Orthofix Reports Second Quarter 2024 Results and Raises Full-Year 2024 Financial Guidance

August 6, 2024

Orthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the second quarter ended June 30, 2024 and increased its full-year 2024 financial guidance.

Recent Highlights

  • Second quarter 2024 net sales of $198.6 million, an increase of 6% on a reported and constant currency basis compared to second quarter 2023
  • Bone Growth Therapies (BGT) net sales growth of 12% compared to second quarter 2023, marking six consecutive quarters with double-digit net sales increases
  • U.S. Spine Fixation 1 net sales growth of 12% compared to second quarter 2023, driven by distribution expansion and further penetration in existing accounts
  • Global Orthopedics net sales growth of 5% on a reported basis and 6% on a constant currency basis compared to second quarter 2023
  • Second quarter 2024 net loss of $(33.4) million; Non-GAAP adjusted EBITDA of $16.6 million, an increase of $6.7 million, with adjusted EBITDA margin expanding 310 basis points compared to second quarter 2023
  • Significant improvement in cash usage, paving the way for earlier than expected positive free cash flow for the second half of 2024
  • Announced appointments of four new executive team members, further strengthening the breadth and depth of the Company's leadership team
  • Increases full-year 2024 net sales guidance to $795 million to $800 million from $790 million to $795 million; Raises full-year 2024 non-GAAP adjusted EBITDA guidance to $64 million to $69 million from $62 million to $67 million

Second quarter net sales were $198.6 million, an increase of 6% on a reported and constant currency basis. Net loss was $(33.4) million and earnings per share ("EPS") was $(0.88) on a reported basis, representing an improvement of 18% when compared to the prior year period. Non-GAAP adjusted EBITDA was $16.6 million for the second quarter, representing adjusted EBITDA margin expansion of 310 basis points over the prior year period.

“We delivered another strong quarter driven by successful execution of our key growth priorities,” said Massimo Calafiore, President and Chief Executive Officer. “Highlights in the quarter included notable revenue growth across each of our business segments where our performance was led primarily by strength in our U.S. markets, including Bone Growth Therapies, which grew 12%, and further highlights the benefit of cross-selling in our integrated spine channel. In addition, we delivered growth of 12% in U.S. Spine fixation, more than twice the market rate. Based on continued positive momentum, the strength of our differentiated and expanding product portfolio, which continues to win share, and our confidence in sustainable growth trends, we are raising our full-year net sales and adjusted EBITDA guidance. We also are on track to achieve positive free cash flow for the second half of this year, much earlier than we originally anticipated.”

1

Spine fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings

Financial Results Overview

Second Quarter 2024 Net Sales and Financial Results

The following table provides net sales by major product category by reporting segment:

 

 

Three Months Ended June 30,

 

(Unaudited, U.S. Dollars, in millions)

 

2024

 

 

2023

 

 

Change

 

 

Constant
Currency
Change

 

Bone Growth Therapies

 

$

59.1

 

 

$

52.7

 

 

 

12.3

%

 

 

12.3

%

Spinal Implants, Biologics and Enabling Technologies

 

 

108.9

 

 

 

105.3

 

 

 

3.4

%

 

 

3.4

%

Global Spine

 

 

168.0

 

 

 

158.0

 

 

 

6.4

%

 

 

6.4

%

Global Orthopedics

 

 

30.6

 

 

 

29.0

 

 

 

5.3

%

 

 

6.3

%

Net sales

 

$

198.6

 

 

$

187.0

 

 

 

6.2

%

 

 

6.4

%

Gross margins were 67.8% for the quarter and were 71.3% on a non-GAAP adjusted basis.

Net loss was $(33.4) million, or $(0.88) per share, compared to net loss of $(39.4) million, or $(1.07) per share in the prior year period. Non-GAAP adjusted EBITDA was $16.6 million, or 8.4% of net sales, compared to non-GAAP adjusted EBITDA of $9.9 million, or 5.3% of net sales, in the prior year period.

Liquidity

Cash, cash equivalents, and restricted cash on June 30, 2024, totaled $28.9 million compared to $29.5 million on March 31, 2024.

Business Outlook

The Company is increasing its 2024 full-year guidance as follows:

  • Net sales are expected to range between $795 million to $800 million, representing implied growth of 6.7% to 7.4% year-over-year on a constant currency basis, an increase from the previous guidance range of $790 million to $795 million. These expectations are based on the current foreign currency exchange rates and do not take into account any additional potential exchange rate changes that may occur this year.
  • Non-GAAP adjusted EBITDA is expected to range from $64 million to $69 million, an increase from the previous guidance range of $62 million to $67 million.
  • Company now expects to be free cash flow positive for the second half of 2024.

Conference Call

Orthofix will host a conference call today at 8:30 AM Eastern time to discuss the Company's financial results for the quarter ended June 30, 2024. Interested parties may access the conference call by dialing (888) 330-2508 in the U.S., and (240) 789-2735 in all other locations, and referencing the access code 9556380. A replay of the call will be available for three weeks by dialing (800) 770-2030 in the U.S., and (647) 362-9199 in all other locations, and entering the access code 9556380. A webcast of the conference call may be accessed at ir.Orthofix.com .

About Orthofix

Orthofix is 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. Its products are distributed in more than 60 countries worldwide. The Company is headquartered in Lewisville, Texas and has primary offices in Carlsbad, CA, with a focus on spine and biologics product innovation and surgeon education, and Verona, Italy, with an emphasis on product innovation, production, and medical education for orthopedics. The combined company’s global R&D, commercial and manufacturing footprint also includes facilities and offices in Irvine, CA, Toronto, Canada, Sunnyvale, CA, Maidenhead, UK, Munich, Germany, Paris, France, and São Paulo, Brazil. For more information, please visit www.orthofix.com .

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, 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. Forward-looking statements in this communication include the Company's expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2024. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), and in Part II, Item 1A under the heading Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to recruit and retain management and key personnel, and (vii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.

This list of risks, uncertainties, and other factors is not complete. We discuss some of these matters more fully, as well as certain risk factors that could affect our business, financial condition, results of operations, and prospects, in reports we file from time-to-time with the SEC, which are available to read at www.sec.gov . Any or all forward-looking statements that we make may turn out to be wrong (due to inaccurate assumptions that we make or otherwise), and 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 update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law.

The Company is unable to provide expectations of GAAP income (loss) before income taxes, the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict without unreasonable efforts the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions below. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.

ORTHOFIX MEDICAL INC.

Condensed Consolidated Statements of Operations

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

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

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

198,620

 

 

$

187,016

 

 

$

387,228

 

 

$

362,220

 

Cost of sales

 

 

63,871

 

 

 

67,465

 

 

 

125,237

 

 

 

132,340

 

Gross profit

 

 

134,749

 

 

 

119,551

 

 

 

261,991

 

 

 

229,880

 

Sales and marketing

 

 

100,224

 

 

 

99,249

 

 

 

200,267

 

 

 

193,040

 

General and administrative

 

 

33,994

 

 

 

34,177

 

 

 

65,642

 

 

 

82,988

 

Research and development

 

 

18,049

 

 

 

19,424

 

 

 

37,541

 

 

 

42,731

 

Acquisition-related amortization and remeasurement

 

 

7,388

 

 

 

3,333

 

 

 

12,784

 

 

 

7,467

 

Operating loss

 

 

(24,906

)

 

 

(36,632

)

 

 

(54,243

)

 

 

(96,346

)

Interest expense, net

 

 

(4,943

)

 

 

(1,266

)

 

 

(9,501

)

 

 

(2,555

)

Other income (expense), net

 

 

(2,510

)

 

 

(20

)

 

 

(3,784

)

 

 

656

 

Loss before income taxes

 

 

(32,359

)

 

 

(37,918

)

 

 

(67,528

)

 

 

(98,245

)

Income tax expense

 

 

(1,084

)

 

 

(1,508

)

 

 

(1,935

)

 

 

(2,119

)

Net loss

 

$

(33,443

)

 

$

(39,426

)

 

$

(69,463

)

 

$

(100,364

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.88

)

 

$

(1.07

)

 

$

(1.84

)

 

$

(2.77

)

Diluted

 

 

(0.88

)

 

 

(1.07

)

 

 

(1.84

)

 

 

(2.77

)

Weighted average number of common shares (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

38.0

 

 

 

36.8

 

 

 

37.8

 

 

 

36.3

 

Diluted

 

 

38.0

 

 

 

36.8

 

 

 

37.8

 

 

 

36.3

 

ORTHOFIX MEDICAL INC.

Condensed Consolidated Balance Sheets

 

(U.S. Dollars, in thousands, except par value data)

 

June 30,
2024

 

 

December 31,
2023

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

26,366

 

 

$

33,107

 

Restricted Cash

 

 

2,500

 

 

 

4,650

 

Accounts receivable, net of allowances of $8,368 and $7,130, respectively

 

 

125,361

 

 

 

128,098

 

Inventories

 

 

210,040

 

 

 

222,166

 

Prepaid expenses and other current assets

 

 

21,798

 

 

 

32,422

 

Total current assets

 

 

386,065

 

 

 

420,443

 

Property, plant, and equipment, net

 

 

154,111

 

 

 

159,060

 

Intangible assets, net

 

 

108,310

 

 

 

117,490

 

Goodwill

 

 

194,934

 

 

 

194,934

 

Other long-term assets

 

 

38,578

 

 

 

33,388

 

Total assets

 

$

881,998

 

 

$

925,315

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

50,362

 

 

$

58,357

 

Current portion of long-term debt

 

 

4,688

 

 

 

1,250

 

Current portion of finance lease liability

 

 

734

 

 

 

708

 

Other current liabilities

 

 

100,183

 

 

 

104,908

 

Total current liabilities

 

 

155,967

 

 

 

165,223

 

Long-term debt

 

 

113,315

 

 

 

93,107

 

Long-term portion of finance lease liability

 

 

18,160

 

 

 

18,532

 

Other long-term liabilities

 

 

48,552

 

 

 

49,723

 

Total liabilities

 

 

335,994

 

 

 

326,585

 

Contingencies

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Common shares $0.10 par value; 100,000 shares authorized;
38,039 and 37,165 issued and outstanding as of June 30,
2024, and December 31, 2023, respectively

 

 

3,804

 

 

 

3,717

 

Additional paid-in capital

 

 

764,538

 

 

 

746,450

 

Accumulated deficit

 

 

(219,607

)

 

 

(150,144

)

Accumulated other comprehensive loss

 

 

(2,731

)

 

 

(1,293

)

Total shareholders’ equity

 

 

546,004

 

 

 

598,730

 

Total liabilities and shareholders’ equity

 

$

881,998

 

 

$

925,315

 

ORTHOFIX MEDICAL INC.
Non-GAAP Financial Measures

The following tables present reconciliations of various financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to various non-GAAP financial measures that exclude (or in the case of free cash flow, include) items specified in the tables. The GAAP measures shown in the tables below represent the most comparable GAAP measure to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this press release filed today with the SEC available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com .

Adjusted Gross Profit and Adjusted Gross Margin

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Gross profit

 

$

134,749

 

 

$

119,551

 

 

$

261,991

 

 

$

229,880

 

Share-based compensation expense

 

 

497

 

 

 

482

 

 

 

1,034

 

 

 

953

 

SeaSpine merger-related costs

 

 

3,115

 

 

 

3,782

 

 

 

4,418

 

 

 

4,486

 

Strategic investments

 

 

63

 

 

 

29

 

 

 

128

 

 

 

210

 

Acquisition-related fair value adjustments

 

 

3,047

 

 

 

9,449

 

 

 

6,094

 

 

 

21,085

 

Amortization/depreciation of acquired long-lived assets

 

 

209

 

 

 

544

 

 

 

527

 

 

 

544

 

Medical device regulation

 

 

 

 

 

41

 

 

 

 

 

 

669

 

Adjusted gross profit

 

$

141,680

 

 

$

133,878

 

 

$

274,192

 

 

$

257,827

 

Adjusted gross margin

 

 

71.3

%

 

 

71.6

%

 

 

70.8

%

 

 

71.2

%

Adjusted EBITDA

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss

 

$

(33,443

)

 

$

(39,426

)

 

$

(69,463

)

 

$

(100,364

)

Income tax expense (benefit)

 

 

1,084

 

 

 

1,508

 

 

 

1,935

 

 

 

2,119

 

Interest expense, net

 

 

4,943

 

 

 

1,266

 

 

 

9,501

 

 

 

2,555

 

Depreciation and amortization

 

 

14,032

 

 

 

13,327

 

 

 

28,894

 

 

 

25,997

 

Share-based compensation expense

 

 

9,959

 

 

 

13,246

 

 

 

18,759

 

 

 

26,266

 

Foreign exchange impact

 

 

851

 

 

 

(269

)

 

 

2,439

 

 

 

(852

)

SeaSpine merger-related costs

 

 

5,897

 

 

 

8,206

 

 

 

10,376

 

 

 

28,946

 

Strategic investments

 

 

311

 

 

 

309

 

 

 

431

 

 

 

970

 

Acquisition-related fair value adjustments

 

 

6,117

 

 

 

8,149

 

 

 

10,334

 

 

 

19,785

 

Interest and loss on investments

 

 

1,813

 

 

 

 

 

 

1,553

 

 

 

 

Litigation and investigation costs

 

 

(277

)

 

 

1,291

 

 

 

1,983

 

 

 

1,760

 

Succession charges

 

 

5,346

 

 

 

262

 

 

 

7,556

 

 

 

262

 

Medical device regulation

 

 

 

 

 

2,050

 

 

 

 

 

 

5,679

 

Adjusted EBITDA

 

$

16,633

 

 

$

9,919

 

 

$

24,298

 

 

$

13,123

 

Adjusted EBITDA as a percentage of net sales

 

 

8.4

%

 

 

5.3

%

 

 

6.3

%

 

 

3.6

%

Adjusted Net Income

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss

 

$

(33,443

)

 

$

(39,426

)

 

$

(69,463

)

 

$

(100,364

)

Share-based compensation expense

 

 

9,959

 

 

 

13,246

 

 

 

18,759

 

 

 

26,266

 

Foreign exchange impact

 

 

851

 

 

 

(269

)

 

 

2,439

 

 

 

(852

)

SeaSpine merger-related costs

 

 

5,967

 

 

 

8,049

 

 

 

10,815

 

 

 

30,353

 

Strategic investments

 

 

371

 

 

 

348

 

 

 

497

 

 

 

1,046

 

Acquisition-related fair value adjustments

 

 

6,117

 

 

 

8,149

 

 

 

10,334

 

 

 

19,785

 

Amortization/depreciation of acquired long-lived assets

 

 

4,648

 

 

 

5,810

 

 

 

9,440

 

 

 

9,944

 

Litigation and investigation costs

 

 

(277

)

 

 

1,291

 

 

 

1,983

 

 

 

1,760

 

Succession charges

 

 

5,346

 

 

 

262

 

 

 

7,556

 

 

 

262

 

Medical device regulation

 

 

 

 

 

2,055

 

 

 

 

 

 

5,689

 

Interest and loss on investments

 

 

1,764

 

 

 

 

 

 

1,504

 

 

 

 

Long-term income tax rate adjustment

 

 

416

 

 

 

1,224

 

 

 

3,112

 

 

 

3,238

 

Adjusted net income (loss)

 

$

1,719

 

 

$

739

 

 

$

(3,024

)

 

$

(2,873

)

Cash Flow and Free Cash Flow

 

 

 

Six Months Ended June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Net cash from operating activities

 

$

(9,611

)

 

$

(39,536

)

Net cash from investing activities

 

 

(20,583

)

 

 

4,265

 

Net cash from financing activities

 

 

21,678

 

 

 

21,791

 

Effect of exchange rate changes on cash

 

 

(375

)

 

 

387

 

Net change in cash and cash equivalents

 

$

(8,891

)

 

$

(13,093

)

 

 

Six Months Ended June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Net cash from operating activities

 

$

(9,611

)

 

$

(39,536

)

Capital expenditures

 

 

(20,533

)

 

 

(24,654

)

Free cash flow

 

$

(30,144

)

 

$

(64,190

)

Reconciliation of Non-GAAP Financial Measures to Reported Operating Expenses

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Sales and marketing expense, as reported

 

$

100,224

 

 

$

99,249

 

 

$

200,267

 

 

$

193,040

 

Reconciling items impacting sales and marketing:

 

 

 

 

 

 

 

 

 

 

 

 

Strategic investments

 

 

(1,193

)

 

 

(1,422

)

 

 

(3,412

)

 

 

(3,521

)

Litigation and investigation costs

 

 

 

 

 

(752

)

 

 

 

 

 

(857

)

Medical device regulation

 

 

 

 

 

 

 

 

 

 

 

(5

)

Amortization/depreciation of acquired long-lived assets

 

 

(119

)

 

 

(297

)

 

 

(297

)

 

 

(297

)

Sales and marketing expense, as adjusted

 

$

98,912

 

 

$

96,778

 

 

$

196,558

 

 

$

188,360

 

Sales and marketing expense as a percentage of net sales, as adjusted

 

 

49.8

%

 

 

51.7

%

 

 

50.8

%

 

 

52.0

%

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

General and administrative expense, as reported

 

$

33,994

 

 

$

34,177

 

 

$

65,642

 

 

$

82,988

 

Reconciling items impacting general and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

Strategic investments

 

 

(1,623

)

 

 

(2,694

)

 

 

(2,834

)

 

 

(19,992

)

Amortization/depreciation of acquired long-lived assets

 

 

(2

)

 

 

(336

)

 

 

(72

)

 

 

(336

)

Litigation and investigation costs

 

 

277

 

 

 

(538

)

 

 

(1,983

)

 

 

(902

)

Succession charges

 

 

(5,346

)

 

 

(262

)

 

 

(7,556

)

 

 

(262

)

General and administrative expense, as adjusted

 

$

27,300

 

 

$

30,347

 

 

$

53,197

 

 

$

61,496

 

General and administrative expense as a percentage of net sales, as adjusted

 

 

13.7

%

 

 

16.2

%

 

 

13.7

%

 

 

17.0

%

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Research and development expense, as reported

 

$

18,049

 

 

$

19,424

 

 

$

37,541

 

 

$

42,731

 

Reconciling items impacting research and development:

 

 

 

 

 

 

 

 

 

 

 

 

Strategic investments

 

 

(340

)

 

 

(490

)

 

 

(576

)

 

 

(2,374

)

Medical device regulation

 

 

 

 

 

(2,027

)

 

 

 

 

 

(5,017

)

Research and development expense, as adjusted

 

$

17,709

 

 

$

16,907

 

 

$

36,965

 

 

$

35,340

 

Research and development expense as a percentage of net sales, as adjusted

 

 

8.9

%

 

 

9.0

%

 

 

9.5

%

 

 

9.8

%

Reconciliation of Non-GAAP Financial Measures to Reported Non-Operating (Income) Expense

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Non-operating expense

 

$

7,453

 

 

$

1,286

 

 

$

13,285

 

 

$

1,899

 

Reconciling items impacting non-operating expense:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange impact

 

 

(851

)

 

 

269

 

 

 

(2,439

)

 

 

852

 

Strategic investments

 

 

 

 

 

(15

)

 

 

 

 

 

(895

)

Interest and (gain) loss on investments

 

 

(1,787

)

 

 

30

 

 

 

(1,504

)

 

 

60

 

Non-operating expense, as adjusted

 

$

4,815

 

 

$

1,570

 

 

$

9,342

 

 

$

1,916

 

Non-operating expense as a percentage of net sales, as adjusted

 

 

2.4

%

 

 

0.8

%

 

 

2.4

%

 

 

0.5

%

 

Investor Relations
Julie Dewey, Chief Investor Relations and Communications Officer
JulieDewey@Orthofix.com
(209) 613-6945

Media Relations
Denise Landry, Vice President, Global Corporate Communications
DeniseLandry@Orthofix.com
(214) 937-2529

Source: Orthofix Medical Inc.