LEWISVILLE, Texas, November 4, 2025 -(BUSINESS WIRE)- Orthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today reported its financial results for the third quarter ended September 30, 2025, narrowed its full-year 2025 net sales guidance while maintaining the midpoint, and raised the low end of its adjusted EBITDA guidance. All pro forma measures contained within this release exclude the impact of the Company’s decision to discontinue its M6™ product lines.
Highlights
- Third quarter 2025 net sales of $205.6 million, including sales from M6 artificial cervical and lumbar discs, and pro forma net sales of $203.4 million, excluding sales from M6 discs, representing an increase of 5% on a reported basis and 6% on a pro forma constant currency basis compared to third quarter 2024
- U.S. Spine Fixation1 net sales growth of 8% and procedure volume growth of 10% compared to third quarter 2024
- Bone Growth Therapies net sales of $61.2 million, representing growth of 6% compared to third quarter 2024
- Global Orthopedics net sales of $33.6 million, achieving constant currency growth of 6%, and U.S. Orthopedics net sales growth of 19% compared to third quarter 2024
- Third quarter 2025 net loss of $(22.8) million on a reported basis; Non-GAAP pro forma adjusted EBITDA of $24.6 million, with pro forma adjusted EBITDA margin expanding approximately 233 basis points compared to reported non-GAAP adjusted EBITDA for the third quarter 2024
- Seven consecutive quarters of adjusted EBITDA margin expansion; Positive free cash flow of $2.5 million for third quarter 2025
Third quarter 2025 net sales were $205.6 million, including sales from M6 artificial cervical and lumbar discs, and pro forma net sales were $203.4 million, excluding sales from M6 discs, representing an increase of 4.6% on a reported basis and 5.7% on a pro forma constant currency basis compared to third quarter 2024. Net loss was $(22.8) million, or $(0.57) per share, on a reported basis. Non-GAAP pro forma adjusted EBITDA was $24.6 million for the third quarter of 2025, an increase of $5.4 million compared to reported non-GAAP adjusted EBITDA of $19.2 million for the third quarter of 2024, representing 28.2% growth over the prior year.
“Orthofix delivered another quarter of solid financial performance, marked by accelerating quarterly net sales growth, margin expansion and positive free cash flow that was driven by commercial momentum across our spine and orthopedics businesses,” said Massimo Calafiore, President and Chief Executive Officer. “Our U.S. Spine Fixation segment outpaced market growth, fueled by the unique advantages of our 7D FLASH™ navigation technology. We’re especially encouraged by the positive impact of recent distributor transitions, which reinforces the strength of our commercial strategy.”
Mr. Calafiore continued, “Our U.S. Orthopedics business also had another standout quarter. The full commercial launch of TrueLok™ Elevate is off to a promising start, with early clinical results underscoring its potential to deliver meaningful value to both patients and providers. I continue to be impressed by the performance of our Bone Growth Therapies team, which has consistently expanded its market leadership position through effective cross-selling and by leveraging multiple access points.”
Mr. Calafiore added, “Our disciplined approach to investment and cost management has led to our seventh consecutive quarter of adjusted EBITDA margin expansion and sustained positive free cash flow generation—clear indicators of our commitment to long-term, profitable growth. This was a strong and successful quarter, and I’m incredibly proud of our team’s execution and the way we’re positioning Orthofix for continued success in 2025 and beyond. With strong operational performance, a robust innovation pipeline, and a solid financial foundation, I’m confident in our ability to deliver lasting value for our shareholders.”
| 1 Spine Fixation is comprised of the Company’s Spinal Implants product category, excluding motion preservation product offerings. |
Financial Results Overview
Third Quarter 2025 Net Sales and Financial Results
The following table provides net sales by major product category and by reporting segment on a pro forma basis, removing the effects of the Company’s discontinued M6 product lines:
