Press release
Orthofix Reports Second Quarter 2023 Results and Raises Revenue and Adjusted EBITDA Guidance
Net sales of $187.0 million, an increase of 58% on a reported basis and 7% 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 $187.0 million, an increase of 58% on a reported basis and 7% on a pro forma constant currency basis over prior year\n\n\n\nBone Growth Therapies growth of 10%, marking two consecutive quarters with double-digit net sales increases, with growth coming from both spine and fracture commercial channels\n\n\n\nU.S. spinal implants, biologics, and enabling technologies sales up 7% over prior year on a pro forma basis, driven by new distribution and product innovation\n\n\n\nGlobal Orthopedics net sales increase of 6% on a reported basis and 5% on a constant currency basis over prior year\n\n\n\nAnnounced full commercial launch of the following products:\n\n\nWaveForm® A interbody for Anterior Lumbar Interbody Fusion (\"ALIF\") procedures\n\n\n\nTrueLok™ Phantom and Tornado Hinges, the latest addition to the Orthopedics TrueLok circular frame portfolio\n\n\n\n\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended June 30, 2023. Net sales were $187.0 million, earnings per share (“EPS”) was $(1.07), and adjusted EPS was $0.02.\n\n\n“I am very pleased with Orthofix’s performance this quarter, delivering 7% year-over-year growth, on a proforma basis, and once again achieving double-digit growth in the Bone Growth Therapies franchise,” said Keith Valentine, President and Chief Executive Officer of Orthofix. “We have been successful in managing revenue dis-synergy risks and capitalizing on operating expense synergy opportunities throughout the merger process and are encouraged to see continued market share taking in the U.S. spinal implants, biologics and enabling technologies franchises by leveraging our complementary product portfolios. We look forward to a strong back half of 2023 and remain focused on meeting the needs of our patients and providing value for other stakeholders by continuing to deliver quality driven solutions.”\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 June 30,\n\n\n\n\n\n\n\n\n(Unaudited, U.S. Dollars, in millions)\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\nChange\n\n\n\n\n\n\n \n\n\n\n\n\n\nConstant\nCur...