Bioventus Inc.
BVS Healthcare Medical Devices
Bioventus Inc.’s revenue for fiscal 2025 (year ended December 2025) was $568.1 million, down 0.91% from fiscal 2024. In the quarter to June 2026, revenue grew 3.76%, EPS grew 345.5%, free cash flow fell 25.1% and total debt fell 27.2%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Bioventus Inc. (BVS) Altman Z-score
Bioventus Inc.'s Altman Z-score for fiscal 2025 is 1.26, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.26 | 0.37 |
| FY2024 | 0.89 | 0.67 |
| FY2023 | 0.22 | 0.34 |
| FY2022 | −0.12 | (1.15) |
| FY2021 | 1.03 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.20 | |
| Retained earnings / total assets | (0.49) | — | −0.69 | |
| EBIT / total assets | 0.08 | — | 0.26 | |
| Market value of equity / total liabilities | 1.09 | — | 0.65 | |
| Sales / total assets | 0.83 | — | 0.83 | |
| Altman Z-score | Distress zone | 1.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.54 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IRMD iRadimed Corporation compare | 55.6× |
| CBLL CeriBell, Inc. compare | 10.8× |
| PRCT PROCEPT BioRobotics Corporation compare | 6.4× |
| AORT Artivion, Inc. compare | 3.7× |
| BVS Bioventus Inc. | 1.3× |
| LMRI Lumexa Imaging Holdings, Inc. compare | 1.0× |
| IART Integra LifeSciences Holdings Corporation compare | 0.6× |
| TNDM Tandem Diabetes Care, Inc. compare | 0.2× |
| ENOV Enovis Corporation compare | −0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets