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Dec 31, 2025
Orthofix Q4 2025 Earnings Report
Orthofix reported its financial results for the fourth quarter and full-year ended December 31, 2025, and provided 2026 guidance.
Key Takeaways
Orthofix achieved Q4 revenue of $219.9 million, showing 2% growth, while significantly reducing its net loss to $2.2 million. The company demonstrated strong operational progress with robust free cash flow of $16.8 million in the quarter and double-digit growth in its Global Spine Fixation business, despite the decision to discontinue the M6 product lines.
Global Spine Fixation net sales grew 10% on a constant currency basis in Q4 2025.
The company generated $16.8 million in free cash flow during the fourth quarter.
Reported net loss improved significantly from $29.1 million in Q4 2024 to $2.2 million in Q4 2025.
The company announced the strategic discontinuation of the M6 artificial cervical and lumbar disc product lines to focus on higher-margin growth.
Revenue by Segment
Forward Guidance
Orthofix expects continued top-line growth and margin expansion in 2026, targeting revenue between $850 million and $860 million.
Positive Outlook
- Expected net sales of $850M to $860M for FY 2026.
- Implied constant currency growth of 5.5% at the midpoint.
- Non-GAAP adjusted EBITDA expected between $95M and $98M.
- Anticipated 70 basis points of EBITDA margin expansion.
- Forecasted positive free cash flow for the full year 2026.
Challenges Ahead
- Guidance does not account for potential future foreign currency exchange rate changes.
- Free cash flow guidance excludes the impact of potential legal settlements.
- Recalibration of three-year targets delayed the timeline by one year.
- Discontinuation of M6 product lines creates a short-term headwind on reported growth.
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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