Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of (loss) income before income taxes for the years ended December 31 are as follows:

	2023		2022		2021
United States	$	(125,676)	$	(187,571)	$	9,511
International	4,565		(1,454)		(23)
(Loss) income before income taxes - continuing operations	$	(121,111)	$	(189,025)	$	9,488

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:

	2023		2022		2021
Current:
United States federal	$	(734)	$	2,092	$	5,675
United States state and local	2,085		(96)		1,750
International	1,111		296		367
Total current	2,462		2,292		7,792
Deferred:
United States federal	(2,881)		(38,678)		(9,015)
United States state and local	(1,951)		(7,897)		(533)
International	2,455		(91)		(210)
Total deferred	(2,377)		(46,666)		(9,758)
Total income tax expense (benefit) - continuing operations	$	85	$	(44,374)	$	(1,966)

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:

	2023		2022		2021
U.S. statutory federal corporate income tax rate	21.0	%	21.0	%	21.0	%
Noncontrolling interest	(6.6)		(6.4)		(18.6)
LLC flow-through structure	15.7		5.4		(70.4)
Non-deductible expenses	(1.1)		—		43.8
State and local income taxes, net of federal benefit	0.2		4.2		11.8
Change in valuation allowance	(29.1)		(0.4)		7.0
Research and other tax credits	0.5		0.3		(4.5)
Organizational Transactions	—		(0.6)		(8.6)
Uncertain tax positions	1.1		(0.9)		(9.0)
Foreign rate differential	(0.2)		—		(0.9)
GAAP impairment	—		(3.5)		—
Stock compensation	(4.0)		—		—
Other	2.4		4.4		2.6
Effective income tax rate	(0.1	%)	23.5	%	(25.8	%)

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred taxes were as follows:

	2023		2022
Deferred tax assets:
Capital loss carryforward	$	17,407	$	—
Interest	13,374		7,020
Net operating losses and tax credit carryforwards	10,792		18,419
Tax credits	1,567		1,759
Investment in Bioventus LLC	1,221		—
Transaction costs	975		980
Stock-based compensation	947		681
Research & Development	69		63
Fixed assets	18		30
Accrued liabilities	7		6
Other	470		571
Gross deferred tax asset	46,847		29,529
Valuation allowance	(46,007)		(2,536)
Total deferred tax assets	840		26,993
Deferred tax liability:
Investment in Bioventus LLC	—		26,814
Intangibles	2,053		2,427
Gross deferred tax liability	2,053		29,241
Net deferred tax liability	$	1,213	$	2,248

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the gross unrecognized tax benefits (excluding interest and penalties) for the year ended December 31, 2023 follows:

Beginning of the period	$	5,883
Additions for current year tax positions	142
Expiration of statutes	(1,300)
End of the period	$	4,725