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Mar 31, 2021
Orthofix Q1 2021 Earnings Report
Orthofix's first quarter results for 2021 were reported, showing a slight increase in net sales and adjusted EPS.
Key Takeaways
Orthofix Medical Inc. reported net sales of $105.6 million, EPS of $(0.30), and adjusted EPS of $0.17 for the quarter ended March 31, 2021. The company highlighted the positive revenue impact from new product introductions and the development of its U.S. commercial channel.
Net sales increased by 1% compared to the prior year, driven by a strong recovery in March.
U.S. Spinal Implants net sales grew 19% compared to the prior year, with increases in both Spine Fixation and Motion Preservation.
The company performed the first cervical and lumbar procedures using new 3D-printed titanium interbody implants with Nanovate™ Technology.
Orthofix announced an exclusive licensing agreement with IGEA S.p.A. to expand its Bone Growth Therapies portfolio.
Orthofix
Orthofix
Orthofix Revenue by Segment
Revenue by Segment
Bone Growth Therapies Revenue
CapyFin.comSpinal Implants, Biologics and Enabling Technologies Revenue
CapyFin.comGlobal Spine Revenue
CapyFin.comGlobal Orthopedics Revenue
CapyFin.com Forward Guidance
Orthofix expects net sales between $455.0 million and $465.0 million, adjusted EBITDA between $52.0 million and $56.0 million, and adjusted EPS between $0.52 and $0.62 for the year ended December 31, 2021.
Positive Outlook
- Net sales are expected to increase by 11.9% to 14.4% year-over-year.
- Adjusted EBITDA is projected to increase by 9.2% to 17.6% year-over-year.
- Adjusted EPS is anticipated to increase by 100.0% to 138.5% year-over-year.
- The company plans to continue generating commercial momentum and executing future product launches to drive growth.
- Focus on operational execution, product innovation and differentiation, and commercial channel will continue to be core tenets of the growth strategy.
Challenges Ahead
- The COVID-19 pandemic continues to significantly affect the company's customers, communities, employees, and business operations.
- The pandemic has led to the cancellation or deferral of elective surgeries and procedures.
- Restrictions on travel and the implementation of physical distancing measures have impacted business operations.
- The company faces risks related to the acceptance of surgical products and procedures by surgeons and hospitals.
- The company's ability to maintain operations to support customers and patients in the near-term and capitalize on future growth opportunities is subject to risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income