Bioventus Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
BVS$11.18+1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(Amounts in thousands)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Operating activities: | |||
| Net (loss) income | $(195,625) | $(213,391) | $9,586 |
| Less: Loss from discontinued operations, net of tax | (74,429) | (68,740) | (1,868) |
| (Loss) income from continuing operations | (121,196) | (144,651) | 11,454 |
| Adjustments to reconcile net (loss) income to net cash from operating activities: | |||
| Depreciation and amortization | 57,365 | 55,398 | 34,875 |
| (Benefit) provision for expected credit losses | (1,103) | 5,190 | 485 |
| Equity-based compensation from 2021 Stock Incentive Plan | 2,722 | 17,585 | 19,844 |
| Profits interest plan, liability-classified and other equity awards compensation | — | — | (24,356) |
| Change in fair value of contingent consideration | 719 | 1,102 | 829 |
| Change in fair value of interest rate swap | — | (6,396) | (2,730) |
| Deferred income taxes | (2,377) | (46,658) | (9,756) |
| Change in fair value of Equity Participation Rights | — | — | (2,774) |
| Impairments of assets | 78,615 | 134,982 | 7,043 |
| Loss on debt retirement and modification | — | — | 2,162 |
| Loss on disposals | 3,577 | — | — |
| Unrealized loss (gain) on foreign currency fluctuations | 665 | 1,383 | 472 |
| Other, net | 1,707 | 388 | 588 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 10,055 | (17,672) | (20,052) |
| Inventory | (5,991) | (18,618) | 3,183 |
| Accounts payable and accrued expenses | (5,275) | (3,099) | 18,211 |
| Other current and noncurrent assets and liabilities | (1,970) | 9,659 | (16,487) |
| Net cash from operating activities - continuing operations | 17,513 | (11,407) | 22,991 |
| Net cash from operating activities - discontinued operations | (2,169) | (2,130) | — |
| Net cash from operating activities | 15,344 | (13,537) | 22,991 |
| Investing activities: | |||
| Acquisitions, net of cash acquired | — | — | (262,870) |
| Proceeds from sale of a business | 34,675 | — | — |
| Purchase of property and equipment | (7,362) | (10,042) | (13,520) |
| Investments and acquisition of distribution rights | — | (1,478) | (7,370) |
| Other | — | (75) | — |
| Net cash from investing activities - continuing operations | 27,313 | (11,595) | (283,760) |
| Net cash from investing activities - discontinued operations | (11,506) | (104,841) | — |
| Net cash from investing activities | 15,807 | (116,436) | (283,760) |
| Financing activities: | |||
| Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discounts and offering costs | — | — | 107,777 |
| Proceeds from issuance of Class A and B common stock | 778 | 5,822 | 1,633 |
| Registration fees for Class A common stock to purchase Misonix | — | — | (1,838) |
| Tax withholdings on equity-based compensation | — | (3,352) | — |
| Borrowing on revolver | 64,000 | 25,000 | 20,000 |
| Payment on revolver | (49,000) | (25,000) | (20,000) |
| Proceeds from the issuance of long-term debt, net of issuance costs | — | 79,659 | 257,453 |
| Debt financing costs | (3,661) | — | — |
| Payments on long-term debt | (38,264) | (20,038) | (91,250) |
| Other, net | (506) | (15) | (404) |
| Net cash from financing activities | (26,653) | 62,076 | 273,371 |
| Effect of exchange rate changes on cash | 629 | 521 | (228) |
| Net change in cash, cash equivalents and restricted cash | 5,127 | (67,376) | 12,374 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 31,837 | 99,213 | 86,839 |
| Cash, cash equivalents and restricted cash at the end of the period | $36,964 | $31,837 | $99,213 |
| Supplemental disclosure of noncash investing and financing activities | |||
| Accrued liabilities for distribution rights and member distributions | $709 | $— | $3,181 |
| Accounts payable for purchase of property, plant and equipment | $1,311 | $419 | $695 |
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