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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     .

Commission File Number: 0-19961

 

ORTHOFIX MEDICAL INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

98-1340767

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3451 Plano Parkway,

Lewisville, Texas

 

75056

(Address of principal executive offices)

 

(Zip Code)

(214) 937-2000

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

Smaller Reporting Company

 

 

 

 

 

 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No

As of October 25, 2019, 19,055,154 shares of common stock were issued and outstanding.

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, $0.10 par value per share

 

OFIX

 

Nasdaq Global Select Market

 

 

 

 


 

 Table of Contents

 

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019, and December 31, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended  September 30, 2019, and 2018

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

 

7

 

 

 

 

 

 

 

Notes to the Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

33

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

33

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

34

 

 

 

 

 

Item 1A.

 

Risk Factors

 

34

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

34

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

34

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

34

 

 

 

 

 

Item 5.

 

Other Information

 

34

 

 

 

 

 

Item 6.

 

Exhibits

 

35

 

 

 

 

 

SIGNATURES

 

36

2


 

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”), 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. These forward-looking statements are not guarantees of our future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict, including the risks described Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) and other Securities and Exchange Commission (“SEC”) filings. Therefore, 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 further update any such statement, or the risk factors described in the 2018 Form 10-K and other SEC filings, to reflect new information, the occurrence of future events or circumstances or otherwise.

 

 

Trademarks

Solely for convenience, our trademarks and trade names in this report are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that we will not assert, to the fullest extent under applicable law, our rights thereto.

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ORTHOFIX MEDICAL INC.

Condensed Consolidated Balance Sheets

 

(U.S. Dollars, in thousands, except share data)

 

September 30,

2019

 

 

December 31,

2018

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

56,849

 

 

$

69,623

 

Restricted cash

 

 

654

 

 

 

2,566

 

Trade accounts receivable, net of allowances of $4,073 and $7,463, respectively

 

 

79,690

 

 

 

77,747

 

Inventories

 

 

80,993

 

 

 

76,847

 

Prepaid expenses and other current assets

 

 

19,617

 

 

 

17,856

 

Total current assets

 

 

237,803

 

 

 

244,639

 

Property, plant and equipment, net

 

 

62,964

 

 

 

42,835

 

Intangible assets, net

 

 

53,613

 

 

 

51,897

 

Goodwill

 

 

71,177

 

 

 

72,401

 

Deferred income taxes

 

 

39,626

 

 

 

33,228

 

Other long-term assets

 

 

10,420

 

 

 

21,641

 

Total assets

 

$

475,603

 

 

$

466,641

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

17,892

 

 

$

17,989

 

Current portion of finance lease liability

 

 

293

 

 

 

 

Other current liabilities

 

 

70,323

 

 

 

67,919

 

Total current liabilities

 

 

88,508

 

 

 

85,908

 

Long-term portion of finance lease liability

 

 

20,767

 

 

 

 

Other long-term liabilities

 

 

59,894

 

 

 

45,336

 

Total liabilities

 

 

169,169

 

 

 

131,244

 

Contingencies (Note 8)

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common shares $0.10 par value; 50,000,000 shares authorized;

   18,875,184 and 18,579,688 issued and outstanding as of September 30,

   2019 and December 31, 2018, respectively

 

 

1,888

 

 

 

1,858

 

Additional paid-in capital

 

 

263,064

 

 

 

243,165

 

Retained earnings

 

 

46,063

 

 

 

87,078

 

Accumulated other comprehensive income (loss)

 

 

(4,581

)

 

 

3,296

 

Total shareholders’ equity

 

 

306,434

 

 

 

335,397

 

Total liabilities and shareholders’ equity

 

$

475,603

 

 

$

466,641

 

The accompanying notes form an integral part of these condensed consolidated financial statements

4


 

ORTHOFIX MEDICAL INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

(Unaudited, U.S. Dollars, in thousands, except share and per share data)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

113,499

 

 

$

111,708

 

 

$

338,461

 

 

$

331,964

 

Cost of sales

 

 

24,896

 

 

 

24,020

 

 

 

74,416

 

 

 

71,002

 

Gross profit

 

 

88,603

 

 

 

87,688

 

 

 

264,045

 

 

 

260,962

 

Sales and marketing

 

 

54,805

 

 

 

49,898

 

 

 

165,363

 

 

 

151,695

 

General and administrative

 

 

21,090

 

 

 

22,276

 

 

 

63,497

 

 

 

63,658

 

Research and development

 

 

7,982

 

 

 

9,598

 

 

 

26,191

 

 

 

24,426

 

Acquisition-related amortization and remeasurement (Note 12)

 

 

23,608

 

 

 

2,009

 

 

 

31,873

 

 

 

3,491

 

Operating income (loss)

 

 

(18,882

)

 

 

3,907

 

 

 

(22,879

)

 

 

17,692

 

Interest income (expense), net

 

 

186

 

 

 

(181

)

 

 

386

 

 

 

(615

)

Other expense, net

 

 

(8,146

)

 

 

(5,054

)

 

 

(8,786

)

 

 

(5,785

)

Income (loss) before income taxes

 

 

(26,842

)

 

 

(1,328

)

 

 

(31,279

)

 

 

11,292

 

Income tax benefit (expense)

 

 

(13,656

)

 

 

117

 

 

 

(8,869

)

 

 

(6,352

)

Net income (loss)

 

$

(40,498

)

 

$

(1,211

)

 

$

(40,148

)

 

$

4,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.14

)

 

$

(0.07

)

 

$

(2.13

)

 

$

0.26

 

Diluted

 

 

(2.14

)

 

 

(0.07

)

 

 

(2.13

)

 

 

0.26

 

Weighted average number of common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

18,957,876

 

 

 

18,562,204

 

 

 

18,847,728

 

 

 

18,460,848

 

Diluted

 

 

18,957,876

 

 

 

18,562,204

 

 

 

18,847,728

 

 

 

18,864,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on debt security

 

 

 

 

 

1,240

 

 

 

(2,593

)

 

 

3,200

 

Reclassification adjustment for amortization of historical unrealized gains on debt security

 

 

(345

)

 

 

 

 

 

(1,034

)

 

 

 

Reclassification adjustment for other-than-temporary impairment on debt security

 

 

(5,193

)

 

 

 

 

 

(5,193

)

 

 

 

Currency translation adjustment

 

 

(1,893

)

 

 

(844

)

 

 

(2,195

)

 

 

(1,322

)

Other comprehensive income (loss) before tax

 

 

(7,431

)

 

 

396

 

 

 

(11,015

)

 

 

1,878

 

Income tax related to other comprehensive income (loss)

 

 

1,388

 

 

 

(366

)

 

 

2,200

 

 

 

(798

)

Other comprehensive income (loss), net of tax

 

 

(6,043

)

 

 

30

 

 

 

(8,815

)

 

 

1,080

 

Comprehensive income (loss)

 

$

(46,541

)

 

$

(1,181

)

 

$

(48,963

)

 

$

6,020

 

The accompanying notes form an integral part of these condensed consolidated financial statements


5


 

ORTHOFIX MEDICAL INC.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

 

(Unaudited, U.S. Dollars, in thousands, except share data)

 

Number of

Common

Shares

Outstanding

 

 

Common

Shares

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Shareholders’

Equity

 

At December 31, 2018

 

 

18,579,688

 

 

$

1,858

 

 

$

243,165

 

 

$

87,078

 

 

$

3,296

 

 

$

335,397

 

Cumulative effect adjustment from adoption of ASU 2016-02

 

 

 

 

 

 

 

 

 

 

 

71

 

 

 

 

 

 

71

 

Cumulative effect adjustment from adoption of ASU 2018-02

 

 

 

 

 

 

 

 

 

 

 

(938

)

 

 

938

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

897

 

 

 

 

 

 

897

 

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,401

)

 

 

(2,401

)

Share-based compensation

 

 

 

 

 

 

 

 

5,685

 

 

 

 

 

 

 

 

 

5,685

 

Common shares issued, net

 

 

211,081

 

 

 

21

 

 

 

4,012

 

 

 

 

 

 

 

 

 

4,033

 

At March 31, 2019

 

 

18,790,769

 

 

$

1,879

 

 

$

252,862

 

 

$

87,108

 

 

$

1,833

 

 

$

343,682

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(547

)

 

 

 

 

 

(547

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(371

)

 

 

(371

)

Share-based compensation

 

 

 

 

 

 

 

 

5,849

 

 

 

 

 

 

 

 

 

5,849

 

Common shares issued, net

 

 

40,812

 

 

 

4

 

 

 

(823

)

 

 

 

 

 

 

 

 

(819

)

At June 30, 2019

 

 

18,831,581

 

 

$

1,883

 

 

$

257,888

 

 

$

86,561

 

 

$

1,462

 

 

$

347,794

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(40,498

)

 

 

 

 

 

(40,498

)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,043

)

 

 

(6,043

)

Share-based compensation

 

 

 

 

 

 

 

 

5,844

 

 

 

 

 

 

 

 

 

5,844

 

Common shares issued, net

 

 

43,603

 

 

 

5

 

 

 

(668

)

 

 

 

 

 

 

 

 

(663

)

At September 30, 2019

 

 

18,875,184

 

 

$

1,888

 

 

$

263,064

 

 

$

46,063

 

 

$

(4,581

)

 

$

306,434

 

 

 

(Unaudited, U.S. Dollars, in thousands, except share data)

 

Number of

Common

Shares

Outstanding

 

 

Common

Shares

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Shareholders’

Equity

 

At December 31, 2017

 

 

18,278,833

 

 

$

1,828

 

 

$

220,591

 

 

$

70,402

 

 

$

3,787

 

 

$

296,608

 

Cumulative effect adjustment from adoption of ASU 2014-09

 

 

 

 

 

 

 

 

 

 

 

4,761

 

 

 

 

 

 

4,761

 

Cumulative effect adjustment from adoption of ASU 2016-16

 

 

 

 

 

 

 

 

 

 

 

(1,896

)

 

 

 

 

 

(1,896

)

Net income

 

 

 

 

 

 

 

 

 

 

 

5,226

 

 

 

 

 

 

5,226

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

697

 

 

 

697

 

Share-based compensation

 

 

 

 

 

 

 

 

3,916

 

 

 

 

 

 

 

 

 

3,916

 

Common shares issued, net

 

 

126,511

 

 

 

13

 

 

 

3,849

 

 

 

 

 

 

 

 

 

3,862

 

At March 31, 2018

 

 

18,405,344

 

 

$

1,841

 

 

$

228,356

 

 

$

78,493

 

 

$

4,484

 

 

$

313,174

 

Net income

 

 

 

 

 

 

 

 

 

 

 

925

 

 

 

 

 

 

925

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

353

 

 

 

353

 

Share-based compensation

 

 

 

 

 

 

 

 

5,215

 

 

 

 

 

 

 

 

 

5,215

 

Common shares issued, net

 

 

80,444

 

 

 

8

 

 

 

171

 

 

 

 

 

 

 

 

 

179

 

At June 30, 2018

 

 

18,485,788

 

 

$

1,849

 

 

$

233,742

 

 

$

79,418

 

 

$

4,837

 

 

$

319,846

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(1,211

)

 

 

 

 

 

(1,211

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

30

 

Share-based compensation

 

 

 

 

 

 

 

 

5,261

 

 

 

 

 

 

 

 

 

5,261

 

Common shares issued, net

 

 

50,928

 

 

 

5

 

 

 

(581

)