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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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