Bioventus is a medical device company focused on musculoskeletal health, selling products that help patients manage pain, recover from injuries, and avoid surgery. The company operates across three product areas. Pain Treatments, the largest revenue contributor, centers on hyaluronic acid (HA) injections for knee osteoarthritis — led by Durolane, a single-injection therapy Bioventus argues is clinically differentiated from older multi-shot regimens. Pain Treatments also includes peripheral nerve stimulation (PNS) devices (StimRouter, TalisMann, StimTrial) for chronic pain management without opioids, and the XCELL PRP system for orthopedic use. Surgical Solutions includes ultrasonic bone-cutting tools (the neXus platform and BoneScalpel) used in spine and neuro surgery, and Bone Graft Substitutes (BGS) used to promote bone fusion in spine and orthopedic procedures. Restorative Therapies is anchored by EXOGEN, a home-use ultrasound device that stimulates healing in non-healing fractures, generating recurring prescription-driven revenue. Bioventus sells primarily in the U.S. (~88% of revenue) through a direct sales force calling on orthopedic, spine, and neurosurgeons across offices, surgical centers, and hospitals. Internationally, Bioventus uses a mix of direct and distributor channels. Revenue is largely consumable-based, providing recurring and predictable revenue streams. Growth priorities include expanding HA volume, deepening Ultrasonics penetration in spine surgery, scaling the PNS portfolio following recent FDA clearances, and expanding internationally.