v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign The components of income (loss) before income taxes for the years ended December 31 are as follows:
202520242023
United States$15,344 $(62,664)$(125,676)
International10,365 10,322 4,565 
Income (loss) before income taxes—continuing operations$25,709 $(52,342)$(121,111)
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes on operations consists of the following for the years ended December 31:
202520242023
Current:
United States federal$(4,195)$(1,295)$(734)
United States state and local677 (152)2,085 
International2,862 1,548 1,111 
Total current(656)101 2,462 
Deferred:
United States federal(494)(4,377)(2,881)
United States state and local(320)(1,017)(1,951)
International(95)— 2,455 
Total deferred(909)(5,394)(2,377)
Total income tax (benefit) expense—continuing operations$(1,565)$(5,293)$85 
Schedule of Cash Flow, Supplemental Disclosures
Cash taxes paid, net of refunds received, consisted of the following for the years ended December 31:
202520242023
U.S. federal:$(479)$442 $(473)
U.S. state and local:
California273 — (146)
Illinois— 110 — 
Michigan— — 88 
Tennessee— 169 825 
Texas215 165 113 
Others(6)71 158 
Foreign:
Netherlands2,546 1,156 569 
Canada141 — 95 
Others70 83 45 
Net cash paid for income taxes$2,760 $2,196 $1,274 
Schedule of Effective Income Tax Rate Reconciliation
The differences between the effective income tax rate and the federal statutory income tax rates for the years ended December 31 are as follows:
202520242023
U.S. statutory federal corporate income tax rate$5,399 21.0%$(10,992)21.0%$(25,433)21.0%
State and local income taxes, net of
    federal income tax(a)
267 1.0(1,103)2.2(262)0.2
Foreign tax effects
Israel
Adjustment of deferred tax liabilities— —412 (0.8)1,948 (1.6)
Foreign rate differential— —(17)—(55)0.1
Noncontrolling interest— —122 (0.2)211 (0.2)
Other— —(240)0.5— —
Netherlands
Adjustment of deferred tax liabilities— —4,272 (8.2)(1,654)1.4
Advanced Rehabilitation sale— —(175)0.3— —
Change in valuation allowance— —(4,272)8.21,768 (1.5)
Foreign rate differential399 1.6260 (0.5)212 (0.2)
Noncontrolling interest(514)(2.0)(351)0.7(252)0.2
Return to provision688 2.7— —— —
Other68 0.3(634)1.2427 (0.3)
Other foreign jurisdictions(51)(0.2)3 —2 —
Effect of cross-border tax laws
Foreign income inclusions1,347 5.2321 (0.6)322 (0.3)
Tax credits
R&D credits(190)(0.7)261 (0.5)(613)0.5
Foreign Tax Credit(1,012)(3.9)— —— —
Changes in valuation allowances(3,996)(15.5)8,662 (16.6)35,275 (29.1)
Nontaxable or Nondeductible items
LLC flow through structure1,202 4.7(5,828)11.1(19,054)15.7
Advanced Rehabilitation sale— 1.8(907)1.7— —
Disallowed interest expense— (2.1)1,022 (2.0)— —
Meals & entertainment632 2.5344 (0.7)209 (0.2)
Other non-deductible expenses473 1.8260 (0.5)164 (0.1)
Equity-based compensation
(windfall) shortfall		(261)(1.0)343 (0.6)4,805 (4.0)
Noncontrolling interest(972)(3.7)3,858 (7.4)8,061 (6.6)
Other208 0.8184 (0.4)209 (0.2)
Changes in unrecognized tax benefits(4,195)(16.3)(1,528)3.0(1,384)1.1
Other adjustments
Adjustment of deferred tax liabilities(551)(2.1)(32)0.1(4,727)3.9
Return to provision(506)(2.0)462 (0.9)(94)0.1
Effective Tax Rate$(1,565)(6.1%)$(5,293)10.1%$85 (0.1%)
(a)During the years ended December 31, 2025 and 2024, state taxes in Tennessee made up the majority of the tax effect in this category. During the year ended December 31, 2023, state taxes in Tennessee and Pennsylvania made up the majority of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities The components of the deferred taxes were as follows for the years ended December 31:
20252024
Deferred tax assets:
Capital loss carryforward$17,566 $18,440 
Interest18,811 18,692 
Net operating losses9,916 9,224 
Tax credits2,515 1,381 
Investment in Bioventus LLC2,879 7,362 
Transaction costs655 711 
Stock-based compensation417 283 
Research & development— 50 
Accrued liabilities— 10 
Other342 467 
Gross deferred tax asset53,101 56,620 
Valuation allowance(47,579)(51,875)
Total deferred tax assets5,522 4,745 
Deferred income tax liabilities:
Intangibles433 564 
Gross deferred income tax liabilities433 564 
Net deferred tax asset$5,089 $4,181 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31:
20252024
Beginning of the period$3,735 $4,725 
Additions for current year tax positions
19 456 
Expiration of statutes(2,834)(1,446)
End of the period$920 $3,735