Press release
Orthofix Reports First Quarter 2022 Results
Net sales of $106.4 million, an increase of 1% on a reported basis and 2% on a constant currency basis over prior year New product sales drive solid growth
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $106.4 million, an increase of 1% on a reported basis and 2% on a constant currency basis over prior year\n\n\nNew product sales drive solid growth in Biologics, Spinal Implants, and Orthopedics\n\n\nFDA grants PMA for AccelStim™ bone growth stimulator — LIPUS technology expands our indications into fresh fracture care\n\n\nFDA clearance received for the TrueLok™ EVO Ring Fixation system, which enables clear radiographic visualization\n\n\nReaffirming 2022 guidance\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended March 31, 2022. Net sales were $106.4 million, earnings per share (“EPS”) was $(0.22), and adjusted EPS was $(0.10).\n\n“We're very pleased with our financial and operational performance in the first quarter given the COVID-19 and labor headwinds, ongoing global supply chain disruptions, and macro financial impacts stemming from political instability in Europe. The strategic investments we have made over the last two years, including a focus on new product innovation and the development of our global commercial organization, continue to pay dividends,” said Orthofix President and Chief Executive Officer Jon Serbousek. “Performance was again driven by growth in Biologics, Spinal Implants and Orthopedics with the continued adoption of innovative products such as the M6-C™ artificial cervical disc and our Fitbone™ intramedullary limb lengthening system.”\n\n“We are extremely excited about the expansion of our bone growth stimulation portfolio with the AccelStim bone healing therapy device, which gives us access to a large new market for fresh fracture healing. Looking ahead, we expect to execute on our growth transformation and deliver mid-single digit constant currency top line growth for the full fiscal year 2022, and exit the year at high single digit growth,” continued Serbousek. “In addition to the AccelStim device, we expect that our growth will be fueled by continued disciplined investments made across the business using our strong balance sheet, particularly in areas where we have a competitive advantage, with an eye towards accelerating profitable topline growth in 2023 and beyond.”\n\nFinancial Results Overview\n\nThe following table provides net sales by major product category by reporting segment:\n\n\n\n ...