Bioventus Inc.

Good day and welcome to the BioVentus first quarter 2026 earnings conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to hand the call over to Dave Crawford, Vice President of Investor Relations. Please go ahead.

Thanks, Andrea, and good morning, everyone, and thanks for joining us. It is my pleasure to welcome you to the BioVentus 2026 First Quarter Earnings Conference Call. With me this morning are Rob Blake, Gold President and CEO, Mark Singleton, Senior Vice President and CFO. probably provide an update on our 2026 priorities and first quarter highlights. Then Mark will review the first quarter results and discuss our 2026 financial guidance. We will finish the call with Q&A. The presentation for today's call is available on the investor section of our website, bioventus.com. But before we begin, I would like to remind everyone that our remarks today contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated including the risk and uncertainties described in the company's filings with the SEC, including item 1A risk factors of the company's Form 10-K for the year ended December 31st, 2025. As such, factors may be updated from time to time in the company's other filings made with the SEC. Your caution not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although the company may voluntarily do so from time to time, It undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. This call will also include reference to certain financial measures that are not calculated in accordance with U.S. generally exempted accounting principles or GAAP. We generally refer to these as non-GAAP or adjusted financial measures. Report disclosures about and definitions and reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the investor section of our website at BioVentus.com. And now I will turn the call over to Rob.

Thank you, Dave. Good morning, everyone, and thanks for joining our call today. BioVentus is off to a strong start to the year across our business as we successfully executed our plan, accelerated investment and our growth drivers, and delivered another quarter of solid financial results. We continue to strengthen our commercial, operational, and financial fundamentals across our company while we help patients recover so they can live life to the fullest. For my remarks this morning, I would like to provide an update on our performance regarding the three priorities we outlined at the start of the year and highlight our first quarter performance. As a reminder, our three priorities for the year are One, accelerate our long-term revenue growth with increased investment into our business. Two, continue to increase earnings even as we significantly increase our investment into the business. And three, continue to strengthen our robust cash flow and enhance our capital allocation optionality. We're off to a good start and are progressing well across all three of these priorities. As a result, we are raising our full year guidance for adjusted EPS and cash from operations. Mark will provide more detail on that in a moment. Now let me expand on each priority starting with revenue growth and acceleration of investments into our business. First quarter revenue growth of 7% was slightly ahead of our expectations as we delivered strong revenue performance across our core portfolio. These results were achieved through a combination of factors including strong focus on growth with disciplined resource allocation, increasing awareness of the differentiated clinical and economic value we bring to our customers, and effective commercial execution across geographies and channels. Regarding our investment into the business, our continued ability to deliver above-market growth from our core portfolio is generating significant operating profit for us to invest into our future growth drivers of P&S, PRP, ultrasonics, and our international segment to accelerate long-term growth. During the quarter, we increased investment across these four growth drivers, which included expansion of our commercial teams, stronger marketing to help raise awareness of our differentiated solutions, and additional physician training programs. We also gained important data-driven insights across our growth drivers that will shape and accelerate our investments throughout the rest of the year. To provide you with some further context, let me share a few examples of the increased investments we are making in P&S, as it will account for more than half of our planned investments this year. As a reminder, we possess a significant opportunity with our world-class P&S technology and our rapidly expanding market. To capitalize on the opportunity, We've started to expand the sales organization and add clinical resources to assist in pre-, intra-, and post-operative patient and physician support. In addition, we're investing to support these teams with surgeon training and increased marketing to raise awareness. We also made the strategic decision to hire a dedicated general manager. I'm excited to have Megan Rosengarten join BioVentus as our general manager for P&S. Megan brings a proven track record of launching and scaling new medical device businesses around novel technologies and has held senior leadership roles across multiple leading med tech companies. Bringing Megan on board at this early stage reflects our belief in the significant potential of our P&S business and our intention to scale the business aggressively. Turning to our second priority, increasing our earnings even as we invest in our future growth drivers. In the first quarter, we increased adjusted EBITDA by 24% and improved our adjusted EBITDA margin by well over 200 basis points. The increase in adjusted EBITDA, combined with our significant interest expense savings, enabled us to generate adjusted EPS of 15 cents, nearly double compared to the first quarter last year. This is a testament to our earnings power, which is generated from our durable above-market growth and our stable peer-leading gross margin. Our strong start to the year with our operating margin exceeding expectations provides us with greater flexibility to invest aggressively in opportunities we identify while delivering on our full-year financial goal of increasing earnings. As we ramp up investment throughout the year, we may see some margin fluctuation from quarter to quarter, but our strong business model gives us the agility to invest significantly while holding our adjusted EBITDA margin around 20% for 2026. And with respect to our third priority, accelerating cash flow, we had a great start to the year following our very strong performance last year. Cash from operations increased $28 million compared to the first quarter last year. and marked our largest cash flow from operations in the first quarter since becoming a public company. Our strong cash flow gives us substantial capital deployment optionality. And as mentioned previously, at this time, we plan to continue to prioritize strengthening our balance sheet by using our free cash flow to further reduce debt. In conclusion, thanks to the solid execution of our team, We are off to a strong start, and we remain focused on building our momentum in the quarters ahead. We believe we have a powerful and differentiated combination of value drivers that sets BioVentus apart, and we are confident in our portfolio, our strategy, and our investment approach as we continue our pursuit to become a $1 billion leading medtech company that delivers significant value for all of our stakeholders. Now I'll turn the call over to Mark.