$OFIX
Orthofix Medical Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024122782 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $196.6M $184.0M
YoY Change 6.85% 61.41%
Cost Of Revenue $61.55M $64.24M
YoY Change -4.19% 110.13%
Gross Profit $135.1M $119.8M
YoY Change 12.77% 43.56%
Gross Profit Margin 68.69% 65.09%
Selling, General & Admin $130.1M $122.1M
YoY Change 6.6% 63.25%
% of Gross Profit 96.36% 101.94%
Research & Development $17.29M $18.56M
YoY Change -6.82% 55.4%
% of Gross Profit 12.81% 15.5%
Depreciation & Amortization $15.17M $13.09M
YoY Change 15.88% 72.97%
% of Gross Profit 11.23% 10.93%
Operating Expenses $10.89M $140.6M
YoY Change -92.26% 62.17%
Operating Profit -$18.90M -$24.45M
YoY Change -22.7% 322.48%
Interest Expense -$5.210M -$1.576M
YoY Change 230.58% 468.95%
% of Operating Profit
Other Income/Expense, Net -$2.528M -$2.360M
YoY Change 7.12% -28.66%
Pretax Income -$26.64M -$28.39M
YoY Change -6.16% 202.87%
Income Tax $751.0K $472.0K
% Of Pretax Income
Net Earnings -$27.39M -$28.86M
YoY Change -5.09% 169.29%
Net Earnings / Revenue -13.93% -15.68%
Basic Earnings Per Share -$0.71 -$0.77
Diluted Earnings Per Share -$0.71 -$0.77
COMMON SHARES
Basic Shares Outstanding 38.21M 38.17M 36.74M
Diluted Shares Outstanding 38.49M 37.25K

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.05M $33.66M
YoY Change -10.72% -34.84%
Cash & Equivalents $30.05M $33.66M
Short-Term Investments
Other Short-Term Assets $25.50M $24.17M
YoY Change 5.52% 25.07%
Inventory $205.8M $221.7M
Prepaid Expenses
Receivables $124.8M $114.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $386.2M $393.7M
YoY Change -1.9% 59.46%
LONG-TERM ASSETS
Property, Plant & Equipment $146.7M $152.7M
YoY Change -3.93% 164.08%
Goodwill $194.9M $194.8M
YoY Change 0.09% 173.1%
Intangibles $104.5M $121.0M
YoY Change -13.61% 154.71%
Long-Term Investments
YoY Change
Other Assets $35.49M $43.48M
YoY Change -18.37% 76.95%
Total Long-Term Assets $481.7M $512.0M
YoY Change -5.92% 152.49%
TOTAL ASSETS
Total Short-Term Assets $386.2M $393.7M
Total Long-Term Assets $481.7M $512.0M
Total Assets $867.9M $905.7M
YoY Change -4.17% 101.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.06M $53.26M
YoY Change -11.64% 90.2%
Accrued Expenses $3.931M $3.259M
YoY Change 20.62% 116.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.250M $693.0K
YoY Change 801.88% 8.62%
Total Short-Term Liabilities $161.9M $152.5M
YoY Change 6.14% 96.44%
LONG-TERM LIABILITIES
Long-Term Debt $112.2M $70.00M
YoY Change 60.31% 260.69%
Other Long-Term Liabilities $49.81M $48.92M
YoY Change 1.81% 156.6%
Total Long-Term Liabilities $162.0M $118.9M
YoY Change 36.24% 523.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.9M $152.5M
Total Long-Term Liabilities $162.0M $118.9M
Total Liabilities $341.9M $290.2M
YoY Change 17.84% 149.89%
SHAREHOLDERS EQUITY
Retained Earnings -$247.0M -$128.0M
YoY Change 93.01% -1639.4%
Common Stock $773.8M $745.3M
YoY Change 3.82% 125.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $525.9M $615.5M
YoY Change
Total Liabilities & Shareholders Equity $867.9M $905.7M
YoY Change -4.17% 101.41%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$27.39M -$28.86M
YoY Change -5.09% 169.29%
Depreciation, Depletion And Amortization $15.17M $13.09M
YoY Change 15.88% 72.97%
Cash From Operating Activities $11.67M $441.0K
YoY Change 2546.49% -134.89%
INVESTING ACTIVITIES
Capital Expenditures $5.812M $22.30M
YoY Change -73.93% -501.24%
Acquisitions
YoY Change
Other Investing Activities -$50.00K $19.00K
YoY Change -363.16% -77.38%
Cash From Investing Activities -$5.862M -$22.38M
YoY Change -73.8% 308.88%
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 18.24M
YoY Change -113.46% -7338.89%
NET CHANGE
Cash From Operating Activities 11.67M 441.0K
Cash From Investing Activities -5.862M -22.38M
Cash From Financing Activities -2.456M 18.24M
Net Change In Cash 3.353M -3.695M
YoY Change -190.74% -47.13%
FREE CASH FLOW
Cash From Operating Activities $11.67M $441.0K
Capital Expenditures $5.812M $22.30M
Free Cash Flow $5.859M -$21.86M
YoY Change -126.81% -609.11%

Facts In Submission

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us-gaap Share Based Compensation
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ofix Change In Valuation Of Investment Securities
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Inventories
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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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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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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 Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Cash Acquired From Acquisition
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing 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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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Principal Payments
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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ofix Contingent Consideration Milestone Payment
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33663000
CY2024Q3 us-gaap Restricted Cash
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32554000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33663000
CY2023Q1 us-gaap Conversion Of Stock Shares Converted1
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CY2024Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2024Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2024Q3 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2024Q3 ofix Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
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CY2023Q4 ofix Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
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CY2023Q4 us-gaap Operating Lease Liability Current
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CY2024Q3 us-gaap Finance Lease Liability Current
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CY2023Q4 us-gaap Finance Lease Liability Current
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CY2024Q3 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2024Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
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CY2023Q4 us-gaap Finance Lease Liability Noncurrent
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CY2024Q3 ofix Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
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CY2023Q4 ofix Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
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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 Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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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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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2024Q3 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2024Q3 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Current
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CY2024Q3 us-gaap Long Term Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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ofix Estimated Sales And Marketing Expense Benefit
EstimatedSalesAndMarketingExpenseBenefit
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CY2023Q3 ofix Estimated Sales And Marketing Expense Benefit
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200000
ofix Estimated Sales And Marketing Expense Benefit
EstimatedSalesAndMarketingExpenseBenefit
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CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q3 ofix Percentage Of Reported Increase Decrease
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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
RevenueFromContractWithCustomerExcludingAssessedTax
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ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.069
CY2024Q3 ofix Revenue From Product Sales
RevenueFromProductSales
184040000
CY2023Q3 ofix Revenue From Product Sales
RevenueFromProductSales
170666000
ofix Revenue From Product Sales
RevenueFromProductSales
545288000
ofix Revenue From Product Sales
RevenueFromProductSales
506992000
CY2024Q3 ofix Marketing Service Fees
MarketingServiceFees
12566000
CY2023Q3 ofix Marketing Service Fees
MarketingServiceFees
13340000
ofix Marketing Service Fees
MarketingServiceFees
38546000
ofix Marketing Service Fees
MarketingServiceFees
39234000
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q3 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
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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CY2024Q3 us-gaap Provision For Doubtful Accounts
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CY2023Q3 us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2059000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
905000
CY2024Q3 ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
1118000
CY2023Q3 ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
214000
ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
1321000
ofix Allowance For Doubtful Accounts Receivable Write Offs Reversal
AllowanceForDoubtfulAccountsReceivableWriteOffsReversal
334000
CY2024Q3 ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
-142000
CY2023Q3 ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
126000
ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
-10000
ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
37000
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7090000
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7878000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7090000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2024Q3 ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
30066000
CY2023Q3 ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
23070000
ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
76331000
ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2024Q3 us-gaap Operating Expenses
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CY2023Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
OperatingExpenses
32853000
us-gaap Operating Expenses
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32574000
CY2024Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2023Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
15173000
CY2023Q3 us-gaap Depreciation And Amortization
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13097000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
44067000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
39094000
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6531000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6274000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25290000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
32540000
CY2024Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1176000
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1909000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1263000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1057000
CY2024Q3 us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
2616000
CY2023Q3 us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
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us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
12992000
us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
34362000
CY2024Q3 ofix Strategic Investments
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39000
CY2023Q3 ofix Strategic Investments
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484000
ofix Strategic Investments
StrategicInvestments
470000
ofix Strategic Investments
StrategicInvestments
1454000
CY2024Q3 ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
5017000
CY2023Q3 ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
7122000
ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
15351000
ofix Acquisition Related Fair Value Adjustments
AcquisitionRelatedFairValueAdjustments
26907000
CY2024Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
3567000
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
429000
us-gaap Gain Loss On Investments
GainLossOnInvestments
5120000
us-gaap Gain Loss On Investments
GainLossOnInvestments
429000
CY2024Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
8335000
CY2023Q3 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
3851000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
10318000
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
5611000
CY2024Q3 us-gaap Restructuring Charges
RestructuringCharges
505000
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
-92000
us-gaap Restructuring Charges
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CY2024Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2024Q3 ecd Trd Arr Ind Title
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