LEWISVILLE, Texas–(BUSINESS WIRE)– Orthofix International N.V. (NASDAQ:OFIX) (the “Company,” “we,” “us” or “our”), a diversified, global medical device company focused on developing and delivering innovative repair and regenerative solutions to the spine and orthopedic markets, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2014 and announced the appointment of Doug Rice as the Company’s new Chief Financial Officer, effective April 24, 2015.
Fourth Quarter Highlights
- Net sales were $100.3 million, a decrease of 5.3% on a reported basis (3.4% on a constant currency basis).
- Gross profit was $78.8 million, or 78.6% of net sales, compared to $71.8 million, or 67.8% of net sales, in 2013.
- Total net margin was $36.5 million or 36.4% of net sales, an increase of 41.6% over $25.8 million or 24.3% of net sales in 2013.
- Operating income (loss) was $4.0 million compared to ($10.1) million in 2013.
- Adjusted EBITDA was $16.4 million or 16.4% of net sales, compared to $8.6 million or 8.2% of net sales in 2013.
- Released TrueLok Hexapod system, Unyco monocortical fixation screw, and on a limited basis, SkyHawk lateral spine fusion system.
Fiscal Year 2014 Highlights
- Net sales grew to $402.3 million, an increase of 1.2% on a reported basis (1.2% on a constant currency basis).
- Gross profit was $303.4 million, or 75.4% of net sales, compared to $290.7 million, or 73.1% of net sales, in 2013.
- Total net margin was $136.8 million or 34.0% of net sales, an increase of 18.7% over $115.2 million or 29.0% of net sales in 2013.
- Operating income (loss) was $17.1 million compared to ($11.2) million in 2013.
- Adjusted EBITDA was $65.4 million or 16.3% of net sales, compared to $56.0 million or 14.1% of net sales in 2013.
- In addition to the Q4 product launches, in 2014 we released TrueLok Hex outside the U.S., Centurion Cervico-Thoracic system, LoneStar standalone cervical interbody and SambaScrew sacroiliac fusion system.
- Began project Bluecore, a company-wide multi-year process and systems improvement initiative.
“While we spent a lot of time and resources in 2014 focused on the restatement of our financials, behind the scenes we made good progress in many financial and operating facets of our business to position us for future success,” said President and Chief Executive Office, Brad Mason. “I am also pleased to announce that Doug Ricehas been named CFO. His tireless efforts and uncompromising commitment to quality work were critical in getting us through the restatement.”
