Orthofix shares steady on Q4, FY2016 Street-beating earnings release

Shares in Orthofix (NSDQ:OFIX) have stayed steady today after the medical device maker beat expectations from Wall Street with its 4th quarter and full fiscal year 2016 earnings results.

The Lewisville, Texas-based company posted losses of $3.2 million, or 18¢ per share on sales of $108.5 million for the 3 months ended December 31. The company saw the bottom-line shrink nearly 200% from its posted $3.4 million in profits during the same quarter last year, while sales grew 3.7%.

After adjusting to exclude 1-time items, earnings per share were 42¢, 5¢ ahead of consensus on Wall Street where analysts were expecting the company to post sales of $106 million.

For the full year, Orthofix posted sales of $3.1 million, or 17¢ per share, on sales of $409.8 million for bottom-line growth of over 200% while sales grew 3.4% compared with the previous fiscal year.

Adjusted to exclude 1-time items, earnings per share were $1.46, ahead of consensus on Wall Street, which expected to see sales of $408 million.

“We are very proud of what we accomplished in 2016 and are encouraged by our momentum at year-end. We improved our performance during the year in almost every aspect of our business and exited an era of heavy investment with a rebuilt infrastructure, robust compliance program, rigorous financial controls, strong balance sheet, excellent free cash flow and great momentum in our BioStim and Extremity Fixation businesses. Looking ahead to the next chapter for Orthofix, we are now well positioned and committed to execute on both organic and inorganic strategic opportunities focused on accelerating shareholder value creation,” prez & CEO Brad Mason said in a prepared statement.

Orthodox also released guidance for the upcoming year, expecting to net revenue between $407 and $411 million, with adjusted earnings per share for the year between $1.48 and $1.58.

Shares have stayed steady in after hours trading after closing up 0.3% at $38.13.

The post Orthofix shares steady on Q4, FY2016 Street-beating earnings release appeared first on MassDevice.

from MassDevice http://ift.tt/2lsJV5p