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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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