Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 169

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1B
Chunk 169
---
 sell orthopedic products to hospitals and healthcare providers.

2024 Compared to 2023 

Net sales increased $8.9 million, or 7.7% on a reported basis and 7.9% on a constant currency basis

•U.S. growth of $4.7 million, or 16.4%, largely due to investments made in recent product launches, commercial execution within our sales channel, and from growth within our OSCAR PRO product line

•International growth of $4.3 million, or 5.0% on a constant currency basis, driven by recent product launches in Europe and offset by the timing of certain tender offers and stocking distributor orders

58

•Decrease of $0.2 million due to movement in foreign current exchange rates, which had an unfavorable impact on net sales in 2024

Gross Profit 

    Percentage Change

    (U.S. Dollars, in thousands)
     
    2024

    2023

    2022

    2024/2023

    2023/2022

    Net sales
     
    $
    799,491

    $
    746,641

    $
    460,713

    7.1
    %

    62.1
    %

    Cost of sales

    253,606

    260,368

    123,544

    -2.6
    %

    110.7
    %

    Gross profit
     
    $
    545,885

    $
    486,273

    $
    337,169

    12.3
    %

    44.2
    %

    Gross margin

    68.3
    %

    65.1
    %

    73.2
    %

    3.2
    %

    -8.1
    %

2024 Compared to 2023

Gross profit increased $59.6 million, or 12.3%

•Increase in gross profit driven by net sales growth across all principal product categories

•Increase of $23.9 million driven by a reduction of amortization of the inventory fair value step-up recognized in the Merger, which is being amortized over the expected sales cycles of the acquired inventory 

Sales, General, and Administrative Expense

    Percentage Change

    (U.S. Dollars, in thousands)
     
    2024