Press release
Orthofix Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Fourth Quarter Highlights Net sales of $121.5 million, an increase of 0.3% compared to prior year period and 0.9% on a constant currency basis Kevin Kenny,
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\nFourth Quarter Highlights\n\n\n\nNet sales of $121.5 million, an increase of 0.3% compared to prior year period and 0.9% on a constant currency basis\n\n\nKevin Kenny, an experienced spine executive, joins as Global Spine President\n\n\nFDA approval of next generation Bone Growth Therapy patient monitoring app STIM onTrack 2.1\n\n\n\nFiscal Year 2019 Highlights\n\n\n\nNet sales of $460.0 million, an increase of 1.5% compared to prior year and 2.6% on a constant currency basis\n\n\nM6-C artificial disc achieves $4.1 million in sales in the US\n\n\nSuccessful transition to Jon Serbousek as CEO\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2019. For the fourth quarter of 2019, net sales were $121.5 million, earnings per share (“EPS”) was $0.60 and adjusted EPS was $0.51. For fiscal year 2019, net sales were $460.0 million, EPS was ($1.51) and adjusted EPS was $1.47.\n\n\n“I joined Orthofix because I saw a significant opportunity. The last few months spent with this talented team and our external stakeholders has me even more excited about the future of this Company,” said Jon Serbousek, President and Chief Executive Officer. “We have well defined market and technology leadership positions in bone growth stimulation, cellular based allografts, extremity deformity correction, and artificial disc replacement. This combined with the solid infrastructure we have in place gives us the platform to scale in all of our businesses. We are already executing on our recently developed Strategic Plan, which we believe will accelerate our growth and maximize shareholder value.”\n\n\nSerbousek further commented, “During the fourth quarter, revenue from the M6 cervical disc in the U.S. outpaced our expectations, which highlights the significant opportunity we have with this technology. While some of our other product categories experienced some headwinds due to continued distraction, we believe we are putting the pieces in place to reposition Orthofix for accelerating topline growth.”\n\n\nFinancial Results Overview\n\n\nFourth Quarter\n\n\nThe following table provides net sales by major product category by reporting segment:\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(Unaudited, U.S....