Bioventus Inc. (BVS) vs QuidelOrtho Corporation (QDEL)

Bioventus Inc. and QuidelOrtho Corporation are both Medical Devices companies. Bioventus Inc. and QuidelOrtho Corporation are of similar size ($899.9M and $880.5M). QuidelOrtho Corporation has negative trailing earnings, so its P/E is not meaningful; Bioventus Inc. trades at 12.3×. Bioventus Inc. grew revenue faster over the last twelve months: 3.87% against −4.47%. Bioventus Inc. has the higher net margin (9.78% vs −14.2%) and the higher return on invested capital (7.22% vs −1.75%). Across the 20 metrics below, Bioventus Inc. leads on 17 and QuidelOrtho Corporation on 3.

Valuation

Metric BVS QDEL Medical Devices median
P/E 12.32 n/m 25.58
P/S 1.24 0.34 2.54
P/B 2.48 0.50 2.48
Price to free cash flow 8.53 n/m 28.81
EV/EBITDA 9.16 10.86 11.51
EV/Sales 1.58 1.41 2.72
Earnings yield 8.12% (42.13%) (12.82%)
Free cash flow yield 11.73% (13.40%) (8.18%)

Profitability

Metric BVS QDEL Medical Devices median
Gross margin 68.70% 44.22% 57.76%
Operating margin 9.69% (4.91%) (15.07%)
Net margin 9.78% (14.24%) (14.45%)
Free cash flow margin 14.51% (4.55%) (3.88%)
Return on equity 22.96% (19.29%) (10.35%)
Return on assets 8.33% (6.45%) (17.26%)
Return on invested capital 7.22% (1.75%) (5.27%)

Growth

Metric BVS QDEL Medical Devices median
Revenue growth (TTM) 3.87% (4.47%) 10.41%
EPS growth (last fiscal year) 158.93% 44.66% 28.17%
Revenue growth, 5-year CAGR 12.08% 10.44% 15.74%
Net income growth, 5-year CAGR 6.73% 0.00% 0.00%

Health

Metric BVS QDEL Medical Devices median
Debt to equity 0.79 1.64 0.04
Current ratio 1.68 1.36 2.74
Net debt to EBITDA 2.40 11.10 0.54

Dividend

Metric BVS QDEL Medical Devices median
Dividend yield — — 1.02%
Payout ratio — — 0.37

Size

Metric BVS QDEL Medical Devices median
Market cap 899.91m 880.51m 239.53m

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