Financial

Orthofix Reports Fourth Quarter and Fiscal Year 2020 Results

  • Fourth quarter net sales of $117.6 million, within 3% of our 2019 results
  • US Spine implant sales grew 11% compared to fourth quarter 2019, driven by record M6-C artificial cervical disc performance
  • Strong cash flow performance in the quarter, free cash flow of $17.9 million
  • FITBONE® intramedullary lengthening and deformity system receives FDA clearance for pediatric indication

February 26, 2021

LEWISVILLE, Texas–(BUSINESS WIRE)–Orthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2020. Net sales for the fourth quarter were $117.6 million, earnings (loss) per share (“EPS”) was $(0.48) and adjusted EPS was $0.44. For fiscal year 2020, net sales were $406.6 million, EPS was $0.13 and adjusted EPS was $0.26.

“We were very pleased with our performance during the fourth quarter both from a financial and operating perspective. We were able to drive revenue to levels approaching 2019 while continuing to strengthen our organization during the continued disruption from restrictions on elective procedures globally,” said Orthofix President and Chief Executive Officer Jon Serbousek.

“Although early 2021 has seen some significant COVID and winter weather headwinds, looking ahead, we are very excited about the future of Orthofix. We are now moving our transformation into an execution phase, and we look forward to leveraging the new capabilities we built throughout 2020 to drive growth and pursue high value solutions for patients, surgeons, and hospitals around the world. A great example is our recent expanded FDA clearance for the FITBONE® system, making it the only pediatric lengthening nail in the U.S., and an important addition to our pediatric portfolio.”

SEE FINANCIALS HERE

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Chris J. Stewart

Chris currently serves as President and CEO of Surgio Health. Chris has close to 20 years of healthcare management experience, with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help achieve better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

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