Press release
Orthofix Medical Inc. Announces Preliminary SeaSpine and Orthofix 2022 Fourth Quarter and Full-Year Net Sales Results
LEWISVILLE, Texas--(BUSINESS WIRE)-- (NASDAQ:OFIX) The merger of equals between Orthofix Medical Inc. ("Orthofix") and SeaSpine Holdings Corporation
About this update from Orthofix Medical Inc.
[{"type":"text","content":" LEWISVILLE, Texas--(BUSINESS WIRE)--\n(NASDAQ:OFIX) The merger of equals between Orthofix Medical Inc. (\"Orthofix\") and SeaSpine Holdings Corporation (\"SeaSpine\") became effective as of January 5, 2023. This news release includes the pre-merger unaudited preliminary net sales results of stand-alone SeaSpine and stand-alone Orthofix for the fourth quarter and full year ended December 31, 2022. As such, these preliminary financial results do not include any potential accounting adjustments that the merger may have on future net sales results.\n\nSeaSpine Fourth Quarter Highlights\n\n\nNet sales of $63.2 - $63.7 million, an increase of more than 13% on a reported basis over prior year and an increase of more than 18% when adjusted to exclude the impact of SeaSpine’s exit from the European Spinal Implants market in the third quarter of 2022 (SeaSpine reported $2.1 million of European Spinal Implants revenue in the fourth quarter of 2021)\n\n\nU.S. Spinal Implants and Orthobiologics net sales growth of over 23% and 19%, respectively, driven by recently launched products and expanded distribution\n\n\nA record 12 7D FLASH Technology System units sold or placed under earnout agreements in the fourth quarter, and achieved 100th unit milestone\n\n\nOrthofix Fourth Quarter Highlights\n\n\nNet sales of $122.2 million, a decrease of approximately 2% on a reported basis and essentially flat on a constant currency basis over prior year\n\n\nBone Growth Therapies net sales growth of approximately 3%, driven by the commercial roll-out of AccelStim™ Bone Healing Therapy and channel investments\n\n\nGlobal Orthopedics net sales growth of over 6% on a constant currency basis driven by product and commercial channel investments\n\n\n“The legacy SeaSpine business continued to perform well. We saw particularly strong results within our U.S. Spinal Implants and Orthobiologics portfolios. Within Enabling Technologies, a record number of 7D Flash systems were sold or placed under earnout agreements during the fourth quarter,” said Keith Valentine, President and Chief Executive Officer of Orthofix. “As we move into 2023, we will be focused on the swift integration of these two highly complementary businesses to realize the significant synergy opportunities that exist. At the same time, we plan to continue to execute our industry-leading innovation e...