Orthofix Medical Inc. · NASDAQ:OFIX
Orthofix Medical — Q4 2025 Earnings Presentation
52 slides from Orthofix Medical's earnings presentation, Feb 24, 2026
Slide 1: Drive Profitable Growth
Drive Profitable Growth Investor Presentation February 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: Key Themes
Key Themes Disciplined, Profitable Growth to Maximize Value Creation Building on a strong foundation as a leading global med tech company with a 01 comprehensive portfolio of spinal solutions, bone growth therapies, biologics, specialized limb reconstruction solutions, and an advanced surgical navig
Slide 5: Orthofix
Orthofix Commitment to Disciplined, Profitable Growth to Deliver Life-Changing Solutions and Maximize Value Creation 5
Slide 6: Building on a Strong Foundation – Transformation Focused on Accelerating Excellence
Building on a Strong Foundation – Transformation Focused on Accelerating Excellence RECENT ACCOMPLISHMENTS CONTINUED LEADERSHIP FOCUS AREAS – AND TRANSFORMATIVE ACTIONS MULTIPLE LEVERS FOR PROFITABLE GROWTH • Building on clear competitive Innovation Focus advantages Continued development of differen
Slide 7: Aligned Around Our Vision and Mission
Aligned Around Our Vision and Mission Vision The unrivaled partner in med tech, delivering exceptional experiences and life-changing solutions Mission We provide medical technologies that heal musculoskeletal pathologies. We enable our teams through opportunities for growth, ownership of responsibil
Slide 8: Orthofix Today
ORTHOFIX TODAY Healing Musculoskeletal Pathologies in Spine and Limb Reconstruction with Specialized Solutions and Enabling Technologies 1980 Founded ~$524M ~$85.9M Key Stats Employees 1,600+ Market-Cap1 TTM Adjusted EBITDA2 ~71.6% ~$85.1M NASDAQ OFIX TTM Adjusted Gross Margin2 Cash, Cash Equivalent
Slide 9: 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 10: Two Growth Pillars – One Integrated Performance Engine
Two Growth Pillars – One Integrated Performance Engine Bone Growth Therapies (BGT) • Combined portfolio with Biologics to target trauma surgeons Spine • Combine with select Limb Reconstruction products Limb Reconstruction Maximize procedural (Orthopedics) • Expanding domestically through legacy SeaS
Slide 11: 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 12: 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 Bone Growth Population Healthcare ~$0.6B ~2% – 3% Therapies Biologics ~$2.1B ~2% – 3% Evo
Slide 13: 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 14: Bone Growth Therapies
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 indications on the market to aid in bone he
Slide 15: Biologics
Biologics Renewed 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 Positi
Slide 16: 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 Defo
Slide 17: 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 18: Innovation Spotlight: TrueLok Elevate System
Innovation Spotlight: TrueLok Elevate System Supporting surgeon-led correction of complex bony and soft-tissue defects Global commercial launch June 2025 Minimally invasive, quick application, reproducible technique Versatile design Sterile, ready to use components The TrueLok Elevate device has not
Slide 19: 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 20: 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 21: 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 22: Q4 2025 Results
Q4 2025 Results Clear Progress on Our Course to Transform the Business 22
Slide 23: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights $218.6M $29.2M $16.8M 10% 7% 8% 71.4% Pro Forma Non-GAAP Free Cash Flow Global Spine Bone Growth U.S. Limb Non-GAAP Net Sales1 Pro Forma (FCF)3 Fixation4 YoY Therapies YoY Reconstruction Pro Forma Adjusted Adjusted EBITDA1,3 Constant Currency Net Sales Growth YoY Net Sal
Slide 24: Q4 2025 Key Messages
Q4 2025 Key Messages 01 Continuing to execute the priorities outlined in long-term plan to transform our business and deliver on our commitment to drive disciplined, profitable growth Eight consecutive quarters of adjusted EBITDA margin expansion and near 02 breakeven free cash flow for FY 2025 – de
Slide 25: Q4 2025 Results Summary
Q4 2025 Results Summary Fourth Quarter 2025 Results Summary (in millions) Q4 Total Pro Forma Net Sales: $218.6M Pro Forma Reported Constant Currency Q4 2025 Q4 2024 Change 3% YoY pro forma, constant currency growth Bone Growth Therapies $ 68.3 $ 63.9 7.0% Spinal Implants, Biologics, and Enabling Tec
Slide 26: Q4 2025 Business Segment Highlights
Q4 2025 Business Segment Highlights BONE GROWTH THERAPIES SPINAL SOLUTIONS LIMB RECONSTRUCTION Net sales +7%* Global Spine Fixation net sales +10%* U.S. Limb Recon net sales +8%* U.S. Spine Fixation net sales +5%* » Strong sequential Q4 growth that » Growth led by ongoing market benefited from cross
Slide 27: Full-Year 2026 Guidance
Full-Year 2026 Guidance1 $850M – $95M – $860M $98M Net Sales Adj. EBITDA Positive Free Cash Flow for 2026² 1 As of the Company’s Q4 2025 Earnings Call hosted on 2/24/2026. Inclusion of this information in this presentation is not a confirmation or an update of, and should not be construed or otherwi
Slide 28: Looking Forward
Looking Forward Uniquely Positioned to Accelerate Our Profitable Growth Engine 28
Slide 29: Looking Forward: Accelerating Our Profitable Growth Engine
Looking Forward Accelerating Our Profitable Growth Engine p Invest in Capitalize on Differentiated Multiple Access Build Technologies Points to Grow Operate Financial Resilience in Areas Where Business at with Discipline for and Unlock We Can Win Sustained, Margin Expansion Strong, Consistent and Le
Slide 30: Investing in Differentiated Technologies
Investing in Differentiated Technologies Systematic Approach to Driving Innovation Focal KPIs 1 Regular cadence of Rigorous allocation of resources to high-return opportunities meaningful, high-impact new product launches Leverage technologies (7D, Biologics, BGT) and sales channels (Spine, 2 Limb R
Slide 31: Advancing Toward Our Long-Term Financial Goals
Advancing Toward Our Long-Term Financial Goals On a Faster Path to Profitability with a Stronger Financial Profile 31
Slide 32: Operating with Discipline for Margin Expansion
Operating with Discipline for Margin Expansion Our Approach to Operational Excellence Building culture of excellence and accountability through implementation of the High Performance Management System (HPMS) Focusing on “Vital Few” initiatives to enhance operational excellence and drive business per
Slide 33: Building Financial Resilience and Unlocking Strong, Consistent Free Cash Flow
Building Financial Resilience and Unlocking Strong, Consistent Free Cash Flow Significant Free Cash Flow ($M) Progress Near Breakeven For FY 2025 Driving Positive Free Cash Flow • Expect to be free cash flow positive for full-year 20261 $(1.3) $(9.1) − Drop-through to EBITDA from incremental revenue
Slide 34: Strategy is Driving Long-Term Profitable Growth
Strategy is Driving Long-Term Profitable Growth 2028 6.5% – 7.5% Mid-Teens Positive Financial Net Sales CAGR1 Adj. EBITDA Free Cash Flow Generation1 Targets (2026 – 2028) (Full-year 2028) (2026 – 2028) Growth Differentiated Multiple Margin Strong Access Engine Pillars Technologies Points Expansion C
Slide 35: 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 36: 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 Max Reinhardt President and Chief Financial Officer President, President, Chief Executive Officer Global Orthopedics Global Spine Year Joined: 2024 Year Joined: 2024 Year
Slide 37: Why Invest in Orthofix?
Strong fundamentals with profitable growth opportunity and Investment 01 compelling value proposition across diverse portfolio Summary Why Invest in More focused commercial strategy with robust innovation pipeline 02 complemented by successful cross-selling Orthofix? Established leadership team well
Slide 38: www.Orthofix.com NASDAQ: OFIX
For additional information, please contact: Julie Dewey, IRC Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 www.Orthofix.com NASDAQ: OFIX 38
Slide 39: Appendix: Financial and Non-GAAP Reconciliation Tables
Appendix Financial and Non-GAAP Reconciliation Tables 39
Slide 40: Net Sales by Major Product Category by Reporting Segment
Net Sales by Major Product Category by Reporting Segment Three Months Ended December 31, Constant Currency (Unaudited, U.S. Dollars, in millions) 2025 2024 Change Change Bone Growth Therapies $ 68.3 $ 63.9 7.0% 7.0% Spinal Implants, Biologics and Enabling Technologies* 112.3 110.2 1.9% 1.8% Global S
Slide 41: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (U.S. Dollars, in thousands, except par value data) December 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 82,025 $ 83,238 Restricted cash 3,090 2,500 Accounts receivable, net of allowances of $8,308 and $7,418, respectively 135,74
Slide 42: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Three Months Ended Year Ended December 31, December 31, (U.S. Dollars, in thousands, except share and per share data) 2025 2024 2025 2024 (Unaudited) Net sales $ 219,911 $ 215,657 $ 822,312 $ 799,491 Cost of sales 63,569 66,816 256,295 253,606 Gross pr
Slide 43: Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Gross profit $ 156,342 $ 148,841 $ 566,017 $ 545,885 Share-based compensation expense 398 462 1,695 2,053 SeaSpine merger-related costs
Slide 44: Adjusted EBITDA and Pro Forma Adjusted EBITDA
Adjusted EBITDA and Pro Forma Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Net loss $ (2,222) $ (29,147) $ (92,192) $ (125,997) Income tax expense (benefit) 30 (564) 1,382 2,122 Interest expense, net 4,351 14,920
Slide 45: Adjusted Net Income and Pro Forma Adjusted Net Income
Adjusted Net Income and Pro Forma Adjusted Net Income Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Net loss $ (2,222) $ (29,147) $ (92,192) $ (125,997) Share-based compensation expense 7,214 7,165 28,688 32,455 Foreign exchange i
Slide 46: Cash Flow and Free Cash Flow
Cash Flow and Free Cash Flow Year Ended December 31, (U.S. Dollars, in thousands) 2025 2024 Net cash provided by operating activities $ 33,347 $ 25,790 Net cash used in investing activities (34,598) (27,580) Net cash provided by (used in) financing activities (786) 50,709 Effect of exchange rate cha
Slide 47: Adjusted Sales, General and Administrative Expense
Adjusted Sales, General and Administrative Expense Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Sales, general, and administrative $ 136,752 $ 136,479 $ 554,329 $ 532,525 Reconciling items impacting sales, general, and administra
Slide 48: Adjusted Research and Development Expense
Adjusted Research and Development Expense Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Research and development expense, as reported $ 15,373 $ 18,807 $ 65,847 $ 73,643 Reconciling items impacting research and development: SeaSpi
Slide 49: Adjusted Non-Operating (Income) Expense
Adjusted Non-Operating (Income) Expense Three Months Ended December 31, Year Ended December 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Non-operating expense $ 2,686 $ 18,235 $ 9,382 $ 39,256 Reconciling items impacting non-operating expense: Restructuring costs and impairments r
Slide 50: Pro Forma Non-GAAP Financial Statements – Excluding Impact of M6 Product Lines
Pro Forma Non-GAAP Financial Statements – Excluding Impact of M6 Product Lines Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 30, 2025 Net sales $ 189,203 $ 200,658 $ 203,411 $ 218,590 $ 811,862 Cost of
Slide 51: Pro Forma Non-GAAP Adjusted EBITDA – Excluding Impact of M6 Product Lines
Pro Forma Non-GAAP Adjusted EBITDA – Excluding Impact of M6 Product Lines Three Months Ended Year Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, December 31, (Unaudited, U.S. Dollars, in thousands) 2025 202
Slide 52: Pro Forma Non-GAAP Adjusted Net Income (Loss) and Adjusted Gross Margin
Pro Forma Non-GAAP Adjusted Net Income (Loss) and Adjusted Gross Margin – Excluding Impact of M6 Product Lines Three Months Ended Year Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, March 31, June 30, September 30, December 31, December 31, (Unaudited,