Bioventus deconsolidates CartiHeal after settlement, records $88.5M loss on disposal

Bioventus Inc.

Transferred CartiHeal shares to trustee and paid $10M to former securityholders under settlement agreement.
Deconsolidation effective Feb 27, 2023; CartiHeal treated as discontinued operation with $88.5M loss on disposal.
Pro forma net loss for nine months ended Oct 1, 2022 increases to $134.3M from $126.8M historical.
Settlement resolves non-payment of $50M milestone triggered Feb 13, 2023; company avoids litigation.
Bioventus retains no ownership or voting rights in CartiHeal during interim period.

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