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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.
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 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