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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.
Revenue by Segment
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.
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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