Orthofix Q3 beats The Street

Orthofix (NSDQ:OFIX) today posted third quarter earnings that topped both sales and earnings per share expectations on Wall Street.

The Lewisville, Texas-based company posted losses of $1.2 million, or 7¢ per share, on sales of $111.7 million for the three months ended September 30, seeing a 135% swing into the red while sales grew 6.1% compared with the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were 43¢, well ahead of the 36¢ consensus on Wall Street where analysts expected to see sales of approximately $110.7 million for the quarter.

“In addition to solid financial performance on both the top line and adjusted EBITDA in the third quarter, we made significant operational progress in the alignment of our bone growth therapy, spinal implants and biologics segments into Orthofix spine. We believe that our market-leading technologies in osteogenesis stimulation and stem cell allografts, together with the M6 cervical disc, once it is approved by the U.S. Food and Drug Administration, will uniquely position us in the spine market overall and particularly in the cervical spine segment. We also believe this combination of spine products in conjunction with our historical strength in Orthofix extremities provides the platforms for us to drive accelerating growth as we move into 2019 and for the foreseeable future,” prez & CEO Brad Mason said in a press release.

The company tightened its guidance for the full year, expecting to post sales of $451 million and $455 million, slightly from expectations of between $450 million and $456 million. For adjusted EPS, the company lifted its outlook slightly, now expecting to post between $1.70 and $1.75, up from previous guidance of between $1.66 and $1.72.

Orthofix saw shares rise approximately 0.3% today, closing at $56.63.

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