Provides 2017 Net Sales Guidance
Three Months Ended
|Total net sales||$||109||$||105||4||%||4||%|
|Total net sales||$||410||$||396||3||%||4||%|
"As we reflect on 2016, we are very proud of our many products and
services that helped improve tens of thousands of patients' lives," said
For the full year 2017, the Company expects to report net sales of
Mason added, "While we expect to absorb a loss of revenue due to strategic initiatives this year, we also expect to continue our momentum in our BioStim business, return to growth in Biologics and Spine Fixation during the year, significantly improve free cash flow and execute on strategic opportunities that will drive ROIC and shareholder value."
Upcoming Presentations / Conference Calls
As previously announced, the Company's President and Chief Executive
The Company also expects to host a conference call in late February to discuss final fourth quarter and full year 2016 earnings results and its outlook for 2017.
Orthofix believes that providing non-GAAP measures that exclude certain items provides investors with greater transparency to the information used by the Company's senior management in its financial and operational decision-making. Management believes it is important to provide investors with the same non-GAAP metrics it uses to supplement information regarding the performance and underlying trends of Orthofix's business operations in order to facilitate comparisons to its historical operating results and internally evaluate the effectiveness of the Company's operating strategies. Disclosure of these non-GAAP financial measures also facilitates comparisons of Orthofix's underlying operating performance with other companies in its industry that also supplement their GAAP results with non-GAAP financial measures.
The non-GAAP measures used in this press release may have limitations as analytical tools, and should not be considered in isolation or as a replacement for GAAP financial measures. Some of the limitations associated with the use of these non-GAAP financial measures are that they exclude items that reflect an economic cost to the Company and can have a material effect on cash flows. Similarly, certain non-cash expenses, such as equity compensation expense, do not directly impact cash flows, but are part of total compensation costs accounted for under GAAP.
Constant currency measures actual performance using foreign currency rates from the comparable, prior-year period, to present actuals at comparable rates. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to compare revenues without the impact of changes in foreign currencies. When disclosed, constant currency measures are presented with the applicable GAAP measure for comparability.
Adjusted EBITDA is defined as earnings from continuing operations before
net interest expense, income tax expense, depreciation, and
amortization, and excludes certain non-cash or non-recurring gains or
losses such as share-based compensation, foreign exchange impact,
strategic investments, restatements and related costs, infrastructure
investments, legal judgments, gain on sale of assets, charges related to
Free Cash Flow
Free cash flow is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operating activities. Free cash flow is an important indicator of how much cash is generated or used by our normal business operations, including capital expenditures. Management uses free cash flow as a measure of progress on its capital efficiency and cash flow initiatives.
This communication contains certain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which may include, but are not limited to, statements concerning the projections, financial condition, results of operations and businesses of Orthofix and its subsidiaries, are based on management's current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Factors that could cause
or contribute to such differences may include, but are not limited to,
risks relating to: the expected sales of our products, including
recently launched products; our ongoing settlement discussions with
the Division of Enforcement of the Securities and Exchange
Commission (the "
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