Press release
Orthofix Reports First Quarter 2023 Results
Net sales of $175.2 million, an increase of 65% on a reported basis and 12% on a pro forma constant currency basis over prior year Bone Growth Therapies
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $175.2 million, an increase of 65% on a reported basis and 12% on a pro forma constant currency basis over prior year\n\n\n\nBone Growth Therapies growth of 14%, with growth coming from both spine and fracture commercial channels\n\n\n\nU.S. spinal implant sales up 18% over prior year on a pro forma basis, driven by new distribution and product innovation\n\n\n\nContinued double-digit growth in Global Orthopedics over prior year on a constant currency basis\n\n\n\nAnnounced the full commercial launch of the Lattus™ Lateral Access System and the Fathom™ Pedicle-Based Retractor System, which addresses an estimated $1.8 billion market related to minimally invasive spine procedures\n\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended March 31, 2023. Net sales were $175.2 million, earnings per share (“EPS”) was $(1.71), and adjusted EPS was $(0.10).\n\n\n“Orthofix delivered an exceptionally strong quarter with 12% year-over-year growth on a proforma basis and by minimizing any disruption associated with the business combination in January,” said Keith Valentine, President and Chief Executive Officer of Orthofix. “We are encouraged by the meaningful pro forma growth we’ve seen across all channels in the combined company and remain enthusiastic about the opportunities afforded by our complementary portfolios. Our team was successful in leveraging cross-selling strategies throughout the quarter and we believe these initiatives will promote meaningful market share gains in the future.”\n\n\nFinancial Results Overview\n\n\nThe following table provides net sales by major product category by reporting segment as reported:\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n(Unaudited, U.S. Dollars, in thousands)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nConstant\nCurrency\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nBone Growth Therapies\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n47.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n41.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n13.7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n...