Financial

Orthofix Reports Second Quarter 2021 Results

  • Net sales of $121 million, up 66% compared to prior year and 5% compared to the second quarter of 2019
  • U.S. Spinal Implants net sales grew 56% compared to prior year and 37% over the second quarter of 2019
  • Strong performance from our U.S. M6-C™ artificial cervical disc and FITBONE® limb lengthening system with approximately $9 million in combined sales
  • Company raises full year 2021 revenue and adjusted EBITDA guidance

August 6, 2021

LEWISVILLE, Texas–(BUSINESS WIRE)–Orthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the quarter ended June 30, 2021. Net sales were $121 million, earnings per share (“EPS”) was $0.12, and adjusted EPS was $0.32.

“We are proud of our second quarter performance, in which we delivered accelerated topline growth sequentially and over pre-COVID levels,” said Orthofix President and Chief Executive Officer Jon Serbousek. “We continue to see the positive impacts of our strategic initiatives, including increased product adoption driven through our expanded pool of strategic distribution partners, as well as ongoing strength from new products, in particular our M6-C™ artificial cervical disc and the FITBONE® lengthening nail.”

“Into the back half of the year, we will maintain focus on our near-term growth drivers, the M6-C artificial cervical disc, the FITBONE limb lengthening system, and our recently bolstered 3D-printed titanium spinal interbody portfolio. In addition, we will continue to invest in initiatives that will drive growth in the coming quarters, such as the expansion of our biologics portfolio with products like the recently-launched fiberFUSE™ Strip, and the development of innovative new bone growth therapy products for spine and orthopedics.”

Financial Results Overview

SEE FINANCIALS HERE

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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