- Orthofix Medical Inc OFIX reported Q2 adjusted EPS $0.32, compared to an adjusted net loss of $(0.59) a year ago, beating the consensus of $0.11.
- Sales increased 66% to $121.4 million. U.S. Spinal Implants net sales grew 56% Y/Y and 37% over the second quarter of 2019.
- Sales by product: Bone Growth Therapies (+75% Y/Y) to $49.7 million, Spinal Implants (+61%) to $30.1 million, Biologics (+34%) to $14.9 million, Orthopedics (+66%) to $26.7 million.
- “We are proud of our second-quarter performance, in which we delivered accelerated topline growth sequentially and over pre-COVID levels,” president and CEO Jon Serbousek said in a news release. “We continue to see the positive impacts of our strategic initiatives, including increased product adoption driven through our expanded pool of strategic distribution partners, as well as ongoing strength from new products, in particular our M6-C artificial cervical disc and the Fitbone lengthening nail.”
- The gross margin increased to 77.4% compared to 68.3% in Q2 FY20.
- Adjusted EBITDA was $18.4 million compared to $(5.6) million in the prior-year period.
- Guidance FY21: Orthofix increased sales guidance to $468 million - $474 million (consensus of $459.6 million) from $455 million - $465 million.
- It expects adjusted EPS of $0.74 - $0.82 (consensus $0.59) up from $0.52 - $0.62 previously. Orthofix also raised adjusted EBITDA guidance to $58 million - $61 million from $52 million - $56 million.
- Price Action: OFIX shares are up 5.95% at $40.24 during the market session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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