Orthofix reports 5.8% Q1 net sales increase, completes Spinal Kinetics acquisition: 5 key notes

Spinal Tech

Orthofix reported a 5.8 percent increase in net sales for the first quarter of 2018.


Here are five things to know.

1. The company reported net income from continuing operations at $5.2 million, compared to a $2.3 million loss over the same period last year. Orthofix acquired Spinal Kinetics during the quarter.

2. The business unit breakdown for net sales is as follows:

• Biostim: $46.2 million, a 3.6 percent increase
• Extremity fixation: $27.5 million, a 14.9 percent increase
• Spine fixation: $20.7 million, a 7.5 percent increase
• Biologics: $14.3 million, a 4.4 percent decrease

Overall, the company reported $108.7 million in net sales.

3. EBITDA was reported at $15.2 million, up from $6.6 million in the first quarter of the previous year. Orthofix's cash and cash equivalents were $77.1 million at the end of the quarter.

4. For the full year, Orthofix expects to report $458 million to $464 million in net sales.

5. The company completed its acquisition of Spinal Kinetics on April 30, a month after the quarter closed. The transaction includes $45 million in cash plus another $60 million in future contingent milestone payment for FDA approval of the M6-C cervical disc.

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