Orthofix Medical Inc. · NASDAQ:OFIX
Orthofix Medical — Q1 2024 Earnings Presentation
12 slides from Orthofix Medical's earnings presentation, May 7, 2024
Slide 1: Supplemental Financials 1Q24 Earnings
Supplemental Financials 1Q24 Earnings May 7, 2024 ©2024 Orthofix Medical Inc. All rights reserved | 1
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: Q1 2024 Results Summary
Q1 2024 Results Summary Q1 Total Net Sales: $188.6M; 7.5% y/y growth First Quarter 2024 Results Summary (in millions) Constant Currency Q1 Adjusted EBITDA: $7.7M; 4.1% of sales Q1 2024 Q1 2023 Change vs $3.2M in 1Q23; 1.8% of sales Bone Growth Therapies $ 52.5 $ 47.7 10.0% Spinal Implants, Biologics
Slide 4: Q1 2024 Key Messages
Q1 2024 Key Messages Strong fundamentals with compelling growth opportunity and value proposition across diverse portfolio Merger thesis remains intact Broad product portfolio driving penetration of new and existing customers Solid operational execution with >200 basis points adjusted EBITDA expansi
Slide 5: First Quarter Revenues
First Quarter Revenues Diversified and complementary portfolio platform with broad clinical reach Q1 Total Revenues $188.6M ; +7.5% y/y* Global Orthopedics $27.3M; +3.8%* International Spinal Implants, Biologics & Enabling Technologies 8.7% $9.4M; (3.3%)* 91.3% U.S. Spinal Implants, Biologics & Enab
Slide 6: Complementary Portfolios
Complementary Portfolios $7B of Focused High-Growth Market Segments* | 6.1% CAGR Spinal Implants Orthopedics Motion Preservation Limb Reconstruction Spinal Fixation Deformity Correction Synergistic Product Platform Biologics Bone Growth Therapies Cellular Allograft Bone Growth Stimulation Deminerali
Slide 7: 2024 Full Year Guidance
2024 $790 – 795M Revenue Full Year Guidance* $62 – 67M Adjusted EBITDA Cash Flow Positive for Q4 2024 Revenue ranges above represent 6% to 7% year-over-year growth Guidance information is as of May 7, 2024, based on guidance provided by Orthofix leadership on that date. Inclusion of this information
Slide 8: 2024 Key Priorities
2024 Key Priorities Synergistic Product Profitable Growth Innovation Platform • Sustainable differentiated growth engine • Leverage technologies and sales channels • Continued innovation as a growth driver • Adjusted EBITDA improvements across all product segments • Allocation of resources to high v
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (U.S. Dollars, in thousands, except par value data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets Cash and cash equivalents $ 26,964 $ 33,107 Restricted cash 2,500 4,650 Accounts receivable, net of allowances of $8,398 and $7,130, respective
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Three Months Ended March 31, (U.S. Dollars, in thousands, except share and per share data) 2024 2023 (Unaudited) Net sales $ 188,608 $ 175,204 Cost of sales 61,366 64,875 Gross profit 127,242 110,329 Sales and marketing 100,043 93,791 General and admin
Slide 11: Net Sales by Major Product Category (as reported)
Net Sales by Major Product Category (as reported) Three Months Ended March 31, Constant Currency (Unaudited, U.S. Dollars, in millions) 2024 2023 Change Change Bone Growth Therapies $ 52.5 $ 47.7 10.0% 10.0% Spinal Implants, Biologics, & Enabling Technologies 108.8 101.5 7.2% 7.2% Global Spine 161.3
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Gross Margin Three Months Ended March 31, Adjusted Net Income Three Months Ended March 31, ($ in millions) 2024 2023 ($ in millions) 2024 2023 Total revenue, net $ 188,608 $ 175,204 Net loss $ (36,020) $ (60,938) Gross profit $ 127,242 $ 110,329 Share-based compe