$OFIX
Orthofix Medical Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021022230 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $105.6M $104.8M $121.5M
YoY Change 0.73% -3.93% 0.34%
Cost Of Revenue $25.91M $23.40M $26.19M
YoY Change 10.74% -1.3% 2.2%
Gross Profit $79.68M $81.41M $95.30M
YoY Change -2.13% -4.67% -0.16%
Gross Profit Margin 75.46% 77.67% 78.44%
Selling, General & Admin $67.23M $72.18M $80.40M
YoY Change -6.86% -2.68% 8.8%
% of Gross Profit 84.37% 88.66% 84.36%
Research & Development $10.90M $10.00M $8.400M
YoY Change 8.97% 8.35% -4.55%
% of Gross Profit 13.68% 12.28% 8.81%
Depreciation & Amortization $7.400M $6.300M $6.500M
YoY Change 17.46% 10.53% 30.0%
% of Gross Profit 9.29% 7.74% 6.82%
Operating Expenses $78.13M $72.18M $91.21M
YoY Change 8.24% -19.67% 9.82%
Operating Profit -$2.916M $9.236M $4.095M
YoY Change -131.57% -307.64% -66.98%
Interest Expense -$400.0K -$400.0K -$500.0K
YoY Change 0.0% 33.33% 150.0%
% of Operating Profit -4.33% -12.21%
Other Income/Expense, Net -$2.690M -$800.0K $600.0K
YoY Change 236.25% 100.0% -200.0%
Pretax Income -$6.023M $5.633M $4.200M
YoY Change -206.92% -210.26% -63.79%
Income Tax -$207.0K -$20.00M -$7.500M
% Of Pretax Income -355.05% -178.57%
Net Earnings -$5.816M $25.67M $11.69M
YoY Change -122.66% 2761.2% 31.73%
Net Earnings / Revenue -5.51% 24.48% 9.62%
Basic Earnings Per Share -$0.30 $1.33 $0.61
Diluted Earnings Per Share -$0.30 $1.332M $0.60
COMMON SHARES
Basic Shares Outstanding 19.53M 19.14M
Diluted Shares Outstanding 19.53M 19.30M

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.60M $57.70M $69.70M
YoY Change 63.95% 23.55% 0.14%
Cash & Equivalents $94.57M $57.74M $69.72M
Short-Term Investments
Other Short-Term Assets $14.90M $21.70M $21.60M
YoY Change -31.34% 14.81% 5.37%
Inventory $84.18M $82.74M $82.40M
Prepaid Expenses
Receivables $69.70M $77.80M $86.81M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $263.4M $240.0M $260.6M
YoY Change 9.75% 7.0% 6.51%
LONG-TERM ASSETS
Property, Plant & Equipment $67.00M $70.40M $62.73M
YoY Change -4.83% -0.14% 46.44%
Goodwill $71.18M
YoY Change -1.69%
Intangibles $54.14M
YoY Change 4.32%
Long-Term Investments
YoY Change
Other Assets $40.60M $38.40M $11.91M
YoY Change 5.73% -28.76% -44.98%
Total Long-Term Assets $250.5M $253.5M $235.1M
YoY Change -1.18% -0.59% 5.89%
TOTAL ASSETS
Total Short-Term Assets $263.4M $240.0M $260.6M
Total Long-Term Assets $250.5M $253.5M $235.1M
Total Assets $513.9M $493.5M $495.6M
YoY Change 4.13% 2.96% 6.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.10M $19.60M $19.89M
YoY Change 7.65% 0.0% 10.55%
Accrued Expenses $2.100M $1.900M $5.571M
YoY Change 10.53% 5.56% -10.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $400.0K $300.0K
YoY Change 525.0% 0.0%
Total Short-Term Liabilities $99.10M $66.00M $84.88M
YoY Change 50.15% 3.61% -1.19%
LONG-TERM LIABILITIES
Long-Term Debt $20.30M $22.50M $20.60M
YoY Change -9.78% 7.66%
Other Long-Term Liabilities $39.70M $49.70M $62.46M
YoY Change -20.12% -2.74% 37.77%
Total Long-Term Liabilities $60.00M $72.20M $62.46M
YoY Change -16.9% 0.28% 37.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.10M $66.00M $84.88M
Total Long-Term Liabilities $60.00M $72.20M $62.46M
Total Liabilities $159.1M $138.1M $168.0M
YoY Change 15.21% 1.84% 28.0%
SHAREHOLDERS EQUITY
Retained Earnings $57.75M
YoY Change -33.68%
Common Stock $272.9M
YoY Change 11.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $354.8M $355.4M $327.6M
YoY Change
Total Liabilities & Shareholders Equity $513.9M $493.5M $495.6M
YoY Change 4.13% 2.96% 6.21%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$5.816M $25.67M $11.69M
YoY Change -122.66% 2761.2% 31.73%
Depreciation, Depletion And Amortization $7.400M $6.300M $6.500M
YoY Change 17.46% 10.53% 30.0%
Cash From Operating Activities $2.441M $12.46M $11.90M
YoY Change -80.42% -1346.4% -43.6%
INVESTING ACTIVITIES
Capital Expenditures $4.365M $4.285M -$1.600M
YoY Change 1.87% -137.92% -64.44%
Acquisitions
YoY Change
Other Investing Activities -$18.00M
YoY Change
Cash From Investing Activities -$4.781M -$24.18M -$1.600M
YoY Change -80.23% 114.02% -68.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.717M $948.0K
YoY Change 81.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.110M 315.0K 1.900M
YoY Change 252.38% -103.03%
NET CHANGE
Cash From Operating Activities 2.441M 12.46M 11.90M
Cash From Investing Activities -4.781M -24.18M -1.600M
Cash From Financing Activities 1.110M 315.0K 1.900M
Net Change In Cash -1.764M -12.14M 12.20M
YoY Change -85.46% -47.2% -23.75%
FREE CASH FLOW
Cash From Operating Activities $2.441M $12.46M $11.90M
Capital Expenditures $4.365M $4.285M -$1.600M
Free Cash Flow -$1.924M $8.179M $13.50M
YoY Change -123.52% -20.59% -47.27%

Facts In Submission

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CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6023000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5633000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
105593000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104823000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1500000
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-9000000
CY2021Q1 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
1969000
CY2020Q1 ofix Acquisition Related Amortization Expense
AcquisitionRelatedAmortizationExpense
1418000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3721000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3859000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3721000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3859000
CY2021Q1 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
50510
CY2020Q1 ofix Stock Shares Issued Net Of Shares For Tax Withholdings
StockSharesIssuedNetOfSharesForTaxWithholdings
33559
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.034
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-3.556
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19526872
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19143934
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19526872
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19299820

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