Interactive Brokers shares jump as it secures spot in S&P 500
Mark Leonard, the Senior Vice President and Chief Financial Officer of Bioventus Inc. (NASDAQ:BVS), recently sold 10,733 shares of the company's Class A common stock. The company, currently valued at $716 million, has seen its stock surge over 90% in the past six months, according to InvestingPro data. The shares were sold at a weighted average price of $10.53, resulting in a total transaction value of approximately $113,018. Following this sale, Leonard retains ownership of 105,162 shares. According to the filing, the transaction was executed to cover taxes upon the vesting of restricted stock units, as part of a standing 10b5-1 plan adopted in June 2023. While currently unprofitable, InvestingPro analysis indicates the company is expected to turn profitable this year. Get access to 7 more key ProTips and comprehensive valuation metrics with InvestingPro's detailed research report.
In other recent news, Bioventus, a global leader in orthobiologic solutions, reported robust growth in its third quarter of 2024. The company announced a 15% year-over-year increase in revenue, reaching $139 million, marking the fourth consecutive quarter of double-digit organic revenue growth. Bioventus also raised its full-year revenue guidance to between $562 million and $567 million, indicating nearly 13% expected growth. This growth was attributed to the company's surgical solutions, particularly in ultrasonics and bone graft substitutes, and the HA business for knee osteoarthritis.
Bioventus' adjusted EBITDA rose by 9% to $24 million, and the company plans for a 100 basis point annual margin improvement. The company also announced the sale of its advanced rehabilitation business for $25 million, with potential earn-outs of up to $20 million. Bioventus aims to reduce net leverage to below 3 times by the end of 2025 and has increased its cash position to $43 million.
In terms of future expectations, Bioventus is optimistic about its growth, driven by a strong position in the HA market and a disciplined resource allocation strategy. Despite an anticipated slowdown in Q4, the company foresees approximately 13% top-line growth for the full year and a 150 basis point margin improvement. These recent developments underscore Bioventus' strong financial health and strategic initiatives aimed at driving growth and profitability.
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