Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 167

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 167
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’s website at www.sec.gov.

Executive Summary 

Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, deliver exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, specialized orthopedic solutions, biologics, and enabling technologies, including the 7D FLASH navigation system.

In January 2023 we completed a “merger of equals” transaction with SeaSpine whereby SeaSpine became a wholly owned subsidiary of the Company via an all-stock merger (the "Merger"). For additional discussion of the merger with SeaSpine, see Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of this Annual Report. The shares of common stock of Orthofix, as the corporate parent entity in the combined company structure, continue to trade on NASDAQ under the symbol "OFIX". 

Notable financial results in 2024 include the following:

•Net sales were $799.5 million, an increase of 7.1% on both a reported and constant currency basis 

•U.S. Spine Fixation net sales growth of 14.2% compared to prior year, driven by distribution expansion and further penetration in existing accounts

•Bone Growth Therapies growth of 9.8% and Bone Growth Therapies Fracture growth of 13.0% compared to prior year

•U.S. Spinal Implants, Biologics, and Enabling Technologies growth of 7.0% compared to prior year

•U.S. Orthopedics net sales growth of 16.4% compared to prior year

•Entered into record number of 7D FLASH Navigation System placements for full year 2024

•Entered into new $275.0 million credit facility that replaces existing financing and further optimized our capital structure to support long-term profitable growth

Results of Operations 

The following table presents certain items in our consolidated statements of operations as a percent of net sales:

    Year ended December 31,

    2024(%)

    2023(%)

    2022(%)

    Net sales

    100.0

    100.0

    100.0

    Cost of sales

    31.7

    34.9

    26.8

    Gross profit

    68.3

    65.1