Tag: GlobeNewswire

ATHENS, Greece, Nov. 02, 2026 (GLOBE NEWSWIRE) — TEN Ltd. (NYSE: TEN) (“TEN” or the “Company”), a leading diversified tanker and LNG operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the “Series E Preferred Shares”; NYSE; TENPRE).

The dividend on the Series E Preferred Shares is for the period from the most recent dividend payment date of August 28, 2026 through November 27, 2026. 

The dividend on the Series E Preferred Shares will be paid on November 30, 2026 to all holders of record of Series E Preferred Shares as of November 24, 2026.  Dividends on the Series E Preferred Shares are payable quarterly in arrears on the 28^th day (unless the 28^th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by TEN’s board of directors.  This is the 39^th dividend on the Series E Preferred Shares since their commencement of trading on the New York Stock Exchange.

TEN has 4,745,947 Series E Preferred Shares outstanding as of the date of this press release.

ABOUT TSAKOS ENERGY NAVIGATION
Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified pro-forma energy fleet currently consists of 80 vessels, totaling approx. 10.4 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact :

Company
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com

MINNEAPOLIS, Nov. 02, 2026 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Summary and Recent Business Highlights:

• Total revenue increased 7% year-over-year to $91.9 million; revenue from our lymphedema product line increased 13% year-over-year to $81.8 million
• Gross margin expanded to 77% from 76% in Q3 2025
• Net income decreased to $7.2 million from $8.2 million in Q3 2025
• Adjusted EBITDA was $14.3 million, compared to $14.4 million in Q3 2025
• Received FDA 510(k) clearance expanding the LymphaTech 3D Scanner’s indication to aid in the assessment of lymphedema
• Submitted a 510(k) application to the FDA for Flexitouch® Pro, featuring enhancements to the Company’s advanced pneumatic compression system
• Appointed Steve Kiewiet as Chief Operating Officer, with responsibility for order operations and patient services
• Repurchased $6.2 million of stock under the Company’s share repurchase program

“Our results underscore the strength and durability of our core lymphedema business, which delivered its fifth consecutive quarter of double-digit year-over-year revenue growth, while gross margin expanded for the 12^th consecutive quarter,” said Sheri Dodd, Chief Executive Officer of Tactile Medical. “As a market leader in both the basic and advanced pneumatic compression categories, we see substantial opportunity ahead in a market that remains significantly underpenetrated.”

Ms. Dodd continued, “We are positioned to capture that opportunity through three connected strategic priorities: expanding access to care, creating value across the patient journey, and broadening treatment options. Together, we believe these priorities provide a clear path toward sustaining above-market lymphedema growth, driving operating leverage, and delivering shareholder value over the long term.”

Third Quarter 2026 Financial Results

Total revenue in the third quarter of 2026 increased $6.1 million, or 7%, to $91.9 million, compared to $85.8 million in the third quarter of 2025. The increase in total revenue was attributable to an increase of $9.5 million, or 13%, in sales and rentals of the lymphedema product line, partially offset by a decrease of $3.4 million, or 25%, in sales of the airway clearance product line, primarily due to the DME inventory transition associated with the launch of the Company’s next-generation AffloVest® system in the second quarter.

Gross profit in the third quarter of 2026 increased $5.5 million, or 8%, to $70.5 million, compared to $65.0 million in the third quarter of 2025. Gross margin was 77% of revenue, compared to 76% of revenue in the third quarter of 2025. Gross margin improvement reflected lower manufacturing costs and favorable product mix.

Operating expenses in the third quarter of 2026 increased $6.9 million, or 13%, to $60.9 million, compared to $54.0 million in the third quarter of 2025. The increase primarily reflected continued investments to support long-term growth initiatives.

Operating income was $9.6 million in the third quarter of 2026, compared to $11.0 million in the third quarter of 2025.

Income tax expense was $3.0 million in the third quarter of 2026, compared to $3.2 million in the third quarter of 2025.

Net income in the third quarter of 2026 was $7.2 million, or $0.31 per diluted share, compared to $8.2 million, or $0.36 per diluted share, in the third quarter of 2025.

Weighted-average shares used to compute diluted net income per share were 23.0 million and 22.5 million for the third quarters of 2026 and 2025, respectively.

Adjusted EBITDA was $14.3 million in the third quarter of 2026, compared to $14.4 million in the third quarter of 2025, as gross margin expansion was offset by continued investments to support long-term growth initiatives.

First Nine Months 2026 Financial Results

Total revenue for the nine months ended September 30, 2026, increased $26.9 million, or 12%, to $252.8 million, compared to $225.9 million for the nine months ended September 30, 2025. The increase in total revenue was attributable to an increase of $28.8 million, or 15%, in sales and rentals of the lymphedema product line, partially offset by a decrease of $1.9 million, or 5%, in sales of the airway clearance product line for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

Net income for the nine months ended September 30, 2026, was $13.2 million, or $0.57 per diluted share, compared to $8.5 million, or $0.36 per diluted share, for the nine months ended September 30, 2025.

Weighted-average shares used to compute diluted net income per share were 23.1 million and 23.3 million for the nine months ended September 30, 2026 and 2025, respectively.

Adjusted EBITDA was $29.5 million in the nine months ended September 30, 2026, compared to $21.8 million in the nine months ended September 30, 2025.

Balance Sheet Summary

As of September 30, 2026, the Company had $75.1 million in cash and no outstanding borrowings under its credit agreement, compared to $83.4 million in cash and no outstanding borrowings under its credit agreement as of December 31, 2025. The Company repurchased $6.2 million of its stock during the third quarter under its share repurchase program. As of September 30, 2026, $12.5 million remained available under the Company’s $25.0 million share repurchase program, which expires November 3, 2027.

2026 Financial Outlook

The Company continues to expect full year 2026 total revenue in the range of $360 million to $366 million, representing growth of approximately 9% to 11% year-over-year, compared to total revenue of $329.5 million in 2025.

The Company now expects full year 2026 Adjusted EBITDA in the range of $50 million to $52 million, compared to Adjusted EBITDA of $44.8 million in 2025. The Company’s prior 2026 Adjusted EBITDA guidance expectation was $49 million to $51 million.

Conference Call

Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on November 2, 2026, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13762880. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13762880. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic respiratory conditions by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements, including guidance for the full year 2026. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; adverse economic conditions, including inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; price increases for supplies and components; wage and component price inflation; loss of a key supplier or other supply chain disruptions; entry of new competitors and/or competitive products; compliance with and changes in federal, state and local government laws and regulations; technological obsolescence of, or quality issues with, the Company’s products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Investors and security holders are urged to read these documents, which are available free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus litigation-related costs, plus executive transition costs, plus acquisition and integration costs, and plus change in fair value of contingent consideration. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect the Company’s cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this press release. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

Tactile Systems Technology, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
		September 30,				December 31,
(In thousands, except share and per share data)		2026				2025
Assets
Current assets
Cash		$	75,110			$	83,446
Accounts receivable, net			48,304				43,876
Net investment in leases			14,912				15,754
Inventories			15,596				14,025
Income taxes receivable			543				—
Prepaid expenses and other current assets			12,314				8,066
Total current assets			166,779				165,167
Non-current assets
Property and equipment, net			5,685				5,117
Right of use operating lease assets			15,282				13,798
Intangible assets, net			43,721				39,167
Goodwill			39,554				31,063
Deferred income taxes			8,695				9,783
Other non-current assets			11,578				9,847
Total non-current assets			124,515				108,775
Total assets		$	291,294			$	273,942
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	11,792			$	4,968
Accrued payroll and related taxes			17,470				19,378
Accrued expenses			7,881				8,531
Income taxes payable			—				1,428
Operating lease liabilities			3,245				3,195
Other current liabilities			7,111				3,457
Total current liabilities			47,499				40,957
Non-current liabilities
Accrued warranty reserve, non-current			1,092				1,045
Income taxes payable, non-current			370				275
Operating lease liabilities, non-current			13,821				12,763
Other non-current liabilities			1,260				—
Total non-current liabilities			16,543				14,083
Total liabilities			64,042				55,040
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025			—				—
Common stock, $0.001 par value, 300,000,000 shares authorized; 22,495,939 shares issued and outstanding as of September 30, 2026; 22,438,926 shares issued and outstanding as of December 31, 2025			22				22
Additional paid-in capital			159,108				163,940
Retained earnings			68,122				54,940
Total stockholders’ equity			227,252				218,902
Total liabilities and stockholders’ equity		$	291,294			$	273,942

Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands, except share and per share data)		2026				2025				2026				2025
Revenue
Sales revenue		$	82,329			$	76,890			$	225,784			$	199,890
Rental revenue			9,529				8,865				27,039				26,038
Total revenue			91,858				85,755				252,823				225,928
Cost of revenue
Cost of sales revenue			18,400				17,896				51,287				49,270
Cost of rental revenue			2,969				2,858				8,084				7,518
Total cost of revenue			21,369				20,754				59,371				56,788
Gross profit
Gross profit – sales revenue			63,929				58,994				174,497				150,620
Gross profit – rental revenue			6,560				6,007				18,955				18,520
Gross profit			70,489				65,001				193,452				169,140
Operating expenses
Sales and marketing			33,042				29,809				97,786				87,364
Research and development			2,506				2,191				7,783				5,950
Reimbursement, general and administrative			24,657				21,442				71,061				63,474
Intangible asset amortization and contingent consideration			693				596				1,939				1,848
Total operating expenses			60,898				54,038				178,569				158,636
Income from operations			9,591				10,963				14,883				10,504
Interest income			560				667				1,787				2,412
Interest expense			(20	)			(193	)			(67	)			(1,027	)
Other income			—				—				—				1
Income before income taxes			10,131				11,437				16,603				11,890
Income tax expense			2,971				3,228				3,421				3,438
Net income		$	7,160			$	8,209			$	13,182			$	8,452
Net income per common share
Basic		$	0.32			$	0.37			$	0.58			$	0.37
Diluted		$	0.31			$	0.36			$	0.57			$	0.36
Weighted-average common shares used to compute net income per common share
Basic			22,632,801				22,318,570				22,624,676				23,035,461
Diluted			23,045,862				22,513,140				23,136,378				23,304,900

Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
		Nine Months Ended September 30,
(In thousands)		2026				2025
Cash flows from operating activities
Net income		$	13,182			$	8,452
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			5,223				5,023
Deferred income taxes			50				1,566
Stock-based compensation expense			6,416				5,819
Loss on disposal of property and equipment and intangibles			73				68
Change in fair value of contingent consideration			61				—
Changes in assets and liabilities, net of acquisition:
Accounts receivable, net			(4,409	)			7,680
Net investment in leases			842				(303	)
Inventories			(1,571	)			2,582
Income taxes payable			(1,876	)			1,025
Prepaid expenses and other assets			(6,481	)			(5,971	)
Right of use operating lease assets			(376	)			(322	)
Accounts payable			6,773				2,117
Accrued payroll and related taxes			(1,908	)			(3,196	)
Accrued expenses and other liabilities			(1,106	)			975
Net cash provided by operating activities			14,893				25,515
Cash flows from investing activities
Payments related to acquisition, net of cash acquired			(6,226	)			—
Purchases of property and equipment			(2,655	)			(1,870	)
Intangible assets expenditures			(100	)			(88	)
Payment for exclusive distribution agreement			(3,000	)			—
Net cash used in investing activities			(11,981	)			(1,958	)
Cash flows from financing activities
Payments on note payable			—				(26,250	)
Proceeds from exercise of common stock options			248				10
Proceeds from the issuance of common stock from the employee stock purchase plan			1,032				843
Payments for repurchases of common stock			(12,528	)			(26,562	)
Net cash used in financing activities			(11,248	)			(51,959	)
Net decrease in cash			(8,336	)			(28,402	)
Cash – beginning of period			83,446				94,367
Cash – end of period		$	75,110			$	65,965
Supplemental cash flow disclosure
Cash paid for interest		$	59			$	836
Cash paid for taxes		$	5,238			$	899
Accrued excise tax on stock repurchases		$	—			$	210
Capital expenditures incurred but not yet paid		$	129			$	224
Fair value of contingent consideration included in purchase consideration		$	4,863			$	—

The following table summarizes revenue by product line for the three and nine months ended September 30, 2026 and 2025:

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(In thousands)		2026				2025				2026				2025
Revenue
Lymphedema products		$	81,838			$	72,381			$	217,689			$	188,905
Airway clearance products			10,020				13,374				35,134				37,023
Total		$	91,858			$	85,755			$	252,823			$	225,928
Percentage of total revenue
Lymphedema products			89	%			84	%			86	%			84	%
Airway clearance products			11	%			16	%			14	%			16	%
Total			100	%			100	%			100	%			100	%

The following table contains a reconciliation of net income to Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025, as well as the dollar and percentage change between the comparable periods:

Tactile Systems Technology, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Unaudited)
		Three Months Ended								Increase							Nine Months Ended								Increase
		September 30,								(Decrease)							September 30,								(Decrease)
(Dollars in thousands)		2026				2025				$				%			2026				2025				$				%
Net income		$	7,160			$	8,209			$	(1,049	)		(13	)%		$	13,182			$	8,452			$	4,730			56	%
Interest (income) expense, net			(540	)			(474	)			(66	)		14	%			(1,720	)			(1,385	)			(335	)		24	%
Income tax (benefit) expense			2,971				3,228				(257	)		(8	)%			3,421				3,438				(17	)		(0	)%
Depreciation and amortization			1,773				1,638				135			8	%			5,223				5,023				200			4	%
Stock-based compensation			2,376				1,814				562			31	%			6,416				5,819				597			10	%
Change in fair value of contingent consideration			61				—				61			—	%			61				—				61			—	%
Acquisition & integration costs			159				—				159			—	%			1,132				—				1,132			—	%
Litigation-related costs			—				—				—			—	%			1,000				—				1,000			—	%
Executive transition costs			388				—				388			—	%			748				491				257			52	%
Adjusted EBITDA		$	14,348			$	14,415			$	(67	)		(0	)%		$	29,463			$	21,838			$	7,625			35	%

The following table contains a reconciliation of net income to Adjusted EBITDA for the year ended December 31, 2025:

Tactile Systems Technology, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Unaudited)
		Year Ended
(Dollars in thousands)		December 31, 2025
Net income		$	19,086
Interest (income) expense, net			(2,059	)
Income tax expense			12,253
Depreciation and amortization			6,644
Stock-based compensation			8,357
Executive transition costs			491
Adjusted EBITDA		$	44,772

The following table contains a reconciliation of the GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ending December 31, 2026:

Tactile Systems Technology, Inc.
Reconciliation of FY 2026 GAAP Net Income to Adjusted EBITDA Guidance
(Unaudited)
		Year Ended
		December 31, 2026
(Dollars in thousands)		Low				High
Net income		$	23,580			$	25,000
Interest (income) expense, net			(2,370	)			(2,370	)
Income tax expense			9,170				9,750
Depreciation and amortization			7,250				7,250
Stock-based compensation			8,640				8,640
Acquisition & integration costs			1,300				1,300
Change in fair value of contingent consideration			100				100
Executive transition costs			1,330				1,330
Litigation-related costs			1,000				1,000
Adjusted EBITDA		$	50,000			$	52,000

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

VANCOUVER, Wash., Nov. 02, 2026 (GLOBE NEWSWIRE) — Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI), a leading provider of business management solutions and one of the largest professional employer organizations (PEO) in the U.S., announced the opening of its BBSI Pittsburgh branch in Canonsburg, Pennsylvania.

The Pittsburgh branch expands BBSI’s local presence in western Pennsylvania and provides small and mid-sized businesses in the Pittsburgh market with local access to BBSI’s payroll, HR, workers’ compensation, risk and business management expertise.

The expansion builds BBSI’s existing sales presence in Pittsburgh and includes additional investment in local resources and HR consulting expertise. Pittsburgh is part of BBSI’s continued Market Development expansion, alongside markets including Dallas, Nashville and Chicago.

“Pittsburgh is exactly the type of market where we believe BBSI can make a meaningful impact,” said Jason Williams, BBSI’s Senior Vice President of Market Development. “We’ve spent time building relationships with local business owners and referral partners, and this next step allows us to put more resources behind those relationships. Our goal is to build a strong local team that gives Pittsburgh-area businesses access to BBSI’s full range of expertise.”

BBSI Pittsburgh Services

BBSI Pittsburgh provides business owners with an integrated suite of services, including:

• Human resources consulting
• Payroll administration
• Workers’ compensation
• Risk management and workplace safety
• Employee benefits
• Strategic business consulting

BBSI combines local, high-touch support with the resources of a national organization and technology platform, helping business owners manage critical workforce and operational functions while remaining focused on running and growing their businesses.

“Opening our Pittsburgh branch represents another step in BBSI’s national growth strategy,” said Gerald Blotz, BBSI’s Chief Operating Officer. “We invest in markets where we see long-term opportunities and build local teams that can develop meaningful relationships with business owners. Pittsburgh gives us another opportunity to bring BBSI’s people-first approach to a growing community of businesses.”

BBSI Pittsburgh Leadership

Matthew Bricker, Market Development Manager, leads BBSI’s efforts in the Pittsburgh market. Bricker has worked with a diverse range of businesses since 2012 and partners with growth-minded business owners and their trusted advisors to improve operations and reduce administrative burdens.

“The momentum we’ve built in Pittsburgh comes from being part of the local business community and listening to what business owners need,” said Matthew Bricker. “Growing our local BBSI team allows us to deepen those relationships and connect Pittsburgh-area businesses with local expertise backed by the resources of BBSI.”

BBSI Pittsburgh Location

BBSI Pittsburgh is located at:

1000 Noble Energy Drive, Suite 134
Canonsburg, PA 15317
Phone: 412-807-9057
www.bbsi.com/locations/pittsburgh

About BBSI

BBSI (NASDAQ: BBSI) is a leading provider of business management solutions, combining human resource outsourcing and professional management consulting. The company’s integrated platform includes payroll processing, employee benefits, workers’ compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI works with more than 8,100 PEO clients in all 50 states. For more information, visit www.bbsi.com.

Investor Relations
Gateway Group, Inc.
Cody Slach
Tel 1-949-574-3860
BBSI@gatewayir.com

Media Relations
Francisco Chamorro
Tel 1-360-828-0700
Francisco.Chamorro@bbsi.com

Salt Lake City, UT, Nov. 02, 2026 (GLOBE NEWSWIRE) — Recursion (Nasdaq: RXRX), a leading clinical-stage company pioneering AI-enabled drug discovery and development, today announced that its Board of Directors has appointed Fred Hassan as Chair, effective October 31, 2026

Mr. Hassan arrives with a strong track record of more than four decades in the pharmaceutical industry. He has grown global businesses and led teams that brought multiple medicines through development, regulatory approval and commercial launch. As an example, the severely challenged Schering-Plough returned to sales growth, strong cash flow, and expanded the number of new molecular entities in Phase 3 development from three to eight.

Mr. Hassan serves as Lead Independent Director of BridgeBio Pharma and was a member of its Board when the company secured FDA approval for the heart failure drug, Attruby and executed a successful launch, substantially ahead of market expectations. He is also Executive Chair of Norstella, the pharmaceutical intelligence company behind Citeline, MMIT and Evaluate. His prior board roles include Amgen, a biotechnology pioneer, and Prometheus Biosciences, which used patient data to develop precision therapies for inflammatory bowel disease. Mr. Hassan also brings experience as an investor. He is a Director and was a Partner and Managing Director at Warburg Pincus.

“Fred has repeatedly built, scaled and transformed some of the most important companies in our industry. His first-hand experience will bring invaluable perspective as we advance from clinical proof of concept through approval and launch – and ultimately to meaningful impact for patients. Our next chapter becomes even more exciting with Fred as Chair. The Board remains deeply grateful to Rob Hershberg for his steady commitment to Recursion, and we’re delighted that we will continue to benefit from his perspective as a physician-scientist and biotech CEO,” said Najat Khan, Ph.D., President and Chief Executive Officer of Recursion.

“What excites me is the prospect of chairing a Board where its dynamic CEO pairs the courage of striking into the unknown with the unrelenting discipline of turning prioritized projects into innovative medicines,” said Fred Hassan.

“Fred brings proven operating experience, a well-honed investor’s discipline and a track record of repeatedly creating important value through transformation. The Board unanimously believes that he is the right person for the Chair’s role. I welcome Fred and look forward to my continuing role on the Board,” said Dr. Hershberg.

About Fred Hassan

Mr. Hassan currently serves as a Director at Warburg Pincus LLC, a global private equity firm, which he joined in 2010, and as Executive Chair of Norstella, a role he has held since January 2026. Previously, Mr. Hassan served as Chair and Chief Executive Officer of Schering-Plough Corporation from 2003 to 2009 and as Chair and Chief Executive Officer of Pharmacia Corporation from 2001 to 2003. He previously held executive and leadership positions with Wyeth and Sandoz Pharmaceuticals (now Novartis). Mr. Hassan’s current public board memberships include Precigen and BridgeBio Pharma. His previous boards included Prometheus Biosciences, Amgen, Time Warner, Avon and Bausch & Lomb.  Mr. Hassan has chaired the Pharmaceutical Research and Manufacturers of America and the International Federation of Pharmaceutical Manufacturers & Associations. Mr. Hassan co-founded the CEO Forum with Accenture to bring together chief executives from across the life sciences. He has also played a leadership role in the R&D Leadership Summit, an annual gathering of biopharma CEOs and research leaders focused on improving R&D productivity. He holds a B.S. in chemical engineering from the Imperial College of Science and Technology at the University of London and an M.B.A. from Harvard Business School.

About Recursion

Recursion (NASDAQ: RXRX) is a leading clinical-stage company pioneering AI-enabled drug discovery and development decoding biology to radically improve lives. Recursion is advancing a portfolio of differentiated investigational medicines across its wholly owned and partnered pipeline in oncology, rare disease, neuroscience, immunology, and other therapeutic areas with significant unmet need. Enabling its mission is the Recursion OS, an AI-native, end-to-end drug discovery and development platform integrating biology, chemistry, and clinical development into a unified intelligence system. Powered by proprietary multimodal data, purpose-built AI models, and bilingual teams fluent in both science and AI, the Recursion OS is designed to translate complex science into medicines that matter — faster, better, and at scale — for patients who are waiting.

Recursion’s platform infrastructure is anchored in Salt Lake City, Utah and Milton Park, Oxfordshire, where its automated biology and chemistry laboratories generate proprietary data at industrial scale. Recursion also maintains offices in New York, Montréal, and London, three global hubs for talent and leadership at the intersection of AI and scientific innovation.

Media Contact
media@recursion.com

Investor Contact
investor@recursion.com

Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “may,” “could,” “should,” “expect,” “anticipate,” “intend,” “believe,” “estimate,” “project,” “designed to,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including risks and uncertainties such as those described under the heading “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our subsequent Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date of this document and are based on management’s current estimates, projections, and assumptions, and Recursion undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.

CONTACT: Ryan Kelly
Recursion Pharmaceuticals
media@recursion.com

• Grows revenue 25% year-over-year to $218.1 million
• Delivers net income of $18.2 million and grows Adjusted EBITDA 41% year-over-year
• Exceeds Q3 guidance and delivers record results on all key metrics
• Issues strong Q4 outlook indicating ongoing positive momentum and demand

CAMBRIDGE, Mass., Nov. 02, 2026 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading provider of growth solutions for property and casualty, or P&C, insurance providers, today announced financial results for the third quarter ended September 30, 2026.

“We are generating record results across our key financial metrics as we successfully grow and deepen our relationships with our carrier and agent customers,” said Jayme Mendal, Chief Executive Officer of EverQuote. “Carriers continue to maintain strong underwriting profitability and an appetite for growth, and our team is executing seamlessly to meet this demand. As we build on our strong foundation to accelerate new product innovation and development, we believe EverQuote is uniquely positioned to help steward P&C insurance into the agentic AI era.”

Third Quarter 2026 Highlights:
(Unless otherwise noted, all comparisons are relative to the third quarter of 2025).

• Total revenue grew 25% to $218.1 million, compared to $173.9 million.
• Revenue from the Company’s automotive insurance vertical was $190.4 million and revenue from the home and renters insurance vertical was $27.7 million, marking growth of 21% and 70%, respectively.
• Variable Marketing Dollars was $62.6 million, compared to $50.1 million.
• GAAP net income was $18.2 million, compared to $18.9 million, which reflects higher income taxes and the impact of a one-time item in the quarter.
• Adjusted EBITDA grew 41% to $35.5 million, compared to $25.1 million.
• Operating cash flow was $40.5 million, compared to $19.8 million.
• The Company ended the third quarter of 2026 with $229.1 million in cash and cash equivalents and no outstanding debt.

The Company also recently announced that its Board of Directors approved a $50 million share repurchase program.

“We reported a record third quarter, delivering revenue growth of 25% year-over-year, highlighting the strength of our market position as a trusted growth partner for our customers,” said Joseph Sanborn, Chief Financial Officer and Chief Administrative Officer of EverQuote. “We are focused on accelerating product innovation and unlocking new possibilities to capitalize on the opportunities ahead. Our continued strong growth and execution are enabling us to invest in AI initiatives, while simultaneously generating strong cash flow, maintaining a fortress balance sheet and returning capital to shareholders.”

Fourth Quarter 2026 Outlook:

• Revenue of $213.0 – $223.0 million.
• Variable Marketing Dollars of $57.0 – $60.0 million.
• Adjusted EBITDA of $29.0 – $32.0 million.

Adjusted EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Financial Measures” below for more
information. With respect to the Company’s expectations under “Fourth Quarter 2026 Outlook” above, the Company has not reconciled Adjusted EBITDA to the most directly comparable GAAP measure, net income (loss), in this press release because the Company does not provide guidance on a consistent basis for stock-based compensation expense, depreciation and amortization expense, interest income, income taxes and other items the Company believes are non-recurring or not indicative of its core operating performance, because the Company is unable to quantify these amounts without unreasonable efforts, which would be required to reconcile Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

Conference Call and Webcast Information

EverQuote will host a conference call and live webcast to discuss its third quarter 2026 financial results and other matters at 4:30 p.m. Eastern Time today, November 2, 2026 and supporting slides will be available at https://investors.everquote.com. To access the conference call, dial Toll Free: +1 (833) 461-5787 for the US, or +1 (585) 542-9983 for international callers, and provide conference ID 867228452. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

Safe Harbor Statement

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations, financial position, liquidity and capital resources; our business strategy and plans, including our development, deployment and monetization of new and enhanced products and services; our growth plans and innovation strategies; our expectations regarding increased investments to drive our artificial intelligence, or AI, capabilities, including the costs associated therewith, the potential impact of such investments on our financial statements and results of operations, including operating income, variable marketing dollars, variable marketing margins and Adjusted EBITDA, and the anticipated benefits of such investments; trends in consumer traffic and demand for our products and services; our relationships with, and expected spending by, carriers and agents, including future carrier demand and growth; objectives of management for future operations; and our capital allocation priorities, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “goals,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “will,” “would” or “continues,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from our forward-looking statements include, without limitation, the following: our dependence on revenue from the property and casualty, or P&C, insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; our dependence on our relationships with insurance provider customers with no long-term minimum financial commitments and furthermore, our reliance on a small number of insurance provider customers for a significant portion of our revenue; adverse conditions in the insurance markets, as well as the general economy; our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; our ability to attract consumers to our websites and marketplace; our ability to market to consumers or collect, share and use data derived from consumer activities; risks related to AI, including our expected increased use of and investment in AI capabilities, and the costs associated therewith; risks related to cybersecurity incidents or other network disruptions; our ability to develop new and enhanced products and services and to successfully monetize them; the impact of competition in our industry and innovation by our competitors; our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; and our ability to protect our intellectual property rights and maintain and build our brand. A further list and description of risks, uncertainties and assumptions that could cause or contribute to differences in our future results include the cautionary statements described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent periodic filings with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.

About EverQuote

EverQuote (Nasdaq: EVER) is a leading AI-powered growth solutions partner for regulated property and casualty insurance entities, enabling the largest insurance carriers and thousands of agents to maximize customer acquisition across digital channels. Fueled by our proprietary data assets and our AI traffic engine, EverQuote is transforming the way providers attract and engage consumers to grow market share. To learn more visit investors.everquote.com.

Investor Relations Contact

Sara Buda
EverQuote
sara.buda@everquote.com
 

EVERQUOTE, INC. STATEMENTS OF OPERATIONS
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
	(in thousands except per share)
Revenue	$	218,077			$	173,940			$	604,015			$	497,201
Cost and operating expenses(1):
Cost of revenue		4,632				4,712				13,256				14,934
Sales and marketing		164,951				135,362				457,976				385,847
Research and development		9,027				7,944				27,004				23,201
General and administrative		15,533				8,382				34,944				25,282
Legal settlement		—				—				—				8,232
Total cost and operating expenses		194,143				156,400				533,180				457,496
Income from operations		23,934				17,540				70,835				39,705
Other income (expense):
Interest income		1,224				992				3,235				2,618
Other income (expense), net		(41	)			(12	)			(79	)			(65	)
Total other income, net		1,183				980				3,156				2,553
Income before income taxes		25,117				18,520				73,991				42,258
Income tax benefit (expense)		(6,965	)			345				(17,980	)			(702	)
Net income	$	18,152			$	18,865			$	56,011			$	41,556
Net income per share:
Basic	$	0.51			$	0.52			$	1.58			$	1.15
Diluted	$	0.49			$	0.50			$	1.53			$	1.10
Weighted average common shares outstanding, basic and diluted:
Basic		35,379				36,218				35,499				36,143
Diluted		36,928				37,731				36,676				37,804
(1) Amounts include stock-based compensation expense, as follows:
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
	(in thousands)
Cost of revenue	$	34			$	39			$	97			$	87
Sales and marketing		984				2,289				3,328				5,860
Research and development		1,887				1,778				5,032				4,706
General and administrative		3,665				2,622				8,926				8,055
	$	6,570			$	6,728			$	17,383			$	18,708

EVERQUOTE, INC. BALANCE SHEET DATA
	September 30,				December 31,
	2026				2025
	(in thousands)
Cash and cash equivalents	$	229,070			$	171,379
Working capital		221,328				169,067
Total assets		378,677				326,913
Total liabilities		97,815				88,873
Total stockholders’ equity		280,862				238,040

EVERQUOTE, INC. STATEMENTS OF CASH FLOWS
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
	(in thousands)
Cash flows from operating activities:
Net income	$	18,152			$	18,865			$	56,011			$	41,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		988				811				2,744				2,950
Stock-based compensation expense		6,570				6,728				17,383				18,708
Deferred taxes		4,931				—				12,949				—
Provision for bad debt		—				10				—				10
Unrealized foreign currency transaction (gains) losses		6				(14	)			(31	)			96
Litigation accrual settled with sale of assets		—				—				—				7,841
Changes in operating assets and liabilities:
Accounts receivable		(3,921	)			(13,229	)			(4,796	)			(6,843	)
Prepaid expenses and other current assets		(225	)			(3,693	)			185				(4,688	)
Commissions receivable, current and non-current		—				—				—				1,873
Operating lease right-of-use assets		312				285				916				833
Accounts payable		13,388				8,955				6,808				7,937
Accrued expenses and other current liabilities		617				1,599				3,026				(689	)
Deferred revenue		(15	)			(257	)			148				(376	)
Operating lease liabilities		(321	)			(292	)			(939	)			(837	)
Net cash provided by operating activities		40,482				19,768				94,404				68,371
Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software		(1,830	)			(1,302	)			(4,932	)			(3,896	)
Purchase of strategic investment		(1,250	)			—				(1,250	)			—
Net cash used in investing activities		(3,080	)			(1,302	)			(6,182	)			(3,896	)
Cash flows from financing activities:
Proceeds from exercise of stock options		525				1,059				1,510				3,394
Repurchase of common stock		—				(21,024	)			(29,000	)			(21,024	)
Tax withholding payments related to net share settlement		(1,171	)			(918	)			(3,038	)			(3,197	)
Net cash used in financing activities		(646	)			(20,883	)			(30,528	)			(20,827	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4	)			(5	)			(3	)			2
Net increase (decrease) in cash, cash equivalents and restricted cash		36,752				(2,422	)			57,691				43,650
Cash, cash equivalents and restricted cash at beginning of period		192,318				148,188				171,379				102,116
Cash, cash equivalents and restricted cash at end of period	$	229,070			$	145,766			$	229,070			$	145,766

EVERQUOTE, INC. FINANCIAL AND OPERATING METRICS

Revenue by vertical:

	Three Months Ended September 30,								Change
	2026				2025				%
	(in thousands)
Automotive	$	190,389			$	157,641				20.8	%
Home and renters		27,688				16,290				70.0	%
Other		—				9				-100.0	%
Total revenue	$	218,077			$	173,940				25.4	%

	Nine Months Ended September 30,								Change
	2026				2025				%
	(in thousands)
Automotive	$	534,826			$	449,940				18.9	%
Home and renters		69,189				47,228				46.5	%
Other		—				33				-100.0	%
Total revenue	$	604,015			$	497,201				21.5	%

Other financial and non-financial metrics:

	Three Months Ended September 30,								Change
	2026				2025				%
	(in thousands)
Income from operations	$	23,934			$	17,540				36.5	%
Net income	$	18,152			$	18,865				-3.8	%
Variable marketing dollars	$	62,633			$	50,140				24.9	%
Adjusted EBITDA(1)	$	35,451			$	25,067				41.4	%

	Nine Months Ended September 30,								Change
	2026				2025				%
	(in thousands)
Income from operations	$	70,835			$	39,705				78.4	%
Net income	$	56,011			$	41,556				34.8	%
Variable marketing dollars	$	175,428			$	142,520				23.1	%
Adjusted EBITDA(1)	$	94,883			$	69,530				36.5	%

(1) Adjusted EBITDA is a non-GAAP measure. Please see “Non-GAAP Financial Measures” below for more information.

Non-GAAP Financial Measures

To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; interest income; income taxes; and other items that we believe are non-recurring or not indicative of our core operating performance. The most directly comparable GAAP financial measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

Adjusted EBITDA is not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Adjusted EBITDA should be considered together with other operating and financial performance measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss). In addition, other companies may use other measures to evaluate their performance, which may reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP:

EVERQUOTE, INC. RECONCILIATION OF NON-GAAP MEASURES TO GAAP
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
	(in thousands)
Net income	$	18,152			$	18,865			$	56,011			$	41,556
Stock-based compensation		6,570				6,728				17,383				18,708
Depreciation and amortization		988				811				2,744				2,950
Interest income		(1,224	)			(992	)			(3,235	)			(2,618	)
Income taxes		6,965				(345	)			17,980				702
Other:
Vendor contract termination(1)		4,000				—				4,000				—
Legal settlement(2)		—				—				—				8,232
Adjusted EBITDA	$	35,451			$	25,067			$	94,883			$	69,530

(1)  During the three and nine months ended September 30, 2026, we terminated a multi-year vendor contract for advertising services with a $15.5 million remaining commitment in exchange for a payment of $4.0 million.

(2) During the nine months ended September 30, 2025, we recorded legal settlement costs related to the settlement of our litigation with the former owners of certain entities acquired in 2021.

• Q3 reported revenue of $142.4 million increased 3%
• Q3 GAAP earnings of $0.08 per diluted share compared to the prior-year period earnings of $0.05 per diluted share
• Non-GAAP earnings* of $0.17 per diluted share compared to $0.15 per diluted share in the prior-year period
• Cash from operations totaled $20.7 million
• Company continues to review potential strategic alternatives

DURHAM, N.C., Nov. 02, 2026 (GLOBE NEWSWIRE) — Bioventus Inc. (Nasdaq: BVS) (“Bioventus” or the “Company”), a global leader in innovations for active healing, today reported financial results for the three and nine months ended September 26, 2026.

“Bioventus delivered solid third-quarter results demonstrated by strong gross margin, operating cash flow and Adjusted EBITDA,” said Rob Claypoole, Bioventus President and Chief Executive Officer. “We are encouraged by the underlying momentum across our key growth drivers and remain confident in our strategy, our portfolio and our ability to build Bioventus into a leading medtech company that delivers significant value for our shareholders, customers and employees. At the same time, we continue to review potential strategic alternatives for the Company as we explore all opportunities to maximize value for our shareholders.”

Third Quarter 2026 Financial Results

For the third quarter, worldwide revenue of $142.4 million advanced 3%, primarily driven by growth in Pain Treatments.

Net income attributable to Bioventus Inc. was $6.0 million, compared to $3.2 million in the prior-year period.

Adjusted EBITDA* of $28.4 million advanced 7% from $26.6 million in the prior-year period due to higher revenue and disciplined cost management, which was partially offset by increased investments to fund future growth.

GAAP earnings of $0.08 per diluted share of Class A common stock improved from $0.05 per diluted share in the prior-year period. Non-GAAP earnings of Class A common stock* of $0.17 per diluted share reflects an increase of 13% from $0.15 per diluted share in the prior-year period, driven by lower interest expense.

Revenue By Business

The following tables represent net sales by business and geographic region for the three months ended September 26, 2026 and September 27, 2025:

	Three Months Ended								Change as Reported							Constant Currency* Change
(in thousands, except for percentage)	September 26, 2026				September 27, 2025				$				%			%
Pain Treatments	$	71,336			$	67,176			$	4,160			6.2	%		6.4	%
Surgical Solutions		50,520				50,169				351			0.7	%		0.8	%
Restorative Therapies		20,586				21,306				(720	)		(3.4	%)		(3.2	%)
Total net sales	$	142,442			$	138,651			$	3,791			2.7	%		2.9	%

Pain Treatments: Global revenue of $71.3 million increased 6.2%, reflecting strong volume growth in the Company’s hyaluronic acid therapy products led by Durolane, as well as its platelet-rich plasma (“PRP”) system and peripheral nerve stimulation (“PNS”) products.

Surgical Solutions: Global revenue of $50.5 million increased 0.7%, driven by higher demand in Ultrasonics systems and disposables, which was partially offset by softness in Bone Graft Substitutes (“BGS”).

Restorative Therapies: Global revenue of $20.6 million decreased 3.4% due to a lower volume for the EXOGEN Bone Stimulation System.

	Three Months Ended								Change as Reported							Constant Currency* Change
(in thousands, except for percentage)	September 26, 2026				September 27, 2025				$				%			%
U.S.
Pain Treatments	$	62,929			$	59,978			$	2,951			4.9	%		4.9	%
Surgical Solutions		43,723				44,981				(1,258	)		(2.8	%)		(2.8	%)
Restorative Therapies		17,944				18,355				(411	)		(2.2	%)		(2.2	%)
Total U.S. net sales		124,596				123,314				1,282			1.0	%		1.0	%
International
Pain Treatments		8,407				7,198				1,209			16.8	%		18.4	%
Surgical Solutions		6,797				5,188				1,609			31.0	%		32.0	%
Restorative Therapies		2,642				2,951				(309	)		(10.5	%)		(9.5	%)
Total International net sales		17,846				15,337				2,509			16.4	%		17.7	%
Total net sales	$	142,442			$	138,651			$	3,791			2.7	%		2.9	%

U.S.: Revenue of $124.6 million increased 1.0%, was driven by growth in Pain Treatments, reflecting strong growth in the Company’s hyaluronic acid therapy products along with higher PRP and PNS volumes, which was partially offset with softness in BGS.

International: Revenue of $17.8 million increased 16.4%, driven by strong volume growth in Pain Treatments from Durolane and increased demand in Surgical Solutions related to Ultrasonics.

Recent Business Highlights

Bioventus continues to advance its strategic priorities with key achievements, including making a discretionary principal prepayment of $15.0 million on its term loan during the third quarter, funded by strong operating cash flows. The reduction in long-term debt lowers future interest payments and borrowing costs with the improved financial metrics in the Company’s credit agreement.

2026 Financial Guidance

For the twelve months ending December 31, 2026, the Company is:

• Reaffirming its Adjusted EPS* guidance of $0.75 to $0.79 per diluted share.
• Presenting Adjusted Cash from Operations* of $84 million to $89 million, which excludes the cash flow impact of the costs related to the Company’s review of potential strategic alternatives. Cash paid in connection with the Company’s review of potential strategic alternatives was $0.4 million during both the three and nine months ended September 26, 2026.
• Updating Net Sales guidance to $590 million to $595 million, reflecting growth of approximately 4% to 5%.

The Company does not provide U.S. GAAP financial measures, other than net sales, on a forward-looking basis, because the Company is unable to predict with reasonable certainty the impact and timing of strategic transaction related expenses, accounting fair-value adjustments, and certain other reconciling items without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with U.S. GAAP.

^{*See below under “Use of Non-GAAP Financial Measures” for more details.}

About Bioventus

Bioventus delivers clinically proven, cost-effective products that help people heal quickly and safely. Its mission is to make a difference by helping patients resume and enjoy active lives. The Innovations for Active Healing from Bioventus include offerings for Pain Treatments, Surgical Solutions and Restorative Therapies. Built on a commitment to high quality standards, evidence-based medicine and strong ethical behavior, Bioventus is a trusted partner for physicians worldwide. For more information, visit www.bioventus.com and follow the Company on LinkedIn and X. Bioventus and the Bioventus logo are registered trademarks of Bioventus LLC.

Third Quarter 2026 Earnings Conference Call

Management will host a conference call to discuss the Company’s financial results and provide a business update, with a question and answer session, at 4:30 p.m. Eastern Time on November 2, 2026. Those who would like to participate in the conference call may dial 1-833-636-0497 and refer to the Bioventus Inc. Conference Call.

A live webcast of the call and any accompanying materials will also be provided on the investor relations section of the Company’s website at https://ir.bioventus.com/.

The webcast will be archived on the Company’s website at https://ir.bioventus.com/ and available for replay until November 1, 2027.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements concerning the review of potential strategic alternatives; the potential outcomes, impact and timing thereof; our business position and operations; our future financial results and liquidity; and expected sales trends, opportunities, market position and growth. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Important factors that may cause actual results to differ materially from current expectations include, among other things: whether the objectives of the Company’s strategic alternatives review process will be achieved; the terms, structure, timing, benefits and costs of any strategic transaction; whether any such transaction will be consummated at all; the risk that the strategic alternatives review process could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; the risk that the strategic alternatives review process could divert the attention and time of the Company’s management; the risk of costs or expenses resulting from the strategic alternatives review process; the risk of any litigation relating to the strategic alternatives review process; the risks related to unexpected increases in the volume of rebate claims; the risks related to tariffs and unexpected changes in tariffs, trade barriers and regulatory requirements, export licensing requirements or other restrictive actions by the United States or retaliatory tariffs and other actions taken by foreign governments; the U.S. Food and Drug Administration (“FDA”) regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; we may be unable to successfully commercialize newly developed or acquired products or therapies within expected timeframes; if clinical studies of our future product candidates do not produce results necessary to support regulatory clearance or approval in the United States or elsewhere, we will be unable to expand the indications for or commercialize these products; if we fail to properly manage growth or scale our business processes, systems, or data management, our business could suffer; our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and highly qualified personnel necessary to execute our strategic plans; demand for our products may decrease as a result of healthcare cost-containment and drug pricing initiatives by the federal government, which could negatively impact the commercial success of affected products; we may face issues with respect to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling; we might not meet certain of our debt covenants under our 2025 Credit Agreement and might be required to repay our indebtedness on an accelerated basis; there are restrictions on operations and other costs associated with our indebtedness; we might require additional capital to fund our current financial obligations and support business growth; failure to establish and maintain effective financial controls could adversely affect our business and stock price; we might not be able to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner; our cash is maintained at financial institutions, often in balances that exceed federally insured limits; we are subject to securities class action litigation and may be subject to similar or other litigation, in the future, which will require significant management time and attention, result in significant legal expenses or costs not covered by our insurers, and may result in unfavorable outcomes; we are highly dependent on a limited number of products; our long-term growth depends on our ability to develop, acquire and commercialize new products, line extensions or expanded indications; demand for our existing portfolio of products and any new products, line extensions or expanded indications depends on the continued and future acceptance of our products by physicians, patients, third-party payers and others in the medical community; the FDA’s reclassification of non-invasive bone growth stimulators, including our EXOGEN system, by the FDA could increase future competition for bone growth stimulators and otherwise adversely affect the Company’s sales of EXOGEN; failure to achieve and maintain adequate levels of coverage and/or reimbursement for our products or future products, the procedures using our products, such as our EXOGEN system in light of the FDA’s reclassification and our hyaluronic acid viscosupplements, or future products we may seek to commercialize; pricing and other competitive factors; governments outside the United States might not provide coverage or reimbursement of our products; we compete and may compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do; if our HA products are reclassified from medical devices to drugs in the United States by the FDA, it could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; our failure to properly manage our anticipated growth and strengthen our brands; risks related to product liability claims; fluctuations in demand for our products; our reliance on a limited number of third-party manufacturers to manufacture certain of our products; if our facilities are damaged or become inoperable, we will be unable to continue to research, develop and manufacture certain of our products; economic, political, regulatory and other risks related to international sales, manufacturing and operations; failure to maintain contractual relationships; security breaches, unauthorized access to or disclosure of information, cyberattacks, or other incidents, or the perception that confidential information in our or our vendors’ or service providers’ possession or control is not secure; failure of key information technology and communications systems, process or sites; risks related to our future capital needs; failure to comply with extensive governmental regulation relevant to us and our products; we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits; unstable political or economic conditions, including due to government shutdowns; legislative or regulatory reforms; our business might experience adverse impacts due to public health outbreaks; risks related to intellectual property matters; the dilution of our Class A common stockholders upon an exchange of the outstanding common membership interests in Bioventus LLC could adversely affect the market price of our Class A common stock and the resale of such shares could cause the market price of our Class A common stock to fall; and the other risks identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the period ended June 27, 2026, as such factors may be updated from time to time in Bioventus’ other filings with the SEC which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of Bioventus’ website at https://ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or revise any estimate, projection, or forward-looking statement. Actual results may differ materially from those set forth in the forward-looking statements.

BIOVENTUS INC. Consolidated condensed balance sheets As of September 26, 2026 and December 31, 2025 (Amounts in thousands, except share amounts) (unaudited)
	September 26, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	30,709			$	51,238
Accounts receivable, net		138,228				128,303
Inventory		83,096				82,236
Prepaid and other current assets		13,509				11,065
Total current assets		265,542				272,842
Property and equipment, net		19,782				21,899
Goodwill		7,462				7,462
Intangible assets, net		343,931				368,419
Operating lease assets		3,756				5,122
Deferred tax assets		29,539				5,522
Investment and other assets		3,418				2,293
Total assets	$	673,430			$	683,559
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	25,787			$	10,928
Accrued liabilities		109,027				130,242
Current portion of long-term debt		18,750				15,000
Other current liabilities		4,140				4,210
Total current liabilities		157,704				160,380
Long-term debt, less current portion		211,077				278,951
Deferred income tax liabilities		568				433
Other long-term liabilities		12,207				15,348
Total liabilities		381,556				455,112
Stockholders’ Equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued
Class A common stock, $0.001 par value, 250,000,000 shares authorized as of September 26, 2026 and December 31, 2025, 68,454,714 and 67,097,716 shares issued and outstanding as of September 26, 2026 and December 31, 2025, respectively		69				67
Class B common stock, $0.001 par value, 50,000,000 shares authorized, 15,786,737 shares issued and outstanding as of September 26, 2026 and December 31, 2025		16				16
Additional paid-in capital		532,950				520,851
Accumulated deficit		(292,388	)			(334,929	)
Accumulated other comprehensive loss		(148	)			(1,900	)
Total stockholders’ equity attributable to Bioventus Inc.		240,499				184,105
Noncontrolling interest		51,375				44,342
Total stockholders’ equity		291,874				228,447
Total liabilities and stockholders’ equity	$	673,430			$	683,559

BIOVENTUS INC. Consolidated condensed statements of operations (Amounts in thousands, except share and per share data, unaudited)
	Three Months Ended								Nine Months Ended
	September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Net sales	$	142,442			$	138,651			$	427,739			$	410,187
Cost of sales (including depreciation and amortization of $9,256, $9,995, $29,236 and $30,863, respectively)		45,314				44,422				134,176				130,812
Gross profit		97,128				94,229				293,563				279,375
Selling, general and administrative expense		82,945				78,657				244,010				231,269
Research and development expense		3,435				2,923				9,075				9,106
Restructuring costs		—				—				39				—
Depreciation and amortization		1,048				1,398				3,196				4,430
(Gain) loss on disposals		—				(1	)			—				81
Operating income		9,700				11,252				37,243				34,489
Interest expense, net		3,758				6,177				12,152				21,180
Loss on extinguishment		—				326				—				326
Other (income) expense		(216	)			79				(892	)			1,417
Other expense		3,542				6,582				11,260				22,923
Income before income taxes		6,158				4,670				25,983				11,566
Income tax (benefit) expense, net		(701	)			664				(21,027	)			1,610
Net income		6,859				4,006				47,010				9,956
Income attributable to noncontrolling interest		(872	)			(851	)			(4,469	)			(1,979	)
Net income attributable to Bioventus Inc.	$	5,987			$	3,155			$	42,541			$	7,977
Income per share of Class A common stock:
Basic	$	0.09			$	0.05			$	0.63			$	0.12
Diluted	$	0.08			$	0.05			$	0.60			$	0.12
Weighted-average shares of Class A common stock outstanding:
Basic		68,376,587				66,924,682				67,855,550				66,483,147
Diluted		72,493,136				68,837,797				71,121,498				68,792,127

BIOVENTUS INC. Consolidated condensed statements of cash flows (Amounts in thousands, unaudited)
	Three Months Ended								Nine Months Ended
	September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025
Operating activities:
Net income	$	6,859			$	4,006			$	47,010			$	9,956
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		10,315				11,403				32,465				35,317
Equity-based compensation		4,756				3,176				13,061				9,233
Loss on extinguishment		—				326				—				326
Deferred income taxes		(487	)			135				(22,641	)			222
Unrealized loss (gain) on foreign currency fluctuations		43				32				151				(333	)
(Gain) loss on disposals		—				(1	)			—				81
Other, net		107				344				697				1,950
Changes in working capital		(935	)			10,677				(21,278	)			(20,047	)
Net cash from operating activities		20,658				30,098				49,465				36,705
Investing activities:
Settlement from the sale of a business		—				—				—				(686	)
Acquisition of distribution rights		(1,500	)			—				(1,500	)			—
Purchase of property and equipment		(334	)			(473	)			(1,868	)			(1,982	)
Purchase of equity securities		—				—				(1,500	)			—
Net cash from investing activities		(1,834	)			(473	)			(4,868	)			(2,668	)
Financing activities:
Proceeds from issuance of Class A common stock		1,415				96				2,388				1,563
Tax withholdings on equity-based compensation		(19	)			(9	)			(1,357	)			(9	)
Payment of contingent consideration		—				—				—				(19,771	)
Borrowing on revolver		—				30,000				—				45,000
Payment on revolver		—				(10,000	)			—				(20,000	)
Proceeds from the issuance of long-term debt, net of discount		—				31,907				—				31,907
Payments on the extinguishment of long-term debt		—				(65,765	)			—				(65,765	)
Debt refinancing costs		—				(697	)			—				(697	)
Payments on long-term debt		(18,750	)			(5,302	)			(64,500	)			(5,302	)
Other, net		(229	)			(207	)			(690	)			(619	)
Net cash from financing activities		(17,583	)			(19,977	)			(64,159	)			(33,693	)
Effect of exchange rate changes on cash		11				(394	)			(967	)			238
Net change in cash and cash equivalents		1,252				9,254				(20,529	)			582
Cash and cash equivalents at the beginning of the period		29,457				32,910				51,238				41,582
Cash and cash equivalents at the end of the period	$	30,709			$	42,164			$	30,709			$	42,164

Use of Non-GAAP Financial Measures

Organic Revenue Growth

The Company defines the term “organic revenue” as revenue in the stated period excluding the impact from business acquisitions and divestitures. The Company uses the related term “organic revenue growth” or “organic growth” to refer to the financial performance metric of comparing the stated period’s organic revenue with the comparable reported revenue of the corresponding period in the prior-year. The Company believes that these non-GAAP financial measures, when taken together with GAAP financial measures, allow the Company and its investors to better measure the Company’s performance and evaluate long-term performance trends. Organic revenue growth also facilitates easier comparisons of the Company’s performance with prior and future periods and relative comparisons to its peers. The Company excludes the effect of acquisitions and divestitures because these activities can have a significant impact on the Company’s reported results, which the Company believes makes comparisons of long-term performance trends difficult for management and investors.

Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, Adjusted Cash from Operations, and Adjusted Earnings per Share of Class A Common Stock

We present Adjusted EBITDA, Non-GAAP Gross Profit, Non-GAAP (or Adjusted) Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expenses, Non-GAAP R&D, Non-GAAP Operating Margin, Non-GAAP Net Income, and Adjusted Earnings per Share of Class A common stock, all non-GAAP financial measures, to supplement our GAAP financial reporting because we believe these measures are useful indicators of our operating performance.

We define Adjusted EBITDA as net income before depreciation and amortization, provision for income taxes and interest expense, net, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, equity-based compensation expense, debt refinancing, loss on extinguishment of debt, costs related to the review of potential strategic alternatives, and other items. See the table below for a reconciliation of Net Income to Adjusted EBITDA. Our management uses Adjusted EBITDA principally as a measure of our operating performance and believes that Adjusted EBITDA is useful to our investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies in industries similar to ours. Our management also uses Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections.

Our management uses Non-GAAP Gross Profit, Non-GAAP Gross Margin, Non-GAAP Operating Income, Non-GAAP Operating Expense, Non-GAAP Operating Margin and Non-GAAP Net Income principally as measures of our operating performance and believes that these non-GAAP financial measures are useful to better understand the long term performance of our core business and to facilitate comparison of our results to those of peer companies. Our management also uses these non-GAAP financial measures for planning purposes, including the preparation of our annual operating budget and financial projections.

We define Non-GAAP Gross Profit as gross profit, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization included in the cost of goods sold and strategic transaction costs, such as acquisition and divestiture related costs in the cost of goods sold. We define Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by net sales. See the table below for a reconciliation of gross profit and gross margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin.

We define Non-GAAP Operating Income as operating income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, debt refinancing, costs related to the review of potential strategic alternatives, and other items. Non-GAAP Operating Margin is defined as Non-GAAP Operating Income divided by net sales. See the table below for a reconciliation of operating income and operating margin to Non-GAAP Operating Income and Non-GAAP Operating Margin.

We define Non-GAAP Operating Expenses as operating expenses, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, impairment of assets, restructuring costs, debt refinancing, costs related to the review of potential strategic alternatives, and other items. See the table below for a reconciliation of operating expenses to Non-GAAP Operating Expenses.

We define Non-GAAP R&D as research and development, adjusted to exclude certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, strategic transaction costs, such as acquisition and divestiture related costs, restructuring costs, and other items. See the table below for a reconciliation of research and development expenses to Non-GAAP R&D.

We define Non-GAAP Net Income as Net Income, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, restructuring costs, impairment of assets, debt refinancing, loss on extinguishment of debt, and costs related to the review of potential strategic alternatives, other items, and the tax effect of adjusting items and discrete tax items. Discrete tax items include the tax impact related to significant transactions that are not part of our ongoing operating performance, and current and deferred income tax expense commensurate with Non-GAAP Net Income. See the table below for a reconciliation of Net Income to Non-GAAP Net Income.

We define Adjusted Cash from Operations as Cash from Operations, adjusted for the cash flow impact of our review of potential strategic alternatives. We began guiding to Adjusted Cash from Operations this quarter because we believe this measure provides clearer insight into the cash generated by our underlying operations by excluding cash expenditures incurred in connection with our review of potential strategic alternatives, which arose following the receipt of an unsolicited acquisition proposal and other expressions of interest in the second quarter.

We define Adjusted Earnings per Class A share as Earnings per Class A share, adjusted for the impact of certain cash, non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include depreciation and amortization, strategic transaction costs, such as acquisition and divestiture related costs, certain shareholder litigation costs, restructuring costs, impairment of assets, debt refinancing, loss on extinguishment of debt, costs related to the review of potential strategic alternatives, other items, and the tax effect of adjusting items divided by weighted average number of shares of Class A common stock outstanding during the period. We also modify Adjusted Earnings per Class A share for discrete tax items as discussed above. These discrete tax items are recorded at the Bioventus Inc. parent company level and therefore are not adjusted to remove the impact of noncontrolling interest. See the table below for a reconciliation of earnings per Class A share to Non-GAAP Earnings per Class A share.

Net Sales, International Net Sales Growth and Constant Currency Basis

Net Sales, International Net Sales Growth and Constant Currency Basis are non-GAAP measures, which are calculated by translating current and prior-year results at the same foreign currency exchange rate. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to facilitate the comparison of sales in foreign currencies to prior periods and analyze net sales performance without the impact of changes in foreign currency exchange rates.

Limitations of the Usefulness of Non-GAAP Measures

Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for, or as superior to, the financial information prepared and presented in accordance with GAAP. These measures might exclude certain normal recurring expenses. Therefore, these measures may not provide a complete understanding of the Company’s performance and should be reviewed in conjunction with the GAAP financial measures. Additionally, other companies might define their non-GAAP financial measures differently than we do. Investors are encouraged to review the reconciliation of the non-GAAP measures provided in this press release, including in the tables below, to their most directly comparable GAAP measures. Additionally, the Company does not provide GAAP financial measures, other than net sales, on a forward-looking basis because the Company is unable to predict with reasonable certainty the impact and timing of strategic transaction related expenses, accounting fair-value adjustments and certain other reconciling items without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.

Reconciliation of Net Income to Adjusted EBITDA (unaudited)
	Three Months Ended								Nine Months Ended								Twelve Months Ended
($, thousands)	September 26, 2026				September 27, 2025				September 26, 2026				September 27, 2025				December 31, 2025
Net income	$	6,859			$	4,006			$	47,010			$	9,956			$	27,274
Interest expense, net		3,758				6,177				12,152				21,180				26,486
Income tax (benefit) expense, net		(701	)			664				(21,027	)			1,610				(1,565	)
Depreciation and amortization(a)		10,315				11,403				32,465				35,317				47,011
Restructuring costs(b)		—				—				39				—				2,235
Equity compensation(c)		4,756				3,176				13,061				9,233				12,673
Shareholder litigation costs(d)		1				14				42				50				51
Debt refinancing(e)		—				731				2				903				902
Loss on extinguishment(f)		—				326				—				326				326
(Gain) loss on disposals(g)		—				(1	)			—				81				81
Strategic alternatives(h)		3,625				—				3,625				—				—
Other items(i)		(257	)			108				165				911				803
Adjusted EBITDA	$	28,356			$	26,604			$	87,534			$	79,567			$	116,277

(a) Includes for the three and nine months ended September 26, 2026 and September 27, 2025, respectively, depreciation and amortization of $9.3 million, $10.0 million, $29.2 million, and $30.9 million in cost of sales and $1.1 million, $1.4 million, $3.2 million, and $4.4 million in operating expenses presented in the consolidated condensed statements of operations.

The year ended December 31, 2025 includes depreciation and amortization of $41.3 million in cost of sales and $5.7 million in operating expenses.

(b) Restructuring costs primarily resulted from severance associated with the elimination of certain positions and the consolidation of certain administrative functions and roles, as well as reversals resulting from severance contract cancellations.

(c) Includes compensation expense resulting from awards granted under our equity-based compensation plans.

(d) Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.

(e) Consisted of third-party fees associated with our 2025 Credit Agreement.

(f) Losses recognized in connection with the refinancing of long-term debt.

(g) Represents the gain or loss on the disposal of the Advanced Rehabilitation Business.

(h) Represents legal and consulting costs incurred in connection with the Company’s review of potential strategic alternatives.

(i) During the third quarter of 2026, $0.4 million of costs previously incurred and recorded within other items during the second quarter of 2026 were reclassified to strategic alternatives when we began presenting such costs as a separate adjustment. Other items during the three and nine months ended September 26, 2026 consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance.

Other items during the three months ended September 27, 2025 consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance. Other items during the nine months ended September 27, 2025 primarily consisted of $0.4 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.

During the year ended December 31, 2025, other items primarily consisted of $0.5 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.

Reconciliation of Other Reported GAAP Measures to Non-GAAP Measures
Three Months Ended September 26, 2026	Gross Profit				Operating Expenses(a)				R&D				Operating Income				Net Income				Diluted EPS(l)
Reported GAAP measure	$	97,128			$	83,993			$	3,435			$	9,700			$	6,859			$	0.08
Reported GAAP margin		68.2	%											6.8	%
Depreciation and amortization(b)		9,256				1,048				11				10,315				10,315				0.12
Shareholder litigation costs(d)		—				1				—				1				1				—
Strategic alternatives(g)		—				3,625				—				3,625				3,625				0.04
Other items(i)		—				(233	)			3				(230	)			(257	)			—
Tax effect of adjusting items(j)		—				—				—				—				(3,435	)			(0.04	)
Valuation allowance and tax adjustments(k)		—				—				—				—				(2,288	)			(0.03	)
Non-GAAP measure	$	106,384			$	79,552			$	3,421			$	23,411			$	14,820			$	0.17
Non-GAAP margin		74.7	%											16.4	%
	Non-GAAP Gross Margin				Non-GAAP Operating Expenses				Non-GAAP R&D				Non-GAAP Operating Income				Non-GAAP Net income				Adjusted EPS

Three Months Ended September 27, 2025	Gross Profit				Operating Expenses(a)				R&D				Operating Income				Net Income				Diluted EPS(l)
Reported GAAP measure	$	94,229			$	80,054			$	2,923			$	11,252			$	4,006			$	0.05
Reported GAAP margin		68.0	%											8.1	%
Depreciation and amortization(b)		9,995				1,398				10				11,403				11,403				0.13
Shareholder litigation costs(d)		—				14				—				14				14				—
Gain on disposals(e)		—				(1	)			—				(1	)			(1	)			—
Debt refinancing(f)		—				731				—				731				731				0.01
Loss on extinguishment(h)		—				—				—				—				326				—
Other items(i)		—				198				46				244				108				—
Tax effect of adjusting items(j)		—				—				—				—				(3,158	)			(0.04	)
Non-GAAP measure	$	104,224			$	77,714			$	2,867			$	23,643			$	13,429			$	0.15
Non-GAAP margin		75.2	%											17.1	%
	Non-GAAP Gross Margin				Non-GAAP Operating Expenses				Non-GAAP R&D				Non-GAAP Operating Income				Non-GAAP Net income				Adjusted EPS

Nine Months Ended September 26, 2026	Gross Profit				Operating Expenses(a)				R&D				Operating Income				Net Income				Diluted EPS(l)
Reported GAAP measure	$	293,563			$	247,245			$	9,075			$	37,243			$	47,010			$	0.60
Reported GAAP margin		68.6	%											8.7	%
Depreciation and amortization(b)		29,236				3,196				33				32,465				32,465				0.37
Restructuring costs(c)		—				39				—				39				39				—
Shareholder litigation costs(d)		—				42				—				42				42				—
Debt refinancing(f)		—				2				—				2				2				—
Strategic alternatives(g)		—				3,625				—				3,625				3,625				0.04
Other items(i)		—				265				3				268				165				—
Tax effect of adjusting items(j)		—				—				—				—				(9,121	)			(0.10	)
Valuation allowance and tax adjustments(k)		—				—				—				—				(26,927	)			(0.38	)
Non-GAAP measure	$	322,799			$	240,076			$	9,039			$	73,684			$	47,300			$	0.53
Non-GAAP margin		75.5	%											17.2	%
	Non-GAAP Gross Margin				Non-GAAP Operating Expenses				Non-GAAP R&D				Non-GAAP Operating Income				Non-GAAP Net Income				Adjusted EPS

Nine Months Ended September 27, 2025	Gross Profit				Operating Expenses(a)				R&D				Operating Income				Net Income				Diluted EPS(l)
Reported GAAP measure	$	279,375			$	235,780			$	9,106			$	34,489			$	9,956			$	0.12
Reported GAAP margin		68.1	%											8.4	%
Depreciation and amortization(b)		30,863				4,430				24				35,317				35,317				0.42
Shareholder litigation costs(d)		—				50				—				50				50				—
Loss on disposals(e)		—				81				—				81				81				—
Debt refinancing(f)		—				903				—				903				903				0.01
Loss on extinguishment(h)		—				—				—				—				326				—
Other items(i)		—				942				204				1,146				911				0.01
Tax effect of adjusting items(j)		—				—				—				—				(9,434	)			(0.11	)
Non-GAAP measure	$	310,238			$	229,374			$	8,878			$	71,986			$	38,110			$	0.45
Non-GAAP margin		75.6	%											17.5	%
	Non-GAAP Gross Margin				Non-GAAP Operating Expenses				Non-GAAP R&D				Non-GAAP Operating Income				Non-GAAP Net Income				Adjusted EPS

(a) The “Reported GAAP Measure” under the “Operating Expenses” column is a sum of all GAAP operating expense line items, excluding research and development.

(b) Includes for the three and nine months ended September 26, 2026 and September 27, 2025, respectively, depreciation and amortization of $9.3 million, $10.0 million, $29.2 million, and $30.9 million in cost of sales and $1.1 million, $1.4 million, $3.2 million, and $4.4 million in operating expenses presented in the consolidated condensed statements of operations.

(c) Restructuring costs primarily resulted from severance associated with the elimination of certain positions and the consolidation of certain administrative functions and roles, as well as reversals resulting from severance contract cancellations.

(d) Costs incurred as a result of certain shareholder litigation unrelated to our ongoing operations.

(e) Represents the loss on disposal of the Advanced Rehabilitation Business.

(f) Consisted of third-party fees associated with our 2025 Credit Agreement.

(g) Represents legal and consulting costs incurred in connection with the Company’s review of potential strategic alternatives.

(h) Losses recognized in connection with the refinancing of long-term debt.

(i) Other items include charges associated with strategic transactions, such as potential acquisitions or divestitures, as well as costs related to a transformative project aimed at redesigning the Company’s systems and information processing infrastructure.

During the third quarter of 2026, $0.4 million of costs previously incurred and recorded within other items during the second quarter of 2026 were reclassified to strategic alternatives when we began presenting such costs as a separate adjustment. Other items during the three and nine months ended September 26, 2026 consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance.

Other items during the three months ended September 27, 2025 consisted of individually immaterial items that are not indicative of the Company’s ongoing operating performance. Other items during the nine months ended September 27, 2025, primarily consisted of $0.4 million of expenses related to the divestiture of the Advanced Rehabilitation Business, which was completed on December 31, 2024.

(j) An estimated tax impact for adjustments to Non-GAAP Net Income was calculated by applying a rate of 25.1% for the three and nine months ended September 26, 2026 and September 27, 2025.

(k) Valuation allowance and tax adjustments for the three months ended September 26, 2026 included the removal of $2.3 million from the deferred tax valuation allowance, of which $0.6 million related to discrete tax adjustments and $1.7 million related to non-discrete items. For the nine months ended September 26, 2026, valuation allowance and tax adjustments included the removal of $26.9 million from the deferred tax valuation allowance, of which $22.4 million related to discrete tax adjustments and $4.5 million related to non-discrete items. The effects of both the discrete and non-discrete valuation allowance adjustments are excluded from Non-GAAP Net Income and Adjusted EPS because such adjustments are not commensurate with the Company’s underlying operating performance. These adjustments are recorded at the Bioventus Inc. parent company level and are therefore not adjusted to remove the impact of noncontrolling interest.

(l) Adjustments are pro-rated to exclude the weighted average non-controlling interest ownership of 18.7% and 19.1%, respectively, for the three and nine months ended September 26, 2026 and September 27, 2025.

^{*See “Use of Non-GAAP Financial Measures” for more details.}

Investor Inquiries and Media:
Dave Crawford
Bioventus
investor.relations@bioventus.com