BVS - Why Shares of Bioventus Fell 14% on Wednesday
Shares of Bioventus (NASDAQ: BVS) fell 14% on Wednesday. The medical device company's stock closed on Tuesday at $3 a share, then opened on Wednesday at $2.90. The stock fell to as low as $2.25 before bouncing back a bit to $2.58 at the close. The stock is down more than 82% this year.
Bioventus focuses on making treatments that enhance the body's natural healing process, such as ultrasound bone healing systems and bone graft materials. The company released its third-quarter earnings report after the market closed on Tuesday. Some of the details were quite positive, so the negative move was a surprise at first.
The company reported revenue of $137.1 million, up 25.9% year over year with net income of $3.2 million, compared to a net loss of $2.3 million in the same period a year ago.
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Why Shares of Bioventus Fell 14% on Wednesday