Bioventus

What Bioventus does

Bioventus is a global medical device company headquartered in Durham, North Carolina, founded in 2012 and listed on Nasdaq under the ticker BVS. It develops and commercializes clinically proven, cost-effective orthobiologic products that engage and enhance the body's natural healing processes across three segments: Pain Treatments (hyaluronic acid injection therapies DUROLANE, GELSYN-3, and SUPARTZ FX; peripheral nerve stimulation systems StimRouter, TalisMann, and StimTrial; and the XCELL PRP system), Restorative Therapies (the EXOGEN Ultrasound Bone Healing System), and Surgical Solutions (bone graft substitutes Osteoamp, CellXtract, and SIGNAFUSE; and ultrasonic surgical aspirator systems neXus, BoneScalpel, and SonaStar). The company also acquired CartiHeal's Agili-C cartilage repair implant. Underlying technologies include low-intensity pulsed ultrasound for bone healing, patented electric field conduction peripheral nerve stimulation, single-injection hyaluronic acid formulations, and ultrasonic surgical aspirator platforms.

Bioventus generates revenue primarily through direct sales of medical devices and biologics to orthopedic surgeons, pain specialists, sports medicine physicians, and surgical centers, with additional home-use channels for EXOGEN and international distribution across 50+ countries. Pricing is anchored to value-based positioning versus surgical alternatives (e.g., EXOGEN at $6,610 vs. surgery exceeding $20,000) and is supported by payer contracts, including a nationwide Aetna Medicare Advantage agreement covering 3M+ lives for DUROLANE. The company sells through dedicated sales teams segmented by product category, payer specialists, medical education programs, and investigator-initiated studies, with operations across the US, Canada (Mississauga), and EMEA/APAC (Hoofddorp, Netherlands).

The business has been actively reshaped through M&A and divestiture: Misonix (October 2021) and CartiHeal (July 2022, ~$500M) added ultrasonic surgical and cartilage repair capabilities, while the Wound business was divested to LifeNet Health (May 2023, $85M) and Advanced Rehabilitation to Accelmed Partners (January 2025, ~$20M net). Full-year 2025 revenue reached approximately $568M with 7.5% organic growth, adjusted EBITDA of $116.3M, and net income of $22.7M (a turnaround from a $36.1M prior-year loss). 2026 guidance points to $600-610M in revenue. Bioventus employs more than 1,200 people worldwide and its products helped more than 1.4M patients regain active lifestyles in 2024.

Name

Bioventus

Legal name

Bioventus LLC

Website

https://bioventus.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Bioventus is a global medical device company that develops and sells orthobiologic products for pain treatment, fracture healing, and surgical bone repair, serving physicians, payers, and patients across 50+ countries.

Ownership category

akta.pro rank

Product category

Orthopedic Medical Devices

NAICS

Surgical Appliance and Supplies Manufacturing (339113), Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842), Surgical & Medical Instruments & Apparatus (3841), Electromedical & Electrotherapeutic Apparatus (3845), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Bone Graft Substitutes & Orthobiologics (Synthetic/Allograft/DBM) (HLAHAEAG)

akta.pro secondary industry

Cartilage, Bone & Musculoskeletal Regeneration (HLAAAGAH)

Keywords

• Orthopedic medical devices
• Hyaluronic acid injections
• Ultrasound bone healing
• Peripheral nerve stimulation
• Surgical orthobiologics

Headquarters

HQ city

Durham

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Pain Treatments: Revenue from hyaluronic acid injection therapies (DUROLANE, GELSYN-3, SUPARTZ FX) for osteoarthritis and peripheral nerve stimulation products (StimRouter, TalisMann, StimTrial) for chronic pain management. Products administered in physician offices.
2. Restorative Therapies: Revenue from EXOGEN Ultrasound Bone Healing System, a device-based therapy for fracture healing. Can be used at home or in rehabilitation settings. Generates recurring revenue through device sales and potentially consumables.
3. Surgical Solutions: Revenue from bone graft substitutes portfolio including Osteoamp (allograft), CellXtract (cell and marrow), SIGNAFUSE (synthetic), and ultrasonic surgical aspirator systems (neXus, BoneScalpel, SonaStar).
4. CartiHeal Acquisition: Bioventus completed acquisition of CartiHeal in July 2022, adding the Agili-C implant for joint cartilage repair to its portfolio. The implant received FDA approval and addresses osteoarthritis market.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Bioventus is a global medical device company that develops, manufactures, and sells orthopedic and orthobiologic products across three segments: Pain Treatments (single-injection hyaluronic acid therapies DUROLANE, GELSYN-3, SUPARTZ FX; permanent and temporary peripheral nerve stimulation systems StimRouter, TalisMann, StimTrial; and the XCELL PRP system), Restorative Therapies (EXOGEN Ultrasound Bone Healing System), and Surgical Solutions (allograft, cell/marrow, and synthetic bone graft substitutes and ultrasonic surgical aspirators neXus, BoneScalpel, and SonaStar). The company sells primarily to physicians, hospitals, and payers in more than 50 countries.

Product overview

Bioventus is a global medical device company focused on innovations for active healing with three main product segments: Pain Treatments & Joint Preservation (including hyaluronic acid injections DUROLANE, GELSYN-3, SUPARTZ FX; peripheral nerve stimulation systems StimRouter, TalisMann, StimTrial; and XCELL PRP system), Restorative Therapies (EXOGEN Ultrasound Bone Healing System), and Surgical Solutions (bone graft substitutes Osteoamp, SIGNAFUSE, CELLXTRACT; and ultrasonic surgical technologies neXus, BoneScalpel, BoneScalpel Access, SonaStar acquired through Misonix). The company also acquired CartiHeal and its Agili-C implant for cartilage repair. Bioventus operates in over 50 countries with products helping over 1.4 million patients regain active lifestyles in 2024.

Differentiator

Problem solved

Functional benefit

Brands

• BioventusPNS: Peripheral nerve stimulation product portal for StimRouter, TalisMann, and StimTrial PNS systems.
• BioventusPRP
• EXOGEN
• Bioventus Surgical

Products and services

• DUROLANE Single-injection hyaluronic acid (HA) joint-fluid treatment for mild to moderate knee osteoarthritis. Supplements joint lubrication to relieve pain, improve mobility, and help patients return to normal activities; administered in physician offices.
• GELSYN-3 Hyaluronic acid injection therapy that helps restore the lubricating and shock-absorbing properties of joint fluid depleted due to osteoarthritis. Administered in physician offices.
• SUPARTZ FX Hyaluronic acid injection therapy for treatment of joint pain associated with osteoarthritis; administered in a physician office in a few minutes.
• EXOGEN Ultrasound Bone Healing System Non-invasive ultrasound bone healing device that uses safe, painless low-intensity pulsed ultrasound waves to activate cells near fracture sites and stimulate the body's natural healing process. Demonstrated to heal 86% of non-union fractures and accelerate fresh fracture healing by 38%; available for home or rehabilitation use.
• StimRouter Permanent implantable peripheral nerve stimulation device for pain management in adults with severe, intractable chronic pain of peripheral nerve origin. Delivers gentle electrical pulses to target pain at its source without drugs or significantly invasive surgery.
• TalisMann Neuromodulation System Next-generation permanent peripheral nerve stimulation (PNS) system with patented electric field conduction technology and integrated pulse generator. The only permanent PNS IPG system offering purpose-built design for peripheral nerves with the highest peak current and the smallest and lightest external wearable.
• StimTrial Temporary peripheral nerve stimulation system implanted via a minimally invasive procedure to help determine whether a patient is an appropriate candidate for a permanent PNS system.
• XCELL PRP System Benchtop medical device that processes whole blood to produce high-yield platelet-rich plasma with a 10-minute single-spin cycle. Offers both leukocyte-rich and leukocyte-poor PRP preparations on one platform.
• neXus Ultrasonic Surgical Aspirator System Minimally invasive therapeutic ultrasonic surgical system optimized for hard and soft tissue removal, providing more power and versatility while controlling cost. Powers BoneScalpel and SonaStar handpieces.
• BoneScalpel Handpiece for the neXus Ultrasonic Surgical Aspirator System used for osteotomies and bone cutting procedures, enabling precise bone cutting with minimal thermal damage.
• BoneScalpel Access Handpiece for the neXus system designed for osteotomies, providing surgeons an expanded access ultrasonic cutting option for spine procedures.
• SonaStar Handpiece for the neXus system used for precision removal of soft tissue during surgical procedures.
• Osteoamp Allograft bone graft product offering as part of a comprehensive portfolio of clinically efficacious and cost-effective bone graft solutions for orthopedic and spine surgery.
• SIGNAFUSE Synthetic bone graft substitute product providing one of multiple bone graft solutions across a broad range of patient needs, procedures, and costs.
• CELLXTRACT Cell and marrow-based bone graft product that is part of Bioventus's allograft, cell & marrow, and synthetic bone graft offerings portfolio.
• Agili-C Implant Implant for joint cartilage repair developed by CartiHeal. Received FDA Breakthrough Device Designation and demonstrated superiority over standard treatments in clinical trials for cartilage repair in osteoarthritic joints.

Quantifiable outcome

• EXOGEN heals 86% of stubborn-to-heal non-union bone fractures
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered major and minor.

• Aetna Medicare AdvantagemajorChannel Partner/ Reseller/ Distributor · 5 December 2023Nationwide contract providing over 3 million Aetna Medicare Advantage plan members access to DUROLANE for knee osteoarthritis treatment beginning January 1, 2024. Bioventus products included as preferred options for hyaluronic acid therapy.
• LifeNet HealthmajorStrategic or Co-development Partner · 10 May 2023Bioventus sold its Wound business including TheraSkin and TheraGenesis to LifeNet Health for $85 million total consideration ($35M at close, $5M deferred, up to $45M earn-out). LifeNet Health also received exclusive rights to sell SonicOne ultrasonic wound debridement products in US and Canada.
• CartiHealmajorStrategic or Co-development Partner · 12 July 2022Bioventus completed acquisition of CartiHeal including the Agili-C implant for joint cartilage repair. Deal valued at approximately $500 million with $50 million escrow payment. CartiHeal had previously held option for Bioventus to acquire the company following FDA approval of Agili-C.
• MisonixmajorStrategic or Co-development Partner · 1 October 2021Bioventus acquired Misonix, adding ultrasonic surgical aspirator technology including neXus, BoneScalpel, and SonaStar to its Surgical Solutions portfolio.
• Camara EducationminorOthersBioventus partners with Camara Education, a charitable organization that sets up eLearning centers in schools in Ethiopia, Kenya, Tanzania, and Zambia. Bioventus donates disused computers and IT equipment to reduce waste and promote digital education.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Anika Therapeutics: Anika develops and commercializes hyaluronic acid-based therapies such as MONOVISC, ORTHOVISC and CINGAL for osteoarthritis pain—directly competing with Bioventus's DUROLANE, GELSYN-3 and SUPARTZ FX franchises in the viscosupplementation market.
• DJO (Enovis): DJO/Enovis manufactures bone growth stimulation devices (e.g., CMF, SpinalStim), braces and orthopedic surgical products that compete directly with Bioventus's EXOGEN bone healing system and surgical solutions portfolio.
• Globus Medical: Globus Medical acquired SeaSpine, a spine-focused orthobiologics and hardware company, and competes with Bioventus's Surgical Solutions franchise in bone graft substitutes and spinal surgical technologies.

Broad incumbents

• Stryker: Stryker is a large diversified orthopedic medical device company whose orthobiologics, surgical and sports medicine portfolios overlap with Bioventus's Surgical Solutions and Pain Treatments franchises.
• Smith+Nephew: Smith+Nephew operates a broad orthopedics, sports medicine and advanced wound management business, overlapping with Bioventus's osteoarthritis, regenerative and bone graft offerings.
• Zimmer Biomet: Zimmer Biomet is a global orthopedic device leader offering reconstructive, sports medicine and bone graft biologics that compete with Bioventus's joint preservation and surgical solutions.
• Medtronic: Medtronic's Intellis and Vanta neuromodulation platforms and spine surgery portfolio overlap with Bioventus's StimRouter/TalisMann PNS systems and surgical ultrasonic aspirator businesses.
• Boston Scientific: Boston Scientific's Precision Spectra and WaveWriter neurostimulation systems target the same chronic peripheral nerve and spinal pain markets as Bioventus's PNS franchise.

Emerging players

• Axonics: Axonics focuses on sacral neuromodulation and is expanding into peripheral nerve stimulation, making it a relevant emerging competitor in the neuromodulation space where Bioventus's StimRouter and TalisMann compete.

Others

• Organogenesis: Organogenesis develops regenerative medicine and bioactive wound care products (e.g., Apligraf, Dermagraft); although wound-focused rather than orthobiologics, it is thematically comparable to Bioventus's biologic, regenerative approach and a former adjacent peer before Bioventus divested its Wound business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BioventusGlobal
• LinkedInlinkedin.com/company/bioventus
• Facebookfacebook.com/info

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bioventus