Orthofix releases fourth-quarter 2020, year-end financial results
In its year-end 2020 financial statement, Orthofix reported decreased net sales, net income and gross profit throughout the fourth quarter and full year of 2020.
The company reported $117.6 million in net sales during the fourth quarter, a 3.2% decrease from the prior year period, and $406.6 million in net sales for the year, a 11.6% decrease from 2019.
According to the release, Orthofix reported an 11% growth in U.S. spine implant sales during the fourth quarter compared with the prior year period. The company also reported $17.9 million in free cash flow in the quarter.
“We were very pleased with our performance during the fourth quarter both from a financial and operating perspective. We were able to drive revenue to levels approaching 2019 while continuing to strengthen our organization during the continued disruption from restrictions on elective procedures globally,” Jon Serbousek, Orthofix president and CEO, said in the release. “Although early 2021 has seen some significant COVID and winter weather headwinds, looking ahead, we are very excited about the future of Orthofix. We are now moving our transformation into an execution phase, and we look forward to leveraging the new capabilities we built throughout 2020 to drive growth and pursue high value solutions for patients, surgeons, and hospitals around the world. A great example is our recent expanded FDA clearance for the Fitbone system, making it the only pediatric lengthening nail in the U.S., and an important addition to our pediatric portfolio,” Serbousek added.
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