在 Durolane 的品牌認知和團隊商業執行力的推動下，我們連續第三個季度保持兩位數成長，疼痛治療收入比上年增長 17%。此外，由於有利的混合轉變降低了我們的私人付款人回扣，收入增加了數百萬美元。我們預計下半年將保持強勁的執行力，目前預計今年將實現兩位數的成長。

Shifting to Restorative Therapies, sales fell 9% driven by the impact of our wound business divestiture, which accounted for 14 percentage points of the decline. On an organic basis, Restorative Therapies increased 5 percentage points, driven by Exogen. We are encouraged by Exogen's turnaround resulting from our efforts to improve the sales force execution and the impact of additional resources to assist our sales team.

轉向恢復療法，由於傷口業務剝離的影響，銷售額下降了 9%，佔下降的 14 個百分點。在有機基礎上，在 Exogen 的推動下，恢復療法增加了 5 個百分點。我們對 Exogen 的扭虧為盈感到鼓舞，這得益於我們努力改善銷售團隊的執行力以及額外資源協助我們的銷售團隊的影響。

Finally, our International segment grew 4% compared to the prior year, driven by Durolane. We expect growth to accelerate for the remainder of the year as we recover from delayed shipments for Ultrasonics earlier in this year, along with sustained double-digit growth for Durolane.

最後，在 Durolane 的推動下，我們的國際業務與前一年相比成長了 4%。我們預計，隨著我們從今年早些時候 Ultrasonics 的延遲發貨中恢復過來，以及 Durolane 的持續兩位數增長，今年剩餘時間的增長將加速。

Moving down the income statement, adjusted total operating expenses were nearly $10 million compared to the prior year. The increase was primarily related to higher sales commissions from revenue growth and higher employee compensation from increased headcount.

從損益表往下看，調整後的總營運費用與前一年相比接近 1,000 萬美元。這一增長主要與收入成長帶來的銷售佣金增加以及員工人數增加帶來的員工薪酬提高有關。

Now, turning to our bottom-line financial metrics, adjusted operating income increased 12% to $31 million from $28 million in the prior year while our adjusted operating margin of 21% increased 40 basis points compared to the prior year period. Adjusted net income totaled $15 million, up 37% compared to the prior year. Adjusted earnings per share were $0.19 for the quarter, ahead of our expectations.

現在，轉向我們的底線財務指標，調整後的營業收入從上年的2800 萬美元增長了12%，達到3100 萬美元，而調整後的營業利潤率為21%，與上年同期相比增加了40 個基點。調整後淨利總計 1,500 萬美元，較上年成長 37%。本季調整後每股收益為 0.19 美元，超出我們的預期。

Now, turning to the balance sheet and cash flow statement, we ended the quarter with $32 million of cash on hand and $383 million of debt outstanding, an $8 million reduction for the quarter. We had $15 million drawn on our revolving credit facility at the end of the second quarter.

現在，看看資產負債表和現金流量表，本季末我們手頭現金為 3,200 萬美元，未償債務為 3.83 億美元，本季減少了 800 萬美元。截至第二季末，我們從循環信貸額度中提取了 1,500 萬美元。

As Rob mentioned, we saw a significant sequential increase in cash flow this quarter. Operating cash flow represented an inflow of $15 million. We further reduced our net leverage ratio, and from a liquidity perspective, we remain well within compliance with our net leverage and interest coverage covenants.

正如羅布所提到的，我們看到本季現金流量顯著連續成長。營運現金流流入為 1500 萬美元。我們進一步降低了淨槓桿率，從流動性角度來看，我們仍然很好地遵守了淨槓桿率和利息覆蓋率契約。

With our expected reduction in debt and an increase in EBITDA over the remainder of 2024 and into 2025, we now expect our net leverage ratio to be below 3x before exiting 2025.

由於我們預計在 2024 年剩餘時間和 2025 年債務將減少且 EBITDA 將增加，我們現在預計在 2025 年退出之前我們的淨槓桿率將低於 3 倍。

Finally, given the accelerated momentum in our business and increased expectations, let me update our 2024 financial guidance. Based on our team's solid execution of our business plan, we now expect net sales to be in the range of $557 million to $567 million. This represents a $19.5 million increase in the midpoint compared to our prior guidance of $535 million to $550 million.

最後，鑑於我們業務的加速成長和期望的提高，讓我更新我們的 2024 年財務指引。基於我們團隊對業務計劃的紮實執行，我們現在預計淨銷售額將在 5.57 億美元至 5.67 億美元之間。與我們之前指導的 5.35 億美元至 5.5 億美元相比，這意味著中點增加了 1,950 萬美元。

From an organic growth perspective, the midpoint of the guidance range reflects an expected revenue growth of 10% in the second half of the year and over 12% growth for the full year.

從有機成長的角度來看，指導範圍的中點反映了預計下半年收入將增長 10%，全年增長超過 12%。

For the year, we expect adjusted EBITDA to now be between $104 million and $107 million. This represents a $9 million increase in the midpoint compared to our prior guidance of $94 million to $99 million. The midpoint of our guidance reflects expected adjusted EBITDA growth of 10% in the second half of the year and over 19% growth for the full year.

今年，我們預計調整後的 EBITDA 將在 1.04 億美元至 1.07 億美元之間。與我們之前指導的 9,400 萬至 9,900 萬美元相比，這意味著中點增加了 900 萬美元。我們的指引中位數反映了預計下半年調整後 EBITDA 成長 10%，全年成長超過 19%。

Finally, our guidance for adjusted earnings per share is now expected to be $0.36 to $0.42. This represents a $0.10 increase compared to the midpoint of our prior guidance of $0.25 to $0.33.

最後，我們調整後每股盈餘的指引目前預計為 0.36 美元至 0.42 美元。與我們之前指導的 0.25 美元至 0.33 美元的中位數相比，這意味著增加了 0.10 美元。

In closing, we are excited about our performance through the first half of the year and will remain diligent in our efforts to further enhance our revenue and adjusted EBITDA growth and drive improved cash flow.

最後，我們對上半年的業績感到興奮，並將繼續努力進一步提高收入和調整後的 EBITDA 成長並推動現金流改善。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Chase Knickerbocker, Craig-Hallum.

（操作員說明）Chase Knickerbocker，Craig-Hallum。

Congrats on another really nice quarter here. Maybe, Rob, just to start, what did you see, I guess, since the May update kind of in the recent quarter that led to the decision to divest restorative? The team historically has been pretty consistent that that is a nice kind of bottom line business, had never really committed to whether or not to divest. Kind of talk to me about what you saw kind of in the last quarter that kind of led to this decision? Thanks.

恭喜又一個非常美好的季度。也許，羅布，首先，我想，自從最近一個季度的五月更新導致決定剝離恢復性業務以來，您看到了什麼？從歷史上看，該團隊一直非常一致地認為這是一項很好的底線業務，從未真正致力於是否剝離。跟我談談你在上個季度看到的情況導致了這個決定嗎？謝謝。

Thanks Chase of the question. I'll start, Chase, by just saying I have a lot of respect for this business and for the team and for the many patients who benefit from the life-changing technology. And one of the harder things to do is to divest a business or choose to divest a business that you respect so much, but it's the right thing to do for our stakeholders.

謝謝蔡斯的提問。蔡斯，我首先要說的是，我非常尊重這個企業、這個團隊以及許多從改變生活的科技中受益的病人。更困難的事情之一就是剝離一項業務或選擇剝離一項您非常尊重的業務，但這對我們的利害關係人來說是正確的事情。

And when we made this decision, it was with that in mind because our goal is to put the business in an environment that enables the higher focus it deserves. And so the decision was really driven by this business is fantastic, it has amazing technology, and it has more potential than it's realizing today.

當我們做出這個決定時，我們考慮到了這一點，因為我們的目標是將業務置於一個能夠獲得應有的高度關注的環境中。因此，這個決定實際上是由這項業務推動的，它非常棒，它擁有令人驚嘆的技術，並且具有比今天意識到的更大的潛力。

And at the same time, the potential divestiture allows Bioventus to better focus on execution within our core businesses where we have so much potential and to continue accelerating our profitable revenue growth. And as you know, it also enhances our liquidity. So that's really what drove the decision, Chase.

同時，潛在的剝離使 Bioventus 能夠更好地專注於我們潛力巨大的核心業務的執行，並繼續加速我們的獲利性收入成長。如您所知，它還增強了我們的流動性。這就是蔡斯做出這個決定的真正原因。

Yes, Chase, this is Mark. I'll just add, from an overall financial accretion dilution perspective, that's really immaterial. I mean that actually is a lower-growth business, a lower margin, but overall, I'd say immaterial to the financials, but it does obviously reduce our debt levels.

是的，蔡斯，這是馬克。我只想補充一點，從整體財務加值稀釋的角度來看，這確實無關緊要。我的意思是，這實際上是一項成長較低的業務，利潤率較低，但總的來說，我想說這對財務狀況並不重要，但它確實明顯降低了我們的債務水平。

Makes sense. Got it. Maybe just shifting to Pain, a lot better than I think, anyone had expected. Can you help me a little bit with the drivers as far as kind of year-over-year? Was it mainly driven by volume? Did we start to see a fairly meaningful pricing benefit? Just kind of walk me through the drivers of the really strong organic growth number there.

有道理。知道了。也許只是轉向痛苦，比我想像的要好得多，任何人都預期的。您能幫我了解一下驅動程式的情況嗎？主要是受成交量驅動嗎？我們是否開始看到相當有意義的定價優勢？請帶我了解真正強勁的有機成長數字的驅動因素。

Yes, Chase, thanks. I mean, this is, again, really continued strong execution from our teams, and the sales team has done a great job of selling around all the contract positions that we have and obviously with Durolane being clinically differentiated. So I think it's really a continuation of what we've talked about for the last 3 quarters.

是的，蔡斯，謝謝。我的意思是，這又是我們團隊持續強勁的執行力，銷售團隊在我們擁有的所有合約職位的銷售方面做得非常出色，而且顯然 Durolane 具有臨床差異化。所以我認為這確實是我們過去三個季度討論的內容的延續。

We're starting to get into new areas like the VA and executing a lot better in the IDNs and being a lot more targeted with that. But the sales team has really done a great job over the first two quarters of selling around the contracts, the markets continuing to expand with a number of lives and opportunities.

我們開始進入 VA 等新領域，並在 IDN 中執行得更好，並且更有針對性。但銷售團隊在前兩季圍繞合約的銷售確實做得非常出色，市場繼續擴大，帶來了許多生命和機會。

But we talked about price a lot really and 2Q is mainly driven by all volumes. It's really the driver of this. And so feel really good about our performance there and heading into the second half where we talked about continuing to see double-digit growth for that business.

但我們確實經常談論價格，第二季主要是由所有銷售推動的。這確實是這個的驅動因素。因此，我們對在那裡的表現感到非常滿意，進入下半年我們談到該業務將繼續實現兩位數增長。

Got it. And then just lastly on Surgical and then a quick gross margin question, it's kind of tough to peel apart kind of BGS versus Ultrasonics, but BGS continues to really kind of outperform certainly market growth rates. Can you just speak to, is this just a continuation of kind of the distributor model being the right go-to-market strategy here and just got a lot of distributors who are excited about OSTEOAMP?

知道了。最後，關於外科手術和毛利率問題，很難將 BGS 與超音波區分開來，但 BGS 的表現確實繼續優於市場成長率。您能否談談，這是否只是某種經銷商模式的延續，是正確的市場進入策略，並且剛剛吸引了許多對 OSTEOAMP 感到興奮的經銷商？

And then just on gross margins, Mark, I know we talked about, last quarter, things kind of going back to 74%, 75%, kind of mid-70s%, kind of more consistent from Q1. Is this a product mix that we should expect going forward, or same kind of commentary as last quarter? Thanks.

然後就毛利率而言，馬克，我知道我們在上個季度談到過，毛利率會回到 74%、75%、70% 左右，與第一季更加一致。這是我們未來應該期待的產品組合，還是與上季相同的評論？謝謝。

Yes. I'll get to BGS last. I'll take the margin question first. From a margin perspective, again, peer-leading gross margin is really a great asset for our company. And you can see the leverage that we drove in 2Q with that driving double-digit revenue growth and you see the margin dropping through.

是的。我將最後到達 BGS。我先來回答邊際問題。從利潤率的角度來看，同業領先的毛利率對我們公司來說確實是一筆巨大的資產。你可以看到我們在第二季推動的槓桿作用推動了兩位數的營收成長，你會看到利潤率下降。

But from a second half perspective, we really benefited in the first half from a really, really strong mix in Surgical Solutions and our HA business, which are both really high-margin businesses where we saw growth. But in the second half, we'll see a slightly lower margin than the first half really as we start to get our International business back to the level of growth that we expect there, so that will bring the margin down a little bit in the second half from the first half.

但從下半年的角度來看，我們在上半年確實受益於手術解決方案和 HA 業務的非常非常強大的組合，這兩個業務都是我們看到成長的真正高利潤業務。但在下半年，當我們開始讓我們的國際業務恢復到我們預期的成長水平時，我們會看到比上半年略低的利潤率，因此這將使利潤率略有下降下半場從上半場開始。

From a BGS perspective, again, really good story overall in Surgical Solutions. Ultrasonics, as Rob mentioned in our prepared remarks, continues to perform. We doubled the amount of generators that we sold last year, which is the leading indicator for disposables that are going to come, so really did a strong performance on Ultrasonics.

從 BGS 的角度來看，《外科解決方案》整體而言確實是一個非常好的故事。正如 Rob 在我們準備好的發言中提到的那樣，超音波繼續發揮作用。我們去年銷售的發電機數量增加了一倍，這是即將推出的一次性產品的領先指標，因此在超音波方面確實取得了強勁的表現。

From a BGS perspective, it's really 2 things. One, we're seeing a lot better performance from our legacy distributors, which our sales team has done a great job of executing with. And I would just add that the growth that we're seeing there, even with the supply challenges that we've had, I mean, that just says that we can really even perform better as we work through the supply channel to stabilize in the second half.

從 BGS 的角度來看，這實際上是兩件事。第一，我們看到我們的傳統經銷商的業績要好得多，我們的銷售團隊在執行方面做得很好。我想補充一點，即使我們面臨供應挑戰，我們在那裡看到的成長，我的意思是，這只是表明，當我們透過供應管道穩定市場時，我們真的可以表現得更好。

But the other thing is we did a really strong, nice job of adding new distributors in the second half of last year. So it's really a combination of the legacy distributors, seeing a better performance out of them. And then also the kind of new groundwork that the team laid in the back half of last year. So really feel good about that as a growth driver in 2024 and into the future. Our share there are really low and really looking to, still a lot of opportunity in front of us.

但另一件事是，去年下半年我們在增加新經銷商方面做得非常出色、非常出色。所以這其實是傳統經銷商的結合，他們看到了更好的表現。然後還有團隊在去年下半年奠定的新基礎。因此，作為 2024 年和未來的成長動力，我真的感到很高興。我們在那裡的份額確實很低，但我們確實期待，但我們面前仍然有很多機會。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

This is actually Lily on for Robbie. Thanks for taking the question, and congrats on the good quarter. You raised the top line by more than you beat. So can you talk through how you're thinking about the back half of the year and where that incremental upside is coming from?

這其實是莉莉為羅比準備的。感謝您提出問題，並祝賀這個季度的良好表現。您提高的收入超過了您的預期。那麼您能否談談您對下半年的看法以及增量成長來自何處？

Sure. This is Rob. I'll make a general comment about back half of the year, and then Mark can chime in. We had this really strong first half of the year, and for the back half, we feel good about, again, driving double-digit growth, top line and bottom line. And what this means for the full year is not just growing double digits, both top and bottom, but actually growing the bottom line 2x, almost 2x, the top line. So with that, I'll let Mark talk a little bit more about the details there.

當然。這是羅布。我將對下半年做出一般性評論，然後馬克可以插話。今年上半年我們的表現非常強勁，而下半年，我們對再次推動營收和利潤實現兩位數成長感到滿意。這對全年來說意味著不僅是頂部和底部都實現了兩位數的增長，而且實際上是利潤增長了 2 倍，幾乎是收入的 2 倍。因此，我將讓馬克多談談那裡的細節。

Yes. We feel good about it. I mean, double-digit growth in the back half of the year, while it's slightly less than what we saw in the first half. We feel really good about double-digit growth on the top line, double-digit growth on the bottom line, so really managing the P&L. From an overall revenue perspective, it's in line with the seasonality that we've historically seen after you kind of removed some of the one-time benefits that we mentioned in our prepared remarks around some of the private payer dynamics.

是的。我們對此感覺很好。我的意思是，下半年達到兩位數成長，但略低於上半年。我們對營收的兩位數成長和淨利潤的兩位數成長感到非常滿意，因此真正管理了損益表。從整體收入的角度來看，這與我們歷史上看到的季節性是一致的，在你刪除了我們在準備好的一些私人付款人動態的評論中提到的一些一次性福利之後。

So we think that the first half to second half makes sense on the top line, and again, still growing double digits, very healthy growth.

因此，我們認為上半年到下半年的營收是有意義的，並且仍然以兩位數成長，非常健康的成長。

From a bottom-line perspective, we're still growing double digits as well while we are also investing back into the business in things like medical education, strengthening our commercial execution and really starting to put money into R&D as well. If you think about where this business has been over the last 12 to 18 months, we've pretty much starved it and haven't been able to make these key investments.

從利潤的角度來看，我們仍然在實現兩位數的成長，同時我們也對醫學教育等業務進行投資，加強我們的商業執行力，並真正開始將資金投入研發。如果您考慮一下該業務在過去 12 到 18 個月中的狀況，您會發現我們幾乎已經陷入困境，無法進行這些關鍵投資。

And we believe that these investments are going to help us in the back half, but also get us off to a really strong start in 2025 and start to fuel some of the growth drivers that we have in our international business and continue to accelerate our Ultrasonics growth. So we feel really good about the guidance that we have in the second half and look forward to executing and delivering that.

我們相信，這些投資將為我們下半年提供幫助，同時也讓我們在 2025 年有一個真正強勁的開端，並開始推動我們國際業務的一些增長動力，並繼續加速我們的超音波業務生長。因此，我們對下半年的指導感到非常滿意，並期待執行和交付這項指導。

And Lily, this is Rob again. I'll just chime in. I think you may have mentioned what will contribute to it from a business standpoint. In the first half of the year, it was broad-based overachievement across our business, and we expect very strong performance across the business again for the second half.

莉莉，這又是羅布。我就插話一下。我想你可能已經提到了從商業角度來看什麼會對此做出貢獻。今年上半年，我們的業務取得了廣泛的超額業績，我們預計下半年我們的業務將再次表現強勁。

Got it. That's helpful. And then just following up on that, similarly, you put up really good EPS and adjusted EBITDA results, but I think guidance implies a step down over the back half of the year on the bottom line and on margins. So is that just conservatism, or are there other dynamics that we should be thinking about in 3Q and 4Q? Thank you.

知道了。這很有幫助。然後，同樣地，你會提出非常好的每股收益和調整後的 EBITDA 結果，但我認為指導意味著今年下半年的底線和利潤率會有所下降。那麼這只是保守主義，還是我們應該在第三季和第四季考慮其他動態？謝謝。

I guess I'll just reiterate, if you look in the second half, we are even with the step down that you're referring to, from an absolute perspective, we're still growing our bottom-line EBITDA 10%, double-digits. So we're growing revenue 10%, on our midpoint of our guidance.

我想我只是重申一下，如果你看看下半年，我們甚至在你提到的降級的情況下，從絕對的角度來看，我們的淨利潤 EBITDA 仍在增長 10%，雙倍 -數字。因此，我們的收入成長了 10%（按我們指導方針的中點計算）。

We're growing EBITDA at 10%, on the midpoint of our guidance, and the step down really coming from those key investments that we talked about and starting to really take a disciplined approach in those investments. And we've been very disciplined over the last 18 months from an organization perspective of managing our expense really, really well, as our results speak for themselves with that.

我們的 EBITDA 成長率為 10%，處於我們指導方針的中點，而下降實際上來自於我們討論過的那些關鍵投資，並開始在這些投資中真正採取嚴格的方法。在過去 18 個月裡，從組織的角度來看，我們一直非常嚴格地管理我們的費用，非常非常好，因為我們的結果不言自明。

But we have to start to look at strategic investments that are going to start to drive growth in the medium and long term in R&D, medical education and commercial execution. So from a step-down perspective, that's really what's driving it.

但我們必須開始考慮策略性投資，這些投資將開始推動研發、醫學教育和商業執行的中長期成長。因此，從降級的角度來看，這才是真正的推動因素。

But again, through the first half of the year, we've grown our revenue 14% to 15% and growing our bottom line 28%. So we're going to start to use some of that money in a really disciplined way and thoughtful way to make sure we have the ROI on these investments that we're going to put back in, in the second half, that's really going to fuel the business in the back half, but also for the long-term.

但今年上半年，我們的營收成長了 14% 至 15%，利潤成長了 28%。因此，我們將開始以一種非常嚴格的方式和深思熟慮的方式使用其中的一些資金，以確保我們在下半年重新投入的這些投資上獲得投資回報率，這真的會為後半程的業務提供動力，同時也為長期發展提供動力。

Caitlin Cronin, Canaccord.

凱特琳·克羅寧，Canaccord。

Rob and Mark, it's John on for Caitlin. Congrats in the quarter. And thanks for taking our question. I just want to start on the hyaluronic acid business. The sales force, can you talk about any continued progress made here as you look to target larger accounts? Have you been taking share as other players have deemphasized their sales organization in the segment?

羅布和馬克，約翰代表凱特琳。恭喜本季。感謝您提出我們的問題。我只是想開始做玻尿酸生意。銷售人員，您能談談在尋求更大客戶的過程中取得的持續進展嗎？當其他參與者淡化其在該細分市場的銷售組織時，您是否一直在分享份額？

I'll start off, John. Thanks for the comment and also the question. We continue to see success with our HA portfolio, in particular Durolane, with its strong performance above market growth, which means taking share from others. And a source of that growth is through the larger accounts that we previously mentioned and that you just touched on there. And so we feel really good about this.

我要開始了，約翰。感謝您的評論和問題。我們繼續看到我們的 HA 產品組合取得成功，特別是 Durolane，其強勁表現高於市場成長，這意味著從其他公司手中奪取份額。這種成長的一個來源是透過我們之前提到的、您剛才提到的更大的帳戶。所以我們對此感覺非常好。

I mean what's happening is that the clinical differentiation of Durolane in our overall portfolio is being recognized on an increased basis. And that dedicated commercial team that we have means that we live and breathe this business every day, very focused on it, and that's driving our success above market as well, but then also the combination of this private payer coverage and the opportunity for geographic expansion, not only in driving some short-term results but also sets us up for success over the coming years.

我的意思是，正在發生的事情是，Durolane 在我們整體產品組合中的臨床差異性正在得到越來越多的認可。我們擁有的專業商業團隊意味著我們每天都生活在這項業務中，非常專注，這也推動我們在市場上取得成功，而且這種私人付款人覆蓋範圍與地域擴張機會相結合，不僅可以推動一些短期成果，還可以為我們在未來幾年取得成功奠定基礎。

Great. And just any update on TalisMann and the peripheral nerve business?

偉大的。關於 TalisMann 和周圍神經業務的任何更新嗎？

Yes. We mentioned previously that we're really excited about the technology. We don't expect any impact from TalisMann this year, any significant impact this year. It's still going through the FDA clearance. And once we have additional information, not just on that but also on the launch ahead, we'll be sure to include it in our earnings call or in separate conversations. But really excited about it.

是的。我們之前提到過，我們對這項技術感到非常興奮。我們預計 TalisMann 今年不會產生任何影響，不會產生任何重大影響。它仍在通過 FDA 審批。一旦我們獲得更多信息，不僅是關於這一點，還有關於即將推出的產品，我們一定會將其包含在我們的財報電話會議或單獨的對話中。但真的很興奮。

Overall, when you take the P&S business, we have across Bioventus, such a great mix of areas where we can grow above market to take market share and other areas where we can grow the overall category with our technology and our approach within P&S with TalisMann. It's both. We have both the opportunity to come out with it to take share and to grow the overall category. So stay tuned, and we'll tell you more about that in the coming quarters.

總體而言，當您開展P&S 業務時，我們在Bioventus 擁有如此多的領域，我們可以在這些領域中超越市場以獲取市場份額，而在其他領域中，我們可以利用我們的技術以及我們在P&S 中與TalisMann 合作的方法來發展整個類別。兩者都是。我們有機會推出它來佔據份額並發展整個類別。因此，請繼續關注，我們將在接下來的幾個季度告訴您更多相關資訊。

Thanks for taking the question.

感謝您提出問題。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Rob Claypoole for closing remarks.

我們的問答環節到此結束。我想將會議轉回給羅布·克萊普爾 (Rob Claypoole) 致閉幕詞。

All right. Thanks, everyone, for your interest in Bioventus. As you know, we delivered significant improvements across our business in the second quarter, and we look forward to building on our momentum across our 3 priorities of accelerating revenue growth, improving profitability and enhancing our liquidity position to create significant shareholder value. Thanks, and have a good day.

好的。感謝大家對 Bioventus 的關注。如您所知，我們第二季度的業務取得了顯著改善，我們期待在加速收入增長、提高盈利能力和增強流動性狀況這三個優先事項上繼續保持勢頭，以創造顯著的股東價值。謝謝，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。