Bioventus Inc. (BVS)

Price$14.23Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation rewards Bravura’s recovery but leaves only a modest margin for disappointment.

The AIM quote and supplied 440.5 million share count imply a market value near £710 million, or A$1.35 billion using management’s A$1.90-per-pound planning rate. After A$50.3 million of year-end cash, the business is valued at about 22 times underlying annual profit and 17 times management’s cash operating-earnings measure. The latter falls to roughly 15 times at the midpoint of FY27 guidance. Those multiples recognize genuine progress without providing enough bargain protection for an undervalued verdict.

Big pictureRevenue is growing, but much of the remarkable profit improvement came from lower costs.

FY26 customer revenue rose 9.6% to A$282.6 million, while recurring revenue increased 6.9% to A$165.0 million. Cash operating earnings jumped from A$43.8 million to A$77.1 million, and underlying profit rose from A$24.4 million to A$63.1 million. That is impressive, but profits grew far faster than sales because costs fell and project demand strengthened. Recurring revenue supplied only about 58% of customer revenue, while the ten largest customers represented 60% at the half year, leaving results sensitive to client projects, budgets, and contract losses.

Business strengthStrong cash generation and no borrowings provide protection, though planned payouts could reduce it.

FY26 operating cash inflow was A$82.8 million and reported investment spending was about A$3.5 million. That leaves roughly A$79 million of free cash flow, meaning cash left after operating and investing in the business. Bravura finished June with A$50.3 million of cash and no borrowings. Supplied share counts fell 1.8% from FY23, so recent dilution was limited. However, FY26 dividends totaled A$113.2 million, including special payments, and the proposed A$50 million buyback may use a new A$100 million borrowing facility. Those unusually large returns are not a durable dividend baseline.

What could change the storyFurther recurring growth would support the price, while fading project work would expose its optimism.

The strongest bull case is delivery near the top of FY27 guidance: A$280–300 million revenue and A$84–94 million cash operating earnings, followed by genuine share cancellation under the buyback. That would show the higher margin can last. The bear case is that project-services demand normalizes while recurring revenue grows slowly, reversing operating leverage across a concentrated customer base. Revenue below A$280 million or cash operating earnings below A$84 million would weaken the current valuation case; sustained recurring growth above FY26’s 6.9% would strengthen it.

AI: News

Profit guidance raisedBravura lifted expected cash earnings again as project demand and tighter cost control improved margins.

On July 10, Bravura raised FY26 cash operating-earnings guidance to about A$77 million from A$69–73 million while retaining A$280–285 million revenue guidance. Because expected sales barely changed, the upgrade mainly signalled better cost control and profit earned from project work. The Australian-listed shares rose 15.1% that day. That reaction is consistent with improved profit expectations, although timing alone cannot prove the announcement caused the entire move.

London trading beginsThe new London quotation broadens investor access without issuing additional shares or diluting existing owners.

Trading on London’s AIM market began July 28 alongside Bravura’s existing Australian listing. The company issued no new ordinary shares or depositary interests for the admission, so the event caused no direct ownership dilution. The practical benefit is easier access for British and European institutions, particularly relevant because Europe, the Middle East, and Africa produce most group revenue. Any lasting valuation benefit depends on deeper trading and new investor demand rather than the listing itself.

Results and cash returnsHigher recurring sales and profits supported large dividends and a buyback, but future returns may require borrowing.

On August 12, Bravura reported FY26 customer revenue of A$282.6 million, underlying profit of A$63.1 million, and cash operating earnings of A$77.1 million. It declared A$67.3 million of final and special dividends and authorized a buyback of up to A$50 million. The Australian shares closed 13% higher that day, a move consistent with enthusiasm for the results and distributions. However, management said the buyback could use its new A$100 million borrowing facility, potentially reducing balance-sheet protection.

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Revenue

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2020

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$568.1M	$573.3M	$512.3M	$512.1M	$430.9M	$321.2M	$340.1M
Gross profit	$388.2M	$388.2M	$328.2M	$331.1M	$302.7M	$233.5M	$249.2M
Gross margin	68.33%	67.72%	64.06%	64.65%	70.25%	72.71%	73.27%
Research & development	$12.1M	$14.0M	$13.4M	$23.9M	$19.0M	$11.2M	$11.1M
Operating expenses	$334.2M	$403.4M	$409.9M	$498.3M	$290.6M	$212.3M	$218.0M
Operating income	$54.0M	−$15.2M	−$81.7M	−$167.2M	$12.1M	$21.2M	$31.2M
Operating margin	9.50%	−2.65%	−15.95%	−32.66%	2.80%	6.61%	9.17%
EBITDA	$101.0M	$34.4M	−$24.4M	−$111.8M	$46.9M	$49.9M	$61.5M
EBITDA margin	17.78%	5.99%	−4.75%	−21.84%	10.89%	15.53%	18.08%
Net income	$22.7M	−$36.1M	−$156.2M	−$158.7M	$19.4M	$16.4M	$6.9M
Net profit margin	4.00%	−6.30%	−30.49%	−30.99%	4.50%	5.11%	2.01%
Basic EPSper basic share	$0.34	-$0.56	-$2.49	-$2.59	-$0.15	—	—
Diluted EPSper diluted share	$0.33	-$0.56	-$2.49	-$2.59	-$0.15	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈19.26%of listed shares

SUTTER MARTIN P13.14M shares · Jun 2, 2026

View holders

Top 20 reported holders of BVS
Holder	% owned
SUTTER MARTIN P	≈19.26%13.14M shares
Essex Woodlands Management, Inc.	≈19.09%13.02M shares
Nantahala Capital Management, LLC	≈17.59%12M shares
Bartholdson John A.	≈10.34%7.05M shares
Juniper Investment Company, LLC	≈10.17%6.94M shares
BlackRock, Inc.	≈5.04%3.44M shares
ROYCE & ASSOCIATES LP	≈2.69%1.83M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈2.57%1.75M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.00%1.37M shares
AMERICAN CENTURY COMPANIES INC	≈1.98%1.35M shares
DIMENSIONAL FUND ADVISORS LP	≈1.65%1.13M shares
STATE STREET CORP	≈1.62%1.1M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈1.53%1.04M shares
Hillsdale Investment Management Inc.	≈1.33%907.74K shares
Engine Capital Management, LP	≈1.32%900.56K shares
WELLINGTON MANAGEMENT GROUP LLP	≈1.10%748.36K shares
RENAISSANCE TECHNOLOGIES LLC	≈1.08%736K shares
OBERWEIS ASSET MANAGEMENT INC/	≈1.04%709.71K shares
GOLDMAN SACHS GROUP INC	≈0.96%652.37K shares
KENNEDY CAPITAL MANAGEMENT LLC	≈0.68%466.56K shares

Percentages use 68.21M shares of this listed class outstanding on Jun 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$902.0K disclosed value

Sells (SEC code S)16$1.05M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 11, 2026Form 4	McMurry-Heath MichelleDirector	SellClass A Common Stock	12.0K	$8.79	$105.5K	45.0K
Dec 4, 2025Form 4	NOHRA GUY PDirector	SellClass A Common Stock	10.0K	$7.57	$75.7K	116.6K
Nov 7, 2025Form 4	McMurry-Heath MichelleDirector	SellClass A Common Stock	17.7K	$7.42	$131.3K	57.0K
Apr 11, 2025Form 4 · 10b5-1	Singleton Mark LeonardSVP & CFO	SellClass A Common Stock	3.9K	$7.57	$29.3K	141.1K
Apr 11, 2025Form 4 · 10b5-1	D'Adamio AnthonySVP & General Counsel	SellClass A Common Stock	3.0K	$7.57	$22.4K	131.4K