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Mar 31, 2023
Orthofix Q1 2023 Earnings Report
Orthofix reported first quarter results with net sales increasing and strategic initiatives showing promise
Key Takeaways
Orthofix reported a strong first quarter with a 65% increase in net sales to $175.2 million. The company saw growth across all channels, driven by cross-selling strategies and new product launches. However, the company reported a net loss of $(60.9) million, or $(1.71) per share and an adjusted net loss of $(3.6) million, or $(0.10) per share.
Net sales increased by 65% to $175.2 million, with a 12% increase on a pro forma constant currency basis.
Bone Growth Therapies grew by 14%, driven by both spine and fracture commercial channels.
U.S. spinal implant sales increased by 18% on a pro forma basis, due to new distribution and product innovation.
Global Orthopedics experienced continued double-digit growth on a constant currency basis.
Orthofix
Orthofix
Orthofix Revenue by Segment
Revenue by Segment
Bone Growth Therapies Revenue
CapyFin.comGlobal Spine Revenue
CapyFin.comGlobal Orthopedics Revenue
CapyFin.com Forward Guidance
The Company expects net sales for the year ended December 31, 2023 to be between $750 million and $756 million and adjusted EBITDA to be between $40 million and $45 million.
Positive Outlook
- Full year net sales are expected to be between $750 million and $756 million.
- Represents a year-over-year increase of 62.8% to 64.1% on a reported basis
- Represents an increase of 7.0% to 7.9% on a pro forma basis
- Full year adjusted EBITDA is expected to be between $40 million and $45 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income