Orthofix announces Q3 financial results

Orthofix International N.V. recently announced its financial results for the third quarter of 2015.

“The third quarter was a very good quarter for Orthofix in many respects, led by the financial results, which are at the high end of our expectations,” Brad Mason, president and chief executive officer of Orthofix International N.V., stated in a company release. “Our third-quarter net sales continue to confirm that the plan we are executing will deliver consistent top line growth. With this growth we also anticipate ongoing improvement in our operating leverage.”

The company posted net sales of $101.2 million, a 4.1% year-over-year constant currency growth. In addition, gross profit increased from $75.5 million for the third quarter of 2014 to $77.3 million. Other items of note included a diluted loss per share from continuing operations of $0.04, while adjusted diluted earnings per share from continuing operations were $0.30.

“I am also pleased to report that our board of directors has approved a $75 million share repurchase plan,” Mason stated in the release. “I believe our improving financial performance and significant cash flow generation ability affords us this opportunity to return capital to shareholders while driving profitable growth.”

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