Discontinued Operations and Disposal Groups (Tables)

6 Months Ended

Jul. 01, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Balance Sheet and Statement of Operation

The following table summarizes CartiHeal’s major classes of assets and liabilities as reported on the consolidated condensed balance sheets as of December 31, 2022 as the balances were fully deconsolidated as of July 1, 2023:

	December 31, 2022
Carrying amounts of major classes of assets included as part of discontinued operations
Cash	$	1,628
Restricted cash	23
Other receivables	350
Inventory	642
Prepaid and other current assets	134
Property and equipment, net	191
Goodwill	6,297
Intangible assets, net	398,873
Operating lease assets	618
Other assets	15
Total assets	$	408,771
Carrying amounts of major liabilities included as part of discontinued operations
Accounts payable	$	852
Accrued liabilities	384
Current portion of deferred consideration	117,615
Other current liabilities	236
Deferred income taxes	79,863
Deferred consideration	79,269
Contingent consideration	67,251
Other long-term liabilities	2,528
Total liabilities	$	347,998

The following table summarizes the major income and expense line items of these discontinued operations, as reported in the consolidated statements of operations for the three and six months ended July 1, 2023 and July 2, 2022:

	Three Months Ended				Six Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Selling, general and administrative expense	—		—		$	1,728	$	—
Research and development expense	—		—		396		—
Change in fair value of contingent consideration(a)	—		—		1,710		—
Depreciation and amortization(a)	—		—		4,264		—
Operating loss from discontinued operations	—		—		(8,098)		—
Interest expense, net	—		—		4,889		—
Other expense(b)	—		280		61,442		681
Other expense	—		280		66,331		681
Loss before income taxes	—		(280)		(74,429)		(681)
Income tax benefit, net	—		—		—		—
Net loss	—		(280)		(74,429)		(681)
Loss attributable to noncontrolling interest	—		—		14,937		—
Net loss attributable to Bioventus Inc.	$	—	$	(280)	$	(59,492)	$	(681)

(a)Depreciation and amortization and the change in fair value of contingent consideration represents the significant operating non-cash items of discontinued operations.

(b)Other expense includes the $60,639 loss on deconsolidation, of which $10,150 was attributable to non-refundable payments.