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Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

BVS

Bioventus Inc.
NASDAQ · HEALTH CARE · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS
14.96
−0.08 −0.53%
USD · close Oct 23
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MKT CAP —P/E 19.4DIV YIELD —FCF YIELD —REV TTM $581.8M +3.1%NET INCOME $54.5MNET DEBT $328.2M52W 6.53 – 15.26SEC XBRL · TTM TO Invalid Date

How BVS rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
67%
of sentences unchanged
Added
317
new sentences
Dropped
265
sentences removed
Length
+2,056
words, now 53,647

New in FY2025

  • Table of C o ntents SUMMARY OF PRINCIPAL RISK FACTORS We are subject to several risks, including risks that may prevent us from achieving our business objectives or that may adversely affect our business, results of operations, financial condition, and cash flows.
  • Risk Factors , including the following principal risks: • our 2025 Credit Agreement contains financial and operating restrictions that could limit our access to credit.
  • If we fail to comply with its financial or other covenants, we might be required to repay the indebtedness, which could harm our liquidity; • we might require additional capital to fund our current financial obligations and support business growth; • failure to establish and maintain effective financial controls could adversely affect our business and stock price; • we maintain our cash at financial institutions, often in balances that exceed federally insured limits; • we have been subject to securities class action litigation and currently have pending derivative shareholder lawsuits and may be subject to similar or other litigation in the future, which will require significant management time and attention, result in significant legal expenses and may result in unfavorable outcomes; • we are highly dependent on a limited number of products for revenue generation and profitability, and their demand depends on continued and future acceptance by physicians, patients, third-party payers and others in the medical community; • our long-term growth may be limited by our inability to develop, acquire and commercialize new products, line extensions or expanded indications; • if we fail to properly manage growth or scale our business processes, systems, or data management, our business could suffer; • we rely on a limited number of third-party manufacturers to manufacture certain of our products; • due to the implementation of processing and billing system changes by payers, we may experience unexpected increases in the volume of rebate claims we receive from payers with whom we contract; • if we are unable to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize, the commercial success of these products may be severely hindered; • our business may be adversely affected if consolidation in the healthcare industry leads to demand for price concessions or if one or more group purchasing organizations, third-party payers or other similar entities exclude us from being a supplier; • we may be unable to complete proposed acquisitions or to successfully integrate proposed or recent acquisitions in a cost-effective and non-disruptive manner, and we may not realize the anticipated strategic or financial benefits from our business divestitures; • pricing pressure from our competitors or hospitals may affect our ability to sell our products at prices necessary to support our current business strategies; • if we fail to successfully enter into purchasing contracts for our Surgical Solutions products or engage in contract bidding processes internationally, we may not be able to receive access to certain hospital facilities and our sales may decrease; • our future growth depends on physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; • the proposed down-classification of non-invasive bone growth stimulators, including EXOGEN, by the FDA could increase future competition for bone growth stimulators and otherwise adversely affect our sales of EXOGEN; • we compete and may compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do, which may prevent us from achieving increased market penetration or improved operating results; • the reclassification of our HA products from medical devices to drugs in the United States by the FDA could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; • our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and other highly qualified personnel necessary to execute our strategic plans; • we face the risk of product liability claims that could be expensive, divert management’s attention and harm our reputation and business.
  • We may not be able to maintain adequate product liability insurance; Table of C o ntents • we may face issues with respect to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling, fluctuations in the demand for our products, or issues with supplier facilities; • actual, attempted, or perceived breaches of security, unauthorized access to or disclosure of information, cyberattacks, or other incidents could result in a material loss of business, substantial legal liability or significant harm to our reputation; • our business subjects us to economic, political (including international tariffs), regulatory, currency, and other risks associated with international sales and operations; • we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits and could lead to significant civil or criminal penalties and other liability; • the FDA regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; • if clinical studies of our future products do not produce results necessary to support regulatory clearance, approval or certification in the United States or elsewhere, we will be unable to expand the indications for or commercialize these products; • interim, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change resulting in material changes in the final data; • we may be subject to enforcement action if we engage in improper marketing or promotion of our products, and the misuse or off-label use of our products may harm our image in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines and/or sanctions by regulatory bodies; • our products may cause or contribute to adverse medical events that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions or recalls that could materially harm our business; • we may rely on third parties to conduct our clinical studies and to assist us with preclinical development and if they fail to perform as contractually required or expected, we may not be able to obtain regulatory clearance, approval or certification to commercialize our products; • healthcare regulatory reform and cost containment proposals may affect our ability to sell our products profitably; • if we fail to meet Medicare accreditation and surety bond requirements or DMEPOS supplier standards, it could adversely affect our business, results of operations and financial condition; • our operations involve the use of hazardous and toxic materials, and we must comply with environmental, health and safety laws and regulations; • we depend on certain technologies that are licensed to us and any loss of the rights licensed to us could prevent us from selling our products; • our principal asset is our interest in BV LLC, and, accordingly, we depend on distributions from BV LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement.
  • BV LLC’s ability to make such distributions may be subject to various limitations and restrictions; • the dilution of our Class A common stockholders upon the exchange of the outstanding common membership interests in BV LLC could adversely affect the market price of our Class A common stock and the resale of such shares could cause the market price of our Class A common stock to fall; and • beginning with our Annual Report on Form 10-K for the year ending December 31, 2026, we will no longer be able to take advantage of reduced reporting requirements applicable to emerging growth companies, which will require us to incur significant expenses and expend time and resources.
  • We manage our business through two reporting segments, U.S. and International, which accounted for 88% and 12%, respectively, of our total net sales during the fiscal year ended December 31, 2025.
  • Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments & PRP (“Pain Treatments”), (ii) Surgical Solutions and (iii) Restorative Therapies. • Pain Treatments , consisting of: ◦ Knee Osteoarthritis (“KOA”) : Our product portfolio includes a range of intra-articular, hyaluronic acid (“HA”) injections that help relieve patient discomfort and improve quality of life.
  • In the U.S., we also distribute the XCELL Platelet-Rich Plasma (“PRP”) system, a technology that is synergistic with our existing physician call points, as many surgeons who use HA also use PRP. ◦ Peripheral Nerve Stimulation (“PNS”) : We are focused on developing and commercializing a full portfolio of peripheral nerve stimulation products with solutions for acute, temporary and chronic pain. • Surgical Solutions , consisting of: ◦ Ultrasonics: Our Ultrasonics business offers precision bone resection for patients with degenerative spine conditions and spinal deformities.
  • This portfolio also enables precision bone cutting in ultrasonic neuro and general surgery to address brain tumors and pathologies of the liver and other organs. ◦ Bone Graft Substitutes (“BGS”) : Our BGS product portfolio includes a range of products that facilitate optimal bone fusion following a surgical procedure. • Restorative Therapies , consisting of: ◦ Fracture Care: We provide low-intensity pulse ultrasound to help patients who suffer from bone fractures that do not heal through traditional methods.
  • We plan to expand our U.S. clinical fracture care indications to address the healing of additional fresh fractures, especially for high-risk patients.
  • Our products are described in additional detail below under “Our Products.” Our Growth Strategy The four-pronged strategy to reach our goals across our patient-focused areas includes the following: 1) Strengthen our leading positions in our core markets.
  • We are focused on continued market share growth of our differentiated HA, BGS and Fracture Care products, which account for the majority of our sales today, through targeted high-potential account execution.
  • This will provide investment for the continued expansion of our Ultrasonics and International businesses and enable growth in our emerging markets in PNS and PRP. 2) Continued investment in our new emerging technologies .
  • We plan to initiate full commercial launches of StimTrial and Talismann, while the PRP system will be sold through our existing HA sales force. 3) Further develop and expand our Ultrasonics platform business .
  • In parallel, we plan to leverage the versatility of our neXus platform and its existing install base to expand into additional specialties like neurosurgery and general surgery. 4) Strategically grow our international markets .
  • We also plan to strategically expand to new markets with our existing portfolio and intend to selectively pursue new market opportunities.
  • Table of C o ntents Our Products We offer a diverse portfolio of products to support physicians in relieving pain and addressing musculoskeletal challenges across indications and clinical areas, including knee, hand and upper extremities, foot and ankle, podiatry, trauma, general surgery, spine and neurosurgery.
  • We also are the exclusive distributor of the XCELL PRP System in the U.S., specifically for the orthopedic and sports medicine markets.
  • This may improve joint function and help to potentially delay knee replacement surgery.
  • Durolane is highly purified and based upon a natural and patented non-animal stabilized HA, expanding its use to patients who are allergic to animal-derived solutions.
  • Table of C o ntents Our StimRouter Peripheral Nerve Stimulation system is a permanent option that provides relief for chronic peripheral pain, including nerve pain, neuroma, neuropathic pain, post-stroke shoulder pain and neuralgia.
  • The TalisMann Pulse Generator and Receiver is an accessory to the StimRouter PNS system and is designed to provide more powerful stimulation to the targeted peripheral nerve, potentially enabling physicians to address chronic pain of a peripheral nerve origin in larger, deeper, or damaged nerves.
  • FDA 510(k) clearances for both TalisMann and StimTrial were received in July 2025, expanding our innovative growth portfolio of PNS solutions for chronic pain management.
  • These clearances mark an important step forward and represent a substantial growth opportunity as we look to expand in the PNS market.
  • With TalisMann and StimTrial now FDA-cleared, we offer a comprehensive PNS portfolio that empowers physicians to potentially treat a broader spectrum of patients—from initial assessment to long-term therapy—with greater confidence and flexibility.
  • This development also reinforces our commitment to delivering non-opioid, minimally invasive therapies designed to address real-world clinical needs.
  • TalisMann combines our patented electric field conduction technology with an integrated pulse generator to potentially reach deeper, larger nerves.
  • This combination is designed to provide long-term relief from chronic nerve pain for patients, potentially increasing the number of patients who respond to neuromodulation therapy.
  • From a physician's perspective, the increase in power allows for easier lead placement and potentially broadens addressable nerves.
  • StimTrial provides physicians the ability to evaluate patient response to PNS therapy, which we expect will facilitate physician adoption and payer reimbursement where trial assessments are required.
  • We began a limited commercial release of both TalisMann and StimTrial in select U.S. markets during the third quarter of 2025.
  • The broader market launch of these products commenced in early 2026.
  • In 2025, we entered into an agreement with Apex Biologix to be the exclusive distributor of their XCELL PRP System in the United States, specifically for orthopedic and sports medicine markets.
  • The XCELL PRP System is a benchtop device that processes whole blood to produce high-yield PRP with a 10-minute single-spin cycle.
  • The system offers leukocyte-rich and leukocyte-poor PRP preparations in one platform.
  • Designed to capture the entire buffy coat, the system is engineered to provide consistent processing results.
  • The XCELL PRP System delivers customized treatments from an advanced benchtop processing station with a hand-controlled dial to allow physicians to tailor treatment based on each patient’s needs.
  • The XCELL PRP System creates a highly synergistic opportunity for us to leverage our strong HA sales force as the majority of surgeons using HA are also treating patients with PRP.
  • Table of C o ntents Surgical Solutions Our Surgical Solutions portfolio is comprised of two patient-focused areas – Ultrasonics and Bone Graft Substitutes.
  • The neXus platform is driven by a proprietary digital algorithm designed to deliver power, efficiency, and control for the surgeon.

and 277 more.

Gone since FY2024

  • SUMMARY OF PRINCIPAL RISK FACTORS We are subject to several risks, including risks that may prevent us from achieving our business objectives or that may adversely affect our business, results of operations, financial condition, and cash flows.
  • Risk Factors , including the following principal risks: • our Amended 2019 Credit Agreement contains financial and operating restrictions that may limit our access to credit.
  • If we fail to comply with its financial or other covenants, we may be required to repay the indebtedness on an accelerated basis; • the dilution of our Class A common stockholders upon the exchange of the outstanding common membership interests in BV LLC could adversely affect the market price of our Class A common stock and the resale of such shares could cause the market price of our Class A common stock to fall; • if we fail to properly manage growth or scale our business processes, systems, or data management, our business could suffer; • our ability to maintain our competitive position depends on our ability to attract, retain and motivate our senior management team and other highly qualified personnel necessary to execute our strategic plans; • we are highly dependent on a limited number of products for revenue generation and profitability; • we may face issues with respect to the supply of our products or their components due to product quality and regulatory compliance issues, including increased costs, disruptions of supply, shortages, contamination or mislabeling; • we might require additional capital to fund our current financial obligations and support business growth; • failure to establish and maintain effective financial controls could adversely affect our business and stock price; • we maintain our cash at financial institutions, often in balances that exceed federally insured limits; • we have been subject to securities class action litigation and currently have pending derivative shareholder lawsuits and may be subject to similar or other litigation in the future, which will require significant management time and attention, result in significant legal expenses and may result in unfavorable outcomes; • our long-term growth may be limited by our inability to develop, acquire and commercialize new products, line extensions or expanded indications; • demand for our existing products and any new products, line extensions or expanded indications depends on the continued and future acceptance of our products by physicians, patients, third-party payers and others in the medical community; • the proposed down-classification of non-invasive bone growth stimulators, including EXOGEN, by the FDA could increase future competition for bone growth stimulators and otherwise adversely affect our sales of EXOGEN; • if we are unable to achieve and maintain adequate levels of coverage and/or reimbursement for our products, the procedures using our products, or any future products we may seek to commercialize, the commercial success of these products may be severely hindered; • our business may be adversely affected if consolidation in the healthcare industry leads to demand for price concessions or if one or more Group Purchasing Organizations (“GPO”), third-party payers or other similar entities exclude us from being a supplier; • we may be unable to complete proposed acquisitions or to successfully integrate proposed or recent acquisitions in a cost-effective and non-disruptive manner; • we may not realize the anticipated strategic or financial benefits from our business divestitures; • pricing pressure from our competitors or hospitals may affect our ability to sell our products at prices necessary to support our current business strategies; • if we fail to successfully enter into purchasing contracts for our Surgical Solutions products or engage in contract bidding processes internationally, we may not be able to receive access to certain hospital facilities and our sales may decrease; • governments outside the United States may not provide coverage or reimbursement of our products; • our future growth depends on physician awareness of the distinctive characteristics, benefits, safety, clinical efficacy and cost-effectiveness of our products; • we compete and may compete in the future against other companies, some of which have longer operating histories, more established products or greater resources than we do, which may prevent us from achieving increased market penetration or improved operating results; • the reclassification of our HA products from medical devices to drugs in the United States by the FDA could negatively impact our ability to market these products and may require that we conduct costly additional clinical studies to support current or future indications for use of those products; • we may not be able to strengthen our brand and the brands associated with our products; • we face the risk of product liability claims that could be expensive, divert management’s attention and harm our reputation and business.
  • We may not be able to maintain adequate product liability insurance; • fluctuations in the demand for our products or our inability to forecast demand accurately may influence the ability of our suppliers to meet our delivery needs or result in excess product inventory; • we rely on a limited number of third-party manufacturers to manufacture certain of our products; • actual, attempted, or perceived breaches of security, unauthorized access to or disclosure of information, cyberattacks, or other incidents could result in a material loss of business, substantial legal liability or significant harm to our reputation; • our business subjects us to economic, political (including international tariffs), regulatory, currency, and other risks associated with international sales and operations; • our products and operations, as well as our third-party manufacturers, are subject to extensive governmental regulation, and our failure to comply with applicable requirements could cause our business to suffer; • we may be subject to enforcement action if we engage in improper claims submission practices and resulting audits or denials of our claims by government agencies could reduce our net sales or profits and could lead to significant civil or criminal penalties and other liability; • the FDA regulatory process is expensive, time-consuming and uncertain, and the failure to obtain and maintain required regulatory clearances and approvals could prevent us from commercializing our products; • if clinical studies of our future products do not produce results necessary to support regulatory clearance, approval or certification in the United States or elsewhere, we will be unable to expand the indications for or commercialize these products; • interim, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data becomes available and is subject to audit and verification procedures that could result in material changes in the final data; • we may be subject to enforcement action if we engage in improper marketing or promotion of our products, and the misuse or off-label use of our products may harm our image in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines and/or sanctions by regulatory bodies; • our products may cause or contribute to adverse medical events that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions that could materially harm our business; • our products may be subject to product recalls; • we may rely on third parties to conduct our clinical studies and to assist us with preclinical development and if they fail to perform as contractually required or expected, we may not be able to obtain regulatory clearance, approval or certification to commercialize our products; • healthcare regulatory reform may affect our ability to sell our products profitably; • if we fail to meet Medicare accreditation and surety bond requirements or DMEPOS supplier standards, it could adversely affect our business, results of operations and financial condition; • our operations involve the use of hazardous and toxic materials, and we must comply with environmental, health and safety laws and regulations; • if our facilities or those of our suppliers are damaged or become inoperable, we will be unable to continue to research, develop and manufacture our products; • we depend on certain technologies that are licensed to us.
  • We do not control the intellectual property rights covering these technologies and any loss of our rights to these technologies or the rights licensed to us could prevent us from selling our products; and • our principal asset is our interest in BV LLC, and, accordingly, we depend on distributions from BV LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement.
  • We manage our business through two reporting segments, U.S. and International, which accounted for 88% and 12%, respectively, of our total net sales during the fiscal year ended December 31, 2024.
  • Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments, (ii) Surgical Solutions and (iii) Restorative Therapies. • Pain Treatments, comprised of: ◦ Knee Osteoarthritis (“KOA”) area : Our product portfolio includes a range of intra-articular, hyaluronic acid (“HA”) injections that help relieve patient discomfort and improve quality of life. ◦ Peripheral Nerve Stimulation (“PNS”) area: We are focused on developing a full portfolio of peripheral nerve stimulation products with solutions for acute, temporary and chronic pain. • Surgical Solutions, comprised of: ◦ Ultrasonics: Our Ultrasonics business offers precision bone resection for patients with degenerative spine conditions and spinal deformities.
  • This portfolio also enables precision ultrasonic neuro and general surgery to address brain tumors and pathologies of the liver and other organs. ◦ Bone Graft Substitutes (“BGS”) : Our product portfolio includes a range of products that facilitate optimal bone fusion following a surgical procedure. • Restorative Therapies, comprised of: ◦ Fracture Care: We provide low-intensity pulse ultrasound to help patients who suffer from bone fractures that do not heal through traditional methods.
  • We plan to expand our United States clinical indications to address the healing of fresh fractures, especially for high-risk patients.
  • Our products are described in additional detail below under “Our products.” Our growth strategy The four-pronged strategy to reach our goals across our patient-focused areas includes the following: 1) Further develop and market our surgical solutions business .
  • In parallel, we plan to leverage the versatility of our neXus platform and its existing install base to expand into additional specialties like neurosurgery and general surgery.
  • To continue expanding our presence in target surgical markets, we plan to leverage our clinical data to solidify our BGS portfolio as a sustainable alternative to higher-priced premium biologics. 2) Strategically grow our international markets .
  • We also plan to strategically expand to new markets with our existing portfolio and intend to selectively pursue new market opportunities. 3) Strengthen our leading position in Knee Osteoarthritis.
  • We are focused on continued market share growth of HA in the United States through targeted high-potential account execution.
  • To increase pull-through, we plan to increase HCP awareness of the clinical differences of our single injection product, Durolane.
  • We intend to expand beyond our unique positioning as the only company to offer one-, three- and five- injection treatment regimens by evaluating further potential portfolio opportunities in the KOA area. 4) Expand our portfolio through strategic partnerships and internal development .
  • We are focused on broadening and innovating our portfolio of products within key market segments for our patient-focused areas.
  • To achieve this, we will prioritize opportunities for strategic partnerships that provide the biggest benefit for patients, customers, and our business.
  • Internally, we rely on a team of highly trained individuals to develop new products, conduct clinical investigations and assist in training healthcare providers on the clinical benefits and the safe and effective use of our products.
  • Our products We offer a diverse portfolio of products to support physicians in relieving pain and addressing musculoskeletal challenges across indications and clinical areas, including knee, hand and upper extremities, foot and ankle, podiatry, trauma, general surgery, spine and neurosurgery.
  • This may improve joint function and help to potentially avoid or delay knee replacement surgery.
  • Durolane is highly purified and based upon a natural and patented non-animal stabilized HA (“NASHA”), expanding use to patients who are allergic to animal-derived solutions.
  • Our StimRouter Peripheral Nerve Stimulation system is a permanent option that provides relief for chronic peripheral pain, including nerve pain, neuroma, neuropathic pain, post-stroke shoulder pain and neuralgia.
  • Developmental and clinical pipeline for Pain Treatments The TalisMann Pulse Generator and Receiver is an accessory to the StimRouter PNS system and is designed to provide more powerful stimulation to the targeted peripheral nerve, potentially enabling physicians to address chronic pain of a peripheral nerve origin in larger, deeper, or damaged nerves.
  • Though not currently available, the 510(k) submission to the FDA for market clearance of the TalisMann was completed in the fourth quarter of 2024.
  • Surgical Solutions Our Surgical Solutions portfolio is comprised of two patient-focused areas – Ultrasonics and Bone Graft Substitutes.
  • The neXus platform is driven by a proprietary digital algorithm designed to deliver more power, efficiency, and control for the surgeon.
  • Our SonaStar Elite handpiece and accessories expand the frequency capabilities of the neXus System, adding 36 kHz capabilities.
  • The ultrasonic debridement process separates devitalized tissue from viable tissue layers, allowing for a more defined treatment and, usually, a reduced pain sensation.
  • Reficio Demineralized Bone Matrix (“Reficio DBM”) is a putty comprised of human demineralized bone matrix and a biocompatible, bioabsorbable carrier, carboxymethylcellulose, mixed into a putty-like consistency for ease of use during surgery.
  • That team is supported by a broad management team in addition to a market access team focused on expanding approvals with integrated healthcare delivery networks (“IDNs”), GPOs and payers.
  • We compete with many companies having more significant capital resources, greater R&D resources and more extensive distribution systems than we do.
  • Our Pain Treatments that we own or distribute compete with products from Ferring Pharmaceutical Inc., Fidia Farmaceutici S.p.A., DePuy Orthopaedics, Inc.
  • (Johnson & Johnson), Zimmer Biomet Holdings, Inc. and Sanofi S.A, OrthogenRx Inc.
  • (Avanos) and for peripheral nerve stimulation specifically we compete with SPR Therapeutics, Nalu and Stimwave.
  • Although in the aggregate our intellectual property is of material importance to our business, we do not believe that any single patent is of material importance to our product portfolio.
  • As of December 31, 2024, we owned 77 issued U.S. patents and four pending U.S. patent applications relating to our material products.
  • We also owned 114 issued foreign patents and 21 pending foreign patent applications directed to our material products.
  • Our patents and patent applications as of December 31, 2024 directed to our material products are summarized below.
  • We own three issued U.S. patents and one issued foreign patent in Australia directed to our EXOGEN system.

and 225 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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