Press release
Orthofix Reports Third Quarter 2023 Results
In November 2023, entered into a new four-year financing agreement with borrowing capacity of up to $150 million Net sales of $184.0 million, an increase of
About this update from Orthofix Medical Inc.
[{"type":"text","content":"\n\nIn November 2023, entered into a new four-year financing agreement with borrowing capacity of up to $150 million\n\n\n\nNet sales of $184.0 million, an increase of 61% on a reported basis and an increase of 8% on a pro forma basis when normalizing for a one-time stocking order that occurred in the third quarter of 2022 for SeaSpine\n\n\n\nBone Growth Therapies growth of 15%, marking three consecutive quarters with double-digit net sales increases, with growth coming from both spine and fracture portfolios\n\n\n\nU.S. spinal implants, biologics, and enabling technologies sales growth of 7% on a pro forma basis over prior year\n\n\n\nGlobal Orthopedics net sales increase of 7% on a reported basis over prior year, with 14% growth in the US\n\n\n\nAdjusted EBITDA of $13.5 million, or 7.3% of sales, representing 36% sequential growth over the second quarter of 2023\n\n\n\n LEWISVILLE, Texas--(BUSINESS WIRE)--\nOrthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended September 30, 2023. Net sales were $184.0 million, earnings per share (“EPS”) was $(0.77), and adjusted EPS was $0.07.\n\n\n“Orthofix has performed well and operated smoothly following the announcement of our management transition. The Company saw very strong growth across multiple business segments and product lines. Our complementary portfolio is driving even further incremental cross selling opportunities,” said Catherine Burzik, Chair of the Board and Interim Chief Executive Officer of Orthofix. “Sales momentum is strong, and we are laser focused on driving shareholder value via profitable growth and merger synergy realization. We expect the company to deliver much higher adjusted profits next year and to exit 2024 cash-flow positive. I am highly confident in the future of the company.”\n\n\nFinancial Results Overview\n\n\nThe following table provides net sales by major product category by reporting segment as reported:\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n\n\n\n(Unaudited, U.S. Dollars, in millions)\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n \n\nConstant\nCurrency\nChange\n\n\n\n\n\n\n\n\nBone Growth Therapies\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n53.4\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n46.5\n\n\n\n\n\n\n \n\n\n\n...