Orthofix Medical Inc. · NASDAQ:OFIX
Orthofix Medical — Q2 2026 Earnings Presentation
47 slides from Orthofix Medical's earnings presentation, Aug 5, 2026
Slide 1: Drive Profitable Growth
Drive Profitable Growth Investor Presentation August 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 Investment Thesis
Executive ~$829M TTM pro forma net sales: ~$16B addressable market; only Summary 01 musculoskeletal pure-play spanning spine, bone stimulation, biologics, limb reconstruction, and zero-radiation navigation The Orthofix Improving commercial momentum: Strengthening U.S. distributor network Investment
Slide 5: Orthofix At-A-Glance
Orthofix At-A-Glance Transforming a ~$16B Market Opportunity into Profitable, Scalable Growth 5
Slide 6: Differentiated Musculoskeletal Platform Driving Toward Profitability
Differentiated Musculoskeletal Platform Driving Toward Profitability NASDAQ: OFIX | Musculoskeletal Pure-Play | ~$16B TAM ~$829M ~$84M ~71.5% $477M TTM Pro Forma Net Sales TTM Pro Forma Adj. EBITDA TTM Pro Forma Adj. Gross Margin Market Capitalization Margin discipline and commercial focus convergin
Slide 7: 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 8: Platform Advantage and Commercial Momentum
Platform Advantage and Commercial Momentum Innovation and Market Leadership Across the Musculoskeletal Continuum 8
Slide 9: 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 10: 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 11: 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 12: 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 ~$829M TTM ~$5.3B Cranial & Spine ~$2.5B Spine ~$764M F
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: 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 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 De
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 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 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: Q2 2026 Results
Q2 2026 Results Executing Through Transition while Gaining Visibility and Commercial Momentum 22
Slide 23: Q2 2026 Results Summary
Q2 2026 Results Summary Q2 Total Net Sales: $210.9M 5% YoY pro forma, constant currency growth Q2 2026 Total Net Sales $210.9M +5% YoY* Global Limb Reconstruction International Q2 Non-GAAP Adjusted EBITDA: $20.1M $37.7M +11.0%* Spinal Implants, 10% of pro forma net sales Biologics & vs $20.6M in Q2
Slide 24: What We Said vs. What We Delivered
. What We Said vs. What We Delivered Q2 2026: Executing through transition while gaining visibility and commercial momentum What We Said What We Delivered (Q2 2026) Net Sales Growth $210.9M Total Net Sales +5% YoY CC* Committed to above-market growth with • Global Spine Fixation and Global Limb Reco
Slide 25: Q2 2026 Business Segment Highlights
Q2 2026 Business Segment Highlights THERAPEUTIC SOLUTIONS SPINAL SOLUTIONS LIMB RECONSTRUCTION Net sales +3% Global Spine Fixation net sales +10%* Global Limb Recon net sales +11%* » Underlying demand remained » New account expansion from U.S. » Continued acceleration in the resilient despite reimbu
Slide 26: Revising 2026 Net Sales and Adjusted EBITDA Guidance
Revising 2026 Net Sales and Adjusted EBITDA Guidance1 Net sales outlook assumes: $845M – • Improving performance in priority growth areas, $855M • Medicare reimbursement restoration for bone growth stimulators, and Net Sales • One-time European distributor inventory purchases related to MDR transiti
Slide 27: Financial Path
Financial Path Operational Excellence and Strategic Investment Converging on Strong Cash Generation 27
Slide 28: Looking Forward: Accelerating Our Profitable Growth Engine
Looking Forward Accelerating Our Profitable Growth Engine p Invest in Capitalize on Differentiated Multiple Access Build Technologies Points to Grow Operate Financial Resilience in Areas Where Business at with Discipline for and Unlock We Can Win Sustained, Margin Expansion Strong, Consistent and Le
Slide 29: Investing in Differentiated Technologies
Investing in Differentiated Technologies Systematic Approach to Driving Innovation Focal KPIs 1 Regular cadence of Rigorous allocation of resources to high-return opportunities meaningful, high-impact new product launches Leverage technologies (7D, Biologics, Therapeutic Solutions) and sales channel
Slide 30: Operating with Discipline for Margin Expansion
Operating with Discipline for Margin Expansion Our Approach to Operational Excellence Building culture of excellence and accountability through implementation of the High Performance Management System (HPMS) Focusing on “Vital Few” initiatives to enhance operational excellence and drive business per
Slide 31: Building Financial Resilience to Unlock Strong, Consistent Free Cash Flow
Building Financial Resilience to Unlock Strong, Consistent Free Cash Flow Significant Free Cash Flow ($M) Progress Near Breakeven For FY 2025 Driving Toward Positive Free Cash Flow • Drop-through to EBITDA from incremental revenue $(1.3) $(9.1) • Working Capital improvements Efficient Working Capita
Slide 32: 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 33: 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 34: Investment Summary Catalysts and Upside Drivers
Near-term product catalysts: VIRATA Spinal Fixation System full commercial Investment 01 launch expected 4Q’26; above market U.S. limb reconstruction growth anticipated in 2H’26; OsteoCove synthetic graft gaining traction Summary Expanding technology ecosystem: 7D FLASH driving recurring implant pul
Slide 35: 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 35
Slide 36: Appendix
Appendix Financial and Non-GAAP Reconciliation Tables 36
Slide 37: Q2 2026 GAAP to Adj. EBITDA Bridge
Q2 2026 GAAP to Adj. EBITDA Bridge Reported Adjustments to U.S. GAAP Adjusted Share-Based Impact of Acquisition- Amortization / Compensation Q2 2026 U.S. Foreign SeaSpine Interest & Litigation and Employee Long-Term Q2 2026 Strategic Discontinuation Related Fair Depreciation of Expense and GAAP Exch
Slide 38: Net Sales by Major Product Category by Reporting Segment
Net Sales by Major Product Category by Reporting Segment Three Months Ended June 30, Constant Currency (Unaudited, U.S. Dollars, in millions) 2026 2025 Change Change Therapeutic Solutions $ 64.2 $ 62.6 2.5% 2.5% Spinal Implants, Biologics and Enabling Technologies* 109.0 104.8 4.0% 4.0% Global Spine
Slide 39: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets June 30, December 31, (U.S. Dollars, in thousands, except par value data) 2026 2025 (Unaudited) Assets Current assets Cash and cash equivalents $ 103,810 $ 82,025 Restricted Cash 595 3,090 Accounts receivable, net of allowances of $10,563 and $8,308, respectivel
Slide 40: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended June 30, June 30, (Unaudited, U.S. Dollars, in thousands, except share and per share data) 2026 2025 2026 2025 Net sales $ 210,933 $ 203,121 $ 407,641 $ 396,767 Cost of sales 61,226 63,588 118,388 135,615 Gross profi
Slide 41: Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Gross profit $ 149,707 $ 139,533 $ 289,253 $ 261,152 Share-based compensation and long-term incentive plan expense 462 467 793 929 SeaSpin
Slide 42: Adjusted EBITDA
Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (15,798) $ (14,081) $ (36,706) $ (67,175) Income tax expense (benefit) 801 (141) 875 819 Interest expense, net 6,085 3,950 11,749 8,456 Depreciation and amorti
Slide 43: Adjusted Net Income (Loss)
Adjusted Net Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Net loss $ (15,798) $ (14,081) $ (36,706) $ (67,175) Share-based compensation and long-term incentive plan expense 7,945 7,824 14,583 14,293 Foreign exchange i
Slide 44: Cash Flow and Free Cash Flow
Cash Flow and Free Cash Flow Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 Net cash used in operating activities $ (23,834) $ (6,752) Net cash used in investing activities (23,162) (13,833) Net cash provided by financing activities 66,421 1,989 Effect of exchange rate c
Slide 45: Adjusted Sales, General and Administrative Expense
Adjusted Sales, General and Administrative Expense Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Sales, general, and administrative $ 138,030 $ 136,493 $ 272,941 $ 269,474 Reconciling items impacting sales, general, and administrati
Slide 46: Adjusted Research and Development Expense
Adjusted Research and Development Expense Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Research and development expense, as reported $ 15,944 $ 15,934 $ 31,264 $ 35,700 Reconciling items impacting research and development: SeaSpine
Slide 47: Adjusted Non-Operating (Income) Expense
Adjusted Non-Operating (Income) Expense Three Months Ended June 30, Six Months Ended June 30, (Unaudited, U.S. Dollars, in thousands) 2026 2025 2026 2025 Non-operating (income) expense $ 6,863 $ (1,780) $ 13,261 $ 1,480 Reconciling items impacting non-operating expense: Restructuring costs and impai