Orthofix Reports Fourth Quarter and Full Year 2023 Results
Orthofix Medical Inc. (OFIX) reported strong financial results for Q4 2023 with net sales of $200.4 million, a 64% increase on a reported basis. The company achieved 15% growth in Bone Growth Therapies sales, marking four consecutive quarters of double-digit growth. Despite a net loss of $22 million, the Non-GAAP Adjusted EBITDA was $20 million, representing 96% growth over the previous year. Full-year net sales reached $746.6 million, a 62% increase, with Non-GAAP adjusted EBITDA of $46.3 million, a 69% growth over the prior year.
Positive
Strong Q4 2023 performance with $200.4 million in net sales, a 64% increase.
15% growth in Bone Growth Therapies sales for four consecutive quarters.
Non-GAAP Adjusted EBITDA of $20 million in Q4, a 96% growth over the previous year.
Full-year net sales of $746.6 million, a 62% increase, with Non-GAAP adjusted EBITDA of $46.3 million, a 69% growth over the prior year.
Company provided 2024 full-year guidance of $785 million to $795 million in net sales and Non-GAAP adjusted EBITDA of $62 million to $67 million.
Cash, cash equivalents, and restricted cash totaled $37.8 million as of December 31, 2023.
Orthofix will host a conference call to discuss the financial results for the year ended December 31, 2023.
The reported 64% increase in net sales on a reported basis and 7% on a pro forma constant currency basis for Orthofix Medical Inc. in Q4 2023 is a notable achievement, particularly given the 15% growth in Bone Growth Therapies. This performance indicates a robust demand for the company's products, which may be attributed to the effectiveness of their therapies and the strength of their sales strategies. The substantial growth in the Spinal Implants, Biologics and Enabling Technologies segment, with a reported 161.2% increase, is particularly impressive and warrants attention from investors considering the potential for this segment to drive future revenue.
However, the reported net loss of $22 million for the quarter and $151.4 million for the full year, alongside a decrease in cash and cash equivalents, raises concerns about the company's profitability and cash flow management. Although the non-GAAP adjusted EBITDA grew significantly, it is important to analyze the sustainability of these margins and the impact of non-recurring items on the reported figures. Investors should also consider the company's guidance for 2024, which forecasts continued growth and assess the realism of these projections in the context of the company's recent financial performance and market conditions.
The consistent double-digit sales increases in Bone Growth Therapies over four consecutive quarters suggest that Orthofix has a competitive edge in this niche market. The company's ability to achieve the strongest quarter of Bone Growth Therapies sales in its history could be indicative of successful market penetration and the potential for sustained growth in this area. Furthermore, the 13.5% growth in U.S. spine fixation net sales indicates a healthy demand for spinal solutions, which is a positive sign for the company's market position within the orthopedic sector.
When examining the broader industry, Orthofix's performance should be contextualized within the competitive landscape of medical devices, particularly in orthopedics and spine. Market trends, such as the increasing prevalence of musculoskeletal disorders and advancements in medical technology, are likely contributing to the company's growth. The international performance, especially the decline in International Spinal Implants, Biologics and Enabling Technologies, should be analyzed to understand the strategic adjustments needed to maintain growth in different regions.
The achievement of $32 million in annualized merger-related synergies suggests effective integration between Orthofix and SeaSpine, which could be a positive indicator for investors looking at the company's ability to realize cost efficiencies and scale operations. The impact of such synergies typically materializes in the form of reduced operational costs and increased bargaining power with suppliers, which can lead to improved margins over time.
It is also crucial to assess the long-term value creation potential from this merger, as the initial post-merger years are often characterized by integration efforts and realization of synergies. The company's guidance for the upcoming year and the projected increase in non-GAAP adjusted EBITDA may reflect the management's confidence in the merger's ongoing benefits. However, investors should closely monitor the execution of the integration strategy and the actual cost savings versus the projected figures.
03/05/2024 - 04:03 PM
Recent Highlights
Fourth quarter 2023 net sales of $200.4 million 64% on a reported basis and 7% on a pro forma constant currency basis
Bone Growth Therapies net sales growth of 15% for the fourth quarter of 2023, marking four consecutive quarters with double-digit net sales increases, representing the strongest quarter of Bone Growth Therapies sales in the history of Orthofix
U.S. Orthopedic net sales growth of 11% for the full year 2023
U.S. spine fixation1 net sales growth of 13.5% in Q4 2023 with net distributor additions since the third quarter of 2023
Fourth quarter 2023 net loss of $22 million $20 million 10% of sales, representing 96% growth over the fourth quarter of 2022
Achieved $32 million
LEWISVILLE, Texas --(BUSINESS WIRE)--
Orthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the fourth quarter and year ended December 31, 2023, and issued guidance for the full year 2024.
Fourth quarter net sales were $200.4 million 64% on a reported basis and 7% on a pro forma constant currency basis. Net loss was $(22.2) million $(0.59) 19% when compared to pro forma results for the prior year period. Non-GAAP adjusted EBITDA was $19.6 million 96% growth over pro forma results for the fourth quarter of 2022.
Full year net sales were $746.6 million 62% on a reported basis and 6% on a pro forma constant currency basis. Net loss was $(151.4) million $(4.12) $46.3 million 69% growth over pro forma results for the full year of 2022.
“We are pleased to report another quarter of strong performance as Orthofix completes its first full year as a combined company with SeaSpine. We delivered accelerated growth exiting 2023 and demonstrated resilience, increased internal efficiencies and cost synergies,” said Massimo Calafiore, President and Chief Executive Officer of Orthofix. “I am thrilled to join Orthofix at such a pivotal moment in the Company’s story, wherein the business fundamentals are strong, we are well positioned to deliver profitable growth in 2024, and we are continuing to accelerate our leverage on revenue. After reflecting on my first two months in this role, it is evident that Orthofix’s balanced and complementary product mix offers a differentiated advantage across multiple markets. I look forward to leveraging that unique portfolio platform to drive future value through profitable growth.”
1 Spine fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings
Financial Results Overview
Fourth Quarter 2023 Net Sales and Financial Results
The following table provides net sales by major product category by reporting segment on a reporting basis:
Three Months Ended December 31,
(Unaudited, U.S. Dollars, in millions)
2023
2022
Change
Constant
Bone Growth Therapies
$
58.8
$
51.0
15.3
%
15.3
%
Spinal Implants, Biologics, and Enabling Technologies
111.0
42.5
161.2
%
160.7
%
Global Spine
169.8
93.5
81.6
%
81.4
%
Global Orthopedics
30.6
28.7
6.8
%
2.7
%
Net sales
$
200.4
$
122.2
64.0
%
62.9
%
Further, the following table provides net sales by major product category by reporting segment on a pro forma basis:
Three Months Ended December 31,
(Unaudited, U.S. Dollars, in millions)
2023
2022 Pro Forma
Change
Constant
Bone Growth Therapies
$
58.8
$
51.0
15.3
%
15.3
%
U.S. Spinal Implants, Biologics and Enabling Technologies
100.6
96.4
4.4
%
4.4
%
International Spinal Implants, Biologics, and Enabling Technologies
10.4
10.3
0.7
%
0.1
%
Total Spinal Implants, Biologics, and Enabling Technologies
111.0
106.7
4.0
%
4.0
%
Global Spine
169.8
157.7
7.7
%
7.6
%
Global Orthopedics
30.6
28.7
6.8
%
2.7
%
Net sales
$
200.4
$
186.4
7.5
%
6.9
%
Gross margins were 68.2% for the fourth quarter ended December 31, 2023 and were 72.2% on a non-GAAP adjusted basis compared to pro-forma non-GAAP adjusted gross margin of 68.9% in the prior year period.
Net loss was $(22.2) million $(0.59) $(26.0) million $(0.73) $19.6 million 9.8% of net sales, compared to pro forma non-GAAP adjusted EBITDA of $10.0 million 5.4% of pro forma net sales, in the prior year period.
Full Year 2023 Net Sales and Financial Results
The following table provides net sales by major product category by reporting segment on a reporting basis:
Year Ended December 31,
(Unaudited, U.S. Dollars, in millions)
2023
2022
Change
Constant
Bone Growth Therapies
$
212.5
$
187.2
13.5
%
13.5
%
Spinal Implants, Biologics, and Enabling Technologies
418.8
166.0
152.4
%
152.4
%
Global Spine
631.3
353.2
78.8
%
78.7
%
Global Orthopedics
115.3
107.5
7.2
%
5.2
%
Net sales
$
746.6
$
460.7
62.1
%
61.6
%
Further, the following table provides net sales by major product category by reporting segment on a pro forma basis:
Year Ended December 31,
(Unaudited, U.S. Dollars, in millions)
2023
2022 Pro Forma
Change
Constant
Bone Growth Therapies
$
212.5
$
187.2
13.5
%
13.5
%
U.S. Spinal Implants, Biologics and Enabling Technologies
379.4
352.5
7.6
%
7.6
%
International Spinal Implants, Biologics, and Enabling Technologies
39.4
53.6
(26.5
%)
(26.6
%)
Total Spinal Implants, Biologics, and Enabling Technologies**
418.8
406.0
3.1
%
3.1
%
Global Spine
631.3
593.3
6.4
%
6.4
%
Global Orthopedics
115.3
107.5
7.2
%
5.2
%
Net sales***
$
746.6
$
700.8
6.5
%
6.2
%
** Pro forma net sales for 2022 for Spinal Implants, Biologics, and Enabling Technologies include the impact of final Spinal Implant stocking orders to European distributors prior to SeaSpine's exit from that market. Excluding the impact of these transactions, net sales growth for this product category was 6.3% on a pro forma reported basis and pro forma constant currency basis.
*** Pro forma net sales for 2022 include the impact of final Spinal Implant stocking orders to European distributors prior to SeaSpine's exit from that market. Excluding the impact of these transactions, net sales growth was 8.4% on a pro forma reported basis and 8.1% on a pro forma constant currency basis.
Gross margins were 65.1% and were 71.4% on a non-GAAP adjusted basis compared to pro forma non-GAAP adjusted gross margin of 68.7% in the prior year.
Net loss was $(151.4) million $(4.12) $(84.8) million $(2.39) $46.3 million 6.2% of net sales, compared to pro forma non-GAAP adjusted EBITDA of $27.4 million 3.9% of pro forma net sales, in the prior year period.
Liquidity
As of December 31, 2023, cash, cash equivalents, and restricted cash totaled $37.8 million $50.7 million $100.0 million $150.0 million $15.0 million
Business Outlook
The Company is providing 2024 full year guidance as follows:
Net sales to range between $785 million $795 million 5% to 7% year-over-year on a constant currency basis. These expectations are based on the current foreign currency exchange rates and do not take into account any additional potential exchange rate changes that may occur this year.
Non-GAAP adjusted EBITDA of $62 million $67 million $15.7 million $20.7 million
Exit Q4 2024 free cash flow positive
Conference Call
Orthofix will host a conference call today at 4:30 PM Eastern time to discuss the Company's financial results for the year ended December 31, 2023. Interested parties may access the conference call by dialing (888) 330-2508 in the U.S. and Canada , and (240) 789-2735 in all other locations, and referencing the access code 9556380. A replay of the call will be available for three weeks by dialing (800) 770-2030 in the U.S. and Canada , and (647) 362-9199 in all other locations, and entering the access code 9556380. A webcast of the conference call may be accessed at ir.Orthofix.com.
About Orthofix
Orthofix is a leading global spine and orthopedics company with a comprehensive portfolio of biologics, innovative spinal hardware, bone growth therapies, specialized orthopedic solutions and a leading surgical navigation system. Its products are distributed in more than 60 countries worldwide.
The Company is headquartered in Lewisville, Texas and has primary offices in Carlsbad, CA , with a focus on spine and biologics product innovation and surgeon education, and Verona, Italy , with an emphasis on product innovation, production, and medical education for orthopedics. The combined company’s global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, CA , Toronto, Canada , Sunnyvale, CA , Wayne, PA , Olive Branch, MS , Maidenhead, UK , Munich, Germany , Paris, France , and São Paulo, Brazil . For more information, please visit www.orthofix.com .
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. Forward-looking statements in this communication include the Company's expectations regarding net sales and adjusted EBITDA for the year ended December 31, 2024. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to recruit and retain management and key personnel, (vii) global economic instability and potential supply chain disruption caused by Russia’s invasion of Ukraine and resulting sanctions, and (viii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.
This list of risks, uncertainties, and other factors is not complete. We discuss some of these matters more fully, as well as certain risk factors that could affect our business, financial condition, results of operations, and prospects, in reports we file from time-to-time with the SEC, which are available to read at www.sec.gov . Any or all forward-looking statements that we make may turn out to be wrong (due to inaccurate assumptions that we make or otherwise), and our actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law.
The Company is unable to provide expectations of GAAP income (loss) before income taxes, the closest comparable GAAP measures to Adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict without unreasonable efforts the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating Adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions below. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.
ORTHOFIX MEDICAL INC.
Condensed Consolidated Statements of Operations
Three Months Ended
Year Ended
December 31,
December 31,
(U.S. Dollars, in thousands, except share and per share data)
2023
2022
2023
2022
(Unaudited)
Net sales
$
200,415
$
122,229
$
746,641
$
460,713
Cost of sales
63,785
33,053
260,368
123,544
Gross profit
136,630
89,176
486,273
337,169
Sales and marketing
97,749
59,324
385,736
228,810
General and administrative
34,535
25,470
144,659
79,966
Research and development
18,941
13,152
80,231
49,065
Acquisition-related amortization and remeasurement
3,720
2,274
14,757
(7,404
)
Operating loss
(18,315
)
(11,044
)
(139,110
)
(13,268
)
Interest expense, net
(4,500
)
(229
)
(8,631
)
(1,288
)
Other income (expense), net
766
4,286
(938
)
(3,150
)
Loss before income taxes
(22,049
)
(6,987
)
(148,679
)
(17,706
)
Income tax expense
(125
)
(75
)
(2,716
)
(2,043
)
Net loss
$
(22,174
)
$
(7,062
)
$
(151,395
)
$
(19,749
)
Net loss per common share:
Basic
$
(0.59
)
$
(0.35
)
$
(4.12
)
$
(0.98
)
Diluted
(0.59
)
(0.35
)
(4.12
)
(0.98
)
Weighted average number of common shares (in millions):
Basic
37.3
20.2
36.7
20.1
Diluted
37.3
20.2
36.7
20.1
ORTHOFIX MEDICAL INC.
Condensed Consolidated Balance Sheets
(U.S. Dollars, in thousands, except par value data)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
33,107
$
50,700
Restricted cash
4,650
—
Accounts receivable, net of allowances of $7,130 $6,419
128,098
82,857
Inventories
222,166
100,150
Prepaid expenses and other current assets
32,422
22,283
Total current assets
420,443
255,990
Property, plant, and equipment, net
159,060
58,229
Intangible assets, net
117,490
47,388
Goodwill
194,934
71,317
Other long-term assets
33,388
25,705
Total assets
$
925,315
$
458,629
Liabilities and shareholders’ equity
Current liabilities
Accounts payable
$
58,357
$
27,598
Current portion of long-term debt
1,250
—
Current portion of finance lease liability
708
652
Other current liabilities
104,908
55,374
Total current liabilities
165,223
83,624
Long-term debt
93,107
—
Long-term portion of finance lease liability
18,532
19,239
Other long-term liabilities
49,723
18,906
Total liabilities
326,585
121,769
Contingencies
Shareholders’ equity
Common shares $0.10
3,717
2,016
Additional paid-in capital
746,450
334,969
Retained earnings (accumulated deficit)
(150,144
)
1,251
Accumulated other comprehensive loss
(1,293
)
(1,376
)
Total shareholders’ equity
598,730
336,860
Total liabilities and shareholders’ equity
$
925,315
$
458,629
ORTHOFIX MEDICAL INC.
Non-GAAP Financial Measures
The following tables present reconciliations of various financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to various non-GAAP financial measures that exclude (or in the case of free cash flow, include) items specified in the tables. The GAAP measures shown in the tables below represent the most comparable GAAP measure to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this press release filed today with the SEC available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com .
Adjusted Gross Profit and Adjusted Gross Margin
Three Months Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Gross profit
$
136,630
$
89,176
$
38,515
$
127,691
Share-based compensation expense
462
217
102
319
SeaSpine merger-related costs
214
—
—
—
Strategic investments
125
439
—
439
Acquisition-related fair value adjustments
7,037
—
—
—
Amortization/Depreciation of Acquired Long-Lived Assets
372
—
—
—
Medical device regulation
(72
)
1
—
1
Adjusted gross profit
$
144,768
$
89,833
$
38,617
$
128,450
Adjusted gross margin
72.2
%
73.5
%
60.2
%
68.9
%
Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Gross profit
$
486,273
$
337,169
$
141,834
$
479,003
Share-based compensation expense
1,878
827
365
1,192
SeaSpine merger-related costs
6,861
—
—
—
Strategic investments
389
1,334
—
1,334
Acquisition-related fair value adjustments
36,044
—
208
208
Amortization/Depreciation of Acquired Long-Lived Assets
1,196
—
—
—
Medical device regulation
604
15
—
15
Adjusted gross profit
$
533,245
$
339,345
$
142,407
$
481,752
Adjusted gross margin
71.4
%
73.7
%
59.3
%
68.7
%
Adjusted EBITDA
Three Months Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Loss before income taxes
$
(22,049
)
$
(6,987
)
$
(20,287
)
$
(27,274
)
Interest expense, net
4,500
229
202
431
Depreciation and amortization
13,969
7,421
4,349
11,770
Share-based compensation expense
3,167
4,923
3,412
8,335
Foreign exchange impact
(2,638
)
(4,195
)
(147
)
(4,342
)
SeaSpine merger-related costs
2,261
9,073
2,616
11,689
Strategic investments
389
771
(16
)
755
Acquisition-related fair value adjustments
6,486
200
—
200
(Gain) loss on investments
1,781
—
—
—
Litigation and investigation costs
8,842
337
1,066
1,403
Medical device regulation
1,927
3,481
—
3,481
Business interruption - COVID-19
—
513
—
513
Succession charges
1,006
—
—
—
Spinal set instrument replacement expense
—
—
2,630
2,630
European sales and marketing organization restructuring
—
—
426
426
Adjusted EBITDA
$
19,641
$
15,766
$
(5,749
)
$
10,017
Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Loss before income taxes
$
(148,679
)
$
(17,706
)
$
(67,324
)
$
(85,030
)
Interest expense, net
8,631
1,288
644
1,932
Depreciation and amortization
53,063
29,019
17,187
46,206
Share-based compensation expense
35,707
18,443
13,584
32,027
Foreign exchange impact
(1,581
)
3,291
387
3,678
SeaSpine merger-related costs
36,623
12,010
4,028
16,038
Strategic investments
2,272
4,018
362
4,380
Acquisition-related fair value adjustments
33,393
(15,595
)
208
(15,387
)
(Gain) loss on investments
1,781
188
—
188
Litigation and investigation costs
14,453
803
1,610
2,413
Medical device regulation
9,446
10,261
—
10,261
Business interruption - COVID-19
—
2,387
—
2,387
Succession charges
1,176
146
—
146
Spinal set instrument replacement expense
—
—
7,179
7,179
European sales and marketing organization restructuring
—
—
984
984
Adjusted EBITDA
$
46,285
$
48,553
$
(21,151
)
$
27,402
Cash Flow and Free Cash Flow
Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Net cash from operating activities
$
(45,753
)
$
(11,538
)
$
(38,157
)
$
(49,695
)
Net cash from investing activities
(33,131
)
(24,534
)
(40,325
)
(64,859
)
Net cash from financing activities
65,322
(78
)
24,654
24,576
Effect of exchange rate changes on cash
619
(997
)
140
(857
)
Net change in cash, cash equivalents, and restricted cash
$
(12,943
)
$
(37,147
)
$
(53,688
)
$
(90,835
)
Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands)
2023
Orthofix
SeaSpine
Pro Forma
Net cash from operating activities
$
(45,753
)
$
(11,538
)
$
(38,157
)
$
(49,695
)
Capital expenditures
(62,050
)
(23,160
)
(37,752
)
(60,912
)
Free cash flow
$
(107,803
)
$
(34,698
)
$
(75,909
)
$
(110,607
)
Net Income and EPS
Three Months Ended December 31,
(Unaudited, U.S. Dollars, in thousands, except share and per share data)
2023
Orthofix
SeaSpine
Pro Forma
Net loss
$
(22,174
)
$
(7,062
)
$
(18,958
)
$
(26,020
)
Weighted average shares outstanding (in millions)
37.3
20.2
15.4
35.6
EPS
$
(0.59
)
$
(0.35
)
$
(1.23
)
$
(0.73
)
Year Ended December 31,
(Unaudited, U.S. Dollars, in thousands, except share and per share data)
2023
Orthofix
SeaSpine
Pro Forma
Net loss
$
(151,395
)
$
(19,749
)
$
(65,009
)
$
(84,758
)
Weighted average shares outstanding
36.7
20.1
15.4
35.5
EPS
$
(4.12
)
$
(0.98
)
$
(4.22
)
$
(2.39
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305883308/en/
Company Contact
ir@orthofix.com
Source: Orthofix Medical Inc.
What were Orthofix Medical Inc.'s (OFIX) net sales for the fourth quarter of 2023?
Orthofix reported net sales of $200.4 million for the fourth quarter of 2023, a 64% increase on a reported basis.
How much was the net loss for Orthofix in the fourth quarter of 2023?
Orthofix had a net loss of $22 million in the fourth quarter of 2023.
What was the Non-GAAP Adjusted EBITDA for Orthofix in the fourth quarter of 2023?
Orthofix's Non-GAAP Adjusted EBITDA was $20 million in the fourth quarter of 2023, representing 96% growth over the previous year.
What was the full-year net sales for Orthofix in 2023?
Orthofix reported full-year net sales of $746.6 million in 2023, a 62% increase over the previous year.
What is Orthofix's 2024 full-year guidance for net sales?
Orthofix provided 2024 full-year guidance of net sales ranging between $785 million to $795 million.
