$OFIX
Orthofix Medical Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018025415 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $121.1M $111.7M $116.9M
YoY Change 3.58% 6.14% 7.7%
Cost Of Revenue $25.63M $24.02M $23.56M
YoY Change 8.76% 1.28% 1.04%
Gross Profit $95.45M $87.69M $93.33M
YoY Change 2.27% 7.55% 9.53%
Gross Profit Margin 78.84% 78.5% 79.84%
Selling, General & Admin $73.90M $72.17M $69.50M
YoY Change 6.33% 10.02% -0.43%
% of Gross Profit 77.42% 82.31% 74.46%
Research & Development $8.800M $9.598M $8.500M
YoY Change 3.53% 39.1% 13.33%
% of Gross Profit 9.22% 10.95% 9.11%
Depreciation & Amortization $5.000M $4.800M $4.700M
YoY Change 6.38% -4.0% -11.32%
% of Gross Profit 5.24% 5.47% 5.04%
Operating Expenses $83.05M $83.78M $75.47M
YoY Change 10.04% 15.57% -2.99%
Operating Profit $12.40M $3.907M $17.86M
YoY Change -30.56% -56.75% 140.83%
Interest Expense -$200.0K -$200.0K -$500.0K
YoY Change -60.0% -225.0%
% of Operating Profit -1.61% -5.12% -2.8%
Other Income/Expense, Net -$600.0K -$5.054M -$700.0K
YoY Change -14.29% -1155.11% -83.33%
Pretax Income $11.60M -$1.328M $16.60M
YoY Change -30.12% -113.98% 348.65%
Income Tax $2.800M -$100.0K $6.800M
% Of Pretax Income 24.14% 40.96%
Net Earnings $8.871M -$1.211M $1.568M
YoY Change 465.75% -135.04% -148.45%
Net Earnings / Revenue 7.33% -1.08% 1.34%
Basic Earnings Per Share $0.47 -$0.07 $0.09
Diluted Earnings Per Share $0.46 -$0.07 $0.08
COMMON SHARES
Basic Shares Outstanding 18.92M 18.56M
Diluted Shares Outstanding 18.56M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.60M $53.80M $81.20M
YoY Change -14.29% -0.19% 105.05%
Cash & Equivalents $69.62M $53.78M $81.16M
Short-Term Investments
Other Short-Term Assets $20.50M $37.00M $25.90M
YoY Change -20.85% 103.3% -22.92%
Inventory $76.85M $79.90M $81.33M
Prepaid Expenses
Receivables $77.75M $74.40M $63.44M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $244.6M $245.0M $251.8M
YoY Change -2.84% 14.81% 29.55%
LONG-TERM ASSETS
Property, Plant & Equipment $42.84M $43.60M $45.14M
YoY Change -5.1% -6.64% -7.72%
Goodwill $72.40M $53.57M
YoY Change 35.16% 0.0%
Intangibles $51.90M $10.46M
YoY Change 396.1% 40.21%
Long-Term Investments
YoY Change
Other Assets $21.64M $38.10M $21.07M
YoY Change 2.7% -39.23% 2.98%
Total Long-Term Assets $222.0M $205.2M $153.6M
YoY Change 44.58% 18.68% -13.6%
TOTAL ASSETS
Total Short-Term Assets $244.6M $245.0M $251.8M
Total Long-Term Assets $222.0M $205.2M $153.6M
Total Assets $466.6M $450.2M $405.4M
YoY Change 15.12% 16.54% 8.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.99M $15.43M $18.11M
YoY Change -0.67% 15.12% 26.18%
Accrued Expenses $6.206M $6.984M
YoY Change -11.14% 13.47%
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 $85.91M $76.80M $79.41M
YoY Change 8.19% 3.64% -4.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $45.34M $50.00M $29.34M
YoY Change 54.52% 85.88% 16.5%
Total Long-Term Liabilities $45.34M $50.00M $29.34M
YoY Change 54.52% 85.88% 16.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.91M $76.80M $79.41M
Total Long-Term Liabilities $45.34M $50.00M $29.34M
Total Liabilities $131.2M $126.8M $108.7M
YoY Change 20.69% 25.56% 0.11%
SHAREHOLDERS EQUITY
Retained Earnings $87.08M $78.21M $70.40M
YoY Change 23.69% 9.7%
Common Stock $245.0M $240.3M $222.4M
YoY Change 10.16% 8.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $335.4M $323.4M $296.6M
YoY Change
Total Liabilities & Shareholders Equity $466.6M $450.2M $405.4M
YoY Change 15.12% 16.53% 8.94%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $8.871M -$1.211M $1.568M
YoY Change 465.75% -135.04% -148.45%
Depreciation, Depletion And Amortization $5.000M $4.800M $4.700M
YoY Change 6.38% -4.0% -11.32%
Cash From Operating Activities $21.10M $15.80M $44.20M
YoY Change -52.26% -2733.33% 601.59%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$4.400M -$3.600M
YoY Change 25.0% -6.38% -10.0%
Acquisitions
YoY Change
Other Investing Activities -$600.0K $0.00 $0.00
YoY Change
Cash From Investing Activities -$5.100M -$4.400M -$3.700M
YoY Change 37.84% -6.38% -7.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -700.0K 900.0K
YoY Change -100.0% -450.0% -110.71%
NET CHANGE
Cash From Operating Activities 21.10M 15.80M 44.20M
Cash From Investing Activities -5.100M -4.400M -3.700M
Cash From Financing Activities 0.000 -700.0K 900.0K
Net Change In Cash 16.00M 10.70M 41.40M
YoY Change -61.35% -309.8% -778.69%
FREE CASH FLOW
Cash From Operating Activities $21.10M $15.80M $44.20M
Capital Expenditures -$4.500M -$4.400M -$3.600M
Free Cash Flow $25.60M $20.20M $47.80M
YoY Change -46.44% 392.68% 364.08%

Facts In Submission

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CY2018Q3 ofix Date Of Change In Jurisdiction
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us-gaap Common Stock Conversion Basis
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Upon the effectiveness of the Domestication, each common share of Orthofix International N.V. was automatically converted into one share of common stock of Orthofix Medical Inc. The Company’s common stock continues to be traded on the Nasdaq Global Select Market under the symbol “OFIX.”
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2335000
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4668000
CY2017Q2 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
2768000
CY2017Q4 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
2768000
CY2016Q4 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
2768000
CY2017Q3 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
500000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0
CY2018Q3 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
-4449000
us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueImpairmentLossAnnualAmount
-4678000
CY2018Q3 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
219000
CY2017Q3 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
2768000
CY2018Q3 ofix Equity Securities And Warrants
EquitySecuritiesAndWarrants
219000
CY2018Q3 ofix Discontinued Operations Obligated To Make Final Payment To Insurer
DiscontinuedOperationsObligatedToMakeFinalPaymentToInsurer
1700000
CY2018Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3000000.0
CY2018Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3500000
CY2018Q3 ofix Freezing Amount In Cash Resulted From Court Pending Legal Action Issued
FreezingAmountInCashResultedFromCourtPendingLegalActionIssued
2500000
us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
1878000
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
798000
CY2018Q3 ofix Revenue From Product Sales
RevenueFromProductSales
97604000
CY2017Q3 ofix Revenue From Product Sales
RevenueFromProductSales
90645000
ofix Revenue From Product Sales
RevenueFromProductSales
289946000
ofix Revenue From Product Sales
RevenueFromProductSales
272954000
CY2018Q3 ofix Marketing Service Fees
MarketingServiceFees
14104000
CY2017Q3 ofix Marketing Service Fees
MarketingServiceFees
14602000
ofix Marketing Service Fees
MarketingServiceFees
42018000
ofix Marketing Service Fees
MarketingServiceFees
43973000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111708000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105247000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
331964000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
316927000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105247000
CY2018Q3 ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.061
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
331964000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
316927000
ofix Percentage Of Reported Increase Decrease
PercentageOfReportedIncreaseDecrease
0.047
CY2018Q3 ofix Non Gaap Net Margin
NonGAAPNetMargin
37790000
CY2017Q3 ofix Non Gaap Net Margin
NonGAAPNetMargin
34037000
ofix Non Gaap Net Margin
NonGAAPNetMargin
109267000
ofix Non Gaap Net Margin
NonGAAPNetMargin
100956000
CY2018Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1580000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2689000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3907000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
9034000
us-gaap Operating Income Loss
OperatingIncomeLoss
17695000
us-gaap Operating Income Loss
OperatingIncomeLoss
22951000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-181000
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-15000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-615000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
106000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5054000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
479000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5785000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3284000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1328000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9498000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11295000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19773000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111708000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105247000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
331964000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
316927000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5261000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3632000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14392000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9124000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5261000
CY2018Q3 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
50928
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.087
CY2017Q4 ofix Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
8300000
CY2018Q1 ofix Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
-500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18864169
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18394542

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