Bioventus Inc. (BVS) shares plummeted over 36% in early trading on Monday, despite the medical device company reporting better-than-expected revenue and adjusted earnings for the third quarter of 2024.

The steep sell-off was driven by Bioventus reporting a massive net loss of $113.5 million for the quarter, largely due to one-time charges and impairment costs related to the company's decision to divest its Advanced Rehabilitation business.

Bioventus recorded a $78.6 million non-cash impairment charge for intangible assets in the Advanced Rehabilitation unit during the quarter. The company also incurred $7.1 million in financial restructuring costs and $4 million in acquisition and integration expenses.