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Dec 31, 2023
Orthofix Q4 2023 Earnings Report
Orthofix reported an increase in net sales and a reduced net loss compared to the prior year period.
Key Takeaways
Orthofix reported Q4 2023 net sales of $200.4 million, a 64% increase on a reported basis and 7% on a pro forma constant currency basis. The net loss was $22 million, with an EPS of $(0.59). Non-GAAP Adjusted EBITDA was $20 million, representing a 96% growth over Q4 2022.
Net sales increased by 64% on a reported basis and 7% on a pro forma constant currency basis.
Bone Growth Therapies net sales grew by 15%, marking four consecutive quarters of double-digit growth.
U.S. spine fixation net sales grew by 13.5%.
Non-GAAP Adjusted EBITDA increased by 96% compared to the fourth quarter of 2022.
Orthofix
Orthofix
Orthofix Revenue by Segment
Revenue by Segment
Bone Growth Therapies Revenue
CapyFin.comSpinal Implants, Biologics and Enabling Technologies Revenue
CapyFin.comGlobal Orthopedics Revenue
CapyFin.com Forward Guidance
The Company is providing 2024 full year guidance as follows: Net sales to range between $785 million to $795 million, representing implied growth of 5% to 7% year-over-year on a constant currency basis. Non-GAAP adjusted EBITDA of $62 million to $67 million, representing a $15.7 million to $20.7 million increase, over the full year 2023 Exit Q4 2024 free cash flow positive
Positive Outlook
- Net sales to range between $785 million to $795 million, representing implied growth of 5% to 7% year-over-year on a constant currency basis.
- Non-GAAP adjusted EBITDA of $62 million to $67 million, representing a $15.7 million to $20.7 million increase, over the full year 2023
- Exit Q4 2024 free cash flow positive
Revenue & Expenses
Visualization of income flow from segment revenue to net income