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On November 17, 2022, Bioventus filed for an extension to publish its quarterly report due to a contested invoice from a large private payer in the company’s pain treatments vertical, “which likely will adversely affect the company’s third quarter 2022 financial results.” Bioventus further disclosed that “management has concluded that its internal controls related to the timely recognition of quarterly rebates were inadequate.” The company also announced that is also evaluating whether it “will be able to meet all of its financial obligations as they come due within one year after the date its financial statements for the period ended October 1, 2022 are issued.”
On this news, Bioventus stock fell sharply during after-hours trading on November 17, 2022.