$OFIX
Orthofix Medical Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017015993 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $108.9M $108.5M $104.1M
YoY Change 4.68% 3.74% 3.09%
Cost Of Revenue $23.18M $23.32M $22.52M
YoY Change 2.94% 8.92% 2.77%
Gross Profit $85.77M $85.22M $81.56M
YoY Change 5.16% 2.41% 3.18%
Gross Profit Margin 78.73% 78.51% 78.37%
Selling, General & Admin $70.90M $69.80M $63.99M
YoY Change 10.8% 1.9% -2.23%
% of Gross Profit 82.67% 81.91% 78.46%
Research & Development $6.900M $7.500M $6.792M
YoY Change 1.59% -1.32% 5.29%
% of Gross Profit 8.05% 8.8% 8.33%
Depreciation & Amortization $5.300M $5.300M $5.100M
YoY Change 3.92% -74.64%
% of Gross Profit 6.18% 6.22% 6.25%
Operating Expenses $77.77M $77.80M $84.25M
YoY Change -7.7% 2.6% 13.68%
Operating Profit $7.998M $7.416M -$2.695M
YoY Change -396.77% 0.49% -154.69%
Interest Expense $100.0K $400.0K -$100.0K
YoY Change -200.0% -300.0% -200.0%
% of Operating Profit 1.25% 5.39%
Other Income/Expense, Net $600.0K -$4.200M $147.0K
YoY Change 308.16% 4100.0% -83.67%
Pretax Income $8.700M $3.700M -$2.661M
YoY Change -426.94% -47.89% -145.45%
Income Tax $3.924M $8.800M $3.685M
% Of Pretax Income 45.1% 237.84%
Net Earnings $3.853M -$3.236M -$7.444M
YoY Change -151.76% -196.05% -308.4%
Net Earnings / Revenue 3.54% -2.98% -7.15%
Basic Earnings Per Share $0.21 -$0.18 -$0.41
Diluted Earnings Per Share $0.21 -$0.18 -$0.41
COMMON SHARES
Basic Shares Outstanding 18.05M 17.83M 18.15M
Diluted Shares Outstanding 18.34M 18.15M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.30M $39.60M $40.50M
YoY Change 9.38% -37.83% -27.55%
Cash & Equivalents $44.33M $39.57M $40.48M
Short-Term Investments
Other Short-Term Assets $17.20M $33.60M $19.80M
YoY Change -13.13% 7.69% -67.91%
Inventory $75.90M $63.30M $61.33M
Prepaid Expenses
Receivables $61.20M $57.80M $56.44M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $198.6M $194.4M $178.0M
YoY Change 11.58% -8.42% -24.33%
LONG-TERM ASSETS
Property, Plant & Equipment $46.70M $48.92M $52.50M
YoY Change -11.05% -6.48% 5.08%
Goodwill $53.57M $53.57M
YoY Change 0.0% 0.0%
Intangibles $7.461M $7.822M
YoY Change 40.72% 39.03%
Long-Term Investments
YoY Change
Other Assets $59.30M $20.46M $16.42M
YoY Change 261.12% 4.99% -38.9%
Total Long-Term Assets $169.1M $177.7M $186.8M
YoY Change -9.45% -5.45% 21.31%
TOTAL ASSETS
Total Short-Term Assets $198.6M $194.4M $178.0M
Total Long-Term Assets $169.1M $177.7M $186.8M
Total Assets $367.7M $372.1M $364.7M
YoY Change 0.81% -7.03% -6.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.20M $14.35M $13.70M
YoY Change 3.65% -12.48% -20.35%
Accrued Expenses $6.155M
YoY Change -68.62%
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 $65.10M $83.44M $77.20M
YoY Change -15.67% 1.77% 18.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.60M $25.19M $29.31M
YoY Change -12.65% -9.81% 10.31%
Total Long-Term Liabilities $25.60M $25.19M $29.31M
YoY Change -12.65% -9.81% 10.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.10M $83.44M $77.20M
Total Long-Term Liabilities $25.60M $25.19M $29.31M
Total Liabilities $90.70M $108.6M $106.5M
YoY Change -14.84% -1.17% 16.43%
SHAREHOLDERS EQUITY
Retained Earnings $64.18M $59.06M
YoY Change 2.6% -2.47%
Common Stock $205.9M $207.1M
YoY Change -12.01% -13.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $276.9M $263.5M $258.2M
YoY Change
Total Liabilities & Shareholders Equity $367.7M $372.1M $364.7M
YoY Change 0.81% -7.03% -6.27%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $3.853M -$3.236M -$7.444M
YoY Change -151.76% -196.05% -308.4%
Depreciation, Depletion And Amortization $5.300M $5.300M $5.100M
YoY Change 3.92% -74.64%
Cash From Operating Activities $20.60M $6.300M $16.80M
YoY Change 22.62% -63.16% 158.46%
INVESTING ACTIVITIES
Capital Expenditures -$4.700M -$4.000M -$4.000M
YoY Change 17.5% -40.3% -52.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.600M
YoY Change -100.0%
Cash From Investing Activities -$4.700M -$4.000M -$6.600M
YoY Change -28.79% -40.3% -21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K -8.400M -9.200M
YoY Change -106.52% -13.4% -133.82%
NET CHANGE
Cash From Operating Activities 20.60M 6.300M 16.80M
Cash From Investing Activities -4.700M -4.000M -6.600M
Cash From Financing Activities 600.0K -8.400M -9.200M
Net Change In Cash 16.50M -6.100M 1.000M
YoY Change 1550.0% -971.43% -96.05%
FREE CASH FLOW
Cash From Operating Activities $20.60M $6.300M $16.80M
Capital Expenditures -$4.700M -$4.000M -$4.000M
Free Cash Flow $25.30M $10.30M $20.80M
YoY Change 21.63% -56.72% 38.67%

Facts In Submission

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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
719000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
265000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
63663000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
4
CY2017Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5049000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7978000
CY2017Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
11339000
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9505000
CY2017Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
55706000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
42434000
CY2017Q2 ofix Deferred Cost Of Sales Net Of Reserves
DeferredCostOfSalesNetOfReserves
3775000
CY2016Q4 ofix Deferred Cost Of Sales Net Of Reserves
DeferredCostOfSalesNetOfReserves
3429000
us-gaap Restructuring Costs
RestructuringCosts
2900000
CY2017Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
2000000
CY2016Q4 ofix Other Current Liabilities Related To Restructuring
OtherCurrentLiabilitiesRelatedToRestructuring
1500000
ofix Restructuring And Related Cost Increase Decrease In Expected Cost Remaining
RestructuringAndRelatedCostIncreaseDecreaseInExpectedCostRemaining
100000
us-gaap Payments For Restructuring
PaymentsForRestructuring
600000
CY2017Q2 ofix Other Current Liabilities Related To Restructuring
OtherCurrentLiabilitiesRelatedToRestructuring
1000000
CY2017Q2 us-gaap Line Of Credit
LineOfCredit
0
ofix Marketing Service Fees
MarketingServiceFees
26261000
CY2017Q2 ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.047
ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.044
CY2017Q2 ofix Non Gaap Net Margin
NonGAAPNetMargin
35294000
CY2016Q2 ofix Non Gaap Net Margin
NonGAAPNetMargin
35516000
CY2017Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
5800000
CY2017Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
6600000
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
5585000
CY2017Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
18000000
CY2017Q2 ofix Accrued Expenses And Other Liabilities Related To Discontinued Operation
AccruedExpensesAndOtherLiabilitiesRelatedToDiscontinuedOperation
2600000
us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
-338000
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
-1223000
CY2017Q2 ofix Revenue From Product Sales
RevenueFromProductSales
93908000
CY2016Q2 ofix Revenue From Product Sales
RevenueFromProductSales
90868000
ofix Revenue From Product Sales
RevenueFromProductSales
182309000
ofix Revenue From Product Sales
RevenueFromProductSales
176493000
CY2017Q2 ofix Marketing Service Fees
MarketingServiceFees
15034000
CY2016Q2 ofix Marketing Service Fees
MarketingServiceFees
13207000
ofix Marketing Service Fees
MarketingServiceFees
29371000
ofix Non Gaap Net Margin
NonGAAPNetMargin
66919000
ofix Non Gaap Net Margin
NonGAAPNetMargin
67236000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2676000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1913000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5492000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4012000
CY2017Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
76596
CY2016Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
325393
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
291275
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
528791
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.453
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.385
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.764
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.285

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