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Sep 30, 2023
Orthofix Q3 2023 Earnings Report
Orthofix reported a strong third quarter with significant revenue growth and progress in merger synergy realization.
Key Takeaways
Orthofix reported net sales of $184.0 million, a 61% increase on a reported basis and an 8% increase on a pro forma basis. EPS was $(0.77), and adjusted EPS was $0.07. The company saw strong growth across multiple business segments and product lines and is focused on driving shareholder value via profitable growth and merger synergy realization.
Net sales increased by 61% on a reported basis and 8% on a pro forma basis, reaching $184.0 million.
Bone Growth Therapies grew by 15%, marking three consecutive quarters of double-digit net sales increases.
U.S. spinal implants, biologics, and enabling technologies sales grew by 7% on a pro forma basis.
Adjusted EBITDA was $13.5 million, representing 7.3% of sales, and a 36% sequential growth over the second quarter of 2023.
Revenue by Segment
Forward Guidance
The Company expects the following financial results for the year ended December 31, 2023. Full year net sales between $739 million and $744 million and full year adjusted EBITDA between $42 million and $46 million.
Positive Outlook
- Full year net sales are expected to be between $739 million and $744 million.
- Represents a year-over-year increase of 60.4% to 61.5% on a reported basis.
- Represents an increase of 5.4% to 6.2% on a pro forma basis.
- Full year adjusted EBITDA is expected to be between $42 million and $46 million.
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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