Bioventus Inc.
For the period ended Jun 27, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 27, 2026 · Filed Aug 5, 2026
BVS$10.61-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-28; filed 2026-05-06.
0001665988-26-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-27; filed 2026-08-05.
0001665988-26-000042
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 114 current paragraphs.
59 unchanged; 31 reworded; 22 added; 5 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Review of Potential Strategic Alternatives
Current report
Following receipt of a recent unsolicited acquisition proposal from a party interested in acquiring the Company and multiple other expressions of interest, the Company’s Board of Directors has established a committee of independent directors, which, with the assistance of independent advisors, is evaluating a range of strategic options, including but not limited to a sale of the Company or continued execution of the Company’s standalone plan, aimed at maximizing value for shareholders.
Current report
The Company has not set a timetable for completion of the strategic alternatives review process and there can be no assurance that the Company’s review will result in any transaction or other strategic outcome. Bioventus does not intend to disclose further developments unless and until the Board or committee has approved a specific transaction or strategic action or otherwise determines that such disclosure is appropriate or required by law.
Current report
Other Significant Developments
Current report
During the first and second quarters of 2026, the Company made discretionary prepayments of $22.0 million and $20.0 million, respectively, on the 2025 Term Loan, reducing its outstanding long-term debt. These prepayments were funded by strong operating cash flows and resulted in lower interest expense and borrowing costs, while also improving the Company's leverage and other financial metrics.
Current report
(d)Consisted of third-party fees associated with our 2025 Credit Agreement.
Current report
(g)Other items during the three and six months ended June 27, 2026 primarily consisted of strategic transaction costs.
Current report
Net sales increased $5.7 million, or 4.4%, compared to the prior year period, driven by growth in the Pain Treatments portfolio. Net sales from Pain Treatments increased $8.3 million, reflecting 9.3% volume growth led by Durolane, and 3.6% price growth. Price growth of 1.6% was due to changes to previous rebate estimates that were more favorable than in the second quarter of 2025, driven by changes to third-party billing processes and shifts in covered lives. The remaining price growth was primarily driven by favorable customer mix relative to the second quarter of 2025.
Current report
These increases were partially offset by lower net sales in Surgical Solutions and Restorative Therapies. Net sales from Surgical Solutions decreased $2.2 million compared to the prior year, primarily due to lower Ultrasonics volumes, while net sales from Restorative Therapies decreased $0.4 million compared to the prior year due to an unfavorable customer mix for our EXOGEN Bone Stimulation System.
Current report
Net sales were essentially unchanged compared to the prior year period, decreasing $0.1 million, or 0.8%.
Current report
Net sales from Surgical Solutions decreased $0.5 million, driven by a $2.0 million decline in Ultrasonics, partially offset by $1.5 million of growth in BGS. Restorative Therapies net sales were consistent with the prior year period.
Current report
Net sales increased $2.1 million, or 6.7%, compared to the prior year period, primarily driven by growth in Pain Treatments, including increased demand in Durolane, as well as higher volumes within Ultrasonics.
Current report
Gross profit increased $3.4 million, or 3.8%, compared to the prior year period, driven by higher net sales. The gross margin decrease of 0.4% was primarily attributable to: (i) a 0.4% unfavorable impact from freight charges; (ii) a 0.3% unfavorable impact from lower average selling price (“ASP”) for our EXOGEN Bone Stimulation System; and (iii) a 0.2% unfavorable impact from scrap charges and manufacturing variances. These headwinds were partially offset by a 0.7% favorable impact from lower depreciation and amortization expense.
Current report
Gross profit increased $0.2 million, and gross margin increased 1.3% compared to the prior year period, primarily driven by lower amortization expense recognized in cost of sales and royalty income.
Current report
U.S.
Current report
Gross profit increased $9.9 million, or 6.0%, compared to the prior year period, driven by revenue growth in Pain Treatments. The gross margin increase of 0.8% was primarily attributable to: (i) a 0.6% favorable impact from lower depreciation and amortization expense; and (ii) a 0.5% positive impact from HA products resulting from favorable pricing and rebates. These favorable impacts on gross margin were partially offset by a 0.4% unfavorable impact from scrap charges and manufacturing variances.
Current report
Selling, general and administrative expenses increased $3.6 million, or 4.6%, compared to the prior year period, primarily due to: (i) a $1.7 million increase in professional service costs, including legal-related expenses; (ii) a $1.3 million increase in stock-based compensation expense; and (iii) a $0.7 million increase in sales commissions and selling expenses.
Current report
Research and development expense remained consistent with the prior year period.
Current report
U.S.
Current report
Adjusted EBITDA increased $2.0 million, or 7.1%, compared to the prior year period. This increase was primarily attributable to higher gross profit and favorable movements in foreign currency. These improvements were partially offset by higher professional service costs and commission and selling expenses.
Current report
Adjusted EBITDA decreased $0.5 million, or 9.5%, compared to the prior year period, primarily due to higher segment adjusted general and administrative expenses.
Removed paragraphs (5)
Previous report
Significant Developments
Previous report
On March 27, 2026, the Company made a discretionary principal prepayment of $22.0 million on the 2025 Term Loan to reduce the amount of its long-term debt, driven by strong operating cash flows. The reduction in long-term debt lowered interest payments and borrowing costs and improved the Company’s financial metrics.
Previous report
Net sales from Surgical Solutions increased $1.7 million due to volume growth in BGS. The $0.8 million increase in Restorative Therapies was attributable to a higher net average selling price (“ASP”) for our EXOGEN Bone Stimulation System.
Previous report
Net sales increased $2.3 million, or 17.1%, compared to the prior year period, primarily due to volume growth in Ultrasonics and Pain Treatments, driven by Durolane.
Previous report
Gross profit increased $6.5 million, or 8.6%, compared to the prior year period, driven by revenue growth across all of our businesses, favorable rebates, and a $0.4 million refund related to certain vendor tariffs. The resulting gross margin increase of 2.2% was primarily attributable to: (i) a 0.7% benefit from favorable rebates; (ii) a 0.5% increase from lower depreciation and amortization expense; and (iii) a 0.4% benefit from vendor tariffs. The remainder was attributable to favorable foreign currency movements and other items.
Reworded paragraphs (31)
Previous wording
The following table sets forth total net sales, net income (loss) and Adjusted EBITDA for the periods presented:
Current wording
The following table sets forth total net sales, net income and Adjusted EBITDA for the periods presented:
Previous wording
(a)See below under Results of Operations-Adjusted EBITDA for a reconciliation of net income (loss) to Adjusted EBITDA.
Current wording
(a)See below under Results of Operations-Adjusted EBITDA for a reconciliation of net income to Adjusted EBITDA.
Previous wording
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:
Current wording
The following table presents a reconciliation of net income to Adjusted EBITDA for the periods presented:
Previous wording
(a)Includes for the three months ended March 28, 2026 and March 29, 2025, respectively, depreciation and amortization of $10.1 million and $10.3 million in cost of sales and $1.1 million and $1.6 million in operating expenses presented in the consolidated condensed statements of operations and comprehensive income (loss).
Current wording
(a)Includes for the three and six months ended June 27, 2026 and June 28, 2025, respectively, depreciation and amortization of $9.9 million, $10.6 million, $20.0 million, $20.9 million in cost of sales and $1.1 million, $1.4 million, $2.2 million, $3.0 million in operating expenses presented in the consolidated condensed statements of operations and comprehensive income.
Previous wording
(b)Restructuring costs primarily resulted from severance associated with the elimination of several positions and the consolidation of certain administrative functions and roles.
Current wording
(b)Restructuring costs primarily resulted from severance associated with the elimination of certain positions and the consolidation of certain administrative functions and roles, as well as reversals resulting from severance contract cancellations.
Previous wording
(d)Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.
Current wording
(e)Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.
Previous wording
(e)Represents the loss on the disposal of the Advanced Rehabilitation Business.
Current wording
(f)Represents the loss on the disposal of the Advanced Rehabilitation Business.
Previous wording
Other items during the three months ended March 29, 2025 primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.
Current wording
Other items during the three months ended June 28, 2025 consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance. Other items during the six months ended June 28, 2025 primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.
Previous wording
We present Adjusted EBITDA, a non-GAAP financial measure, because we believe it is a useful indicator for management to measure operating performance and for planning purposes, including the preparation of our annual operating budget and financial projections. We believe that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We define Adjusted EBITDA as net income (loss) before depreciation and amortization, provision of income taxes and interest expense, net, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, equity-based compensation expense, debt refinancing, loss on extinguishment of debt, and other items. Adjusted EBITDA by segment consists of net sales and costs directly attributable to a segment, as well as an allocation of corporate overhead costs primarily based on a ratio of net sales by segment to total consolidated net sales.
Current wording
We present Adjusted EBITDA, a non-GAAP financial measure, because we believe it is a useful indicator for management to measure operating performance and for planning purposes, including the preparation of our annual operating budget and financial projections. We believe that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. We define Adjusted EBITDA as net income before depreciation and amortization, provision of income taxes and interest expense, net, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, equity-based compensation expense, debt refinancing, loss on extinguishment of debt, and other items. Adjusted EBITDA by segment consists of net sales and costs directly attributable to a segment, as well as an allocation of corporate overhead costs primarily based on a ratio of net sales by segment to total consolidated net sales.
Previous wording
Net sales for the period increased $5.9 million, or 5.4%, compared to the prior year period. Net sales from Pain Treatments increased $3.5 million driven by favorable rebates compared to the prior year period. As previously disclosed, during the third quarter of 2025, a large private insurance payer informed us that it had implemented changes to its claims data management and billing systems, which the Company estimated could result in significantly higher rebate volumes for our HA viscosupplement products than previously estimated or experienced. During the first quarter of 2026, we received the first deferred rebate billings processed under the payer’s updated billing methodology. The rebate claims reflected in these billings were at the low end of our estimated range of possible outcomes. Based on this information, we reduced accrued rebates to this contract by $4.2 million during the first quarter of 2026. This increase was partially offset by a 1.7% decline in HA volume.
Current wording
Net sales increased $11.6 million, or 4.9%, compared to the prior year period. Net sales from Pain Treatments increased by $11.7 million, reflecting a 5.1% volume growth led by Durolane. Price increased 4.9% compared to the prior year, largely driven by the $4.2 million rebate change in estimate recorded in the first quarter of 2026 that resulted from the impact of third-party billing process changes. As previously disclosed, during the third quarter of 2025, a large private insurance payer informed us that it had implemented changes to its claims data management and billing systems, which the Company estimated could result in significantly higher rebate claims for our HA viscosupplement products than previously estimated or experienced. During the first quarter of 2026, we received the first deferred rebate billings processed under the payer’s updated billing methodology which were favorable compared to our prior estimates. The remainder of the price growth was driven primarily by favorable customer mix relative to the prior year period.
Previous wording
Gross profit increased $1.2 million, or 16.0% compared to the prior year period, primarily due to revenue growth in all businesses. Gross margin decreased slightly by 0.6% due to one-time costs for servicing and repairs.
Current wording
Gross profit increased $1.4 million, or 7.1%, compared to the prior year period, primarily driven by revenue growth in all businesses. Gross margin increased by 0.3% due to lower amortization expense recognized in cost of sales and royalty income, partially offset with one-time costs for servicing and repairs.
Previous wording
Selling, general and administrative expenses increased by $4.8 million, or 6.6%, compared to the prior year period, primarily due to: (i) a $3.1 million increase in compensation-related costs driven by higher wages, bonuses and commissions; and (ii) a $0.8 million increase in stock-based compensation. The remainder of the increase was attributable to various miscellaneous items.
Current wording
Selling, general and administrative expenses increased $8.5 million, or 5.5%, compared to the prior year period, primarily due to: (i) a $2.7 million increase in commission and selling expenses; (ii) a $2.1 million increase in stock-based compensation expense; (iii) a $2.0 million increase in compensation-related costs driven by higher wages including bonuses; and (iv) a $1.7 million increase in professional service costs, including legal-related expenses.
Previous wording
Research and development expense decreased by $0.5 million, or 18.1%, compared to the prior year period, primarily due to a reduction in consulting expenses resulting from the completion of certain projects.
Current wording
Research and development expense decreased $0.5 million, or 8.8%, compared to the prior year period, primarily due to lower consulting expenses following the completion of certain projects, partially offset with an increase in compensation-related costs.
Previous wording
Restructuring costs incurred during the first quarter of 2026 primarily related to severance costs associated with a restructuring plan initiated in 2025 that focused on the elimination of several positions to optimize our organizational structure.
Current wording
Restructuring costs incurred during 2026 primarily related to severance costs associated with a restructuring plan initiated in 2025 that focused on the elimination of several positions to optimize our organizational structure. During the three months ended June 27, 2026, we recorded a net restructuring benefit of $0.4 million related to a canceled severance contract associated with the 2025 Restructuring Plan.
Previous wording
Depreciation and amortization decreased during the three months ended March 28, 2026 compared to the prior year period, primarily due to certain information technology assets being fully depreciated in 2025.
Current wording
Depreciation and amortization decreased during the three and six months ended June 27, 2026 compared to the prior year period, primarily due to certain information technology assets being fully depreciated in 2025.
Previous wording
The loss on disposals during the three months ended March 29, 2025 related to the sale of the Advanced Rehabilitation Business.
Current wording
The loss on disposals during the three and six months ended June 28, 2025 related to the sale of the Advanced Rehabilitation Business.
Previous wording
Interest expense, net decreased by $3.2 million during the three months ended March 28, 2026 compared to the prior year period, primarily due to lower debt outstanding and reduced interest rates and applicable margins following the completion of our debt refinancing in the third quarter of 2025. Other income, net during the three months ended March 28, 2026 was driven by foreign currency gains, compared to foreign currency losses in the prior year period.
Current wording
Interest expense, net decreased $3.4 million, during the three months ended June 27, 2026 compared to the prior period primarily due to lower debt outstanding and reduced interest rates and applicable margins following the completion of our debt refinancing in the third quarter of 2025. Other (income) expense, net during the three months ended June 27, 2026 was driven by foreign currency gains, compared to foreign currency losses in the prior year period.
Previous wording
Our effective tax rate was 12.6% for the three months ended March 28, 2026, primarily reflecting income earned in foreign jurisdictions. The effective tax rate of 2.8% for the three months ended March 29, 2025 was driven by the divestiture of the Advanced Rehabilitation Business and foreign income, partially offset by the release of certain reserves for uncertain tax positions.
Current wording
Our effective tax rate was 136.5% and 102.5% for the three and six months ended June 27, 2026, respectively, compared with 10.1% and 13.7% for the three and six months ended June 28, 2025, respectively. The significant increase in the effective tax rate for both periods was primarily driven by the $24.6 million income tax benefit recognized from the release of the valuation allowance related to certain deferred tax assets following our determination that those assets are more likely than not to be realized. The prior year effective tax rates reflected income earned in foreign jurisdictions, partially offset, in the case of the six months ended June 28, 2025, by the release of certain reserves for uncertain tax positions.
Previous wording
Subsequent to the IPO and related transactions, we became the sole managing member of BV LLC, holding ownership interests of 81.1% and 81.0% as of March 28, 2026 and December 31, 2025, respectively. We consolidate BV LLC’s financial statements as we have both a majority economic interest and sole voting control over BV LLC. The portion of BV LLC not owned by us—18.9% as of March 28, 2026—is reflected as a noncontrolling interest, representing the share of BV LLC owned by the Continuing LLC Owner. Period-over-period changes in noncontrolling interest reflect the allocation of net income or loss attributable to the Continuing LLC Owner.
Current wording
Subsequent to the IPO and related transactions, we became the sole managing member of BV LLC, holding ownership interests of 81.2% and 81.0% as of June 27, 2026 and December 31, 2025, respectively. We consolidate BV LLC’s financial statements as we have both a majority economic interest and sole voting control over BV LLC. The portion of BV LLC not owned by us—18.8% as of June 27, 2026—is reflected as a noncontrolling interest, representing the share of BV LLC owned by the Continuing LLC Owner. Period-over-period changes in noncontrolling interest reflect the allocation of net income or loss attributable to the Continuing LLC Owner.
Previous wording
Adjusted EBITDA increased $4.1 million, or 24.0%, compared to the prior year period, primarily due to higher gross profit driven by increased sales, favorable rebates, and favorable foreign currency movements. These improvements were partially offset by higher compensation-related costs.
Current wording
Adjusted EBITDA increased $6.1 million, or 13.4%, compared to the prior year period, primarily due to higher gross profit driven by increased sales, favorable rebates, and favorable foreign currency movements. These improvements were partially offset by higher commission and selling expenses, compensation-related expenses, and professional fees.
Previous wording
Adjusted EBITDA increased $0.6 million, or 28.6%, compared to the prior year period, primarily due to higher gross profit driven by increased sales, partially offset with higher compensation-related costs.
Current wording
Adjusted EBITDA increased $0.1 million, or 1.5%, compared to the prior year period, primarily due to higher gross profit driven by increased sales, mostly offset with higher segment adjusted general and administrative expenses.
Previous wording
On August 1, 2025, we entered into two interest rate swaps to mitigate the interest rate risk associated with our floating-rate SOFR-based borrowings under the 2025 Credit Agreement. Under the terms of swaps, we pay a fixed interest rate in exchange for SOFR-based variable interest throughout the life of the instruments. The interest rate swaps have a weighted average fixed interest rate of 3.60% and an aggregate notional value of $150.0 million, or 50.0% of the 2025 Term Loan.
Current wording
On August 1, 2025, we entered into two interest rate swaps to mitigate the interest rate risk associated with our floating-rate SOFR-based borrowings under the 2025 Credit Agreement. Under the terms of the swaps, we pay a fixed interest rate in exchange for SOFR-based variable interest throughout the life of the instruments. The interest rate swaps have a weighted average fixed interest rate of 3.60% and an aggregate notional value of $150.0 million, or 50.0% of the 2025 Term Loan.
Previous wording
On March 31, 2026, we made our $3.8 million scheduled principal payment on the 2025 Term Loan. In addition, on March 27, 2026 and April 30, 2026, we elected to make discretionary prepayments of $22.0 million and $10.0 million, respectively, on the 2025 Term Loan. These prepayments were made to reduce future interest expense, and we believe the prepayments align with our capital optimization strategy and liquidity objectives. As of March 28, 2026, we had $98.4 million available on the 2025 Revolver, net of $1.6 million in outstanding LOCs. This availability, combined with our existing cash balances and expected cash flows from operations, provides us with sufficient liquidity to meet our near-term obligations and supports ongoing operations for the next twelve months.
Current wording
On each of March 31, 2026 and June 30, 2026, we made our scheduled principal payments of $3.8 million on the 2025 Term Loan. In addition, during the first and second quarters of 2026, we made discretionary prepayments of $22.0 million and $20.0 million, respectively, on the 2025 Term Loan. These prepayments were made to reduce future interest expense, and we believe the prepayments align with our capital optimization strategy and liquidity objectives.
Previous wording
We anticipate that, to the extent additional capital is required, we will seek funding through a combination of equity financings, the incurrence of additional indebtedness, or other strategic sources of capital. Our ability to access these sources will depend on market conditions, our financial performance, and other factors.
Current wording
To the extent additional capital is required, we anticipate that we will seek funding through a combination of equity financings, the incurrence of additional indebtedness, or other strategic sources of capital. Our ability to access these sources will depend on market conditions, our financial performance, and other factors.
Previous wording
The following table summarizes material changes to our estimated future cash requirements associated with debt and related obligations:
Current wording
The following table summarizes material changes to our estimated future cash requirements associated with debt and related obligations as of June 27, 2026:
Previous wording
On March 27, 2026, we made a discretionary prepayment of $22.0 million on the 2025 Term Loan. As of March 28, 2026, we had an outstanding balance of $272.1 million under the 2025 Term Loan, net of original issue discount and deferred financing costs.
Current wording
During the six months ended June 27, 2026, we made total principal payments of $45.8 million on the 2025 Term Loan, consisting of a scheduled quarterly payment of $3.8 million and two discretionary payments totaling $42.0 million. As of June 27, 2026, we had an outstanding balance of $248.5 million under the 2025 Term Loan, net of original issue discount and deferred financing costs.
Previous wording
Refer to Item 1. Financial Information—Notes Unaudited Consolidated Condensed Financial Statements—Note 4. Financial Instruments for further details on the Company’s indebtedness.
Current wording
Refer to Item 1. Financial Information—Notes to the Unaudited Consolidated Condensed Financial Statements—Note 4. Financial Instruments for further details on the Company’s indebtedness.
Previous wording
Cash and cash equivalents as of March 28, 2026 totaled $35.8 million, compared to $51.2 million as of December 31, 2025. The change in cash was primarily due to the following:
Current wording
Cash and cash equivalents as of June 27, 2026 totaled $29.5 million, compared to $51.2 million as of December 31, 2025. The change in cash was primarily due to the following:
Previous wording
Net cash inflows from operating activities increased by $28.3 million compared to the prior year period, primarily due to higher cash collections on net sales, lower interest payments resulting from reduced debt levels and favorable interest rates, favorable timing of payments, and a decrease in bonus payments, partially offset by higher compensation‑related costs.
Current wording
Net cash inflows from operating activities increased by $22.2 million compared to the prior year period, primarily reflecting lower interest payments due to reduced debt levels and favorable interest rates, as well as decreases in inventory purchases and bonus payments, partially offset with higher compensation-related costs.
Previous wording
Net cash outflows from investing activities decreased by $0.3 million compared to the prior year period, due to lower capital expenditures. Capital expenditures in both periods primarily related to information technology investments.
Current wording
Net cash outflows from investing activities increased by $0.8 million compared to the prior year period, primarily as a result of purchases of investments, partially offset by lower capital expenditures. Capital expenditures in both periods primarily consisted of information technology-related investments.
Previous wording
Net cash outflows from financing activities totaled $23.1 million for the three months ended March 28, 2026, primarily due to a $22.0 million discretionary prepayment of long‑term debt. Net cash inflows from financing activities totaled $0.9 million for the three months ended March 29, 2025, driven by $10.0 million of net borrowings under our previous revolving credit facility, largely offset by a $9.0 million payment of contingent consideration related to a prior acquisition.
Current wording
Net cash outflows from financing activities was $46.6 million for the six months ended June 27, 2026, primarily reflecting $42.0 million of discretionary prepayments of long-term debt. Net cash outflows from financing activities was $13.7 million for the six months ended June 28, 2025, primarily reflecting a $19.8 million payment of contingent consideration related to a prior acquisition, partially offset by $5.0 million of net borrowings under our former revolving credit facility.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Interest expense, net decreased $6.6 million during the six months ended June 27, 2026 compared to the prior year period, primarily due to lower debt outstanding and reduced interest rates and applicable margins following the completion of our debt refinancing in the third quarter of 2025. Other (income) expense, net during the six months ended June 27, 2026 was driven by foreign currency gains, compared to foreign currency losses in the prior year period.
Current report — wording carried from elsewhere
As of June 27, 2026, we had $98.4 million of available borrowing capacity under the 2025 Revolver, net of $1.6 million in outstanding LOCs. This availability, combined with our existing cash balances and expected cash flows from operations, provides us with sufficient liquidity to meet our near-term obligations and supports our ongoing operations for the next twelve months.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(f)Other items during the three months ended March 28, 2026 primarily consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance.