Orthofix Medical
(NASDAQ:OFIX)
posted second-quarter results this evening that beat the consensus forecast on Wall Street.
It also raised its revenue and adjusted EBITDA guidance for the rest of the year, reflecting positive developments in Bone Growth Therapies and other sectors. It’s been more than eight months since Orthofix’s merger with SeaSpine.
The Lewisville, Texas–based orthopedic device manufacturer reported a net loss of $39.4 million, or $1.07 per share, on sales of $187.0 million for the three months ended June 30, 2023. Sales were up 58% on a reported basis and 7% on a pro forma constant currency basis over the prior year.
Adjusted to exclude one-time items, earnings per share were 2¢. The result was 49¢ ahead of The Street, where the consensus had Orthofix losing 47¢ per share on sales of $185.63 million.
“I am very pleased with Orthofix’s performance this quarter, delivering 7% year-over-year growth, on a proforma basis, and once again achieving double-digit growth in the Bone Growth Therapies franchise,” Orthofix CEO Keith Valentine said in a news release.
“We have been successful in managing revenue dis-synergy risks and capitalizing on operating expense synergy opportunities throughout the merger process and are encouraged to see continued market share taking in the U.S. spinal implants, biologics and enabling technologies franchises by leveraging our complementary product portfolios.”
Orthofix said it expects full-year net sales of $752 to $758 million and full-year adjusted EBITDA of $42 to $46 million for 2023, up from the previous outlook of $750 to $756 million in sales and $40 to $45 million in adjusted EBITDA.