Orthofix (Nasdaq:OFIX) this week reported second-quarter results that missed the overall consensus on Wall Street.
The Lewisville, Texas-based orthopedic device maker reported profits of $2.5 million, or 12¢ per share, on sales of $118.1 million for the three months ended June 30, for a bottom-line gain of 2.9% on sales loss of 2.74%.
Adjusted to exclude one-time items, earnings per share were 8¢, 2¢ behind The Street, where analysts were looking for sales of $118.25 million.
“We’re pleased with our execution in the second quarter, which was led by double-digit growth in our global orthopedic business as well as early commercial traction of new spine products. In addition, we made significant progress on our innovation initiatives, highlighted by the successful launches of the AccelStim bone healing therapy and Virtuos Lyograft, as well as our recent partnerships with LimaCorporate and CGBio,” President and CEO Jon Serbousek said in a news release.
“We had solid operational execution, despite the challenges that macro headwinds continue to present, including continued hospital staffing shortages, complex spine procedure softness, and patients deferring care due to economic pressures. In addition, currency fluctuations during the quarter dampened reported revenue results.”
Orthofix lowered its financial outlook for the year and anticipates fiscal 2022 net sales to be in the range of $455 million to $465 million, down from its previous outlook of $475 million to $490 million. It expects full-year non-GAAP EPS in the range of 45¢ to 55¢.
Shares in OFIX were down 6.28% to $23.15 apiece in mid-morning trading.
