Bioventus Inc. (NASDAQ:) CFO Mark Leonard has sold a portion of his company stock, according to a recent filing with the Securities and Exchange Commission. The transaction involved the sale of 13,753 shares of Class A Common Stock at an average price of $5.84 per share, totaling approximately $80,317.
The sale took place on June 17, 2024, and was executed as part of a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. The plan was adopted on March 15, 2024. The shares were sold at prices ranging from $5.525 to $6.35, as reported by the broker handling the sale. The filing noted that these shares were sold to cover taxes upon the vesting of restricted stock units.
Following the transaction, Singleton Mark Leonard still owns 63,114 shares of Bioventus Inc. The company, known for its medical instruments and apparatus, has its headquarters in Durham, North Carolina, and is incorporated in Delaware.
This recent sale by the CFO of Bioventus provides investors with insight into the trading activities of the company’s executives. Leonard’s sale represents a significant transaction, and the details of such filings are often closely monitored by investors seeking to understand insider behavior and confidence in the company’s stock.
In other recent news, Bioventus Inc. has reported robust Q1 2024 results, with a 15% organic revenue growth following a strategic divestiture. Revenues for the quarter reached $129 million, marking a 9% year-over-year increase, and adjusted EBITDA rose by 33% to $23 million. In light of these developments, Bioventus has raised its full-year 2024 financial outlook, anticipating net sales between $535 million and $550 million, and adjusted earnings per share ranging from $0.25 to $0.33.
In addition to the strong financial performance, Bioventus announced significant changes to its corporate governance structure. The company’s stockholders approved an amendment to declassify the company’s board of directors, transitioning from a staggered board to annual elections for all directors. This amendment also allows for directors to be removed with or without cause by a majority vote of the company’s shareholders.
These changes, approved by the board and shareholders, are expected to take effect by the 2026 annual meeting. The company’s board also approved an amendment and restatement of the bylaws to align with the declassification amendment. These recent developments reflect Bioventus’ move towards greater accountability and responsiveness to shareholders.
InvestingPro Insights
Amidst the news of Bioventus Inc. (NASDAQ:BVS) CFO Mark Leonard’s recent stock sale, investors are keen to understand the broader financial context of the company. According to InvestingPro data, Bioventus has a market capitalization of $450.22 million, reflecting its standing in the medical instruments sector. Despite the insider selling, the company’s stock performance has shown remarkable resilience with a 97.88% return over the last year, indicating a strong upward trend in its share price.
However, the company’s current P/E ratio stands at -16.54, suggesting that Bioventus is not profitable as of the last twelve months ending Q1 2024. This aligns with an InvestingPro Tip highlighting that the company has not been profitable over the last twelve months, which may be a concern for some investors. On the flip side, analysts contributing to InvestingPro predict the company will turn profitable this year, which could offer a positive outlook for potential investors.
Another InvestingPro Tip to consider is that Bioventus has taken a significant hit in the stock market over the past week, with a -12.23% return. This could be an opportune moment for investors to look at the stock, especially if they believe in the company’s fundamentals and long-term strategy.
For those interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/BVS. To access these tips and more detailed metrics, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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