Loading...
•
Dec 31, 2020
Orthofix Q4 2020 Earnings Report
Reported results for the fourth quarter and fiscal year 2020.
Key Takeaways
Orthofix reported Q4 net sales of $117.6 million, EPS of $(0.48), and adjusted EPS of $0.44. The company drove revenue close to 2019 levels while solidifying its organization amidst global elective procedure restrictions. They are shifting their transformation to execution phase, aiming for growth and high-value solutions.
Fourth quarter net sales of $117.6 million, within 3% of 2019 results.
US Spine implant sales grew 11% compared to fourth quarter 2019, driven by record M6-C artificial cervical disc performance.
Strong cash flow performance in the quarter, free cash flow of $17.9 million.
FITBONE® intramedullary lengthening and deformity system receives FDA clearance for pediatric indication.
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.com Forward Guidance
Orthofix expects net sales between $445.0 and $460.0 million for the full year 2021. For Q1 2021, they anticipate net sales between $95.0 and $96.0 million, adjusted EBITDA between $50.0 and $54.0 million, and adjusted EPS between $0.45 and $0.55.
Positive Outlook
- Year-over-year increase of 9.5% to 13.1% on a reported basis for full year net sales.
- Expected rebounds in procedural volumes and case complexity in the third and fourth quarters.
- Q1 2021 adjusted EBITDA represents a year-over-year increase of 5.0% to 13.4%.
- Q1 2021 adjusted EPS represents a year-over-year increase of 73.1% to 111.5%.
- Expect improvements in March in procedural volume declines.
Challenges Ahead
- COVID-19 restrictions have increased over December 2020 measures.
- Procedural volume declines of approximately 15% from January through early February.
- Weather emergency experienced last week will likely have an additional negative impact on our business for the first quarter.
- Anticipate a modest impact from COVID-19 related restrictions into the second quarter.
- Q1 2021 net sales represents a year-over-year decrease of 9.4% to 8.4% on a reported basis
Revenue & Expenses
Visualization of income flow from segment revenue to net income