Record Results Reflect Strong Execution as Company Focuses on Most Profitable Growth Opportunities in Spine, Orthopedics and Bone Growth Therapies
LEWISVILLE, Texas, February 25, 2025 – BUSINESS WIRE) – Orthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today reported its financial results for the fourth quarter and full-year ended December 31, 2024, and provided full-year 2025 financial guidance.
Highlights
- Record fourth quarter 2024 net sales of $215.7 million, an increase of 8% on a reported and constant currency basis compared to fourth quarter 2023
- U.S. Spine Fixation1 net sales growth of 12% compared to fourth quarter 2023, driven by distribution expansion and further penetration in existing accounts
- Record Bone Growth Therapies (“BGT”) net sales of $63.9 million, representing growth of 9% and BGT Fracture net sales growth of 10% compared to fourth quarter 2023
- Record Global Orthopedics net sales of $35.8 million, representing constant currency growth of 18% and U.S. Orthopedics net sales growth of 21% compared to fourth quarter 2023
- Company entered into record number of 7D FLASH™ Navigation System placements for the full-year 2024
- Fourth quarter 2024 net loss of $(29.1) million; Non-GAAP adjusted EBITDA of $23.9 million, an increase of $4.3 million, with adjusted EBITDA margin expanding approximately 130 basis points compared to fourth quarter 2023
- Free cash flow of $15.2 million in fourth quarter 2024, a significant improvement in cash usage compared to previous quarters
- Company increases long-term net sales compound annual growth rate (“CAGR”) target to 6.5% to 7.5% from previous net sales CAGR target of 6% to 7%
Fourth quarter 2024 net sales were $215.7 million, an increase of 8% on a reported and constant currency basis. Net loss was $(29.1) million and earnings per share (“EPS”) was $(0.75) on a reported basis, representing a decline of 27% when compared to the same prior year period. Non-GAAP adjusted EBITDA was $23.9 million for the fourth quarter, representing 22% growth compared to the fourth quarter of 2023.
Full-year 2024 net sales were $799.5 million, an increase of 7% on a reported and constant currency basis. Net loss was $(126.0) million and EPS was $(3.30), representing an improvement of 20% when compared to the same prior year period. Non-GAAP adjusted EBITDA was $67.4 million for the full-year, representing 46% growth compared to the full year of 2023.
“We are pleased with the performance of the Orthofix team to serve our surgeons and patients and successfully execute our plans throughout 2024,” said Massimo Calafiore, President and CEO. “Our fourth quarter results reflect outstanding performance across all three major product lines, providing further evidence that Orthofix’s balanced and complementary product mix offers a differentiated advantage across multiple markets. We enter 2025 with great momentum as two integrated organizations. The entire team remains focused on executing our priorities, and I look forward to leveraging our unique portfolio platform to drive value creation through profitable growth in 2025 and beyond.”
