Press release
Orthofix Reports Third Quarter 2021 Results
Net sales of $112 million, an increase of 1.3% over the prior year period Double-digit growth over the prior year period for both global Spinal Implants and
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nNet sales of $112 million, an increase of 1.3% over the prior year period\n\n\nDouble-digit growth over the prior year period for both global Spinal Implants and Orthopedics\n\n\nMore than 1,000 U.S. surgeons trained and 60,000 M6-C artificial cervical discs implanted worldwide to date\n\n\nLaunched Opus Mg Set synthetic bone void filler\n\n\nSubmitted AccelStim PMA application for the healing of fresh fractures\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended September 30, 2021. Net sales were $112 million, earnings per share (“EPS”) was $(0.11), and adjusted EPS was $0.10.\n\n“I am proud of the tenacity of our team as they continue to implement our strategic initiatives despite the ongoing challenges of COVID, delivering double-digit growth in both our global Spinal Implants and Orthopedics businesses,” said Orthofix President and Chief Executive Officer Jon Serbousek. “New products remain a growth driver in the business. The strong adoption of the M6-C™ artificial cervical disc continues as we recently passed the 60,000 worldwide implant mark, and sales of our FITBONE™ limb-lengthening system have accelerated throughout the year, resulting in third quarter revenue growing 30 percent sequentially.”\n\n“As we close out the year, we will be focused on driving top-line performance and exiting the year with mid-single digit growth. We expect this accelerated growth in the near term to come from the continued strength of the M6-C disc, the FITBONE system, and our recently bolstered 3D-printed titanium spinal interbody portfolio,” continued Serbousek. “Over the long term, we have multiple initiatives in place, including diversification of our biologics portfolio with products like Opus™ Mg Set synthetic bone void filler and the planned expansion of our bone growth therapy portfolio with the AccelStim™ ultrasound bone healing therapy for the healing of fresh and nonunion fractures. We anticipate the recent PMA application will allow us to bring this innovative offering and new indication to market in 2022.”\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)\...