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Orthofix announces corporate re-alignment in second-quarter 2018 financial results
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Orthofix Medical Inc. announced the re-alignment of its strategic business units around spine and extremities as its two primary focuses. As part of the re-alignment, the company’s name was changed from Orthofix International N.V. to Orthofix Medical Inc.
“Operationally, we completed the acquisition and integration of Spinal Kinetics, re-aligned our business unit structure to help further accelerate long-term growth, positioned the company for the move of our corporate domicile from Curaçao to Delaware, that was completed July 31, and significantly reduced inventories (excluding Spinal Kinetics) over prior year,” Brad Mason, Orthofix president and CEO, said in a company press release.
According to the release, net sales increased 2.4% to $111.5 million in the second quarter of 2018. Net income from continuing operations decreased from $4.7 million in 2017 to $0.9 million in 2018. The adjusted net income from continuing operations was $7.9 million, or $0.42 per share, in the second quarter of 2018, an increase from $7.8 million, or $0.42 per share in the second quarter of 2017. When the impact of the operating loss for Spinal Kinetics is excluded, the adjusted net income was $8.5 million, or $0.45 per share, an increase of 7.1%.
Adjusted earnings before interest, taxes, depreciation and amortization was $22 million, a 7.4% increase from last year’s second quarter.
The company’s total cash and cash equivalents decreased from $81.2 million as of Dec. 31, 2017 to $45.7 million as of June 30, 2018.
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