F

Bioventus Inc. — Earnings Quality Grade F

BVS · Healthcare

Major red flags

Revenue
$568M
2025
Net Income
$23M
2025
Gross Margin
68.3%
Free Cash Flow
$72M
01

Screening Summary

12
Passed
3
Watch
2
Failed
-2.8
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 82 days, change +1 days YoY

A2AR vs Revenue Growth

AR growth 0.7% vs revenue growth -0.9%

A3Revenue vs CFFO

Revenue -0.9%, CFFO 92.5%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory -11.1% vs COGS -2.8%. Normal

!
B2CapEx vs Revenue

CapEx growth 154.7% is >2x revenue growth -0.9%

!
B3SG&A Ratio

SG&A/Gross Profit = 80.9%, exceeds 70%

B4Gross Margin

Gross margin 68.3%, change +0.6pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 3.28. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 3.17

C3Accruals Ratio

Accruals ratio = -7.6%. Low accruals

C4Cash vs Debt

Cash $0.1B covers only 17% of debt $0.3B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.4B = 204% of equity. Over 50%

D2Leverage

Debt/EBITDA = 3.0x. Healthy

!
D3Soft Asset Growth

Other assets grew 21.2% vs revenue -0.9%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change -9% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.80 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.8
-4.0 Clean-2.22 Grey-1.78 Danger0
1.016
DSRI
AR growing faster than revenue?
0.991
GMI
Gross margin declining?
0.976
AQI
Asset quality deteriorating?
0.991
SGI
Revenue growth rate
0.939
DEPI
Depreciation slowing?
0.922
SGAI
SG&A ratio changing?
-0.076
TATA
Accruals level
0.902
LVGI
Leverage increasing?
05

Altman Z-Score

0.42
Distress Zone
0 Distress1.102.605.0+ Safe
0.1645
Liquidity
-0.49
Cumulative profit
0.0764
Operating efficiency
0.4045
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25