Sec Form 3 Filing - Juniper Investment Company, LLC @ Bioventus Inc. - 2023-06-12

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Juniper Investment Company, LLC 2. Issuer Name and Ticker or Trading Symbol Bioventus Inc. [ BVS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 555 MADISON AVENUE, 24TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 06/12/2023 (Street) NEW YORK, NY10022 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock, $0.001 par value per share 4,624,431 I By: Juniper Targeted Opportunity Fund, L.P. ( 1 ) Class A Common Stock, $0.001 par value per share 1,604,256 I By: Juniper Targeted Opportunities, LP ( 2 ) Class A Common Stock, $0.001 par value per share 75,850 I Juniper Multi-Strategy Fund, L.P. ( 3 ) Class A Common Stock, $0.001 par value per share 22,727 I John A. Bartholdson ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Juniper Investment Company, LLC 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Juniper Targeted Opportunities, LP 555 MADISON AVENUE, 24TH FL NEW YORK, NY10022 X Juniper Targeted Opportunity Fund, L.P. 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Bartholdson John A. 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X X MICHAS ALEXIS P 555 MADISON AVENUE 24TH FLOOR NEW YORK, NY10022 X Signatures Juniper Investment Company, LLC, By: /s/ John A. Bartholdson 06/29/2023 Signature of Reporting Person Date By: Juniper TO Investors, LLC, its General Partner, By: /s/ John A. Bartholdson, its Managing Member 06/29/2023 Signature of Reporting Person Date By: Juniper HF II Investors, LLC, its General Partner, By: /s/ John A. Bartholdson, its Managing Member 06/29/2023 Signature of Reporting Person Date /s/ John A. Bartholdson 06/29/2023 Signature of Reporting Person Date /s/ Alexis P. Michas 06/29/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )As the investment manager of Juniper Targeted Opportunity Fund, L.P. (Juniper Targeted Opportunity Fund"), Juniper Investment Company may be deemed to beneficially own the securities held by the Juniper Targeted Opportunity Fund, Juniper Investment Company disclaims beneficial ownership of all interests reported herein except to the extent of its pecuniary interest therein. Messrs. Bartholdson and Michas serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunity Fund, and as a result, Messrs. Bartholdson and Michas share voting and dispositive power over such shares with Juniper Investment Company. Messrs. Bartholdson and Michas disclaim beneficial ownership of the holdings of Juniper Targeted Opportunity Fund reflected herein except to the extent of their pecuniary interest therein. ( 2 )As the investment manager of Juniper Targeted Opportunities, LP (Juniper Targeted Opportunities"), Juniper Investment Company may be deemed to beneficially own the securities held by Juniper Targeted Opportunities, Juniper Investment Company disclaims beneficial ownership of all interests reported herein except to the extent of its pecuniary interest therein. Messrs. Bartholdson and Michas serve as the managing members of Juniper Investment Company and the general partners of Juniper Targeted Opportunity Fund, and as a result, Messrs. Bartholdson and Michas share voting and dispositive power over such shares with Juniper Investment Company. Messrs. Bartholdson and Michas disclaim beneficial ownership of the holdings of Juniper Targeted Opportunities reflected herein except to the extent of their pecuniary interest therein. ( 3 )As the investment manager of Juniper Multi-Strategy Fund" (Juniper Multi-Strategy"), Juniper Investment Company may be deemed to beneficially own the securities held by Juniper Multi-Strategy. Juniper Investment Company disclaims beneficial ownership of all interests reported herein except to the extent of its pecuniary interest therein. Messrs. Bartholdson and Michas serve as the managing members of Juniper Investment Company and the general partners of Juniper Multi-Strategy, and as a result, Messrs. Bartholdson and Michas share voting and dispositive power over such shares with Juniper Investment Company. Messrs. Bartholdson and Michas disclaim beneficial ownership of the holdings of Juniper Multi-Strategy reflected herein except to the extent of their pecuniary interest therein. ( 4 )Represents securities held of record by John A. Bartholdson. Mr. Bartholdson is a director of the Issuer.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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