Orthofix Medical Inc. (NASDAQ:OFIX) has announced its preliminary unaudited fourth quarter 2023 net sales of approximately $200.3 million, marking a reported increase of 63.8% and 62.8% on a constant currency basis compared to the fourth quarter of 2022. For the full year 2023, preliminary unaudited net sales were approximately $746.5 million, representing a reported increase of 62.0% and 61.5% on a constant currency basis.
Catherine Burzik, Chair of the Board of Directors and former Interim CEO of Orthofix, expressed confidence in the company's performance, stating, "We are very pleased with our results for the fourth quarter of 2023 and believe the strength and stability Orthofix exhibited through the end of the year will continue into 2024." Burzik highlighted the heightened performance and increased momentum across all business segments, with Bone Growth Therapies (BGT) reporting another sequential quarter of double-digit growth and the Orthopedics segment finishing 2023 with a 7% revenue growth over the prior year.
The company's new President and CEO, Massimo Calafiore, received inducement grants as part of his employment, which include performance-based vesting restricted stock units, time-based vesting restricted stock units, and stock options.
The merger of Orthofix and Seaspine in January 2023 created 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. The company's products are distributed in approximately 68 countries worldwide.
The full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $453,042 | $459,955 | $406,562 | $464,479 | $460,713 | $668,455 |
| Revenue Growth | n/a | 1.53% | -11.61% | 14.25% | -0.81% | 45.09% |
| Operating Margins | 7% | -4% | -2% | -2% | -3% | -20% |
| Net Margins | 3% | -6% | 1% | -8% | -4% | -20% |
| Net Income (k) | $13,811 | -$28,462 | $2,517 | -$38,379 | -$19,749 | -$136,283 |
| Net Interest Expense (k) | -$828 | -$122 | -$2,483 | -$1,837 | -$1,288 | -$4,360 |
| Depreciation & Amort. (k) | $18,659 | $24,699 | $30,546 | $29,599 | $29,019 | $46,515 |
| Earnings Per Share | $0.72 | -$1.51 | $0.13 | -$1.95 | -$0.98 | -$3.9 |
| EPS Growth | n/a | -309.72% | 108.61% | -1600.0% | 49.74% | -297.96% |
| Diluted Shares (k) | 18,912 | 18,903 | 19,392 | 19,691 | 20,054 | 37 |
| Free Cash Flow (k) | $36,326 | $13,036 | $58,787 | $690 | -$32,902 | -$87,611 |
| Capital Expenditures | $13,592 | $18,997 | $15,485 | $17,785 | $21,364 | $50,900 |
| Current Ratio | 2.85 | 3.07 | 2.6 | 2.55 | 3.06 | 2.58 |
