Bioventus
BVS on Nasdaq. Surgical & medical instruments & apparatus. Market value $264m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.99 of spare cash last year. A savings account pays about $4.
You pay 19.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 48 of 100. Price score: 86 of 100. Our list needs 70 on quality and 60 on price.
$13.10 a share, 106% above its 1-year low
Over the past year the price has ranged from $6.37 to $15.89.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $431m | $512m | $512m | $573m | $568m |
| Operating margin | |||||
| Operating margin | 2.8% | -32.7% | -16.0% | -2.7% | 9.5% |
| Debt to equity | |||||
| Debt to equity | 0.78 | 1.29 | 2.34 | 2.34 | 1.65 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.06bn | 0.06bn | 0.06bn | 0.07bn |
Health checks
- Free cash flow positive3 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.65× equity
- Revenue growth, five yearsSlow, 7.2% a year
- Buying back its own sharesNo, 52% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $153 million last quarter, up 4% on a year ago.
- Profit: $33 million, up 348% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, up from 6 cents a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $228 million more than cash, down from $318 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $139m |
| December 2024 | $154m |
| March 2025 | $124m |
| June 2025 | $148m |
| September 2025 | $139m |
| December 2025 | $158m |
| March 2026 | $132m |
| June 2026 | $153m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$388,000 |
| March 2025 | -$3m |
| June 2025 | $7m |
| September 2025 | $3m |
| December 2025 | $15m |
| March 2026 | $3m |
| June 2026 | $33m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 157 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $194,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $17m | 0.1% | Added |
| Engine CapitalArnaud Ajdler | $9m | 0.8% | Added |
| LSV Asset ManagementJosef Lakonishok | $194,000 | <0.1% |
Largest holders overall
- Essex Woodlands Management$123m
- Nantahala Capital Management$113mAdded
- Juniper Investment Company$66m
- BlackRock$32mAdded
- Royce & Associates$17mAdded
- Vanguard Capital Management$17mAdded
- Geode Capital Management$13mAdded
- American Century Companies$13mAdded
- Dimensional Fund Advisors LP$11mAdded
- State Street$10mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Nantahala Capital Management, LLCPassive investorat least 9.0%+1.1 pts(filed with 2 related holders)Since 31 December 2025
- BlackRock, Inc.Passive investor5.0%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Nantahala Capital Management, LLC Passive investor | at least 9.0%+1.1 pts (filed with 2 related holders) | 31 December 2025 | |
BlackRock, Inc. Passive investor | 5.0% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $312,521.
- McMurry-Heath MichelleDirectorSold
- Date
- 11 March 2026
- Shares
- 12,000
- Price
- $8.79
- Value
- $105,480
- NOHRA GUY PDirectorSold
- Date
- 4 December 2025
- Shares
- 10,000
- Price
- $7.57
- Value
- $75,700
- McMurry-Heath MichelleDirectorSold
- Date
- 7 November 2025
- Shares
- 17,701
- Price
- $7.42
- Value
- $131,341
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 March 2026 | McMurry-Heath Michelle Director | Sold | 12,000 | $8.79 | $105,480 |
| 4 December 2025 | NOHRA GUY P Director | Sold | 10,000 | $7.57 | $75,700 |
| 7 November 2025 | McMurry-Heath Michelle Director | Sold | 17,701 | $7.42 | $131,341 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.