Press release
Orthofix Reports First Quarter 2020 Results
Net sales of $104.8 million, a decrease of 3.9% compared to prior year and 3.4% on a constant currency basis Cost management initiatives put in place to
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $104.8 million, a decrease of 3.9% compared to prior year and 3.4% on a constant currency basis\n\n\nCost management initiatives put in place to reduce cash burn\n\n\nBorrowed $100.0 million against the secured revolving credit facility to navigate uncertain macro-environment\n\n\nClosed the acquisition of the FITBONE intramedullary lengthening system assets\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the first quarter ended March 31, 2020. Net sales were $104.8 million, diluted earnings per share (“EPS”) was $1.32 and adjusted EPS was $0.09.\n\n\n“I would first like to commend all of our team members around the world as they have managed and adapted to the ongoing challenges and uncertainty we are facing with COVID-19, as well as express our gratitude to all of the first responders and healthcare providers who are working tirelessly to care for patients and manage the spread of the virus,” said Orthofix President and Chief Executive Officer Jon Serbousek.\n\n\nSerbousek further commented, “The strong performance and momentum we generated during the first 10 weeks of the quarter as a result of our execution on a number of strategic initiatives positioned us to exceed our expectations for the quarter. However, the significant negative impact from the delay in elective procedures as a result of COVID-19 in March offset this upward trajectory. We have proactively responded to ensure that our balance sheet and capital liquidity is sufficient to maintain our commercial infrastructure and innovation initiatives and enable us to react immediately to a recovery in demand and the needs of our customers. We cannot predict the duration or the full scale of the disruption caused by the pandemic, but we continue to believe the long-term fundamental prospects for Orthofix are strong and we will continue to invest in the growth of our business.”\n\n\nFinancial Results Overview\n\n\nThe following table provides net sales by major product category by reporting segment:\n\n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n(Unaudited, U.S. Dollars, in thousands)\n\n\n\n2020\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\nChange\n\n\n \n\nConstant\n\n\nCurrency\n\n\nChange\n\n\n\n\n\nBone Growth Therapies\n\n\n\n$\n\n\n\n45,443\n\n\n\n \n\n\n\n$\n\n\n\n47,283\n\...