$OFIX
Orthofix Medical Inc.

2015 Q3 Form 10-Q Financial Statement

#000156459015006071 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q4
Revenue $101.2M $101.0M $100.3M
YoY Change 0.16% -0.03% -5.29%
Cost Of Revenue $23.87M $21.91M $21.46M
YoY Change -5.55% -13.79% -37.12%
Gross Profit $77.29M $79.04M $78.83M
YoY Change 2.06% 4.6% 9.84%
Gross Profit Margin 76.41% 78.3% 78.6%
Selling, General & Admin $65.50M $65.45M $65.50M
YoY Change 9.51% 9.88% 1.55%
% of Gross Profit 84.75% 82.8% 83.09%
Research & Development $6.500M $6.451M $6.200M
YoY Change -1.1% 2.19% 1.64%
% of Gross Profit 8.41% 8.16% 7.87%
Depreciation & Amortization $5.800M
YoY Change -19.44%
% of Gross Profit 7.36%
Operating Expenses $73.15M $74.12M $74.87M
YoY Change 5.68% 7.62% -8.51%
Operating Profit $4.139M $4.928M $3.953M
YoY Change -36.4% -26.49% -139.22%
Interest Expense -$100.0K $100.0K -$400.0K
YoY Change -125.32% -79.67% 33.33%
% of Operating Profit -2.42% 2.03% -10.12%
Other Income/Expense, Net -$1.700M $900.0K -$1.700M
YoY Change -0.99% -797.67% -666.67%
Pretax Income $2.300M $5.855M $1.900M
YoY Change -51.99% -10.95% -119.0%
Income Tax $3.100M $1.778M $6.900M
% Of Pretax Income 134.78% 30.37% 363.16%
Net Earnings -$1.371M $3.572M -$5.798M
YoY Change -403.32% -622.99% -44.31%
Net Earnings / Revenue -1.36% 3.54% -5.78%
Basic Earnings Per Share -$0.07 $0.19 -$0.31
Diluted Earnings Per Share -$0.07 $0.19 -$0.31
COMMON SHARES
Basic Shares Outstanding 18.85M 18.77M
Diluted Shares Outstanding 18.99M

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.70M $55.90M $36.80M
YoY Change 113.76% 93.43% 27.34%
Cash & Equivalents $63.69M $55.95M $36.82M
Short-Term Investments
Other Short-Term Assets $67.90M $61.70M $61.00M
YoY Change -40.33% -52.39% -34.2%
Inventory $57.80M $59.22M $59.85M
Prepaid Expenses
Receivables $56.20M $58.36M $61.36M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $245.5M $235.2M $256.4M
YoY Change -9.19% -19.63% -3.28%
LONG-TERM ASSETS
Property, Plant & Equipment $51.50M $49.96M $48.55M
YoY Change 3.8% -2.19% -10.71%
Goodwill $53.57M $53.57M
YoY Change 0.0% 0.0%
Intangibles $5.626M $7.152M
YoY Change -30.33% -20.94%
Long-Term Investments
YoY Change
Other Assets $46.60M $26.88M $8.970M
YoY Change 427.27% 360.68% 19.73%
Total Long-Term Assets $156.9M $153.9M $136.8M
YoY Change 11.51% 8.93% -6.87%
TOTAL ASSETS
Total Short-Term Assets $245.5M $235.2M $256.4M
Total Long-Term Assets $156.9M $153.9M $136.8M
Total Assets $402.4M $389.2M $393.2M
YoY Change -2.1% -10.33% -4.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $17.20M $13.20M
YoY Change 28.79% 9.55% -36.23%
Accrued Expenses $23.30M
YoY Change 23.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.60M $64.91M $66.44M
YoY Change -3.42% -21.89% -5.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $26.70M $26.57M $26.89M
YoY Change 127.0% 114.84% 111.1%
Total Long-Term Liabilities $26.70M $26.57M $26.89M
YoY Change 127.0% 114.84% 111.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.60M $64.91M $66.44M
Total Long-Term Liabilities $26.70M $26.57M $26.89M
Total Liabilities $105.2M $91.48M $93.56M
YoY Change -0.78% -28.97% -19.42%
SHAREHOLDERS EQUITY
Retained Earnings $60.55M $65.36M
YoY Change -14.36% -11.55%
Common Stock $239.9M $234.6M
YoY Change 4.13% 7.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $297.2M $297.7M $299.6M
YoY Change
Total Liabilities & Shareholders Equity $402.4M $389.2M $393.2M
YoY Change -2.1% -10.33% -4.56%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$1.371M $3.572M -$5.798M
YoY Change -403.32% -622.99% -44.31%
Depreciation, Depletion And Amortization $5.800M
YoY Change -19.44%
Cash From Operating Activities $17.50M $6.500M $15.00M
YoY Change -3.31% -76.87% -0.66%
INVESTING ACTIVITIES
Capital Expenditures -$7.600M -$8.500M -$7.000M
YoY Change 46.15% 226.92% 22.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$7.600M -$8.400M -$7.100M
YoY Change 13.43% 236.0% 20.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.700M 27.20M 500.0K
YoY Change -80.46% -224.2% -150.0%
NET CHANGE
Cash From Operating Activities 17.50M 6.500M 15.00M
Cash From Investing Activities -7.600M -8.400M -7.100M
Cash From Financing Activities -1.700M 27.20M 500.0K
Net Change In Cash 8.200M 25.30M 8.400M
YoY Change 203.7% 583.78% 2.44%
FREE CASH FLOW
Cash From Operating Activities $17.50M $6.500M $15.00M
Capital Expenditures -$7.600M -$8.500M -$7.000M
Free Cash Flow $25.10M $15.00M $22.00M
YoY Change 7.73% -51.14% 5.77%

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3301000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-516000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7172000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6138000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
119000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9520000
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.03
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18769415
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18989579
CY2015Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
271000
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
198000
CY2014Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3266000
CY2014Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-1880000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
3572000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-683000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
34424000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
54000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
19131000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28924000
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28919000
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2014Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
5800000
CY2014Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
7000000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
220164
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
175844
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-21406000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
40000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
112943
us-gaap Number Of Reporting Units
NumberOfReportingUnits
4
us-gaap Immaterial Error Correction
ImmaterialErrorCorrection
The classification error had no effect on the reported net change in cash and cash equivalents, and also had no effect on the consolidated balance sheet, the consolidated statement of operations, or the consolidated statement of stockholders’ equity. Based on our evaluation of relevant quantitative and qualitative factors, we have determined that the classification error is and was immaterial.
CY2015Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
4200000
CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3879000
CY2015Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5071000
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4830000
CY2015Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
44309000
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
45612000
CY2015Q2 ofix Deferred Cost Of Sales Net Of Reserves
DeferredCostOfSalesNetOfReserves
5639000
CY2014Q4 ofix Deferred Cost Of Sales Net Of Reserves
DeferredCostOfSalesNetOfReserves
5525000
CY2015Q1 ofix Line Of Credit Facility Maximum Potential Decrease To Borrowing Capacity
LineOfCreditFacilityMaximumPotentialDecreaseToBorrowingCapacity
100000000
CY2015Q2 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
187800000
CY2014Q4 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
181800000
CY2015Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2015Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
6500000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1186000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3576000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2373000
CY2015Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
81974
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
227840
CY2014Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
168715
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
432290
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-2.987
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.773
ofix Effective Income Tax Rate Continuing Operations Excluding Impact Of Discrete Items
EffectiveIncomeTaxRateContinuingOperationsExcludingImpactOfDiscreteItems
-2.566
ofix Effective Income Tax Rate Continuing Operations Excluding Impact Of Discrete Items
EffectiveIncomeTaxRateContinuingOperationsExcludingImpactOfDiscreteItems
0.632
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15600000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15600000
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
500000
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
500000
ofix Number Of Strategic Business Units
NumberOfStrategicBusinessUnits
4
CY2015Q2 ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.00
CY2015Q2 ofix Percentage Of Constant Currency Increase Decrease
PercentageOfConstantCurrencyIncreaseDecrease
0.05
ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
-0.05
ofix Percentage Of Constant Currency Increase Decrease
PercentageOfConstantCurrencyIncreaseDecrease
-0.01
CY2015Q2 ofix Net Margin
NetMargin
36098000
CY2014Q2 ofix Net Margin
NetMargin
33558000
ofix Net Margin
NetMargin
62236000
ofix Net Margin
NetMargin
65628000
CY2014 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-3800000
CY2013 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-6700000
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
1300000
CY2015Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
5700000

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