- Fourth quarter net sales of $125.1 million, an increase of 6% over the prior year
- 2021 annual net sales of $464.5 million, an increase of 14% over the prior year
- Double-digit net sales growth in the quarter and for the year compared to the prior year period for both global Spinal Implants and Orthopedics
- Entered into a partnership and investment with nView medical, developer of novel imaging and guidance systems
February 25, 2022
LEWISVILLE, Texas–(BUSINESS WIRE)–Orthofix Medical Inc. (NASDAQ:OFIX) today reported its financial results for the fourth quarter and fiscal year ended December 31, 2021. Net sales for the fourth quarter were $125.1 million, earnings (loss) per share (“EPS”) was $(1.65) and adjusted EPS was $0.27. For fiscal year 2021, net sales were $464.5 million, EPS was $(1.95) and adjusted EPS was $0.86.
“Despite the headwinds our industry faced throughout the year, we delivered double digit revenue growth while continuing to advance initiatives that will fuel the future of the business,” said Orthofix President and Chief Executive Officer Jon Serbousek. “We closed the year with strong fourth quarter performance, driven by year-over-year growth in Global Spinal Implants as well as growth in Orthopedics, primarily as a result of the continued strength of key products such as the M6-C™ artificial cervical disc and our Fitbone™ intramedullary limb-lengthening system.”
“Building on the momentum we have created over the last two years through strategic investments in our product portfolio and commercial channel, we see 2022 as an inflection point for our business. This year, we expect to accelerate our top line growth to mid-single digits at constant currency,” continued Serbousek. “As we move into 2023 and beyond, we expect to further accelerate our growth trajectory to become a high-single digit growth company with increasing profitability through continued disciplined investment in the areas of our business where we have a differentiated, competitive advantage.”
Financial Results Overview
The following table provides net sales by major product category by reporting segment:
Gross profit increased $3.3 million to $91.8 million. Gross margin decreased to 73.4% compared to 75.3% in the prior year period.
Net loss was $(32.8) million, or $(1.65) per share, compared to net loss of $(9.4) million, or $(0.48) per share in the prior year period. Adjusted net income was $5.4 million, or $0.27 per share, compared to adjusted net income of $8.6 million, or $0.44 per share in the prior year period.
EBITDA was $10.0 million, compared to $14.2 million in the prior year period. Adjusted EBITDA was $17.0 million, or 13.6% of net sales, compared to $22.1 million, or 18.8% of net sales, in the prior year period.