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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.
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 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