Bioventus Inc-A 2025年度报告

Washington, D.C.20549 FORM 10-K BIOVENTUS INC. (Exact Name of Registrant as Specified in Its Charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a wll-known seasoned issuer, as defined in Rule 405 ofthe Securities Act. Yes No Indicatebycheck mark whethertheregistrant (I)hasfiledallreportsrequired tobefiled bySection13or15(d)ofthe SecuritiesExchangeActof1934duringthepast90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (s232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Yes 区 No Indicatebychck mak whethertheregistrant islargeacceeratedfleranacceeratedfiler,non-aceeratedfier,smallerrportingmpany,oranemerging growth company.See the definitions of"large acceleratedfiler""accelerated filer,""smallerreporting company,"and“emerging growth company"in Rule 12b-2 of the Exchange Act. Large accelerated filer口口Accelerated filer区Non-accelerated filerSmaller reporting companyEmerging Growth Company区 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whetherthe registrant has filed areport on and attestation to its management's assessment of the effectiveness of its intemal controloverfinancial reporting under Section 404(b)ofthe Sarbanes-Oxley Act (15 U.S.C.7262(b) by the registered public accounting firm that prepared or issued itsaudit report. fsecuritiesareregistered pursuant to Sction2(b)ofthe Act, indicateby chckmark whthrthefinancialstatemntsoftheregistrant includedinthfilingreflect the correction of an error to previously issued financial statements. Indicate by check mark whether any ofthose error corrections are restatements that required a recovery analysis ofincentive-based compensation received byany ofthe registrant's executive officers during the relevant recovery period pursuant to s240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes NoAs ofJune28,2025,the end ofthemostrecently completedsecondfiscal quarter,the aggregatemarketvalueof Class Acommonstockheldbynon-affiliates(based uponthe closingpriceof these shareson the Nasdag) was approximatelyS264.4million. AsFebruary27,2026,there were67368052sharesoClassAcmmon stockoutstanding and5786737sharesofClass commonstockoutstanding DOCUMENTSINCORPORATEDBYREFERENCE Certain of the information required tobefurnishedpursuanttoPart IlI of thisAnnual ReportonForm10-Kwill be setforth in,and incorporated by referencefrom, the registrant's definitive proxy statement for the 2026Annual Meeting of Stockholders,which will be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year endedDecember31,2025. BIOVENTUS INC. TABLEOFCONTENTS PARTI Item 1.BusinessItem1A.RiskFactors21ItemIB.UnresolvedStaffComments66Item 1C. Cybersecurity66Item 2. Properties..67Item 3. Legal Proceedings67Item4.Mine SafetyDisclosures.69 PARTII 69Item 6. [Reserved]70Item7.Management's Discussion and Analysis ofFinancial Condition and Results of Operations71Item7A.QuantitativeandQualitativeDisclosures aboutMarketRisk85Item8.FinancialStatementsandSupplementaryData.87Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures128Item9A.Controls and Procedures.128Item 9B. Other Information.129Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections129 PART III Item 10.Directors,Executive Officers and Corporate Governance129Item11.ExecutiveCompensation133Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters133Item13.CertainRelationships and RelatedTransactions andDirectorIndependence134Item 14. Principal Accounting Fees and Services134 PARTIV Item 15.Exhibits and Financial Statement Schedules134Item 16.Form 10-K Summary138 TRADEMARKS,TRADENAMESANDSERVICEMARKS This Annual Report on Form 10-K (Annual Report") includes our trademarks and trade names that we own or license, and ourlogos.This Annual Report also includes trademarks,tradenames and servicemarks that are the propertyofother organizations.Solely for convenience, trademarks and trade names referred to in this Annual Report appear without any "TM" or “?" symbol,butthosereferences arenot intendedto indicate,inanyway,that wewill not assert,to thefullest extent underapplicablelaw,our rights to these trademarks,trade names and service marks.We do not intend our use or display ofother parties'trademarks,trade names or service marks to imply,and such use or display should not be construed to imply a relationship with