The company’s gross profits reached $77.6 million compared to $94.1 million in 2012. Orthofix’s product sales also suffered, down 15 percent from $104.8 million in 2012 to $88.4 million this past quarter.
Total net sales were down 14 percent in the first quarter. Net sales from spine devices declined 12 percent, from $75 million to $66.3 million, and sales from orthopedics dropped 17 percent, from $41 million to $33.9 million.
Orthofix’s board has approved a share repurchase program of up to $50 million.
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