Orthofix Medical Inc. · NASDAQ:OFIX
Orthofix Medical — Q3 2026 Earnings Presentation
46 slides from Orthofix Medical's earnings presentation, Nov 9, 2026
Slide 1: Drive Profitable Growth
Drive Profitable Growth Investor Presentation November 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our cur
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management uses certain non-GAAP financial measures in this presentation, most specifically Adjusted EBITDA, Adjusted Gross Margin, Adjusted Net Income and Free Cash Flow, as a supplement to GAAP financial measures to further evaluate the Company’s operating performance p
Slide 4: Executive Summary: The Orthofix Investment Thesis
Executive Differentiated musculoskeletal platform: ~$834M in TTM pro forma net sales Summary 01 across spine, bone stimulation, limb reconstruction, biologics, and enabling technologies, addressing a combined ~$16B addressable market The Orthofix Focused commercial execution: Building on growth in T
Slide 5: Q3 2026 Results
Q3 2026 Results Advancing Growth in Limb Reconstruction and Therapeutic Solutions While Working to Strengthen Spine 5
Slide 6: Q3 2026 Results Summary
Q3 2026 Results Summary Q3 2026 Total Reported Net Sales: $208M 2% YoY pro forma, constant currency growth Q3 2026 Total Reported Net Sales $207.9M and Q3 2026 Pro Forma Net Sales of $207.8M or +2% YoY* Global Limb Reconstruction International Q3 2026 Non-GAAP Adjusted EBITDA: $26.0M $36.4M +9.4%* S
Slide 7: What We Said vs. What We Delivered
. What We Said vs. What We Delivered Q3 2026: Growth moderated by U.S. Spine headwinds What We Said What We Delivered (Q3 2026) Net Sales Growth Total Reported Net Sales $207.9M +2% YoY CC* Committed to above-market growth with • Growth in Limb Reconstruction and Therapeutic Solutions, together with
Slide 8: Q3 2026 Business Segment Highlights
Q3 2026 Business Segment Highlights THERAPEUTIC SOLUTIONS SPINAL SOLUTIONS LIMB RECONSTRUCTION Net sales +4% Global Spine Fixation net sales +1%* Global Limb Recon net sales +9%* » Above market growth, attractive » Accelerating plan to improve » Continued acceleration in the margins and strong cash
Slide 9: Revising 2026 Net Sales and Adjusted EBITDA Guidance
Revising 2026 Net Sales and Adjusted EBITDA Guidance1 Net sales outlook reflects: $825M – • Q3’26 performance, continued softness in the Spine market, and the anticipated impact of $830M accelerated actions to improve U.S. Spine commercial execution, inventory and Net Sales instrument-set availabili
Slide 10: Orthofix At-A-Glance
Orthofix At-A-Glance Transforming a ~$16B Market Opportunity into Profitable, Scalable Growth 10
Slide 11: Differentiated Musculoskeletal Platform Driving Toward Profitability
Differentiated Musculoskeletal Platform Driving Toward Profitability NASDAQ: OFIX | Musculoskeletal Pure-Play | ~$16B TAM ~$834M ~$85M ~71.1% $369M TTM Pro Forma Net Sales TTM Pro Forma Adj. EBITDA TTM Pro Forma Adj. Gross Margin Market Capitalization Focused on margins, execution, and working capit
Slide 12: Clear Strategic Pathway with Multiple Drivers for Value Creation
Clear Strategic Pathway with Multiple Drivers for Value Creation Key Focus Areas & Priorities Invest in Capitalize on Operate with Build Financial Differentiated Multiple Access Discipline for Resilience Technologies Where Points to Grow at Margin Expansion and Unlock Strong, Orthofix Can Win Above-
Slide 13: Platform Advantage and Commercial Momentum
Platform Advantage and Commercial Momentum Innovation and Market Leadership Across the Musculoskeletal Continuum 13
Slide 14: Two Growth Pillars – One Integrated Performance Engine
Two Growth Pillars – One Integrated Performance Engine Therapeutic Solutions (formerly Bone Growth Therapies) • Combined portfolio with Biologics to target trauma surgeons Spine • Combine with select Limb Reconstruction products Limb Reconstruction • Expanding domestically through legacy SeaSpine Ma
Slide 15: Capitalizing on Clear Competitive Advantages
Capitalizing on Clear Competitive Advantages Expanding and Deepening Customer Relationships Comprehensive Established World-Class, Portfolio of Distribution Channels Visionary Leadership Transformative and Extensive Global Team with Deep Solutions Commercial Reach Sector Expertise Improved Large Add
Slide 16: Addressable Markets ~$16B within Full Continuum of Care
Addressable Markets ~$16B within Full Continuum of Care 2026 – 2028 Total Expected Well-Positioned for Favorable Macro Trends Addressable Market Market Growth Rate Spinal Implants ~$10.1B ~3% – 4% Aging Digital Therapeutic Solutions ~$0.6B ~2% – 3% Population Healthcare (formerly Bone Growth Therapi
Slide 17: Competitive Positioning Across ~$16B Addressable Market
Competitive Positioning Across ~$16B Addressable Market Differentiated portfolio spanning spine, biologics, bone stimulation, limb reconstruction, and enabling technologies Capability Orthofix Medtronic Globus / NuVasive Alphatec Stryker Enovis ~$834M TTM ~$5.3B Cranial & Spine ~$2.5B Spine ~$764M F
Slide 18: Spinal Implants
Spinal Implants Driving Innovation and Taking Share • Comprehensive, best-in-class spinal implants designed to work in concert Market Overview with 7D Navigation and biologics to support improved clinical outcomes Thoracolumbar • Focus on deformity correction Fixation • Proven expertise in cervical
Slide 19: Therapeutic Solutions (formerly Bone Growth Therapies)
Therapeutic Solutions (formerly Bone Growth Therapies) Maximizing #1 Market Position • Safe, effective, non-surgical solution to promote bone healing in fracture Market Overview management and high-risk spine fusions • Most comprehensive portfolio of bone growth stimulation devices • Most indication
Slide 20: Biologics
Biologics Continued Focus on Advancing our Portfolio • Full spectrum of biologic solutions to enhance fusion process and Market Overview Demineralized Bone promote bone repair and growth • Provide industry leading, best-in-class products in each of the major Matrix bone grafting categories • #3 Posi
Slide 21: Limb Reconstruction (formerly Orthopedics)
Limb Reconstruction (formerly Orthopedics) Leading the Growth • Unique portfolio of limb reconstruction solutions, addressing the most Market Overview Limb Preservation challenging orthopedic conditions in patients of all ages • ~5% market growth rate (2026-2028) Select Product Examples Extremity De
Slide 22: Four Focus Areas – Limb Reconstruction
Four Focus Areas – Limb Reconstruction ENABLING TECHNOLOGIES LIMB Extremity Limb Deformity Lengthening Correction RECON Industry leader with a unique portfolio of limb reconstruction solutions, addressing the Complex Limb most challenging conditions Fracture Preservation in patients of all ages Mana
Slide 23: Innovation Spotlight: TrueLok Elevate System
Innovation Spotlight: TrueLok Elevate System Supporting surgeon-led correction of complex bony and soft-tissue defects Minimally invasive, quick application, reproducible technique Versatile design Sterile, ready to use components The TrueLok Elevate device has not been approved by the FDA for treat
Slide 24: Patient Case Study – What Limb Reconstruction Means for Justin
Patient Case Study – What Limb Reconstruction Means for Justin Background OFIX Unique Solution Result / Outcomes • Justin, a 6'9" newlywed, suffered Under the care of Dr. William • Successful Orthofix-supported from severe genu valgum Terrell, the team elected to treat deformity correction (knock-kn
Slide 25: Enabling Technologies
Enabling Technologies Empowering Excellence with Real-Time, Integrated Smart Technologies • FLASH Navigation with 7D Technology, world’s leading zero-radiation1 Market Overview spine image-guided surgery system • Allows surgeons to perform fast, cost-effective, and radiation-free surgery • Pacesetti
Slide 26: Innovation Spotlight – FLASH Navigation with 7D Technology
Innovation Spotlight – FLASH Navigation with 7D Technology Revolutionizing Spinal Navigation Created Meaningful Advantages with FLASH Navigation with 7D Technology reduction in intraoperative 97.8% radiation during adult degenerative spinal fusions1* First and only image-guided surgery (IGS) reducti
Slide 27: Financial Path
Financial Path Operational Excellence and Strategic Investment Converging on Strong Cash Generation 27
Slide 28: Looking Forward: Accelerating Our Profitable Growth Engine
Looking Forward Accelerating Our Profitable Growth Engine p Invest in Capitalize on Differentiated Multiple Access Strengthen Technologies Points to Grow Operate Financial Resilience in Areas Where Business at with Discipline for and Prioritize We Can Win Sustained, Margin Expansion Free Cash Flow a
Slide 29: Investing in Differentiated Technologies
Investing in Differentiated Technologies Systematic Approach to Driving Innovation Focal KPIs 1 Regular cadence of Rigorous allocation of resources to high-return opportunities meaningful, high-impact new product launches Leverage technologies (7D, Biologics, Therapeutic Solutions) and sales channel
Slide 30: Operating with Discipline for Margin Expansion
Operating with Discipline for Margin Expansion Our Approach to Operational Excellence Building culture of excellence and accountability through implementation of the High Performance Management System (HPMS) Focusing on “Vital Few” initiatives to enhance operational excellence and drive business per
Slide 31: Capital Allocation Priorities
Capital Allocation Priorities Investing to drive future 4 profitable growth Return of Capital In the absence of 3 value-creating opportunities Capital Structure 2 Debt paydown and fortify balance Inorganic Growth sheet 1 Tuck-in M&A to enhance growth & Organic Growth margin profile, Reinvest in busi
Slide 32: World-Class Leadership Team with Extensive Med Tech Expertise
World-Class Leadership Team with Extensive Med Tech Expertise – Focused on Results Massimo Calafiore Julie Andrews Patrick Fisher President and Chief Financial Officer President, Global Biologics Chief Executive Officer and Limb Reconstruction Year Joined: 2024 Year Joined: 2024 Year Joined: 2024 Ye
Slide 33: Investment Summary: Catalysts and Upside Drivers
Near-term product catalysts: VIRATA Spinal Fixation System full commercial Investment 01 launch expected 4Q’26; future clearance for automated version of TRUELOK Elevate; continued traction for OsteoCove synthetic graft Summary Expanding technology ecosystem: 7D FLASH driving recurring implant pull-
Slide 34: Contact: www.Orthofix.com
For additional information, please contact: Julie Dewey, IRC Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 www.Orthofix.com NASDAQ: OFIX 34
Slide 35: Appendix
Appendix Financial and Non-GAAP Reconciliation Tables 35
Slide 36: Q3 2026 GAAP to Adj. EBITDA Bridge
Q3 2026 GAAP to Adj. EBITDA Bridge Reported Adjustments to U.S. GAAP Adjusted Share-Based Amortization / Impact of Acquisition- Compensation Q3 2026 Foreign SeaSpine Depreciation Litigation and Employee Long-Term Q3 2026 Strategic Discontinuation Related Fair Expense and U.S. GAAP Exchange Merger- o
Slide 37: Net Sales by Major Product Category by Reporting Segment
Net Sales by Major Product Category by Reporting Segment Three Months Ended September 30, Constant Currency (Unaudited, U.S. Dollars, in millions) 2026 2025 Change Change Therapeutic Solutions $ 64.0 $ 61.2 4.5% 4.5% Spinal Implants, Biologics and Enabling Technologies* 107.4 108.6 (1.1%) (1.1%) Glo
Slide 38: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets September 30, December 31, (U.S. Dollars, in thousands, except par value data) 2026 2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 86,322 $ 82,025 Restricted Cash 598 3,090 Accounts receivable, net of allowances of $11,583 and $8,308, respect
Slide 39: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands, except share and per share data) 2026 2025 2026 2025 Net sales $ 207,862 $ 205,634 $ 615,503 $ 602,401 Cost of sales 61,316 57,111 179,704 192,726
Slide 40: Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Gross profit $ 146,546 $ 148,523 $ 435,799 $ 409,675 Share-based compensation and long-term incentive plan expense 236 368 1,02
Slide 41: Adjusted EBITDA
Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (6,074) $ (22,795) $ (42,780) $ (89,970) Income tax expense 826 533 1,701 1,352 Interest expense, net 5,889 4,681 17,638 13,137 Depreciation and amo
Slide 42: Adjusted Net Income
Adjusted Net Income Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (6,074) $ (22,795) $ (42,780) $ (89,970) Share-based compensation and long-term incentive plan expense 6,969 7,181 21,552 21,474 Foreign exchang
Slide 43: Cash Flow and Free Cash Flow
Cash Flow and Free Cash Flow Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 Net cash provided by (used in) operating activities $ (23,471) $ 5,650 Net cash used in investing activities (37,664) (23,727) Net cash provided by (used in) financing activities 63,228 (3,
Slide 44: Adjusted Sales, General and Administrative Expense
Adjusted Sales, General and Administrative Expense Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Sales, general, and administrative $ 125,330 $ 148,102 $ 398,271 $ 417,576 Reconciling items impacting sales, general, and a
Slide 45: Adjusted Research and Development Expense
Adjusted Research and Development Expense Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Research and development expense, as reported $ 15,277 $ 14,774 $ 46,541 $ 50,474 Reconciling items impacting research and developmen
Slide 46: Adjusted Non-Operating (Income) Expense
Adjusted Non-Operating (Income) Expense Three Months Ended Nine Months Ended September 30, September 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Non-operating (income) expense $ 6,793 $ 5,216 $ 20,054 $ 6,696 Reconciling items impacting non-operating expense: Non-operating (incom