Press release
Orthofix Medical Inc. Announces Preliminary 2023 Fourth Quarter and Full-Year Net Sales Results
Net sales of $200.3 million, an increase of 64% on a reported basis and an increase of 8% on a pro forma basis Bone Growth Therapies growth of 15%, marking
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $200.3 million, an increase of 64% on a reported basis and an increase of 8% on a pro forma basis\n\n\n\nBone Growth Therapies growth of 15%, marking four consecutive quarters with double-digit net sales increases, and representing the strongest quarter of Bone Growth Therapies sales in the history of Orthofix\n\n\n\nU.S. Spinal Implants, Biologics, and Enabling Technologies growth of 4% on a pro forma basis over Q4 2022\n\n\n\nGlobal Orthopedics net sales increase of 7% on a reported basis over Q4 2022\n\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX), a leading global spine and orthopedics company, today announced preliminary unaudited fourth quarter 2023 net sales of approximately $200.3 million, an increase of 63.8% on a reported basis and 62.8% on a constant currency basis versus fourth quarter 2022. For the full year 2023, preliminary unaudited net sales were approximately $746.5 million, an increase of 62.0% on a reported basis and 61.5% on a constant currency basis.\n\n\n\"We are very pleased with our results for the fourth quarter of 2023 and believe the strength and stability Orthofix exhibited through the end of the year will continue into 2024,\" said Catherine Burzik, Chair of the Board of Directors and former Interim CEO of Orthofix. \"Our preliminary revenue numbers reflect heightened performance and increased momentum across all business segments; BGT reported another sequential quarter of double-digit growth, and the Orthopedics segment finished 2023 having grown revenue by 7% over the prior year. Enabling Technologies set a revenue record in the fourth quarter, and within U.S. Spine, our commercial teams were able to leverage unique opportunities in the market to sign agreements with multiple high-value distributors. I remain proud of the unwavering commitment of the Orthofix team to continuously realize merger synergies and drive value creation for the Company and its shareholders.\"\n\n\nFinancial Results Overview\n\n\nThe following provides net sales by major product category by reporting segment on a reporting basis:\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended December 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n(Unaudited, U.S. Dollars, in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\...