Orthofix reports 58% increase in year-over-year sales in second-quarter 2023 results
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Key Takeaways:
- Orthofix reported increased net sales in its second-quarter 2023 financial results.
- The company also reported increased gross profit compared with the prior year period.
Orthofix Medical Inc. reported net sales of $187 million in its second-quarter 2023 financial results, a 58% increase year-over-year on a reported basis and a 7% increase on a pro forma basis, according to a press release.
The company reported gross profit of $119.6 million, $33.1 million more than last year. Gross margin decreased from 73.2% last year to 63.9% this year.
Net sales for bone growth therapies grew 10%, which is the second consecutive quarter of double-digit growth, according to the release.
“I am pleased with Orthofix’s performance this quarter, delivering 7% year-over-year growth, on a pro forma basis, and once again achieving double-digit growth in the bone growth therapies franchise,” Keith Valentine, president and CEO of Orthofix, said in the release. “We have been successful in managing revenue dis-synergy risks and capitalizing on operating expense synergy opportunities throughout the merger process and are encouraged to see continued market share taking in the U.S. spinal implants, biologics and enabling technologies franchises by leveraging our complementary product portfolios. We look forward to a strong back half of 2023 and remain focused on meeting the needs of our patients and providing value for other stakeholders by continuing to deliver quality-driven solutions,” he added.
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