- Orthofix Medical Inc OFIX reported Q2 adjusted EPS $0.32, compared to an adjusted net loss of $(0.59) a year ago, beating the consensus of $0.11.
- Sales increased 66% to $121.4 million. U.S. Spinal Implants net sales grew 56% Y/Y and 37% over the second quarter of 2019.
- Sales by product: Bone Growth Therapies (+75% Y/Y) to $49.7 million, Spinal Implants (+61%) to $30.1 million, Biologics (+34%) to $14.9 million, Orthopedics (+66%) to $26.7 million.
- “We are proud of our second-quarter performance, in which we delivered accelerated topline growth sequentially and over pre-COVID levels,” president and CEO Jon Serbousek said in a news release. “We continue to see the positive impacts of our strategic initiatives, including increased product adoption driven through our expanded pool of strategic distribution partners, as well as ongoing strength from new products, in particular our M6-C artificial cervical disc and the Fitbone lengthening nail.”
- The gross margin increased to 77.4% compared to 68.3% in Q2 FY20.
- Adjusted EBITDA was $18.4 million compared to $(5.6) million in the prior-year period.
- Guidance FY21: Orthofix increased sales guidance to $468 million - $474 million (consensus of $459.6 million) from $455 million - $465 million.
- It expects adjusted EPS of $0.74 - $0.82 (consensus $0.59) up from $0.52 - $0.62 previously. Orthofix also raised adjusted EBITDA guidance to $58 million - $61 million from $52 million - $56 million.
- Price Action: OFIX shares are up 5.95% at $40.24 during the market session on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.