false000088462400008846242025-05-062025-05-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 06, 2025 |
ORTHOFIX MEDICAL INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
000-19961 |
98-1340767 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
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3451 Plano Parkway |
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Lewisville, Texas |
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75056 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (214) 937-2000 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
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Name of each exchange on which registered
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Common stock, $0.10 par value per share |
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OFIX |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 6, 2025, Orthofix Medical Inc. (the “Company”) issued a press release announcing, among other things, its financial results for the first quarter ended March 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and attached hereto.
The information furnished in this Item 2.02, including the exhibit furnished herewith as Exhibit 99.1, will not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or into another filing under the Exchange Act, unless that filing expressly incorporates by reference this Item 2.02 of this report.
Discussion of Non-GAAP Financial Measures
In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses additional financial measures excluding certain GAAP items ("non-GAAP measures"), such as:
Constant Currency
Constant currency is a non-GAAP measure, which the Company calculates by using foreign currency rates from the comparable, prior-year period, to present net sales at comparable rates. Constant currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze net sales without the impact of changes in foreign currency rates.
Free Cash Flow
Free cash flow is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow provided by or used in operating activities. Free cash flow is an important indicator of how much cash is generated or used by the Company's business operations, including capital expenditures. Management uses free cash flow to measure progress on its capital efficiency and cash flow initiatives.
Adjusted Gross Profit and Adjusted Gross Margin
Adjusted gross profit represents GAAP gross profit with adjustments to exclude the impact of the certain items recorded to cost of goods sold. Such potential adjustments are listed within the section below under the header "Non-GAAP Adjustments." Adjusted gross margin represents adjusted gross profit as a percentage of GAAP net sales.
Adjusted Net Income (Loss)
Adjusted net income (loss) represents GAAP net loss with adjustments to exclude the impact of certain items recorded in such GAAP net loss. Potential adjustments are listed within the sections below under the header "Non-GAAP Adjustments."
Adjusted Operating Expenses
Adjusted operating expenses represents GAAP expenses, such as sales, general, and administrative expense, and research and development expense, with adjustments to exclude the impact of certain items recorded in such GAAP operating expenses. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments."
Adjusted Non-Operating Expenses
Adjusted non-operating expenses represents GAAP expenses, such as interest income (expense), net and other income (expense), net, with adjustments to exclude the impact of certain items recorded in such GAAP non-operating expenses. Potential adjustments are listed within the section below under the header "Non-GAAP Adjustments."
EBITDA
EBITDA is a non-GAAP financial measure, which the Company calculates by adding interest expense (income), net; income tax expense (benefit); and depreciation and amortization to net income (loss). EBITDA provides management with additional insight to the Company's results of operations. Adjusted EBITDA, which is the primary metric used by the Company's Chief Operating Decision Maker in managing the business, consists of EBITDA with adjustments to exclude certain items listed within the section below under the header "Non-GAAP Adjustments."
Non-GAAP Adjustments
The Company's non-GAAP financial measures provide management with additional insight to the Company's results of operations and reflect the exclusion of the following items:
•Share-based compensation expense – Costs related to awards granted under the Company's share-based compensation plans, which include stock options, performance-based or market-based stock options, restricted stock units, performance-based or market-based restricted stock units, and stock issued under the Company's stock purchase plan; see the share-based compensation footnote in the Company's Form 10-Q for the quarter ended March 31, 2025, for an allocation of these costs by consolidated statement of operations line item. Management excludes this item when evaluating the Company's operating performance as it represents a non-cash expense.
•Foreign exchange impact – Gains and losses related to foreign currency transactions, which are recorded as other income (expense), net. Management excludes this item when evaluating the Company's operating results as it is primarily a non-cash expense or benefit and is non-operating in nature.
•SeaSpine merger-related costs – Costs related to the Company's merger with SeaSpine Holdings Corporation ("SeaSpine"), which was consummated in January 2023, including costs relating to integration efforts, severance and retention costs, product rationalization charges, contract termination penalties, and professional fees related to the merger. Management excludes this item when evaluating the Company's operating results as these costs associated with this event are of a temporary nature, are not related to the Company's core operating performance, and are not expected to recur at a similar frequency and magnitude in the future.
•Strategic investments – Costs related to the Company's strategic investments, such as due diligence and integration costs (unrelated to the merger with SeaSpine), which are primarily recorded as sales, general, and administrative expenses. These costs are not factored into the evaluation of the Company's performance by management because they are of a temporary nature, not related to the Company's core operating performance, and because the frequency and amount of such costs vary significantly based on the timing and magnitude of the Company's strategic investments.
•Acquisition-related fair value adjustments – Comprised of (i) gains and losses related to remeasurement of contingent consideration to fair value, which are recorded as operating expenses, (ii) recognized costs related to acquired in-process research and development ("IPR&D") assets, which are expensed immediately, and (iii) amortization of acquired inventory fair market value adjustments. Management excludes this item when evaluating the Company's operating results as the remeasurement of contingent consideration is primarily non-cash in nature, the frequency and amount of IPR&D charges can vary significantly based on the timing and magnitude of the Company's acquisition transactions, and inventory fair market value adjustments are of a temporary and non-cash nature.
•Amortization/depreciation of acquired long-lived assets – Amortization of intangible assets acquired in business combinations or asset acquisitions, including items such as developed technologies, customer relationships, trade names, manufacturing agreements, and other intangible assets, and any impairment of acquired goodwill, which are recorded in cost of sales or operating expenses. This item also includes depreciation recognized on adjustments to the fair value of certain long-lived assets acquired in the merger with SeaSpine. Management excludes this item when evaluating the Company's operating performance as it represents a non-cash expense.
•Interest and gain (loss) on investments – Interest income and net gains or losses recognized (realized or unrealized) within interest income (expense), net and other income (expense), net, respectively, relating to certain of the Company's investments. Management excludes these items when evaluating the Company's operating performance as it typically represents a non-cash gain or loss and is not related to the Company's core operating performance.
•Litigation and investigation-related costs – Inclusive of (i) adverse or favorable legal judgments or negotiated legal settlements and certain related legal expenses and (ii) amounts incurred in relation to and as a result of the Board of Directors’ investigation conducted by independent outside legal counsel that resulted in the departure of three former executive officers and certain charges stemming from these actions. These charges are primarily recorded within sales, general, and administrative expenses. Management excludes these items when evaluating the Company's operating results as these costs and/or benefits can vary significantly based on the timing, frequency, and magnitude of litigation matters.
•Succession charges – Costs related to the transition of certain executive officers, including any cessation and onboarding amounts, consulting services, and other related expenses, which are primarily recorded as sales, general, and administrative expenses. Management excludes this item when evaluating the Company's operating results as these costs associated with events that are not expected to recur at a similar frequency and magnitude in the future.
•Long-term income tax rate adjustment – Reflects management’s expectation of a long-term normalized effective tax rate of 28% for 2024 and 2025 results, which is based on current tax law and current expected adjusted income; actual reported tax expense will ultimately be based on GAAP earnings and may differ from the expected long-term normalized effective tax rate due to a variety of factors, including the resolutions of issues arising from tax audits with various tax authorities, the ability to realize deferred tax assets, and the tax impact of certain reconciling items that are excluded in determining adjusted net income (loss).
•Restructuring costs and impairments related to M6 product lines - Restructuring costs, including severance-related benefits, and impairment charges incurred as a result of the Company’s decision to discontinue its M6 artificial disc product lines. Management excludes this item when evaluating the Company's operating results as these costs associated with this event are one-time in nature and are not related to the Company's expected ongoing operations.
Usefulness and Limitations of Non-GAAP Financial Measures
Management uses non-GAAP measures to evaluate performance period-over-period, analyze the underlying trends in the Company's business, assess the Company's performance relative to its competitors, and establish operational goals and forecasts used in allocating resources. Management uses these non-GAAP measures as the basis for evaluating the ability of the Company's underlying operations
to generate cash, prior to required investments in working capital, and to further its understanding of the performance of the Company's business units.
Material Limitations Associated with the Use of Non-GAAP Financial Measures
The non-GAAP financial measures described above may have limitations as analytical tools, and should not be considered in isolation or as a replacement for GAAP financial measures. Some of the limitations associated with the use of these non-GAAP financial measures are that they exclude items that reflect an economic cost and can have a material effect on cash flows. Similarly, certain non-cash expenses, such as share-based compensation, do not directly impact cash flows, but are part of total compensation costs accounted for under GAAP.
Compensation for Limitations Associated with Use of Non-GAAP Financial Measures
The Company compensates for the limitations of its non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company's performance. GAAP results provide management with the ability to understand the Company's performance based on a defined set of criteria. The Company provides reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures and encourages investors to review these reconciliations.
Usefulness of Non-GAAP Financial Measures to Investors
The Company believes that providing non-GAAP financial measures that exclude certain items provides investors with greater transparency to the information used by management in its financial and operational decision-making. Management believes it is important to provide investors with the same non-GAAP financial measures it uses to supplement information regarding the performance and underlying trends of the Company's business operations in order to facilitate comparisons to the Company's historical operating results and internally evaluate the effectiveness of the Company's operating strategies. The Company believes that these non-GAAP financial measures also facilitates comparisons of the Company's underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures.
Item 7.01 Regulation FD Disclosure.
The Company expects to use the corporate investor relations presentation furnished as Exhibit 99.2 to this report, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts, and others during the fiscal year ending December 31, 2025.
The information furnished in this Item 7.01, including the exhibit furnished herewith as Exhibit 99.2, will not be treated as “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. This information will not be deemed incorporated by reference into any filing under the Securities Act, or into another filing under the Exchange Act, unless that filing expressly incorporates by reference this Item 7.01 of this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Orthofix Medical Inc. |
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By: |
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/s/ JULIE ANDREWS |
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Julie Andrews Chief Financial Officer |
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Date: May 6, 2025
Exhibit 99.1
News Release
Orthofix Reports First Quarter 2025 Financial Results
LEWISVILLE, Texas — May 6, 2025 — Orthofix Medical Inc. (NASDAQ:OFIX), a leading global medical technology company, today reported its financial results for the first quarter ended March 31, 2025, updated its full-year 2025 net sales guidance, and reaffirmed its full-year 2025 non-GAAP adjusted EBITDA and positive free cash flow guidance. All pro forma measures contained within this release exclude the impact of the Company’s decision to discontinue its M6-C™ and M6-L™ artificial disc product lines.
Highlights
•First quarter 2025 net sales of $193.6 million, including sales from its M6 artificial cervical and lumbar discs, and pro forma net sales of $189.2 million, excluding sales from its M6 discs, representing an increase of 3% on a reported basis and 4% on a pro forma constant currency basis compared to first quarter 2024
•U.S. Spine Fixation1 net sales growth of 4% compared to first quarter 2024
•Bone Growth Therapies ("BGT") net sales of $55.1 million, representing growth of 5%, with BGT Fracture net sales growth of 6% compared to first quarter 2024
•Global Orthopedics net sales of $29.8 million, achieving constant currency growth of 11% and U.S. Orthopedics net sales growth of 10% compared to first quarter 2024
•Received 510(k) clearance and CE Mark for TrueLok™ Elevate Transverse Bone Transport ("TBT") System – the first FDA-cleared device for TBT to correct non-unions and bony or soft tissue deformities or defects
•First quarter 2025 net loss of $(53.1) million on a reported basis; Non-GAAP pro forma adjusted EBITDA of $11.4 million, with pro forma adjusted EBITDA margin expanding approximately 200 basis points compared to reported non-GAAP adjusted EBITDA for the first quarter 2024
First quarter 2025 net sales were $193.6 million, including sales from M6 artificial cervical and lumbar discs, and pro forma net sales of $189.2 million, excluding sales from its M6 discs, representing an increase of 2.7% on a reported basis and 4.3% on a pro forma constant currency basis compared to first quarter 2024. Net loss was $(53.1) million, or $(1.35) per share, on a reported basis. Non-GAAP pro forma adjusted EBITDA was $11.4 million for the first quarter, an increase of $3.8 million compared to reported non-GAAP adjusted EBITDA for the first quarter of 2024, representing 49.1% growth over prior year.
“We are continuing to execute the priorities that we outlined in our three-year plan to transform our business and deliver on our commitment to drive disciplined, profitable growth,” said Massimo Calafiore, President and Chief Executive Officer. “While we made excellent progress in adjusted EBITDA in the first quarter, our ongoing efforts to optimize our commercial channel resulted in some incremental softness in Biologics and Spine Fixation. Once these optimization efforts are completed, we expect growth to return to historical levels.”
Mr. Calafiore continued, “We also are taking additional proactive steps to optimize our spine commercial channel and accelerate targeted distributor transitions in a few U.S. territories in order to maximize our growth opportunities and more closely align with our strategic focus. This transition won’t be completed until later this year and will require some time for the full effects to be realized, but it is expected to result in a stronger, more scalable commercial organization as we shift into our next phase of growth. We have adjusted our guidance accordingly to reflect the short-term impact from this targeted transition, which we believe will set us up for success and generate significant future returns.”
Mr. Calafiore concluded, “Looking ahead, we are focused on three strategic priorities to drive market share gains in our spine business and build a fast-growing orthopedics business specifically focused on limb reconstruction. First, further sharpening our commercial execution to drive deeper market penetration through our comprehensive portfolio offerings, including the adoption of our 7D FLASH™ Navigation System; second, implementing projects to improve our gross margin; and finally, focusing on disciplined capital allocation, adjusted EBITDA expansion, and positive free cash flow generation, ensuring we are well-positioned to create long-term value for our shareholders in 2025 and beyond.”
1 Spine Fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings
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Financial Results Overview
First 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:
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Three Months Ended March 31, |
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(Unaudited, U.S. Dollars, in millions) |
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2025 |
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2024 |
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Change |
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Constant
Currency
Change |
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Bone Growth Therapies |
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$ |
55.1 |
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$ |
52.5 |
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4.9 |
% |
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4.9 |
% |
Spinal Implants, Biologics and Enabling Technologies* |
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104.3 |
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102.3 |
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2.0 |
% |
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2.0 |
% |
Global Spine* |
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159.4 |
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154.8 |
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3.0 |
% |
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3.0 |
% |
Global Orthopedics |
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29.8 |
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27.3 |
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9.1 |
% |
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11.5 |
% |
Pro forma net sales* |
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189.2 |
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182.1 |
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3.9 |
% |
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4.3 |
% |
Impact from discontinuation of M6 product lines |
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4.4 |
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6.5 |
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(31.9 |
%) |
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(31.5 |
%) |
Reported net sales |
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$ |
193.6 |
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$ |
188.6 |
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2.7 |
% |
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3.0 |
% |
* Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and Pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since Pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s Pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.
Gross margins were 62.8% for the quarter and were 70.3% on a non-GAAP pro forma adjusted basis.
Net loss was $(53.1) million, or $(1.35) per share, on a reported basis, compared to net loss of $(36.0) million, or $(0.95) per share in the prior year period. Non-GAAP pro forma adjusted EBITDA was $11.4 million, or 6.0% of pro forma net sales, compared to reported non-GAAP adjusted EBITDA of $7.7 million, or 4.1% of reported net sales, in the prior year period.
Liquidity
Cash, cash equivalents, and restricted cash on March 31, 2025 totaled $60.5 million compared to $85.7 million on December 31, 2024. This decrease was primarily due to the payment of the 2024 annual bonuses, commissions for the fourth quarter of 2024, and cash severance payments, among other items. Excluding these items, uses of cash were in line with normal business operations.
Business Outlook
The Company is updating its full-year net sales guidance and reaffirming its full-year 2025 adjusted EBITDA and free cash flow guidance as follows:
•Net sales now expected to range between $808 million to $816 million, excluding sales from the discontinued M6 product lines, representing implied constant currency growth of 5.0% year-over-year at the midpoint of the range. This compares to the previous full-year net sales guidance of $818 million to $826 million. The revised guidance range assumes a $5 million negative impact from U.S. funded non-governmental organization (NGO) business as compared to the full-year 2024. It is also based on current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year.
•No change to non-GAAP adjusted EBITDA, which is expected to be $82 million to $86 million. This range includes the anticipated impact from the discontinuation of the M6 product lines that was previously announced in February 2025.
•No change to free cash flow, which is expected to be positive for full-year 2025, excluding the impact of restructuring charges related to the discontinuation of the M6 product lines.
An investor presentation for the Company's first quarter 2025 financial results is available in the "Events & Presentations" section of the Orthofix investor relations website at ir.orthofix.com.
Conference Call
Orthofix will host a conference call today at 8:30 AM Eastern time to discuss the Company's financial results for the quarter ended March 31, 2025. Interested parties may access the conference call by dialing (888) 596-4144 in the U.S., and (646) 968-2525 in all
other locations, and referencing the conference ID 7524113. A webcast and replay of the conference call may be accessed in the "Events & Presentations" section of the Orthofix investor relations website at ir.orthofix.com.
Internet Posting of Information
Orthofix routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.orthofix.com. The Company encourages investors and potential investors to consult the Orthofix website regularly for important information about Orthofix.
About Orthofix
Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, we deliver exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, specialized orthopedic solutions, biologics and enabling technologies, including the 7D FLASH™ navigation system. To learn more, visit Orthofix.com and follow on LinkedIn.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, intentions, plans, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. Forward-looking statements in this communication include the Company's expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2025. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, and in Part II, Item 1A under the heading Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, and (viii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.
Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law.
The Company is unable to provide expectations of GAAP net income (loss), the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict, without unreasonable efforts, the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions below. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.
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Company Contact |
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Investors and Media |
Julie Dewey, IRC Chief Investor Relations & Communications Officer |
JulieDewey@Orthofix.com |
209.613.6945 |
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ORTHOFIX MEDICAL INC.
Condensed Consolidated Statements of Operations
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Three Months Ended |
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March 31, |
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(Unaudited, U.S. Dollars, in thousands, except share and per share data) |
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2025 |
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2024 |
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Net sales |
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$ |
193,646 |
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$ |
188,608 |
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Cost of sales |
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72,027 |
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61,366 |
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Gross profit |
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121,619 |
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127,242 |
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Sales, general, and administrative |
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132,981 |
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131,691 |
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Research and development |
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19,766 |
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19,492 |
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Acquisition-related amortization, impairment, and remeasurement |
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17,745 |
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5,396 |
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Operating loss |
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(48,873 |
) |
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(29,337 |
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Interest expense, net |
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(4,506 |
) |
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(4,558 |
) |
Other income (expense), net |
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1,246 |
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(1,274 |
) |
Loss before income taxes |
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(52,133 |
) |
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(35,169 |
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Income tax expense |
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(961 |
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(851 |
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Net loss |
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$ |
(53,094 |
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$ |
(36,020 |
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Net loss per common share: |
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Basic |
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$ |
(1.35 |
) |
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$ |
(0.95 |
) |
Diluted |
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(1.35 |
) |
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(0.95 |
) |
Weighted average number of common shares (in millions): |
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Basic |
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39.2 |
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37.7 |
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Diluted |
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39.2 |
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37.7 |
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ORTHOFIX MEDICAL INC.
Condensed Consolidated Balance Sheets
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(U.S. Dollars, in thousands, except par value data) |
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March 31,
2025 |
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December 31,
2024 |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
57,953 |
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$ |
83,238 |
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Restricted Cash |
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2,500 |
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2,500 |
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Accounts receivable, net of allowances of $8,602 and $7,418, respectively |
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131,865 |
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134,713 |
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Inventories |
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174,480 |
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189,452 |
|
Prepaid expenses and other current assets |
|
|
23,512 |
|
|
|
23,382 |
|
Total current assets |
|
|
390,310 |
|
|
|
433,285 |
|
Property, plant, and equipment, net |
|
|
130,693 |
|
|
|
139,804 |
|
Intangible assets, net |
|
|
81,213 |
|
|
|
98,803 |
|
Goodwill |
|
|
194,934 |
|
|
|
194,934 |
|
Other long-term assets |
|
|
25,994 |
|
|
|
26,468 |
|
Total assets |
|
$ |
823,144 |
|
|
$ |
893,294 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
45,176 |
|
|
$ |
48,803 |
|
Current portion of finance lease liability |
|
|
767 |
|
|
|
755 |
|
Other current liabilities |
|
|
98,173 |
|
|
|
119,070 |
|
Total current liabilities |
|
|
144,116 |
|
|
|
168,628 |
|
Long-term debt |
|
|
156,885 |
|
|
|
157,015 |
|
Long-term portion of finance lease liability |
|
|
17,636 |
|
|
|
17,835 |
|
Other long-term liabilities |
|
|
46,213 |
|
|
|
46,692 |
|
Total liabilities |
|
|
364,850 |
|
|
|
390,170 |
|
Contingencies |
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Common shares $0.10 par value; 100,000 shares authorized;
39,096 and 38,486 issued and outstanding as of March 31,
2025, and December 31, 2024, respectively |
|
|
3,910 |
|
|
|
3,849 |
|
Additional paid-in capital |
|
|
786,175 |
|
|
|
779,718 |
|
Accumulated deficit |
|
|
(329,235 |
) |
|
|
(276,141 |
) |
Accumulated other comprehensive loss |
|
|
(2,556 |
) |
|
|
(4,302 |
) |
Total shareholders’ equity |
|
|
458,294 |
|
|
|
503,124 |
|
Total liabilities and shareholders’ equity |
|
$ |
823,144 |
|
|
$ |
893,294 |
|
ORTHOFIX MEDICAL INC.
Non-GAAP Financial Measures
The following tables present reconciliations of various financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to various non-GAAP financial measures that exclude (or in the case of free cash flow, include) items specified in the tables. The GAAP measures shown in the tables below represent the most comparable GAAP measure to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding this press release filed today with the SEC available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com.
The Company’s non-GAAP financial measures for both the three months ended March 31, 2025 and 2024, have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. Accordingly, previously reported figures for 2024 have been recast to reflect the financial impact of this decision.
Adjusted Gross Profit and Adjusted Gross Margin
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Gross profit |
|
$ |
121,619 |
|
|
$ |
127,242 |
|
Share-based compensation expense |
|
|
462 |
|
|
|
537 |
|
SeaSpine merger-related costs |
|
|
600 |
|
|
|
1,303 |
|
Restructuring costs and impairments related to M6 product lines |
|
|
10,919 |
|
|
|
— |
|
Strategic investments |
|
|
13 |
|
|
|
65 |
|
Acquisition-related fair value adjustments |
|
|
— |
|
|
|
3,047 |
|
Amortization/depreciation of acquired long-lived assets |
|
|
313 |
|
|
|
318 |
|
Adjusted gross profit |
|
$ |
133,926 |
|
|
$ |
132,512 |
|
Adjusted gross margin as a percentage of reported net sales |
|
|
69.2 |
% |
|
|
70.3 |
% |
Adjusted gross profit attributable to M6 product lines |
|
|
(906 |
) |
|
|
(2,895 |
) |
Pro forma adjusted gross profit |
|
$ |
133,020 |
|
|
$ |
129,617 |
|
Pro forma adjusted gross margin as a percentage of pro forma net sales |
|
|
70.3 |
% |
|
|
71.2 |
% |
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Net loss |
|
$ |
(53,094 |
) |
|
$ |
(36,020 |
) |
Income tax expense |
|
|
961 |
|
|
|
851 |
|
Interest expense, net |
|
|
4,506 |
|
|
|
4,558 |
|
Depreciation and amortization |
|
|
34,431 |
|
|
|
14,862 |
|
Share-based compensation expense |
|
|
6,469 |
|
|
|
8,800 |
|
Foreign exchange impact |
|
|
(1,044 |
) |
|
|
1,588 |
|
SeaSpine merger-related costs |
|
|
1,130 |
|
|
|
4,479 |
|
Restructuring costs and impairments related to M6 product lines |
|
|
9,880 |
|
|
|
— |
|
Strategic investments |
|
|
3,514 |
|
|
|
120 |
|
Acquisition-related fair value adjustments |
|
|
(610 |
) |
|
|
4,217 |
|
Interest and loss on investments |
|
|
— |
|
|
|
(260 |
) |
Litigation and investigation costs |
|
|
3,042 |
|
|
|
2,260 |
|
Succession charges |
|
|
— |
|
|
|
2,210 |
|
Adjusted EBITDA |
|
$ |
9,185 |
|
|
$ |
7,665 |
|
Adjusted EBITDA as a percentage of reported net sales |
|
|
4.7 |
% |
|
|
4.1 |
% |
Operating losses attributable to M6 product lines |
|
|
2,246 |
|
|
|
1,854 |
|
Pro forma adjusted EBITDA |
|
$ |
11,431 |
|
|
$ |
9,519 |
|
Adjusted EBITDA as a percentage of pro forma net sales |
|
|
6.0 |
% |
|
|
5.2 |
% |
Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Net loss |
|
$ |
(53,094 |
) |
|
$ |
(36,020 |
) |
Share-based compensation expense |
|
|
6,469 |
|
|
|
8,800 |
|
Foreign exchange impact |
|
|
(1,044 |
) |
|
|
1,588 |
|
SeaSpine merger-related costs |
|
|
1,474 |
|
|
|
4,848 |
|
Restructuring costs and impairments related to M6 product lines |
|
|
30,204 |
|
|
|
— |
|
Strategic investments |
|
|
3,543 |
|
|
|
126 |
|
Acquisition-related fair value adjustments |
|
|
(610 |
) |
|
|
4,217 |
|
Amortization/depreciation of acquired long-lived assets |
|
|
4,632 |
|
|
|
4,792 |
|
Litigation and investigation costs |
|
|
3,042 |
|
|
|
2,260 |
|
Succession charges |
|
|
— |
|
|
|
2,210 |
|
Interest and loss on investments |
|
|
— |
|
|
|
(260 |
) |
Long-term income tax rate adjustment |
|
|
2,200 |
|
|
|
2,696 |
|
Adjusted net loss |
|
$ |
(3,184 |
) |
|
$ |
(4,743 |
) |
Operating losses attributable to M6 product lines |
|
|
2,688 |
|
|
|
2,400 |
|
Long-term income tax rate adjustment for M6 product lines |
|
|
(753 |
) |
|
|
(672 |
) |
Pro forma adjusted net loss |
|
$ |
(1,249 |
) |
|
$ |
(3,015 |
) |
Cash Flow and Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Net cash from operating activities |
|
$ |
(18,391 |
) |
|
$ |
(18,595 |
) |
Net cash from investing activities |
|
|
(6,736 |
) |
|
|
(10,867 |
) |
Net cash from financing activities |
|
|
(651 |
) |
|
|
21,453 |
|
Effect of exchange rate changes on cash |
|
|
493 |
|
|
|
(284 |
) |
Net change in cash and cash equivalents |
|
$ |
(25,285 |
) |
|
$ |
(8,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Net cash from operating activities |
|
$ |
(18,391 |
) |
|
$ |
(18,595 |
) |
Capital expenditures |
|
|
(6,736 |
) |
|
|
(10,817 |
) |
Free cash flow |
|
$ |
(25,127 |
) |
|
$ |
(29,412 |
) |
Reconciliation of Non-GAAP Financial Measures to Reported Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Sales, general, and administrative |
|
$ |
132,981 |
|
|
$ |
131,691 |
|
Reconciling items impacting sales, general, and administrative: |
|
|
|
|
|
|
Restructuring costs and impairments related to M6 product lines |
|
|
(3,336 |
) |
|
|
— |
|
Strategic investments |
|
|
(2,304 |
) |
|
|
(3,431 |
) |
Amortization/depreciation of acquired long-lived assets |
|
|
(60 |
) |
|
|
(248 |
) |
Litigation and investigation costs |
|
|
(3,042 |
) |
|
|
(2,260 |
) |
Succession charges |
|
|
— |
|
|
|
(2,210 |
) |
Sales, general, and administrative expense, as adjusted |
|
$ |
124,239 |
|
|
$ |
123,542 |
|
As a percentage of reported net sales |
|
|
64.2 |
% |
|
|
65.5 |
% |
Sales, general, and administrative expense attributable to M6 product lines |
|
|
(2,388 |
) |
|
|
(4,155 |
) |
Pro forma sales, general, and administrative expense, as adjusted |
|
$ |
121,851 |
|
|
$ |
119,387 |
|
As a percentage of pro forma net sales |
|
|
64.4 |
% |
|
|
65.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Research and development expense, as reported |
|
$ |
19,766 |
|
|
$ |
19,492 |
|
Reconciling items impacting research and development: |
|
|
|
|
|
|
Restructuring costs and impairments related to M6 product lines |
|
|
(1,852 |
) |
|
|
— |
|
Strategic investments |
|
|
(2,099 |
) |
|
|
(237 |
) |
Research and development expense, as adjusted |
|
$ |
15,815 |
|
|
$ |
19,255 |
|
As a percentage of reported net sales |
|
|
8.2 |
% |
|
|
10.2 |
% |
Research and development expense attributable to M6 product lines |
|
|
(1,192 |
) |
|
|
(2,236 |
) |
Pro forma research and development expense, as adjusted |
|
$ |
14,623 |
|
|
$ |
17,019 |
|
As a percentage of pro forma net sales |
|
|
7.7 |
% |
|
|
9.3 |
% |
Reconciliations of Non-GAAP Financial Measures to Reported Non-Operating (Income) Expense
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(Unaudited, U.S. Dollars, in thousands) |
|
2025 |
|
|
2024 |
|
Non-operating expense |
|
$ |
3,260 |
|
|
$ |
5,832 |
|
Reconciling items impacting non-operating expense: |
|
|
|
|
|
|
Foreign exchange impact |
|
|
1,044 |
|
|
|
(1,588 |
) |
Interest and loss on investments |
|
|
— |
|
|
|
283 |
|
Non-operating expense, as adjusted |
|
$ |
4,304 |
|
|
$ |
4,527 |
|
As a percentage of reported net sales |
|
|
2.2 |
% |
|
|
2.4 |
% |
Losses attributable to M6 product lines |
|
|
(15 |
) |
|
|
(47 |
) |
Pro forma non-operating expense, as adjusted |
|
$ |
4,289 |
|
|
$ |
4,480 |
|
As a percentage of pro forma net sales |
|
|
2.3 |
% |
|
|
2.5 |
% |
Source
Orthofix Medical Inc.
###
Clear Course for Profitable Growth 1Q 2025 Earnings Call May 6, 2025
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, intentions, plans, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. Forward-looking statements in this presentation include the Company's expectations regarding net sales, adjusted EBITDA, and free cash flow for the year ended December 31, 2025. Forward-looking statements are not guarantees of our future performance, are based on our current expectations and assumptions regarding our business, the economy and other future conditions, and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, and in Part II, Item 1A under the heading Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Factors that could cause future results to differ from those expressed by forward-looking statements include, but are not limited to, (i) our ability to maintain operations to support our customers and patients in the near-term and to capitalize on future growth opportunities, (ii) risks associated with acceptance of surgical products and procedures by surgeons and hospitals, (iii) development and acceptance of new products or product enhancements, (iv) clinical and statistical verification of the benefits achieved via the use of our products, (v) our ability to adequately manage inventory, (vi) our ability to successfully optimize our commercial channels, (vii) our success in defending legal proceedings brought against us, and (viii) the other risks and uncertainties more fully described in our periodic filings with the Securities and Exchange Commission (the “SEC”). As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise, except as required by law. The Company is unable to provide expectations of GAAP net income (loss), the closest comparable GAAP measures to adjusted EBITDA (which is a non-GAAP measure), on a forward-looking basis because the Company is unable to predict, without unreasonable efforts, the ultimate outcome of matters (including acquisition-related expenses, accounting fair value adjustments, and other such items) that will determine the quantitative amount of the items excluded in calculating adjusted EBITDA, which items are further described in the reconciliation tables and related descriptions below. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP.
Non-GAAP Financial Measures Management uses certain non-GAAP financial measures in this presentation, most specifically Adjusted EBITDA, Adjusted Gross Margin, Adjusted Net Income and Free Cash Flow, as a supplement to GAAP financial measures to further evaluate the Company’s operating performance period over period, analyze the underlying business trends, assess performance relative to competitors and establish operational objectives. Management believes it is important to provide investors with the same non-GAAP metrics it uses to evaluate the performance and underlying trends of the Company’s business operations to facilitate comparisons to its historical operating results and evaluate the effectiveness of its operating strategies. Disclosure of these non-GAAP financial measures also facilitates comparisons of the Company’s underlying operating performance with other companies in the industry that also supplement their GAAP results with non-GAAP financial measures. Unless noted otherwise, full-year guidance is based on the current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. These non-GAAP financial measures should not be considered in isolation from, or as replacements for, the most directly comparable GAAP financial measures, as these measures are not prepared in accordance with U.S. GAAP. Reconciliations between GAAP and non‐GAAP results are included at the end of this presentation and represent the most comparable GAAP measure(s) to the applicable non-GAAP measure(s) shown in the table. For further information regarding the nature of these exclusions, why the Company believes that these non-GAAP financial measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the Company's Current Report on Form 8-K regarding its first quarter 2025 press release filed on May 6, 2025 with the SEC and available on the SEC's website at www.sec.gov and on the “Investors” page of the Company’s website at www.orthofix.com. The Company’s non-GAAP financial measures for both the three months ended March 31, 2025 and 2024, have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. Accordingly, previously reported figures for 2024 have been recast to reflect the financial impact of this decision. Amounts may not add due to rounding.
TAKE OWNERSHIP INNOVATE BOLDLY WIN TOGETHER The unrivaled partner in Med Tech, delivering exceptional experiences and life-changing solutions. 4
Orthofix Today Healing Musculoskeletal Pathologies in Spine and Orthopedics with Specialized Solutions and Enabling Technologies Unrivaled Partner in Med Tech Delivering Exceptional Experiences and Life-Changing Solutions Key Stats TTM Net Sales2 by Business ~$783M Bone Growth Therapies Spinal Implants, Biologics, and Enabling Technologies Orthopedics ~16% Int’l HQ Lewisville, TX ~84% U.S. Founded 1980 Employees 1,600+ NASDAQ OFIX Office Manufacturing / Distribution 3rd-Party Logistics Global Presence TTM Net Sales2 by Geography ~$538M Market-Cap1 ~$75.7M TTM Adjusted EBITDA2 ~71.5% TTM Adjusted Gross Margin2 ~$60.5M Cash, Cash Equivalents, and Restricted Cash2 Note: TTM = Trailing 12 Months. 1 5/2/2025. 2 As of March 31, 2025; All figures exclude the impact of net sales related to the discontinuation of the M6 product lines.
We are focused on three strategic priorities to drive market share gains in our spine business and build a fast-growing orthopedics business specifically focused on limb reconstruction. First, further sharpening our commercial execution to drive deeper market penetration through our comprehensive portfolio offerings, including the adoption of our 7D FLASH™ Navigation System; second, implementing projects to improve our gross margin; and finally, focusing on disciplined capital allocation, adjusted EBITDA expansion, and positive free cash flow generation, ensuring we are well-positioned to create long-term value for our shareholders in 2025 and beyond. “ Massimo Calafiore President & Chief Executive Officer ” 6 1 The Company’s non-GAAP financial measures have been adjusted to eliminate the financial effects of the Company’s decision to discontinue its M6 product lines. 2 Constant Currency is calculated by applying foreign currency rates applicable to the comparable, prior-year period to present the current period net sales at comparable rates. Same sales day metrics normalize results for variations in the number of selling days between periods based upon average sales per day. 3 The reasons for and nature of non-GAAP disclosures by the Company, descriptions of the adjustments used to calculate those non-GAAP financial measures, and reconciliations of those non-GAAP financial measures to the most comparable GAAP financial measure, are provided in the Company’s press release issued and Quarterly Report on Form 10-Q filed on May 6, 2025..4 Spine Fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings. Q1 2025 Financial Highlights $11.4M Non-GAAP Pro Forma Adjusted EBITDA1,3 $3.8M YoY increase and ~200 bps margin expansion $(25.1)M Free Cash Flow3 Continued positive YoY progress 4% U.S. Spine Fixation4 YoY Net Sales Growth 5% growth YoY on same sales day basis2 5% Bone Growth Therapies YoY Net Sales Growth 7% growth YoY on same sales day basis2 70.3% Non-GAAP Pro Forma Adjusted Gross Margin1,3 Compared to 70.3% reported for Q1 2024 $189.2M Pro Forma Net Sales1 6% growth YoY on same sales day constant currency basis1,2 10% U.S. Orthopedics YoY Net Sales Growth 12% growth YoY on same sales day basis2
7 Continuing to execute the priorities that we outlined in our long-term plan to transform our business and deliver on our commitment to drive disciplined, profitable growth 01 Pro forma adjusted EBITDA exceeded expectations – pro forma adjusted EBITDA margin expanded by ~200 bps compared to reported non-GAAP adjusted EBITDA for 1Q 2024 02 510(k) clearance and CE Mark for TrueLok™ Elevate Transverse Bone Transport (TBT) System – first FDA-cleared device for TBT to correct non-unions and bony or soft tissue deformities or defects 03 Taking proactive steps to optimize our spine commercial channel to maximize growth opportunities and more closely align with our strategic focus 04 Prudently deploying capital and prioritizing investment in profitable growth opportunities and increased penetration of our technology and product platforms in areas where we can win 05 Q1 2025 Key Messages
Q1 2025 Results Summary First Quarter 2025 Results Summary (in millions) Q1 2025 Q1 2024 Constant Currency Change Bone Growth Therapies $ 55.1 $ 52.5 4.9% Spinal Implants, Biologics, and Enabling Technologies 104.3 102.3 2.0% Global Spine 159.4 154.8 3.0% Global Orthopedics 29.8 27.3 11.5% Pro forma net sales (excludes M6) $ 189.2 $ 182.1 4.3% Impact from discontinuation of M6 4.4 6.5 (31.5%) Reported net sales $ 193.6 $ 188.6 3.0% Non-GAAP Adjusted Gross Margins 70.3% 70.3% +5 bps Non-GAAP Adjusted EBITDA $ 11.4 $ 7.7 49.1% Q1 Total Pro Forma Net Sales: $189.2M 4.3% YoY pro forma constant currency growth Q1 Non-GAAP Pro Forma Adjusted EBITDA: $11.4M 6.0% of pro forma net sales vs $7.7M in 1Q24; 4.1% of reported net sales Q1 Non-GAAP Pro Forma Adjusted Gross Margin: 70.3% vs 70.3% as reported in 1Q24 Q1 Non-GAAP Pro Forma SG&A Expense: $121.9M 64.4% of pro forma net sales vs $123.5M in 1Q24; 65.5% of reported net sales Q1 Non-GAAP Pro Forma R&D Expense: $14.6M 7.7% of pro forma net sales vs $19.3M in 1Q24; 10.2% of reported net sales 8 Q1 2025 Total Pro Forma Net Sales $189.2M +4.3% YoY* Bone Growth Therapies $55.1M +4.9% Global Orthopedics $29.8M +11.5%* Global Spinal Implants, Biologics, & Enabling Technologies $104.3M +2.0%* International Spinal Implants, Biologics & Enabling Technologies $10.8M (29.7%)* U.S. Spinal Implants, Biologics & Enabling Technologies $93.6M -0.4% 90% 10% * YoY Growth on a pro forma constant currency basis compared to 1Q24
Q1 2025 Business Segment Highlights 9 TBT = Transverse Bone Transport * Net sales growth is on a same sales day, constant currency basis BONE GROWTH THERAPIES BGT net sales +7%* Successful cross-selling Continued focus on adding new surgeons and competitive surgeon conversions BGT Fracture with AccelStim™ bone growth therapy device continuing to outperform the market ORTHOPEDICS Global Orthopedics net sales +13%* U.S. Orthopedics net sales +12%* Growth led by combination of TrueLok™ and Fitbone™ products and growth in Galaxy™ fixation product family TrueLok™ Elevate TBT System – limited launch ongoing – full launch planned in Q3 2025 SPINE U.S. Spine Fixation net sales +5%* Continued to gain share in categories where we recently launched new products, including ALIF, MIS and Cervical Fusion portfolios, all of which significantly outperformed the market Ongoing limited market release of Reef™ L Lateral Lumbar Interbody and WaveForm™ A Interbody
Comprehensive Portfolio of Transformative Solutions Improved Clinical Efficiencies and Economic Value with 7D Enabling Technology Established Distribution Channels and Extensive Global Commercial Reach Large Addressable Markets with High- Growth Opportunities Across Continuum of Care World-Class, Visionary Leadership Team with Deep Sector Expertise Expanding and Deepening Customer Relationships 10 Capitalizing on Clear Competitive Advantages
Spinal Implants Executing Innovation and Taking Share Select Product Examples Market Overview Sales channel optimization for growth, cross-selling, and OPEX leverage Pull through from lateral, cervical, and 7D earnouts Best-in-class implants to improve patient outcomes Interbody Cervical Thoracolumbar Fixation NorthStar™ OCT Mariner™ Deformity WaveForm™ (3D Printed) Explorer™ (Expandable) Reef™ (IBDs) ~$10.1B TAM1 Thoracolumbar Fixation Significant share capture opportunity ~3% – 4% market growth rate (2025 – 2027) Interbody Significant share capture opportunity ~3% – 4% market growth rate (2025 – 2027) Cervical Significant share capture opportunity ~3% – 4% market growth rate (2025 – 2027) OFIX Growth Drivers Shoreline™ ACS Wayfinder™ Phoenix™ MIS Meridian™ 1 U.S. Total Addressable Market. Sources: iData Research Inc.; U.S. Market Report for Spinal Implants and VCF; SmartTrak US Spine Market Report; Internal OFIX estimates Supporting Clinicians and Patients through Continuous Innovation of Procedure Solutions Comprehensive, best-in-class spinal implants designed to work in concert with 7D Navigation and biologics to support improved clinical outcomes Focus on deformity correction and experts in cervical fixation and material science
AccelStim™ SpinalStim™ PhysioStim™ CervicalStim™ Complex Foot & Ankle Reconstruction and Fracture Management Bone Growth Therapies Maximizing #1 Market Position Growing Above Market through Innovation and Expansion Safe, effective, non-surgical alternative to aid in bone healing of fracture management and high-risk spine fusions Most comprehensive portfolio of bone growth stimulation devices Most indications on the market to aid in bone healing solutions Select Product Examples #1 prescribed bone growth stimulator First to offer free recycling for patients to properly dispose their devices PEMF technology approved since 1986 Prescribed devices 1,100,000+ Spine Fusion Therapy Market Overview Procedural selling focused on cross-selling with orthopedics and spine New market channels with established sales representatives AccelStim growth to penetrate Fracture market ~$0.6B TAM1 Spine #1 Position ~2% – 3% market growth rate (2025 – 2027) Fracture #2 Position ~2% – 3% market growth rate (2025 – 2027) OFIX Growth Drivers Note: PEMF = Pulsed Electromagnetic Field. 1 U.S. Total Addressable Market.
Biologics Growing from a Position of Strength Strategically Introducing New Products to Capture Additional Market Share Full spectrum of biologic solutions to enhance fusion process and promote bone repair and growth Provide industry leading, best-in-class products in each of the major bone grafting categories Select Product Examples Demineralized Bone Matrix OsteoSurge™ 300 OsteoStrand™ Plus Synthetic Procedure-Specific OsteoCove™ OsteoBallast™ Market Overview Opportunities in current portfolio and spine Product innovation with clinical research Disc regeneration, channel expansion options ~$2.1B TAM1 Synthetic Significant share capture opportunity ~2% – 3% market growth rate (2025 – 2027) Cellular Allograft #2 Position ~2% – 3% market growth rate (2025 – 2027) OFIX Growth Drivers Trinity Elite™ Cellular Allograft Growth Factors, Other Do not participate 1 Global Total Addressable Market, including Growth Factors. Demineralized Bone Matrix #2 Position ~2% – 3% market growth rate (2025 – 2027)
Orthopedics Redefining Limb Reconstruction Proven Leader with Room to Grow through Innovation of Hardware and Digital Solutions Enabling Technologies - OrthoNext™ 1 Global Total Addressable Market. TBT = Transverse Bone Transport Select Product Examples Unique portfolio of limb reconstruction solutions, addressing the most challenging orthopedic conditions in patients of all ages Galaxy Gemini™ Complex Fracture Management Fitbone™ Limb Lengthening TL-HEX™ Extremity Deformity Correction TrueLok Elevate™ TBT Market Overview Accelerating U.S. growth and expanding position Global sales channel optimization through execution and focused distribution New product platforms with next-gen digital capabilities OFIX Growth Drivers ~$1.7B TAM1 Complex Fracture Management Significant share capture opportunity ~3% – 4% market growth rate (2025 – 2027) Limb Lengthening Significant share capture opportunity ~7% – 8% market growth rate (2025 – 2027) Extremity Deformity Correction & Limb Restoration Significant share capture opportunity ~5% – 6% market growth rate (2025 – 2027) Limb Preservation
Complex Fracture Management Limb Lengthening Limb Preservation Extremity Deformity Correction LIMB RECON Industry leader with a unique portfolio of limb reconstruction solutions, addressing the most challenging conditions in patients of all ages ENABLING TECHNOLOGIES ENABLING TECHNOLOGIES 15 Orthopedics: Redefining the Category of Limb Reconstruction
Watch What Limb Reconstruction Looks Like For Justin REAL STORIES. REAL IMPACT. TL-HEX™ TrueLok Hexapod System Patient 16
Enabling Technologies Empowering Excellence with Real-Time, Integrated Smart Technologies Capturing Significant Opportunity to Leverage Technology and Expand Share in Spine FLASHTM Navigation with 7D Technology, world’s leading, zero-radiation1 spine image-guided surgery system Allows surgeons to perform fast, cost-effective, and radiation-free surgery Pacesetting leader for open spine procedures and deformity correction Open and Percutaneous Spine Modules2 Market Overview OFIX Growth Drivers 7D deployments through commercial financing structures and product pull through Product integration with spinal implant portfolio Digital ecosystem expansion (pre-op planning, intra-op navigation, and post-op care) ~$0.4B TAM3 Spinal Navigation Significant share capture opportunity ~10% – 12% market growth rate (2025 – 2027) FLASH™ Navigation with 7D Technology Product Example Significant Focus in Spine 1 Based on a pre-op CT or MRI, no intra-op radiation is required using Open Spine Module, eliminating exposure to surgeons, staff, and patients. Intra-op radiation is required for Percutaneous Module. 2 ~40% of U.S. installed base has cranial module. 3 Global Total Addressable Market.
Innovation Spotlight – FLASHTM Navigation with 7D Technology Technology Differentiates Portfolio While Enabling Service to Full Continuum of Surgical Care 97.8% reduction in intraoperative radiation during adult degenerative spinal fusions1* Revolutionizing Spinal Navigation Created Meaningful Advantages with FLASHTM Navigation with 7D Technology 61% reduction in intraoperative radiation during complex pediatric deformity spinal fusions2* 98.8% accurate with no pedicle breach1* 94% faster than intraoperative CT-based systems3* 63.6 minutes saved per case4* Flexible Selling Models to Meet Unique Needs of Facility First and only image-guided surgery system featuring 7D’s machine-vision technology, allowing surgeons to perform fast, cost-effective, radiation-free IGS Capital Purchase Lease “Earnout” through purchase of spine hardware and/or biologics; creating recurring revenue stream and stronger customer relationships Voyager Earnout Program *Not an Orthofix sponsored clinical study. 1 Malham GM, Munday NR. Comparison of novel machine vision spinal image guidance system with existing 3D fluoroscopy-based navigation system: a randomized prospective study. Spine J. 2022 Apr;22(4):561-569. doi: 10.1016/j.spinee.2021.10.002. Epub 2021 Oct 16. PMID: 34666179. 2 Comstock, Christopher P. MD; Wait, Eric MD. Novel Machine Vision Image Guidance System Significantly Reduces Procedural Time and Radiation Exposure Compared With 2-dimensional Fluoroscopy-based Guidance in Pediatric Deformity Surgery. Journal of Pediatric Orthopaedics ():10.1097/BPO.0000000000002377, March 6, 2023. | DOI: 10.1097/ BPO.0000000000002377 3 Jakubovic R, Guha D, Gupta S, et al. High speed, high density intraoperative 3D optical topographical imaging with efficient registration to MRI and CT for craniospinal surgical navigation. Sci Rep. 2018;8:14894. doi:10.1038/s41598-018-32424-z. 4 Lim KBL, Yeo ISX, Ng SWL, Pan WJ, Lee NKL. The machine-vision image guided surgery system reduces fluoroscopy time, ionizing radiation and intraoperative blood loss in posterior spinal fusion for scoliosis. Eur Spine J. 2023 Jul 10. doi: 10.1007/s00586-023-07848-5. Epub ahead of print. PMID: 37428212.Stewart G. Visible Light Navigation in Spine Surgery: My Experience With My First 150 Cases. Int J Spine Surg. 2022 Oct;16(S2):S28-S36. doi: 10.14444/8274. Epub 2022 Aug 5. PMID: 36456113; PMCID: PMC9808787.
Significant Cross-Portfolio Commercial Opportunities Bone Growth Therapies (BGT) Combined portfolio with Biologics to target Trauma surgeons Combine with select Orthopedics product lines Expanding domestically through legacy SeaSpine distribution and orthopedics Expand internationally via Orthopedics Channels Biologics Expand cross-selling with U.S. Orthopedics channels Spine Maximize procedural selling opportunity with Biologics, 7D, and BGT Orthopedics Maximize procedural selling opportunity with Biologics, BGT, and Enabling Technologies Enabling Technologies (ET) Focus on 7D equipment placements to drive recurring implant usage Leverage investment and drive synergistic approach across the portfolio
Looking Forward – Accelerating Our Profitable Growth Engine Advancing Toward Our Goals for Consistent Above-Market Growth, Improved Profitability, and Positive Free Cash Flow Invest in Differentiated Technologies in Areas Where We Can Win and Lead Innovation Capitalize on Multiple Access Points to Grow Business at Sustained, Above-Market Rates Operate with Discipline for Margin Expansion Improve Financial Strength and Drive Strong, Positive Cash Flow
Full-Year 2025 Guidance1 $808M – $816M Net Sales $82M – $86M Adjusted EBITDA Positive Free Cash Flow for 2025² 1 As of the Company’s Q1 2025 Earnings Call hosted on 5/6/2025. Inclusion of this information in this presentation is not a confirmation or an update of, and should not be construed or otherwise assumed to reflect any confirmation or update of, that guidance by Orthofix leadership as of any date other than 5/6/2025. Net sales range of $808 million to $816 million excludes sales from the discontinued M6 product lines and assumes a $5 million negative impact from U.S. funded non-governmental organization (NGO) business as compared to the full-year 2024. The Company’s expected net sales represent implied constant currency growth of 5.0% year-over-year at midpoint of the range. This guidance range is based on current foreign currency exchange rates and does not take into account any additional potential exchange rate changes that may occur this year. 2 Excluding impact of restructuring charges related to the discontinuation of the M6 product lines
Investment Summary – Why Invest in Orthofix? 01 Strong fundamentals with profitable growth opportunity and compelling value proposition across diverse portfolio 02 More focused commercial strategy with robust innovation pipeline complemented by successful cross-selling 03 New leadership team well-positioned to implement strategic vision and achieve sustainable, profitable growth across portfolio 04 Improved operational execution to drive toward profitability objectives and positive free cash flow 05 Long-term financial targets reflect confidence in sustainable growth trends and commercial strategy and execution
For additional information, please contact: Julie Dewey, IRC Chief IR & Communications Officer juliedewey@orthofix.com 209-613-6945 www.Orthofix.com NASDAQ: OFIX
Financial and Non-GAAP Reconciliation Tables Appendix
Net Sales by Major Product Category by Reporting Segment * Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and Pro forma net sales exclude the impact from discontinuation of the M6 product lines. Since Pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company’s Pro forma net sales to its reported figures under U.S. GAAP. The Company’s reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines. Three Months Ended March 31, (Unaudited, U.S. Dollars, in millions) 2025 2024 Change Constant Currency Change Bone Growth Therapies $ 55.1 $ 52.5 4.9 % 4.9 % Spinal Implants, Biologics and Enabling Technologies* 104.3 102.3 2.0 % 2.0 % Global Spine* 159.4 154.8 3.0 % 3.0 % Global Orthopedics 29.8 27.3 9.1 % 11.5 % Pro forma net sales* 189.2 182.1 3.9 % 4.3 % Impact from discontinuation of M6 product lines 4.4 6.5 (31.9 %) (31.5 %) Reported net sales $ 193.6 $ 188.6 2.7 % 3.0 %
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands, except share and per share data) 2025 2024 Net sales $ 193,646 $ 188,608 Cost of sales 72,027 61,366 Gross profit 121,619 127,242 Sales, general, and administrative 132,981 131,691 Research and development 19,766 19,492 Acquisition-related amortization, impairment, and remeasurement 17,745 5,396 Operating loss (48,873 ) (29,337 ) Interest expense, net (4,506 ) (4,558 ) Other income (expense), net 1,246 (1,274 ) Loss before income taxes (52,133 ) (35,169 ) Income tax expense (961 ) (851 ) Net loss $ (53,094 ) $ (36,020 ) Net loss per common share: Basic $ (1.35 ) $ (0.95 ) Diluted (1.35 ) (0.95 ) Weighted average number of common shares (in millions): Basic 39.2 37.7 Diluted 39.2 37.7
Adjusted Gross Profit and Adjusted Gross Margin Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Gross profit $ 121,619 $ 127,242 Share-based compensation expense 462 537 SeaSpine merger-related costs 600 1,303 Restructuring costs and impairments related to M6 product lines 10,919 — Strategic investments 13 65 Acquisition-related fair value adjustments — 3,047 Amortization/depreciation of acquired long-lived assets 313 318 Adjusted gross profit $ 133,926 $ 132,512 Adjusted gross margin as a percentage of reported net sales 69.2 % 70.3 % Adjusted gross profit attributable to M6 product lines (906 ) (2,895 ) Pro forma adjusted gross profit $ 133,020 $ 129,617 Pro forma adjusted gross margin as a percentage of pro forma net sales 70.3 % 71.2 %
Adjusted EBITDA Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Net loss $ (53,094 ) $ (36,020 ) Income tax expense 961 851 Interest expense, net 4,506 4,558 Depreciation and amortization 34,431 14,862 Share-based compensation expense 6,469 8,800 Foreign exchange impact (1,044 ) 1,588 SeaSpine merger-related costs 1,130 4,479 Restructuring costs and impairments related to M6 product lines 9,880 — Strategic investments 3,514 120 Acquisition-related fair value adjustments (610 ) 4,217 Interest and loss on investments — (260 ) Litigation and investigation costs 3,042 2,260 Succession charges — 2,210 Adjusted EBITDA $ 9,185 $ 7,665 Adjusted EBITDA as a percentage of reported net sales 4.7 % 4.1 % Operating losses attributable to M6 product lines 2,246 1,854 Pro forma adjusted EBITDA $ 11,431 $ 9,519 Adjusted EBITDA as a percentage of pro forma net sales 6.0 % 5.2 %
Adjusted Net Income (Loss) Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Net loss $ (53,094 ) $ (36,020 ) Share-based compensation expense 6,469 8,800 Foreign exchange impact (1,044 ) 1,588 SeaSpine merger-related costs 1,474 4,848 Restructuring costs and impairments related to M6 product lines 30,204 — Strategic investments 3,543 126 Acquisition-related fair value adjustments (610 ) 4,217 Amortization/depreciation of acquired long-lived assets 4,632 4,792 Litigation and investigation costs 3,042 2,260 Succession charges — 2,210 Interest and loss on investments — (260 ) Long-term income tax rate adjustment 2,200 2,696 Adjusted net loss $ (3,184 ) $ (4,743 ) Operating losses attributable to M6 product lines 2,688 2,400 Long-term income tax rate adjustment for M6 product lines (753 ) (672 ) Pro forma adjusted net loss $ (1,249 ) $ (3,015 )
Cash Flow and Free Cash Flow Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Net cash from operating activities $ (18,391 ) $ (18,595 ) Net cash from investing activities (6,736 ) (10,867 ) Net cash from financing activities (651 ) 21,453 Effect of exchange rate changes on cash 493 (284 ) Net change in cash and cash equivalents $ (25,285 ) $ (8,293 ) Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Net cash from operating activities $ (18,391 ) $ (18,595 ) Capital expenditures (6,736 ) (10,817 ) Free cash flow $ (25,127 ) $ (29,412 )
Adjusted Sales, General and Administrative Expense Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Sales, general, and administrative $ 132,981 $ 131,691 Reconciling items impacting sales, general, and administrative: Restructuring costs and impairments related to M6 product lines (3,336 ) — Strategic investments (2,304 ) (3,431 ) Amortization/depreciation of acquired long-lived assets (60 ) (248 ) Litigation and investigation costs (3,042 ) (2,260 ) Succession charges — (2,210 ) Sales, general, and administrative expense, as adjusted $ 124,239 $ 123,542 As a percentage of reported net sales 64.2 % 65.5 % Sales, general, and administrative expense attributable to M6 product lines (2,388 ) (4,155 ) Pro forma sales, general, and administrative expense, as adjusted $ 121,851 $ 119,387 As a percentage of pro forma net sales 64.4 % 65.6 %
Adjusted Research and Development Expense Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Research and development expense, as reported $ 19,766 $ 19,492 Reconciling items impacting research and development: Restructuring costs and impairments related to M6 product lines (1,852 ) — Strategic investments (2,099 ) (237 ) Research and development expense, as adjusted $ 15,815 $ 19,255 As a percentage of reported net sales 8.2 % 10.2 % Research and development expense attributable to M6 product lines (1,192 ) (2,236 ) Pro forma research and development expense, as adjusted $ 14,623 $ 17,019 As a percentage of pro forma net sales 7.7 % 9.3 %
Adjusted Non-Operating Expense Three Months Ended March 31, (Unaudited, U.S. Dollars, in thousands) 2025 2024 Non-operating expense $ 3,260 $ 5,832 Reconciling items impacting non-operating expense: Foreign exchange impact 1,044 (1,588 ) Interest and loss on investments — 283 Non-operating expense, as adjusted $ 4,304 $ 4,527 As a percentage of reported net sales 2.2 % 2.4 % Losses attributable to M6 product lines (15 ) (47 ) Pro forma non-operating expense, as adjusted $ 4,289 $ 4,480 As a percentage of pro forma net sales 2.3 % 2.5 %
2024 Pro Forma Financial Statements – M6 Product Lines Three Months Ended Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Net sales $ 4,443 $ 6,520 $ 5,804 $ 5,328 $ 5,792 $ 23,444 Cost of sales 14,457 3,638 2,874 3,137 2,514 12,163 Gross profit (10,014) 2,882 2,930 2,191 3,278 11,281 Sales, general, and administrative 5,723 3,283 2,883 2,547 2,792 11,505 Research and development 3,044 2,091 2,320 2,099 2,120 8,630 Acquisition-related amortization and remeasurement 14,097 980 980 980 980 3,920 Operating loss (32,878) (3,472) (3,253) (3,435) (2,614) (12,774) Interest expense, net (5) (5) (5) (5) (5) (20) Other income (expense), net (10) (42) (13) (18) (51) (124) Loss before income taxes (32,893) (3,519) (3,271) (3,458) (2,670) (12,918) Income tax expense — — — — — — Net loss $ (32,893) $ (3,519) $ (3,271) $ (3,458) $ (2,670) $ (12,918)
2024 Pro Forma Non-GAAP Adjusted EBITDA – M6 Product Lines Three Months Ended Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Net loss $ (32,893) $ (3,519) $ (3,271) $ (3,458) $ (2,670) $ (12,918) Interest expense, net 5 5 5 5 5 20 Depreciation and amortization 20,762 1,521 1,426 1,393 1,432 5,772 Share-based compensation expense — 111 95 88 79 373 Foreign exchange impact — 11 — 4 42 57 SeaSpine merger-related costs — 17 (49) 304 53 325 Restructuring costs and impairments related to M6 product lines 9,880 — — — — — Adjusted EBITDA $ (2,246) $ (1,854) $ (1,794) $ (1,664) $ (1,059) $ (6,371)
2024 Pro Forma Non-GAAP Adjusted Net Loss and Adjusted Gross Margin – M6 Product Lines Three Months Ended Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Net loss $ (32,893) $ (3,519) $ (3,271) $ (3,458) $ (2,670) $ (12,918) Share-based compensation expense — 111 95 88 79 373 Foreign exchange impact — 11 — 4 42 57 SeaSpine merger-related costs — 17 (49) 304 34 306 Amortization/depreciation of acquired long-lived assets 20,325 980 980 980 980 3,920 Restructuring costs and impairments related to M6 product lines 9,880 — — — — — Long-term income tax rate adjustment 753 672 629 583 429 2,313 Adjusted net loss $ (1,935) $ (1,728) $ (1,616) $ (1,499) $ (1,106) $ (5,949) Three Months Ended Three Months Ended Year Ended (Unaudited, U.S. Dollars, in thousands) March 31, 2025 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 Gross profit $ (10,014) $ 2,882 $ 2,930 $ 2,191 $ 3,278 $ 11,281 Share-Based Compensation Expense — 13 13 12 9 47 SeaSpine Merger-Related Costs — — — 198 29 227 Restructuring costs and impairments related to M6 product lines 10,920 — — — — — Adjusted gross profit $ 906 $ 2,895 $ 2,943 $ 2,401 $ 3,316 $ 11,555 Adjusted gross margin as a percentage of net sales 20.4% 44.4% 50.7% 45.1% 57.3% 49.3%
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dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Orthofix Medical (NASDAQ:OFIX)
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Orthofix Medical (NASDAQ:OFIX)
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