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Jun 30, 2024
Orthofix Q2 2024 Earnings Report
Orthofix reported a net sales increase of 6% and a net loss of $(33.4) million for Q2 2024, with non-GAAP adjusted EBITDA of $16.6 million, and raised full-year financial guidance.
Key Takeaways
Orthofix reported a 6% increase in net sales, reaching $198.6 million in Q2 2024. The company experienced growth across all business segments, particularly in Bone Growth Therapies and U.S. Spine Fixation, both growing at 12%. Despite the revenue growth, Orthofix reported a net loss of $(33.4) million, but improved non-GAAP adjusted EBITDA to $16.6 million. The company raised its full-year net sales and adjusted EBITDA guidance.
Net sales increased by 6% to $198.6 million compared to Q2 2023.
Bone Growth Therapies net sales grew by 12% year-over-year.
U.S. Spine Fixation net sales also grew by 12% year-over-year.
Net loss was $(33.4) million, with Non-GAAP adjusted EBITDA at $16.6 million.
Revenue by Segment
Forward Guidance
Orthofix is increasing its full-year 2024 net sales guidance to $795 million to $800 million and raising its full-year 2024 non-GAAP adjusted EBITDA guidance to $64 million to $69 million. The company now expects to be free cash flow positive for the second half of 2024.
Positive Outlook
- Net sales are expected to range between $795 million to $800 million, representing implied growth of 6.7% to 7.4% year-over-year on a constant currency basis.
- Non-GAAP adjusted EBITDA is expected to range from $64 million to $69 million.
- Company now expects to be free cash flow positive for the second half of 2024.
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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