Orthofix Medical Inc. · NASDAQ:OFIX
Orthofix Medical — Q3 2025 Earnings Presentation
54 slides from Orthofix Medical's earnings presentation, Nov 4, 2025
Slide 1: Clear Course for Profitable Growth
Clear Course for Profitable Growth Investor Presentation November 2025
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 comprehensive portfolio of innovative spinal hardware, bone growth therapies, biologics, 01 specialized orthopedic limb reconstruction solutions, and an ad
Slide 5: The New Orthofix
The New 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: Reinvigorated and Aligned Around Our New Vision and Mission
Reinvigorated and Aligned Around Our New 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, ow
Slide 8: Healing Musculoskeletal Pathologies in Spine and Orthopedics
ORTHOFIX TODAY Healing Musculoskeletal Pathologies in Spine and Orthopedics with Specialized Solutions and Enabling Technologies 1980 Founded ~$610M ~$81.7M Market-Cap1 TTM Adjusted EBITDA2 Employees 1,600+ Key Stats ~71.7% ~$65.9M NASDAQ OFIX TTM Adjusted Gross Margin2 Cash, Cash Equivalents, and R
Slide 9: Capitalizing on Clear Competitive Advantages
Capitalizing on Clear Competitive Advantages Comprehensive Established World-Class, Portfolio of Distribution Channels Visionary Leadership Transformative and Extensive Global Team with Deep Solutions Commercial Reach Sector Expertise Improved Large Addressable Clinical Efficiencies and Markets with
Slide 10: Addressable Markets ~$16B within Full Continuum of Care
Addressable Markets ~$16B within Full Continuum of Care 2025 – 2027 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 11: 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 12: 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 13: Biologics
Biologics Growing from a Position of Strength • 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 Position •
Slide 14: Orthopedics
Orthopedics Defining Limb Reconstruction • 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 (2025-2027) Select Product Examples Extremity Deformity Correction •
Slide 15: 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 16: Significant Cross-Portfolio Commercial Opportunities
Significant Cross-Portfolio Commercial Opportunities Bone Growth Therapies (BGT) • Combined portfolio with Biologics to target trauma surgeons Spine • Combine with select Orthopedics product lines Orthopedics (Limb • Maximize procedural • Expanding domestically through legacy SeaSpine Reconstruction
Slide 17: Q3 2025 Results
Q3 2025 Results Clear Progress on Our Three-Year Plan to Transform the Business 17
Slide 18: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights $203.4M $24.6M $2.5M 8% 6% 19% 72.1% Pro Forma Non-GAAP Free Cash Flow3 U.S. Spine Bone Growth U.S. Orthopedics Non-GAAP Net Sales1 Pro Forma Fixation4 YoY Net Therapies YoY YoY Net Sales Pro Forma Adjusted Adjusted EBITDA1,3 Sales Growth Net Sales Growth Growth Gross Ma
Slide 19: Q3 2025 Key Messages
Q3 2025 Key Messages Continuing to execute the priorities that we outlined in long-term plan to transform our 01 business and deliver on our commitment to drive disciplined, profitable growth Seven consecutive quarters of adjusted EBITDA margin expansion – pro forma adjusted 02 EBITDA margin expande
Slide 20: Q3 2025 Business Segment Highlights
Q3 2025 Business Segment Highlights BONE GROWTH THERAPIES SPINE ORTHOPEDICS BGT net sales +6%* U.S. Spine Fixation net sales +8%* Global Orthopedics net sales +6%* U.S. Orthopedics net sales +19%* » Successful cross-selling » Seeing positive impact of recent distributor transitions: » Growth led by
Slide 21: Q3 2025 Results Summary
Q3 2025 Results Summary Third Quarter 2025 Results Summary (in millions) Q3 Total Pro Forma Net Sales: $203.4M Pro Forma Reported Constant Currency Q3 2025 Q3 2024 Change 6% YoY pro forma, constant currency growth Bone Growth Therapies $ 61.2 $ 57.9 5.7% Spinal Implants, Biologics, and Enabling Tech
Slide 22: Full-Year 2025 Guidance
Full-Year 2025 Guidance1 $810M – $84M – $814M $86M Pro Forma Pro Forma Net Sales Adj. EBITDA Positive Free Cash Flow for 2025² 1 As of the Company’s Q3 2025 Earnings Call hosted on 11/4/2025. Inclusion of this information in this presentation is not a confirmation or an update of, and should not be
Slide 23: Looking Forward
Looking Forward Uniquely Positioned to Accelerate Our Profitable Growth Engine 23
Slide 24: Looking Forward – Accelerating Our Profitable Growth Engine
Looking Forward – Accelerating Our Profitable Growth Engine 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 25: Invest in Differentiated Technologies
Invest 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, Orthopedics
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) system
Slide 27: Innovation Spotlight – Limb Reconstruction
Innovation Spotlight – Limb Reconstruction ENABLING TECHNOLOGIES Extremity Deformity Correction LIMB Limb Lengthening RECON Industry leader with a unique portfolio of limb reconstruction solutions, addressing the Complex Limb Fracture most challenging conditions Preservation Management in patients o
Slide 28: Innovation Spotlight: Transverse Bone Transport with TrueLok Elevate
Innovation Spotlight: Transverse Bone Transport (TBT) with TrueLok Elevate New vessel formation and increased peripheral vascularization • First dedicated TBT system to receive FDA clearance • ~$1.7B TAM – Over 160,000 amputations per year in U.S. from diabetic-related complications • Global commerc
Slide 29: 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 30: Capitalize on Multiple Access Points to Grow Business
Capitalize on Multiple Access Points to Grow Business at Sustained, Above-Market Rates Current Access Points Spine Spine Fracture 7D Orthopedics BGT Hardware BGT ✓ ✓ Selling into New Spine Accounts ✓ Adding to Future Opportunities OFIX Accounts Adding 7D ✓ ✓ Adding Biologics ✓ ✓ ✓ Adding BGT ✓ ✓ ✓ A
Slide 31: Patient Case Study – Cross-Portfolio Continuum of Care
Patient Case Study – Cross-Portfolio Continuum of Care Background OFIX Unique Solution Result / Outcomes • When Olympic Gold Medalist • Laura had successful anterior • Successful Orthofix cross- Laura Wilkinson was training for cervical discectomy and portfolio procedure her fourth Olympic Games, he
Slide 32: Advancing Toward Our 2027 Financial Goals
Advancing Toward Our 2027 Financial Goals On a Faster Path to Profitability with a Stronger Financial Profile 32
Slide 33: Operate with Discipline for Margin Expansion
Operate with Discipline for Margin Expansion Our Approach to SPOTLIGHT – SeaSpine Merger Operational Excellence Integrating and Capturing Synergies • Building culture of excellence and accountability Portfolio Benefit + Commercial Benefit through implementation of the High Performance • Significant
Slide 34: Enhancing Financial Strength and Increasing Balance Sheet Flexibility
Enhancing Financial Strength and Increasing Balance Sheet Flexibility New Term Loan Established, Outcomes Which Allows for Extra ✓ Entered into New Agreement on 11/7/2024 Capacity and Increased • ~$275M term loan Flexibility • ~$160M funded up front • ~$115M available after 1/1/251 Ran competitive p
Slide 35: Building Financial Resilience and Unlocking Strong, Consistent Free Cash Flow
Building Financial Resilience and Unlocking Strong, Consistent Free Cash Flow Driving Positive Free Cash Flow Significant Free Cash Flow ($M) • Expect to be free cash flow positive for full-year 20251 Progress in 2024 and 2025 − Drop-through to EBITDA from incremental revenue − Working Capital impro
Slide 36: Strategy is Driving Long-Term Profitable Growth
Strategy is Driving Long-Term Profitable Growth 2027 6.5% – 7.5% Mid-Teens Positive Financial Net Sales CAGR1 Adj. EBITDA Free Cash Flow Generation1 Targets (2025 – 2027) (Full-year 2027) (2025 – 2027) Growth Differentiated Multiple Margin Strong Access Engine Pillars Technologies Points Expansion C
Slide 37: Capital Allocation Priorities
Capital Allocation Priorities 1 2 3 4 Organic Growth Inorganic Growth Capital Structure Return of Capital Reinvest in business; Tuck-in M&A to Debt paydown and In the absence of enhance commercial enhance growth & fortify balance value-creating channel; target margin profile, sheet opportunities cap
Slide 38: 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 39: Investment Summary – Why Invest in Orthofix?
Investment Summary – Why Invest in Orthofix? Strong fundamentals with profitable growth opportunity and compelling value 01 proposition across diverse portfolio More focused commercial strategy with robust innovation pipeline complemented 02 by successful cross-selling Established leadership team we
Slide 40: www.Orthofix.com NASDAQ: OFIX
For additional information, please contact: www.Orthofix.com Julie Dewey, IRC NASDAQ: OFIX Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 40
Slide 41: Appendix
Appendix Financial and Non-GAAP Reconciliation Tables
Slide 42: 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) 2025 2024 Change Change Bone Growth Therapies $ 61.2 $ 57.9 5.7% 5.7% Spinal Implants, Biologics and Enabling Technologies* 108.6 102.9 5.6% 5.6% Global
Slide 43: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets September 30, December 31, (U.S. Dollars, in thousands, except par value data) 2025 2024 (Unaudited) Assets Current assets Cash and cash equivalents $ 62,860 $ 83,238 Restricted Cash 3,086 2,500 Accounts receivable, net of allowances of $9,413 and $7,418, respec
Slide 44: 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) 2025 2024 2025 2024 Net sales $ 205,634 $ 196,606 $ 602,401 $ 583,834 Cost of sales 57,111 61,553 192,726 186,790
Slide 45: Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Gross profit $ 148,523 $ 135,053 $ 409,675 $ 397,044 Share-based compensation expense 368 557 1,297 1,591 SeaSpine merger-relat
Slide 46: Adjusted EBITDA and Pro Forma Adjusted EBITDA
Adjusted EBITDA and Pro Forma Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Net loss $ (22,795) $ (27,388) $ (89,970) $ (96,851) Income tax expense 533 751 1,352 2,686 Interest expense, net 4,681 5,210 13,
Slide 47: Adjusted Net Income (Loss) and Pro Forma Adjusted Net Income
Adjusted Net Income (Loss) and Pro Forma Adjusted Net Income Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Net loss $ (22,795) $ (27,388) $ (89,970) $ (96,851) Share-based compensation expense 7,181 6,531 21,474 25,290 Fo
Slide 48: Cash Flow and Free Cash Flow
Cash Flow and Free Cash Flow Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Net cash provided by (used in) operating activities $ 5,650 $ 2,060 Net cash used in investing activities (23,727) (26,445) Net cash provided by (used in) financing activities (3,163) 19,22
Slide 49: 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 Nine Months Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Net sales $ 189,203 $ 200,658 $ 203,411 $ 593,272 Cost of sales (inclusive of
Slide 50: Adjusted Sales, General and Administrative Expense
Adjusted Sales, General and Administrative Expense Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Sales, general, and administrative $ 148,102 $ 130,137 $ 417,576 $ 396,046 Reconciling items impacting sales, general, and a
Slide 51: Adjusted Research and Development Expense
Adjusted Research and Development Expense Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Research and development expense, as reported $ 14,774 $ 17,294 $ 50,474 $ 54,835 Reconciling items impacting research and developmen
Slide 52: Adjusted Non-Operating (Income) Expense
Adjusted Non-Operating (Income) Expense Three Months Ended September 30, Nine Months Ended September 30, (Unaudited, U.S. Dollars, in thousands) 2025 2024 2025 2024 Non-operating (income) expense $ 5,216 $ 7,738 $ 6,696 $ 21,023 Reconciling items impacting non-operating expense: Restructuring costs
Slide 53: 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 Nine Months Ended Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 March 31, 2024 June 30, 2024 September 30, 2024 Dece
Slide 54: Pro Forma Non-GAAP Adjusted Net Loss and Adjusted Gross Margin
Pro Forma Non-GAAP Adjusted Net Loss and Adjusted Gross Margin – Excluding Impact of M6 Product Lines Three Months Ended Nine Months Ended Three Months Ended Year Ended March 31, June 30, September 30, September 30, March 31, June 30, September 30, December 31, December 31, (Unaudited, U.S. Dollars,