Press release
Orthofix Reports Fourth Quarter and Full-Year 2024 Results and Provides 2025 Financial Guidance
Record Results Reflect Strong Execution as Company Focuses on Most Profitable Growth Opportunities in Spine, Orthopedics and Bone Growth Therapies
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\nRecord Results Reflect Strong Execution as Company Focuses on Most Profitable Growth Opportunities in Spine, Orthopedics and Bone Growth Therapies\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today reported its financial results for the fourth quarter and full-year ended December 31, 2024, and provided full-year 2025 financial guidance.\n\n\nHighlights\n\n\n\nRecord fourth quarter 2024 net sales of $215.7 million, an increase of 8% on a reported and constant currency basis compared to fourth quarter 2023\n\n\n\nU.S. Spine Fixation1 net sales growth of 12% compared to fourth quarter 2023, driven by distribution expansion and further penetration in existing accounts\n\n\n\nRecord Bone Growth Therapies (\"BGT\") net sales of $63.9 million, representing growth of 9% and BGT Fracture net sales growth of 10% compared to fourth quarter 2023\n\n\n\nRecord Global Orthopedics net sales of $35.8 million, representing constant currency growth of 18% and U.S. Orthopedics net sales growth of 21% compared to fourth quarter 2023\n\n\n\nCompany entered into record number of 7D FLASH™ Navigation System placements for the full-year 2024\n\n\n\nFourth quarter 2024 net loss of $(29.1) million; Non-GAAP adjusted EBITDA of $23.9 million, an increase of $4.3 million, with adjusted EBITDA margin expanding approximately 130 basis points compared to fourth quarter 2023\n\n\n\nFree cash flow of $15.2 million in fourth quarter 2024, a significant improvement in cash usage compared to previous quarters\n\n\n\nCompany increases long-term net sales compound annual growth rate (\"CAGR\") target to 6.5% to 7.5% from previous net sales CAGR target of 6% to 7%\n\n\n\nFourth quarter 2024 net sales were $215.7 million, an increase of 8% on a reported and constant currency basis. Net loss was $(29.1) million and earnings per share (\"EPS\") was $(0.75) on a reported basis, representing a decline of 27% when compared to the same prior year period. Non-GAAP adjusted EBITDA was $23.9 million for the fourth quarter, representing 22% growth compared to the fourth quarter of 2023.\n\n\nFull-year 2024 net sales were $799.5 million, an increase of 7% on a reported and constant currency basis. Net loss was $(126.0) million and EPS was $(3.30), representing an improvement of 20% when compared to...