Press release
Orthofix Reports Third Quarter 2020 Results
Net sales of $111.0 million, an increase of 52% sequentially and within 2% of our 2019 performance US Spinal Implants third quarter net sales increased 19%
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $111.0 million, an increase of 52% sequentially and within 2% of our 2019 performance\n\n\nUS Spinal Implants third quarter net sales increased 19% over the prior year \n\n\nMotion Preservation sales in the U.S. of $5.2 million, an increase of 44% sequentially and over 400% over prior year \n\n\nEntered into an investment and co-development partnership with Neo Medical SA\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the third quarter ended September 30, 2020. Net sales were $111.0 million, earnings per share (“EPS”) was $0.24 and adjusted EPS was $0.31.\n\n“We are very pleased with our performance during the third quarter, which reflects continued strong execution and leadership as we navigate through the uncertainty of COVID, highlighted by 52% sequential global net sales growth over the second quarter of 2020,” said Orthofix President and Chief Executive Officer Jon Serbousek. “While we are encouraged by our performance across the organization, we are particularly excited about the performance of our U.S. spinal implants business, which grew 19% over the third quarter of 2019, driven by the continued success of M6.”\n\nMr. Serbousek continued, “In addition to strong financial performance during the quarter, we continued to execute successfully against our strategic initiatives. Included in that execution was the investment and co-development partnership with Neo Medical, which we believe will accelerate our efforts to bring single-use procedural solutions to market. Additionally, the strong adoption of the FITBONE® limb lengthening system during its limited market release is further strengthening our position in pediatric extremity deformity care. These strategic business development achievements combined with our initiative to institute a high-velocity cadence of product launches should position us for accelerating growth in the years to come. We have made substantial progress in refreshing our organizational structure and with this solid foundation in place, we are well positioned to execute.”\n\nFinancial Results Overview\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\nThree Months Ended September 30,\n\n\n\n \n\n\n\n\n\n(Unaudited, U.S. Dollars, in thousands)\n\n\n\...