Bioventus : Q1'24 Earnings Call Slides

First Quarter 2024 Financial Results

May 7, 2024

Agenda and Speakers

Rob Claypoole	Mark Singleton
President and	Senior Vice-President
Chief Executive Officer	and Chief Financial Officer

Update on 2024 Priorities	Q1 2024 Results
	Update to 2024 Financial
	Guidance

Forward Looking Statements and Use of Estimates

Forward-Looking Statements

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 our recent amendment to our Credit and Guaranty Agreement on our financial condition, operations, and liquidity; 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. Factors that could cause our actual results to differ materially from those contemplated in this presentation include, but are not limited to the risk that if we are unable to meet our current operating projections or secure other sources of liquidity, substantial doubt about our ability to continue as a going concern may arise; the risk that we might not meet certain of our debt covenants under our Credit and Guaranty Agreement and might be required to repay our indebtedness; risks associated with the disposition of our Wound Business and expected impacts on our business; restrictions on operations and other costs associated with our indebtedness; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; we maintain cash at financial institutions, often in balance that exceed federally insured limits; we are 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 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 expanded 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; we compete and may compete in the future against other companies, some of which have longer operating histories, more established 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; 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 debt and future capital needs; the risk that new material weaknesses could adversely affect our ability to report our results of operations and financial condition accurately and in timely manner; failure to comply with extensive governmental regulation relevant 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 these products; legislative or regulatory reforms; our business may continue to experience adverse impacts as a result of the COVID-19 pandemic or similar epidemics; risks related to intellectual property matters; and the other risks identified in our Annual Report on Form 10-K for the year ended December 31, 2023, as such factors may be 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.

Use of Estimates

Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which Bioventus operates is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates and its future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company.

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Strong Start to the Year - Revenue and Profitability Acceleration

• • First quarter 9% revenue growth and 15% organic revenue growth*
  • HA delivered double-digit revenue growth driven by Durolane
  • Platform for sustained growth in HA:
  • • Market shift from multi-injection to single injection
    • Growing awareness of Durolane's compelling clinical differentiation
    • Preferred payer coverage strategy
    • Largest fully-dedicated HA commercial team
  • Increased expectations for HA growth in 2024 to be high-single digits to double digits
• See important disclosures on non-GAAP financial measures and the reconciliation of reported GAAP measures to non-GAAP measures on slides 16 - 18 of this presentation.

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Strong Start to the Year - Revenue and Profitability Acceleration

• Surgical Solutions also grew double digits in both ultrasonics and bone graft substitutes
• Ultrasonics possesses unique technology providing surgeons with

more control and versatility

• Believe ultrasonics can become standard of care
• Bone graft substitutes strengthening our commercial execution with both existing and new distributors
• Increased expectations for Surgical Solutions, now expected to grow double digits in 2024
• Believe International segment possesses untapped potential and

expect sustainable double-digit growth in 2024

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Strong Start to the Year - Revenue and Profitability Acceleration

• Gross margin in mid-70's combined with accelerating revenue paves the way for sustained EBITDA* and operating margin growth
• Drove 300 basis point increase in Adjusted EBITDA margin*
• Plan to continuously explore areas to reduce costs
• • Invest in more productive initiatives with higher ROI, or
  • Drop savings to bottom line
• Reduced net leverage below four times in the first quarter
• Focused on steadily paying down debt
• Committed to reducing net leverage to around three times as we exit 2025

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Strong Start to the Year - Revenue and Profitability Acceleration

• Excited about excellent teamwork across organization
• Continually improving our fundamentals
• Focused on consistently delivering strong results
• Believe revenue, operating margin and cash flow acceleration will translate into significant shareholder value creation

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First Quarter Results

Mark Singleton

Senior Vice-President and Chief Financial Officer

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First Quarter Performance

• Robust execution by commercial organization
• Made tangible progress on enhancing processes
• Consistently approach business with continuous improvement mindset
• Revenue of $129 million increased 9% compared to the prior year quarter
• Organic revenue growth* increased 15% compared to the prior year quarter when adjusting for the divestiture of our Wound Business
• Generated Adjusted EBITDA* of $23 million, increased $6 million compared to prior year quarter and represented 33% increase

* See important disclosures on non-GAAP financial measures and the reconciliation of reported GAAP measures to non-GAAP measures on slides 16 - 18 of this presentation.

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First Quarter Performance

• Adjusted Gross Margin* increased 190 basis points
• Favorable revenue mix from growth of higher margin HA and Surgical Solutions and impact from divestiture of Wound Business

Adjusted Gross Profit*

Millions

Adjusted Gross Margin*

$88	$98
74.1%	76.0%
Q1 2023	Q1 2024

* See important disclosures on non-GAAP financial measures and the reconciliation of reported GAAP measures to non-GAAP measures on Slides 16 - 18 of this presentation.

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