In the third quarter of 2019, Orthofix reported a net loss of $40.5 million, a 3,244 percent decrease year-over-year.
1. Orthofix President and CEO Brad Mason attributed the drop in sales to a delay in several large extremity stocking orders and the "uncertainty around the CEO transition timing."
2. The company hired Jon Serbousek as president of its global spine business in August. Mr. Serbousek will succeed Mr. Mason as president and CEO Nov. 1.
3. The company's EBIDTA decreased 678 percent to -$20.8 million year-over-year.
4. Acquisition-related amortization and remeasurement expenses increased 1,075 percent to $21.6 million compared to the third quarter of last year.
5. Net sales increased 1.6 percent to $113.5 million compared to the same period for last year.
Mr. Serbousek is focused on recruiting candidates for vacant leadership positions and the company anticipates its M6-C disc to have a positive impact on future performance.