Bioventus Inc. (BVS) vs CONMED Corporation (CNMD)

Bioventus Inc. and CONMED Corporation are both Medical Devices companies. CONMED Corporation is the larger, with a market value of $1.4B against $1.1B — 1.2× the size. Bioventus Inc. trades at the lower P/E: 17.0× against 24.5×. CONMED Corporation grew revenue faster over the last twelve months: 3.42% against 3.14%. Bioventus Inc. has the higher net margin (9.36% vs 4.12%) and the higher return on invested capital (7.34% vs 3.75%). Across the 22 metrics below, Bioventus Inc. leads on 16 and CONMED Corporation on 6.

Valuation

Metric BVS CNMD Medical Devices median
P/E 17.05 24.53 22.18
P/S 1.61 0.99 2.70
P/B 3.38 1.31 2.46
Price to free cash flow 9.94 10.15 22.53
EV/EBITDA 11.17 11.33 11.78
EV/Sales 1.99 1.58 2.38
Earnings yield 5.87% 4.08% (8.22%)
Free cash flow yield 10.06% 9.85% (7.80%)

Profitability

Metric BVS CNMD Medical Devices median
Gross margin 68.65% 55.79% 56.01%
Operating margin 10.02% 8.04% (15.03%)
Net margin 9.36% 4.12% (20.40%)
Free cash flow margin 16.20% 9.80% (7.24%)
Return on equity 22.75% 5.53% (15.32%)
Return on assets 7.89% 2.44% (19.72%)
Return on invested capital 7.34% 3.75% (10.33%)

Growth

Metric BVS CNMD Medical Devices median
Revenue growth (TTM) 3.14% 3.42% 8.80%
EPS growth (last fiscal year) 163.46% (64.47%) —
Revenue growth, 5-year CAGR 12.08% 9.77% 15.23%
Net income growth, 5-year CAGR 6.73% 37.66% 0.00%

Health

Metric BVS CNMD Medical Devices median
Debt to equity 0.90 0.80 0.07
Current ratio 1.69 1.48 2.50
Net debt to EBITDA 2.40 4.35 0.49

Dividend

Metric BVS CNMD Medical Devices median
Dividend yield — 0.95% 0.94%
Payout ratio 0.00 0.27 0.00

Size

Metric BVS CNMD Medical Devices median
Market cap 1.13b 1.35b 172.91m

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