$OFIX
Orthofix Medical Inc.

2014 Q1 Form 10-Q Financial Statement

#000119312514188536 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $100.0M $102.3M
YoY Change -2.21% -6.11%
Cost Of Revenue $26.77M $25.84M
YoY Change 3.61% 20.88%
Gross Profit $73.24M $76.44M
YoY Change -4.18% -12.7%
Gross Profit Margin 73.23% 74.73%
Selling, General & Admin $61.42M $63.38M
YoY Change -3.1% -1.1%
% of Gross Profit 83.85% 82.92%
Research & Development $5.939M $5.741M
YoY Change 3.45% -18.57%
% of Gross Profit 8.11% 7.51%
Depreciation & Amortization $6.004M $5.029M
YoY Change 19.39% -11.26%
% of Gross Profit 8.2% 6.58%
Operating Expenses $73.27M $70.37M
YoY Change 4.12% 1.05%
Operating Profit -$29.00K $6.068M
YoY Change -100.48% -66.14%
Interest Expense $468.0K $560.0K
YoY Change -16.43% -74.79%
% of Operating Profit 9.23%
Other Income/Expense, Net -$740.0K $4.204M
YoY Change -117.6% -247.41%
Pretax Income -$769.0K $12.29M
YoY Change -106.26% -37.22%
Income Tax $1.179M $4.681M
% Of Pretax Income 38.08%
Net Earnings -$2.508M $3.447M
YoY Change -172.76% -63.36%
Net Earnings / Revenue -2.51% 3.37%
Basic Earnings Per Share -$0.14 $0.18
Diluted Earnings Per Share -$0.14 $0.18
COMMON SHARES
Basic Shares Outstanding 18.20M 19.43M shares
Diluted Shares Outstanding 18.20M 19.69M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.10M $33.70M
YoY Change -25.52% -28.45%
Cash & Equivalents $25.12M $33.68M
Short-Term Investments
Other Short-Term Assets $90.40M $79.00M
YoY Change 14.43% -34.33%
Inventory $92.75M $92.13M
Prepaid Expenses
Receivables $76.92M $132.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $278.4M $337.3M
YoY Change -17.44% -18.7%
LONG-TERM ASSETS
Property, Plant & Equipment $52.53M $52.40M
YoY Change 0.25% -2.24%
Goodwill $53.57M $72.61M
YoY Change -26.23%
Intangibles $8.518M $6.765M
YoY Change 25.91%
Long-Term Investments
YoY Change
Other Assets $6.743M $14.15M
YoY Change -52.36% -36.53%
Total Long-Term Assets $125.5M $126.9M
YoY Change -1.06% -54.57%
TOTAL ASSETS
Total Short-Term Assets $278.4M $337.3M
Total Long-Term Assets $125.5M $126.9M
Total Assets $404.0M $464.2M
YoY Change -12.97% -33.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M $14.20M
YoY Change -1.41% -18.39%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.49M $65.53M
YoY Change -15.32% -61.79%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $20.00M
YoY Change 0.0% -89.18%
Other Long-Term Liabilities $12.49M $4.227M
YoY Change 195.41% 32.09%
Total Long-Term Liabilities $12.49M $4.227M
YoY Change 195.41% -97.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.49M $65.53M
Total Long-Term Liabilities $12.49M $4.227M
Total Liabilities $103.4M $103.2M
YoY Change 0.22% -72.97%
SHAREHOLDERS EQUITY
Retained Earnings $88.55M $150.7M
YoY Change -41.23%
Common Stock $225.5M $252.1M
YoY Change -10.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $300.6M $361.0M
YoY Change
Total Liabilities & Shareholders Equity $404.0M $464.2M
YoY Change -12.97% -33.13%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$2.508M $3.447M
YoY Change -172.76% -63.36%
Depreciation, Depletion And Amortization $6.004M $5.029M
YoY Change 19.39% -11.26%
Cash From Operating Activities -$10.20M $15.10M
YoY Change -167.55% -69.25%
INVESTING ACTIVITIES
Capital Expenditures $3.691M $6.029M
YoY Change -38.78% -5.38%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$3.700M -$6.100M
YoY Change -39.34% -6.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.542M $2.143M
YoY Change 158.61% -67.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.10M -5.900M
YoY Change -271.19% -79.73%
NET CHANGE
Cash From Operating Activities -10.20M 15.10M
Cash From Investing Activities -3.700M -6.100M
Cash From Financing Activities 10.10M -5.900M
Net Change In Cash -3.800M 3.100M
YoY Change -222.58% -77.04%
FREE CASH FLOW
Cash From Operating Activities -$10.20M $15.10M
Capital Expenditures $3.691M $6.029M
Free Cash Flow -$13.89M $9.071M
YoY Change -253.14% -78.77%

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CY2014Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div> <blockquote style="MARGIN-RIGHT: 0px" dir="ltr"> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>(b)</b></td> <td valign="top" align="left"><b>Reclassifications</b></td> </tr> </table> </blockquote> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company has reclassified certain line items to conform to the current year presentation. The reclassifications have no effect on previously reported net income or shareholders&#x2019; equity.</p> </div>
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.03
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.01
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <blockquote style="MARGIN-RIGHT: 0px" dir="ltr"> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>(c)</b></td> <td valign="top" align="left"><b>Use of estimates</b></td> </tr> </table> </blockquote> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates including those related to the resolution of U.S. government matters, contractual allowances, doubtful accounts, inventories, taxes, shared-based compensation, and potential goodwill and intangible asset impairment. Actual results could differ from these estimates.</p> </div>
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-166000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-240000
CY2014Q1 us-gaap Gross Profit
GrossProfit
78710000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-64000
CY2014Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-794000
CY2014Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
103000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-782000
CY2014Q1 us-gaap Other Adjustments To Income Discontinued Operations
OtherAdjustmentsToIncomeDiscontinuedOperations
800000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-261000
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-560000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
29000
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
439000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2465000
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
46000
CY2014Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-222000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1718000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3780000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-747000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-782000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1690000
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
412000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
101342000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3691000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17545000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
103000
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
22632000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
10073000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-246000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1461000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2579000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
43871000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3737000
CY2014Q1 us-gaap Interest Expense
InterestExpense
486000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6670000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5542000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-280000
CY2014Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-234000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5939000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6004000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
180000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
29000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
584000
CY2014Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-4761000
CY2014Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
4502000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
76245000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1940000
CY2014Q1 ofix Revenue From Product Sales
RevenueFromProductSales
89684000
CY2014Q1 ofix Percentage Of Constant Currency Growth
PercentageOfConstantCurrencyGrowth
0.02 pure
CY2014Q1 ofix Effective Income Tax Rate Continuing Operations Excluding Impact Of Tax Settlement
EffectiveIncomeTaxRateContinuingOperationsExcludingImpactOfTaxSettlement
0.739 pure
CY2014Q1 ofix Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
2806000
CY2014Q1 ofix Market Service Revenue
MarketServiceRevenue
11658000
CY2014Q1 ofix Percentage Of Reported Growth
PercentageOfReportedGrowth
0.02 pure
CY2014Q1 ofix Contributions Margin
ContributionsMargin
34839000
CY2014Q1 ofix Number Of Strategic Business Units
NumberOfStrategicBusinessUnits
4 Segment
CY2014Q1 ofix Accounting Review And Restatement Costs
AccountingReviewAndRestatementCosts
8306000

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