Orthofix expects net sales in the fourth quarter to decrease about 3 percent year over year to $118 million, but projects significant increases in motion preservation sales, according to a preliminary unaudited report posted Jan. 12.
1. Full-year 2020 net sales are expected to be $407 million, representing a 12 percent decrease year over year.
2. For the fourth quarter, spinal implants net sales increased 11 percent, to $28 million, and biologics sales decreased 9 percent to $15 million, compared to the same period in 2019.
3. Orthofix attributed the rise in spinal implants sales to the adoption of its M6-C artificial cervical disc.
4. Motion preservation net sales in the fourth quarter are expected to rise 129 percent year over year to $7 million.
5. As of Dec. 31, cash, cash equivalents, and restricted cash was $96 million to $97 million, compared to $70 million on Dec. 31, 2019.
6. Orthofix will report full-year 2020 financial results and provide its financial outlook for 2021 in late February.