$OFIX
Orthofix Medical Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023039884 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $184.0M $187.0M $118.1M
YoY Change 61.41% 58.39% -2.74%
Cost Of Revenue $64.24M $67.47M $31.60M
YoY Change 110.13% 113.5% 15.16%
Gross Profit $119.8M $119.6M $86.47M
YoY Change 43.56% 38.26% -7.97%
Gross Profit Margin 65.09% 63.93% 73.24%
Selling, General & Admin $122.1M $133.4M $75.73M
YoY Change 63.25% 76.18% 0.08%
% of Gross Profit 101.94% 111.61% 87.58%
Research & Development $18.56M $19.42M $12.76M
YoY Change 55.4% 52.25% -2.77%
% of Gross Profit 15.5% 16.25% 14.75%
Depreciation & Amortization $13.09M $13.33M $6.512M
YoY Change 72.97% 104.65% -14.34%
% of Gross Profit 10.93% 11.15% 7.53%
Operating Expenses $140.6M $152.9M $88.49M
YoY Change 62.17% 72.73% -0.34%
Operating Profit -$24.45M -$36.63M $6.641M
YoY Change 322.48% -651.6% 55.64%
Interest Expense -$1.576M -$1.266M -$407.0K
YoY Change 468.95% 211.06% -26.0%
% of Operating Profit -6.13%
Other Income/Expense, Net -$2.360M -$20.00K -$3.192M
YoY Change -28.66% -99.37% -435.65%
Pretax Income -$28.39M -$37.92M $3.042M
YoY Change 202.87% -1346.48% -34.83%
Income Tax $472.0K $1.508M $553.0K
% Of Pretax Income 18.18%
Net Earnings -$28.86M -$39.43M $2.489M
YoY Change 169.29% -1684.01% 2.85%
Net Earnings / Revenue -15.68% -21.08% 2.11%
Basic Earnings Per Share -$0.77 -$1.07 $0.12
Diluted Earnings Per Share -$0.77 -$1.07 $0.12
COMMON SHARES
Basic Shares Outstanding 36.74M 36.54M 20.03K
Diluted Shares Outstanding 37.25K 36.76K 20.11K

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.66M $37.61M $59.54M
YoY Change -34.84% -36.83% -25.55%
Cash & Equivalents $33.66M $37.61M $59.54M
Short-Term Investments
Other Short-Term Assets $24.17M $26.95M $21.42M
YoY Change 25.07% 25.83% -8.79%
Inventory $221.7M $222.5M $97.17M
Prepaid Expenses
Receivables $114.1M $112.3M $77.07M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $393.7M $399.3M $255.2M
YoY Change 59.46% 56.49% -1.26%
LONG-TERM ASSETS
Property, Plant & Equipment $152.7M $140.6M $58.68M
YoY Change 164.08% 139.59% -11.66%
Goodwill $194.8M $191.7M $71.32M
YoY Change 173.1% 168.84%
Intangibles $121.0M $126.0M $50.63M
YoY Change 154.71% 148.84%
Long-Term Investments
YoY Change
Other Assets $43.48M $43.63M $24.38M
YoY Change 76.95% 78.93% -32.46%
Total Long-Term Assets $512.0M $501.9M $206.5M
YoY Change 152.49% 143.11% -15.23%
TOTAL ASSETS
Total Short-Term Assets $393.7M $399.3M $255.2M
Total Long-Term Assets $512.0M $501.9M $206.5M
Total Assets $905.7M $901.3M $461.7M
YoY Change 101.41% 95.23% -8.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.26M $51.35M $32.32M
YoY Change 90.2% 58.87% 60.85%
Accrued Expenses $3.259M $3.159M $1.375M
YoY Change 116.83% 129.75% -34.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $693.0K $678.0K $624.0K
YoY Change 8.62% 8.65% -75.54%
Total Short-Term Liabilities $152.5M $141.8M $81.10M
YoY Change 96.44% 74.86% -0.67%
LONG-TERM LIABILITIES
Long-Term Debt $70.00M $51.00M $19.57M
YoY Change 260.69% 160.59% -3.08%
Other Long-Term Liabilities $48.92M $49.60M $19.04M
YoY Change 156.6% 160.5% -49.74%
Total Long-Term Liabilities $118.9M $100.6M $19.04M
YoY Change 523.75% 428.33% -67.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $152.5M $141.8M $81.10M
Total Long-Term Liabilities $118.9M $100.6M $19.04M
Total Liabilities $290.2M $261.3M $119.7M
YoY Change 149.89% 118.28% -14.33%
SHAREHOLDERS EQUITY
Retained Earnings -$128.0M -$99.11M $19.03M
YoY Change -1639.4% -620.85%
Common Stock $745.3M $739.2M $325.7M
YoY Change 125.59% 126.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $615.5M $640.0M $341.9M
YoY Change
Total Liabilities & Shareholders Equity $905.7M $901.3M $461.7M
YoY Change 101.41% 95.23% -8.04%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$28.86M -$39.43M $2.489M
YoY Change 169.29% -1684.01% 2.85%
Depreciation, Depletion And Amortization $13.09M $13.33M $6.512M
YoY Change 72.97% 104.65% -14.34%
Cash From Operating Activities $441.0K -$5.516M -$4.913M
YoY Change -134.89% 12.27% 130.01%
INVESTING ACTIVITIES
Capital Expenditures $22.30M $12.82M -$6.036M
YoY Change -501.24% -312.38% 20.91%
Acquisitions
YoY Change
Other Investing Activities $19.00K $0.00 -$1.458M
YoY Change -77.38% -100.0%
Cash From Investing Activities -$22.38M -$12.82M -$7.494M
YoY Change 308.88% 71.06% 50.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.24M 5.808M 909.0K
YoY Change -7338.89% 538.94% -111.92%
NET CHANGE
Cash From Operating Activities 441.0K -5.516M -4.913M
Cash From Investing Activities -22.38M -12.82M -7.494M
Cash From Financing Activities 18.24M 5.808M 909.0K
Net Change In Cash -3.695M -12.53M -11.50M
YoY Change -47.13% 8.95% -22.08%
FREE CASH FLOW
Cash From Operating Activities $441.0K -$5.516M -$4.913M
Capital Expenditures $22.30M $12.82M -$6.036M
Free Cash Flow -$21.86M -$18.33M $1.123M
YoY Change -609.11% -1732.68% -60.68%

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CY2023Q2 ofix Marketing Service Fees
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
362220000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
224488000
CY2023Q2 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
4633000
CY2022Q2 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
2051000
ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
8767000
ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
4052000
CY2023Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1300000
CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-10714000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1300000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-16214000
CY2023Q2 ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
3333000
CY2022Q2 ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
-8663000
ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
7467000
ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
-12162000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13246000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4460000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26266000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8792000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13246000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4460000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26266000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8792000
CY2023Q2 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
300000
CY2022Q2 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
200000
ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
500000
ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
200000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.04
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.182
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.022
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.463
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36762
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20031
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36252
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19965
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36762
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20113
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36252
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19965
ecd Trd Arr Ind Title
TrdArrIndTitle
directors or officers
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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