$OFIX
Orthofix Medical Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020037284 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $73.14M $115.9M
YoY Change -36.87% 3.86%
Cost Of Revenue $23.20M $25.81M
YoY Change -10.12% 13.04%
Gross Profit $50.00M $90.04M
YoY Change -44.47% 1.49%
Gross Profit Margin 68.37% 77.72%
Selling, General & Admin $58.50M $78.80M
YoY Change -25.76% 6.78%
% of Gross Profit 117.0% 87.52%
Research & Development $8.800M $9.000M
YoY Change -2.22% 14.05%
% of Gross Profit 17.6% 10.0%
Depreciation & Amortization $7.000M $6.200M
YoY Change 12.9% 37.78%
% of Gross Profit 14.0% 6.89%
Operating Expenses $70.90M $89.59M
YoY Change -20.86% 8.2%
Operating Profit -$20.90M $451.0K
YoY Change -4734.15% -92.38%
Interest Expense -$900.0K $500.0K
YoY Change -280.0% -266.67%
% of Operating Profit 110.86%
Other Income/Expense, Net $5.100M -$200.0K
YoY Change -2650.0% -95.83%
Pretax Income -$16.83M $672.0K
YoY Change -2604.76% -66.75%
Income Tax $1.600M $1.200M
% Of Pretax Income 178.57%
Net Earnings -$18.42M -$547.0K
YoY Change 3268.19% -159.14%
Net Earnings / Revenue -25.19% -0.47%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$958.3K -$0.03
COMMON SHARES
Basic Shares Outstanding 19.22M 18.83M
Diluted Shares Outstanding 19.22M 18.83M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.9M $52.10M
YoY Change 231.86% 14.0%
Cash & Equivalents $172.9M $52.14M
Short-Term Investments
Other Short-Term Assets $21.20M $21.00M
YoY Change 0.95% -41.01%
Inventory $82.05M $79.14M
Prepaid Expenses
Receivables $67.40M $80.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $343.6M $232.8M
YoY Change 47.58% -1.93%
LONG-TERM ASSETS
Property, Plant & Equipment $70.30M $64.40M
YoY Change 9.16% 45.05%
Goodwill $71.18M
YoY Change
Intangibles $55.63M
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.70M $27.20M
YoY Change 42.26% -25.47%
Total Long-Term Assets $252.1M $256.0M
YoY Change -1.51% 25.23%
TOTAL ASSETS
Total Short-Term Assets $343.6M $232.8M
Total Long-Term Assets $252.1M $256.0M
Total Assets $595.7M $488.8M
YoY Change 21.87% 10.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.90M $19.52M
YoY Change -23.68% 34.64%
Accrued Expenses $1.900M $1.800M
YoY Change 5.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $300.0K
YoY Change 33.33%
Total Short-Term Liabilities $89.60M $67.99M
YoY Change 31.79% 6.39%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $20.80M
YoY Change 380.77%
Other Long-Term Liabilities $38.60M $52.18M
YoY Change -26.03% -10.03%
Total Long-Term Liabilities $100.0M $52.18M
YoY Change 91.64% -10.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.60M $67.99M
Total Long-Term Liabilities $100.0M $52.18M
Total Liabilities $250.7M $141.0M
YoY Change 77.79% 15.68%
SHAREHOLDERS EQUITY
Retained Earnings $86.56M
YoY Change
Common Stock $259.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $345.0M $347.8M
YoY Change
Total Liabilities & Shareholders Equity $595.7M $488.8M
YoY Change 21.87% 10.64%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$18.42M -$547.0K
YoY Change 3268.19% -159.14%
Depreciation, Depletion And Amortization $7.000M $6.200M
YoY Change 12.9% 37.78%
Cash From Operating Activities $17.60M $9.300M
YoY Change 89.25% -43.98%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$5.400M
YoY Change -18.52% 74.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.400M -$5.400M
YoY Change -18.52% -88.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 101.6M -1.200M
YoY Change -8566.67%
NET CHANGE
Cash From Operating Activities 17.60M 9.300M
Cash From Investing Activities -4.400M -5.400M
Cash From Financing Activities 101.6M -1.200M
Net Change In Cash 114.8M 2.700M
YoY Change 4151.85% -108.94%
FREE CASH FLOW
Cash From Operating Activities $17.60M $9.300M
Capital Expenditures -$4.400M -$5.400M
Free Cash Flow $22.00M $14.70M
YoY Change 49.66% -25.38%

Facts In Submission

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CY2020Q2 ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
-112000
ofix Effect Of Changes In Foreign Exchange Rates
EffectOfChangesInForeignExchangeRates
-31000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6364000
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6364000
CY2020Q2 ofix Cares Act Of2020 Aid Amount
CARESActOf2020AidAmount
13900000
CY2020Q2 ofix Cares Act Of2020 Aid Amount
CARESActOf2020AidAmount
13900000
CY2020Q2 ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
-8989000
CY2019Q2 ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
6393000
ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
3394000
ofix Earnings Before Interest Taxes Depreciation And Amortization
EarningsBeforeInterestTaxesDepreciationAndAmortization
7268000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6942000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
6178000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
13269000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
11905000
CY2020Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-901000
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
457000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1324000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
200000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16832000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11199000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4437000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
73135000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
115850000
ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
251893
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
672000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177958000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
224962000
CY2020Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2100000
CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
470000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-6900000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
5870000
CY2020Q2 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
1578000
CY2019Q2 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
1338000
ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
2996000
ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
2395000
CY2020Q2 ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
3678000
CY2019Q2 ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
1808000
ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
-3904000
ofix Business Combination Acquisition Related Amortization And Remeasurement
BusinessCombinationAcquisitionRelatedAmortizationAndRemeasurement
8265000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4699000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5849000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8558000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11534000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4699000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5849000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8558000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11534000
CY2020Q2 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
152885
CY2019Q2 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
40812
ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
186444
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.095
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.814
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.647
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.079
CY2020Q2 ofix Income Tax Benefit Reversed
IncomeTaxBenefitReversed
3000000.0
ofix Cares Act Income Tax Expense Benefit
CARESActIncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19215392
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18834886
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19149523
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18790612
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19215392
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18834886
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19271467
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19179057
us-gaap Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
The Company has agreed to pay consideration of up to $7.6 million in accordance with the parties’ agreement.

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