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Sep 30, 2024
Orthofix Q3 2024 Earnings Report
Orthofix reported Q3 2024 results, showing revenue increase and positive free cash flow.
Key Takeaways
Orthofix's Q3 2024 net sales increased by 7% to $196.6 million. The company reported a net loss of $(27.4) million, with Non-GAAP adjusted EBITDA of $19.2 million. Free cash flow was $5.9 million. The company reiterated its full-year 2024 financial guidance and introduced new three-year financial targets.
Net sales increased by 7% year-over-year to $196.6 million.
U.S. Spine Fixation net sales grew by 18% compared to Q3 2023.
Bone Growth Therapies (BGT) net sales increased by 9%.
Company achieved free cash flow of $5.9 million in Q3 2024.
Revenue by Segment
Forward Guidance
Orthofix reiterates its 2024 full-year guidance with net sales expected to range between $795 million to $800 million and non-GAAP adjusted EBITDA expected to range from $64 million to $69 million. The Company expects to continue to be free cash flow positive for the remainder of 2024.
Positive Outlook
- Net sales are expected to range between $795 million to $800 million, representing implied growth of 6.6% to 7.2% year-over year on a constant currency basis.
- Non-GAAP adjusted EBITDA is expected to range from $64 million to $69 million.
- The Company expects to continue to be free cash flow positive for the remainder of 2024.
- Implied growth of 6.6% to 7.2% year-over-year on a constant currency basis for net sales
Challenges Ahead
- Guidance ranges do not contemplate any potential impact to elective procedures as a result of IV fluid shortages or other hurricane-related effects.
- Expectations are based on the current foreign currency exchange rates and do not take into account any additional potential exchange rate changes that may occur this year.
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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