Bioventus Announces Chief Financial Officer Transition Plan
Bioventus (Nasdaq: BVS) announced the departure of Greg Anglum from his role as CFO, effective immediately. Anglum will remain until a successor is identified. CEO Ken Reali praised Anglum for his contributions over five years, including during the IPO and recent acquisitions. The company reassures stakeholders that his departure is not due to business performance issues, reaffirming its financial guidance for 2021. Bioventus is actively seeking a new CFO to support its growth strategy.
- Successful transition plan for CFO position.
- Focus on maintaining strong financial guidance for 2021.
- Departure of a key executive may create uncertainty in leadership.
DURHAM, N.C., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Bioventus Inc. (Nasdaq: BVS) ("Bioventus" or "the Company"), a global leader in innovations for active healing, today announced that Greg Anglum is transitioning from his role as Senior Vice President and Chief Financial Officer (CFO) to pursue other career opportunities. To ensure a smooth transition, Mr. Anglum will remain in his current role until a successor is named.
“I want to thank Greg for his dedication to Bioventus over the past five years,” commented Ken Reali, Bioventus’ Chief Executive Officer. “I am grateful for his contributions through our initial public offering and our recent acquisitions of Bioness and Misonix. Greg has instilled the appropriate financial controls as we have made the transition to a public entity, and his efforts to strengthen our balance sheet have positioned us well to continue to invest in an innovative, rapidly growing active healing portfolio. We are working diligently to identify a CFO who brings robust experience leading a rapidly expanding organization and can work with me and my executive team to help take Bioventus to the next level of growth by enhancing the results-driven foundation and culture that we have built.”
Mr. Anglum said, “As I begin the next chapter of my career, I am grateful for my experience working with Ken and the talented team at Bioventus. It has been a privilege to work alongside these dedicated individuals to bring innovative active healing solutions to market and improve the lives of countless patients.”
Bioventus has been actively working with Spencer Stuart to identify a successor to Mr. Anglum.
Mr. Anglum’s departure is unrelated to Bioventus’ business performance, financial reporting, or controls, and the Company is reaffirming its previously issued 2021 financial guidance.
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 treatment, restorative therapies and surgical solutions. 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 Twitter. Bioventus and the Bioventus logo, are registered trademarks of Bioventus LLC.
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 Mr. Anglum’s continued service until a successor is named and the Company’s future financial results. 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. Factors that could cause actual results to differ materially from those contemplated in this press release include, but are not limited to, the adverse impacts on our business as a result of the COVID-19 pandemic; our dependence on a limited number of products; our ability to develop, acquire and commercialize new products, line extensions or expanded indications; the continued and future acceptance of our existing portfolio of products and any new products, line extensions or expanded indications by physicians, patients, third-party payers and others in the medical community; our ability to differentiate the hyaluronic acid (“HA”) viscosupplementation therapies we own or distribute from alternative therapies for the treatment of osteoarthritic; the proposed down-classification of non-invasive bone growth stimulators, including our Exogen system, by the U.S. Food and Drug Administration (“FDA”); our ability to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize; our ability to recognize the benefits of our investments; our ability to complete acquisitions or successfully integrate new businesses, products or technologies in a cost-effective and non-disruptive manner, including the Misonix acquisition; competition against other companies; the negative impact on our ability to market our HA products due to the reclassification of HA products from medical devices to drugs in the United States by the FDA; our ability to attract, retain and motivate our senior management and qualified personnel; our ability to continue to research, develop and manufacture our products if our facilities are damaged or become inoperable; failure to comply with the extensive government regulations related to our products and operations; enforcement actions if we engage in improper claims submission practices or in improper marketing or promotion of our products; the FDA regulatory process and our ability to obtain and maintain required regulatory clearances and approvals; failure to comply with the government regulations that apply to our human cells, tissues and cellular or tissue-based products; the clinical studies of any of our future products that do not product results necessary to support regulatory clearance or approval in the United States or elsewhere; and the other risks identified in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission (“SEC”), including Bioventus’s Annual Report on Form 10-K for the period ended December 31, 2020, as updated by Bioventus’s Quarterly Report on Form 10-Q for the period ended October 2, 2021 and 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 ir.bioventus.com. Except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.
Media Contact:
Thomas Hill
919-474-6715
thomas.hill@bioventus.com
Investor Inquiries:
Dave Crawford
919-474-6787
dave.crawford@bioventus.com
FAQ
What is the significance of Greg Anglum's departure from Bioventus?
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