$OFIX
Orthofix Medical Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024091200 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $196.6M $198.6M $187.0M
YoY Change 6.85% 6.2% 58.39%
Cost Of Revenue $61.55M $63.87M $67.47M
YoY Change -4.19% -5.33% 113.5%
Gross Profit $135.1M $134.7M $119.6M
YoY Change 12.77% 12.71% 38.26%
Gross Profit Margin 68.69% 67.84% 63.93%
Selling, General & Admin $130.1M $134.2M $133.4M
YoY Change 6.6% 0.59% 76.18%
% of Gross Profit 96.36% 99.61% 111.61%
Research & Development $17.29M $18.05M $19.42M
YoY Change -6.82% -7.08% 52.25%
% of Gross Profit 12.81% 13.39% 16.25%
Depreciation & Amortization $15.17M $14.03M $13.33M
YoY Change 15.88% 5.29% 104.65%
% of Gross Profit 11.23% 10.41% 11.15%
Operating Expenses $10.89M $11.23M $152.9M
YoY Change -92.26% -92.65% 72.73%
Operating Profit -$18.90M -$24.91M -$36.63M
YoY Change -22.7% -32.01% -651.6%
Interest Expense -$5.210M -$4.943M -$1.266M
YoY Change 230.58% 290.44% 211.06%
% of Operating Profit
Other Income/Expense, Net -$2.528M -$2.510M -$20.00K
YoY Change 7.12% 12450.0% -99.37%
Pretax Income -$26.64M -$32.36M -$37.92M
YoY Change -6.16% -14.66% -1346.48%
Income Tax $751.0K $1.084M $1.508M
% Of Pretax Income
Net Earnings -$27.39M -$33.44M -$39.43M
YoY Change -5.09% -15.18% -1684.01%
Net Earnings / Revenue -13.93% -16.84% -21.08%
Basic Earnings Per Share -$0.71 -$0.88 -$1.07
Diluted Earnings Per Share -$0.71 -$0.88 -$1.07
COMMON SHARES
Basic Shares Outstanding 38.17M 37.53M 36.54M
Diluted Shares Outstanding 38.49M 38.02K 36.76K

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.05M $26.37M $37.61M
YoY Change -10.72% -29.89% -36.83%
Cash & Equivalents $30.05M $26.37M $37.61M
Short-Term Investments
Other Short-Term Assets $25.50M $24.30M $26.95M
YoY Change 5.52% -9.83% 25.83%
Inventory $205.8M $210.0M $222.5M
Prepaid Expenses
Receivables $124.8M $125.4M $112.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $386.2M $386.1M $399.3M
YoY Change -1.9% -3.33% 56.49%
LONG-TERM ASSETS
Property, Plant & Equipment $146.7M $154.1M $140.6M
YoY Change -3.93% 9.62% 139.59%
Goodwill $194.9M $194.9M $191.7M
YoY Change 0.09% 1.67% 168.84%
Intangibles $104.5M $108.3M $126.0M
YoY Change -13.61% -14.04% 148.84%
Long-Term Investments
YoY Change
Other Assets $35.49M $38.58M $43.63M
YoY Change -18.37% -11.58% 78.93%
Total Long-Term Assets $481.7M $495.9M $501.9M
YoY Change -5.92% -1.2% 143.11%
TOTAL ASSETS
Total Short-Term Assets $386.2M $386.1M $399.3M
Total Long-Term Assets $481.7M $495.9M $501.9M
Total Assets $867.9M $882.0M $901.3M
YoY Change -4.17% -2.14% 95.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.06M $50.36M $51.35M
YoY Change -11.64% -1.92% 58.87%
Accrued Expenses $3.931M $3.733M $3.159M
YoY Change 20.62% 18.17% 129.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $4.688M $678.0K
YoY Change 801.88% 591.45% 8.65%
Total Short-Term Liabilities $161.9M $156.0M $141.8M
YoY Change 6.14% 9.99% 74.86%
LONG-TERM LIABILITIES
Long-Term Debt $112.2M $113.3M $51.00M
YoY Change 60.31% 122.19% 160.59%
Other Long-Term Liabilities $49.81M $48.55M $49.60M
YoY Change 1.81% -2.12% 160.5%
Total Long-Term Liabilities $162.0M $161.9M $100.6M
YoY Change 36.24% 60.9% 428.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.9M $156.0M $141.8M
Total Long-Term Liabilities $162.0M $161.9M $100.6M
Total Liabilities $341.9M $336.0M $261.3M
YoY Change 17.84% 28.58% 118.28%
SHAREHOLDERS EQUITY
Retained Earnings -$247.0M -$219.6M -$99.11M
YoY Change 93.01% 121.57% -620.85%
Common Stock $773.8M $768.3M $739.2M
YoY Change 3.82% 3.94% 126.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $525.9M $546.0M $640.0M
YoY Change
Total Liabilities & Shareholders Equity $867.9M $882.0M $901.3M
YoY Change -4.17% -2.14% 95.23%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$27.39M -$33.44M -$39.43M
YoY Change -5.09% -15.18% -1684.01%
Depreciation, Depletion And Amortization $15.17M $14.03M $13.33M
YoY Change 15.88% 5.29% 104.65%
Cash From Operating Activities $11.67M $8.984M -$5.516M
YoY Change 2546.49% -262.87% 12.27%
INVESTING ACTIVITIES
Capital Expenditures $5.812M $9.716M $12.82M
YoY Change -73.93% -24.21% -312.38%
Acquisitions
YoY Change
Other Investing Activities -$50.00K $0.00 $0.00
YoY Change -363.16% -100.0%
Cash From Investing Activities -$5.862M -$9.716M -$12.82M
YoY Change -73.8% -24.21% 71.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.456M 225.0K 5.808M
YoY Change -113.46% -96.13% 538.94%
NET CHANGE
Cash From Operating Activities 11.67M 8.984M -5.516M
Cash From Investing Activities -5.862M -9.716M -12.82M
Cash From Financing Activities -2.456M 225.0K 5.808M
Net Change In Cash 3.353M -507.0K -12.53M
YoY Change -190.74% -95.95% 8.95%
FREE CASH FLOW
Cash From Operating Activities $11.67M $8.984M -$5.516M
Capital Expenditures $5.812M $9.716M $12.82M
Free Cash Flow $5.859M -$732.0K -$18.33M
YoY Change -126.81% -96.01% -1732.68%

Facts In Submission

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ofix Increase Decrease In Prepaid Expense And Other Current Assets
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us-gaap Increase Decrease In Other Current Liabilities
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3866000
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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3775000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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346000
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q2 us-gaap Restricted Cash
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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FinanceLeaseRightOfUseAsset
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CY2024Q2 ofix Operating And Finance Lease Right Of Use Asset
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CY2023Q4 ofix Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
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CY2023Q4 us-gaap Finance Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2024Q2 us-gaap Finance Lease Liability Noncurrent
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CY2024Q2 ofix Operating And Finance Lease Liability
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CY2023Q4 ofix Operating And Finance Lease Liability
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q2 us-gaap Long Term Debt
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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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ofix Percentage Of Reported Increase Decrease
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CY2024Q2 ofix Revenue From Product Sales
RevenueFromProductSales
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CY2023Q2 ofix Revenue From Product Sales
RevenueFromProductSales
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ofix Revenue From Product Sales
RevenueFromProductSales
361248000
ofix Revenue From Product Sales
RevenueFromProductSales
336326000
CY2024Q2 ofix Marketing Service Fees
MarketingServiceFees
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CY2023Q2 ofix Marketing Service Fees
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12938000
ofix Marketing Service Fees
MarketingServiceFees
25980000
ofix Marketing Service Fees
MarketingServiceFees
25894000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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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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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q2 us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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1573000
us-gaap Provision For Doubtful Accounts
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490000
CY2024Q2 ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
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184000
CY2023Q2 ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
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ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
203000
ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
120000
CY2024Q2 ofix Effect Of Changes In Foreign Exchange Rates
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CY2023Q2 ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
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132000
ofix Effect Of Changes In Foreign Exchange Rates
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-89000
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8368000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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us-gaap Number Of Reportable Segments
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CY2024Q2 ofix Earnings Before Interest Taxes Depreciation And Amortization
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CY2023Q2 ofix Earnings Before Interest Taxes Depreciation And Amortization
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21123000
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us-gaap Operating Expenses
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21967000
us-gaap Operating Expenses
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
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CY2024Q2 us-gaap Depreciation And Amortization
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14032000
CY2023Q2 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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28894000
us-gaap Depreciation And Amortization
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25997000
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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18759000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26266000
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
851000
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-269000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2439000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-852000
CY2024Q2 us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
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CY2023Q2 us-gaap Payments For Merger Related Costs
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us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
10376000
us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
28946000
CY2024Q2 ofix Strategic Investments
StrategicInvestments
311000
CY2023Q2 ofix Strategic Investments
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309000
ofix Strategic Investments
StrategicInvestments
431000
ofix Strategic Investments
StrategicInvestments
970000
CY2024Q2 ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
6117000
CY2023Q2 ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
8149000
ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
10334000
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19785000
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1813000
us-gaap Gain Loss On Investments
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1553000
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-277000
CY2023Q2 us-gaap Gain Loss Related To Litigation Settlement
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1291000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1983000
us-gaap Gain Loss Related To Litigation Settlement
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1760000
CY2024Q2 us-gaap Restructuring Charges
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5346000
CY2023Q2 us-gaap Restructuring Charges
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262000
us-gaap Restructuring Charges
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