Orthofix (NASDAQ: OFIX) posts Q1 prelim sales, realigns spine leadership
Rhea-AI Filing Summary
Orthofix Medical Inc. reported preliminary first quarter 2026 net sales of approximately $196.7 million, with non-GAAP pro forma net sales of about $196.4 million, reflecting 0.4% reported growth and 3% constant currency pro forma growth versus Q1 2025. The company reaffirmed its 2026 outlook, guiding full-year net sales between $850 million and $860 million, implying about 5.5% pro forma constant currency growth at the midpoint, non-GAAP adjusted EBITDA of $95–$98 million, and positive free cash flow excluding potential legal settlements. Orthofix also announced a strategic realignment of its Spine leadership, eliminating the President, Global Spine Solutions role so key spine leaders now report directly to the CEO, and disclosed that President, Global Spine Max Reinhardt will depart around June 12, 2026, with severance benefits under his existing agreement.
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Insights
Orthofix posts modest Q1 growth, reaffirms 2026 outlook, and simplifies spine leadership.
Orthofix delivered preliminary Q1 2026 net sales of $196.7M, with non-GAAP pro forma sales of $196.4M, up 3% in constant currency versus Q1 2025. This indicates stable top-line performance while the company transitions distributors and prepares new product launches.
For full-year 2026, the company guides net sales of $850–$860M, implying about 5.5% pro forma constant currency growth at the midpoint, and expects non-GAAP adjusted EBITDA of $95–$98M with roughly 70 basis points of margin expansion versus 2025. Management also targets positive free cash flow excluding potential legal settlements.
Strategically, Orthofix is eliminating the President, Global Spine Solutions role so spine leaders report directly to the CEO, while Max Reinhardt departs in June 2026 under his change-in-control and severance agreement. Actual financial performance versus this reaffirmed outlook, and execution on the 7D FLASH Navigation and spine portfolio, will be clarified on the detailed Q1 earnings call scheduled for May 5, 2026.
8-K Event Classification
Key Figures
Key Terms
non-GAAP pro forma net sales financial
constant currency basis financial
non-GAAP adjusted EBITDA financial
free cash flow financial
change in control and severance agreement financial
forward-looking statements regulatory
Earnings Snapshot
Orthofix reaffirmed 2026 guidance for net sales of $850–$860 million, non-GAAP adjusted EBITDA of $95–$98 million, and positive free cash flow excluding potential legal settlements.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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Item 2.02. Results of Operations and Financial Condition.
On April 9, 2026, Orthofix Medical Inc. (the “Company”) issued a news release announcing, among other things, preliminary net sales results for the fiscal quarter ended March 31, 2026. A copy of the news release is furnished as Exhibit 99.1 and attached hereto.
The information furnished in this Item 2.02, including the exhibit furnished herewith as Exhibit 99.1, will not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or into another filing under the Exchange Act, unless that filing expressly incorporates by reference this Item 2.02 of this report.
Item 5.02. Departure of Directors of Principal Officers; Election of Directors; Appointment of Principal Officers.
On April 9, 2026, the Company announced that Max Reinhardt, the Company’s President, Global Spine, will be departing as an executive and employee on or about June 12, 2026. The Company expects that Mr. Reinhardt’s departure will be treated under his change in control and severance agreement with the Company as either a termination of employment without Cause, or resignation for Good Reason, during a Non-CIC Period, and that he will be entitled to receive the payments and benefits provided for thereunder, subject to compliance with the terms and conditions of such agreement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 |
News release, dated April 9, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Orthofix Medical Inc. |
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/s/ J. Andrés Cedrón |
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J. Andrés Cedrón Chief Legal Officer |
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Date: April 9, 2026
Exhibit 99.1
News Release
Orthofix Realigns Spine Leadership to Strengthen Focus and Execution
Company Reports Preliminary First Quarter 2026 Net Sales and Reaffirms 2026 Outlook
LEWISVILLE, Texas — April 9, 2026 — Orthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today announced a strategic realignment of its Spine leadership team designed to accelerate profitable growth and sharpen execution across its commercial and innovation priorities. The Company also reported preliminary, unaudited net sales results for the first quarter ended March 31, 2026.
Spine Leadership Realignment
To accelerate decision-making, sharpen leadership accountability, and further advance commercialization of the 7D™ navigation platform, Orthofix has streamlined its Spine organization by eliminating the role of President, Global Spine Solutions. As a result, key Spine leaders will now report directly to Orthofix Chief Executive Officer, Massimo Calafiore.
In addition, Patrick Fisher, head of Limb Reconstruction, recently assumed leadership of the Company’s Biologics business. This expanded scope is intended to strengthen commercial focus in Biologics while leveraging operational and customer-facing synergies across complementary portfolio segments.
“These updates further clarify leadership alignment and ownership across our Spine portfolio while strengthening coordination across our commercial, strategic, and enabling technology teams,” said Massimo Calafiore, President and Chief Executive Officer. “By simplifying our structure and placing decision-making closer to execution, we believe we are better positioned to move faster, scale high-value opportunities, and deliver sustainable, profitable growth for our shareholders.”
Preliminary First Quarter 2026 Net Sales Results and 2026 Guidance
Orthofix today reported preliminary, unaudited first quarter 2026 net sales of approximately $196.7 million, including sales from M6 artificial cervical and lumbar discs, and non-GAAP pro forma net sales of approximately $196.4 million, excluding sales from M6 discs, representing an increase of 0.4% on a reported basis and 3% on a non-GAAP pro forma constant currency basis compared to Q1 2025.
The company also reaffirmed its full-year 2026 guidance as follows:
Mr. Calafiore added, “Precise execution, faster decision-making and innovation is the focus for Orthofix in 2026. Our teams executed well to start the year, and we are proving our ability to create shareholder value. Our preliminary first quarter net sales reflect meaningful progress through recent distributor transitions as we gear up for new product launches later this year. With a clearer strategic focus, stronger leadership alignment, and an increased emphasis on high-value growth initiatives, we believe we are well positioned to scale our commercial engine, accelerate innovation, and deliver long-term value for our shareholders.”
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Preliminary First Quarter 2026 Net Sales Results
The following table provides preliminary net sales:
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Three Months Ended March 31, |
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(Unaudited, U.S. Dollars, in millions) |
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2026 |
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2025 |
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Change |
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Constant |
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Pro forma net sales* |
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196.4 |
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189.2 |
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3.8 |
% |
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2.7 |
% |
Impact from discontinuation of M6 product lines |
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0.3 |
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4.4 |
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(94.2 |
%) |
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(94.5 |
%) |
Reported net sales |
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$ |
196.7 |
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$ |
193.6 |
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1.6 |
% |
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0.4 |
% |
* Pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.
These preliminary, unaudited net sales results for the first quarter ended March 31, 2026 are based on current expectations and are subject to quarter-end closing adjustments; actual results may differ.
Upcoming Investor Event and First Quarter Earnings Call
Internet Posting of Information
Orthofix regularly shares important updates in the “Investors” section of its website at www.orthofix.com. The Company encourages investors and potential investors to consult the Orthofix website regularly for important information about Orthofix.
About Orthofix
Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, Orthofix delivers exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, limb reconstruction solutions, biologics and enabling technologies, including the 7D FLASH™ Navigation System. Learn more at Orthofix.com or follow us on LinkedIn.
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, intentions, plans, 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,” “positioned,” “deliver,” or “continue” or other comparable terminology. Forward-looking statements in this communication include the Company’s expectations regarding preliminary net sales for the first quarter March 31, 2026. 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, 2025. 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 successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, and (viii) the other risks and uncertainties more fully described in our periodic filings
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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.
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. The Company undertakes no obligation to update, and expressly disclaims any duty to update, its 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 net income (loss), 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.
Company Contact |
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Investors and Media |
Julie Dewey, IRC Chief Investor Relations & Communications Officer |
JulieDewey@Orthofix.com +1 209.613.6945 |
Source
Orthofix Medical Inc.
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