Orthofix Medical Inc. Files 2023 Annual Report on Form 10-K
Ticker: OFIX · Form: 10-K · Filed: Mar 5, 2024 · CIK: 884624
Sentiment: neutral
Topics: 10-K, Orthofix Medical, Annual Report, Medical Devices, Financials
TL;DR
<b>Orthofix Medical Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>
AI Summary
Orthofix Medical Inc. (OFIX) filed a Annual Report (10-K) with the SEC on March 5, 2024. Orthofix Medical Inc. filed its 2023 Form 10-K on March 5, 2024. The filing covers the fiscal year ending December 31, 2023. Key dates mentioned include various periods throughout 2021, 2022, and 2023, as well as a subsequent event on February 1, 2024. The company's principal business address is 3451 Plano Parkway, Lewisville, TX 75056. The SIC code for Orthofix Medical Inc. is 3841 (Surgical & Medical Instruments & Apparatus).
Why It Matters
For investors and stakeholders tracking Orthofix Medical Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Orthofix Medical's financial health, operational segments, and strategic initiatives for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data and risk factors within the report are essential for understanding the company's market position, potential challenges, and regulatory compliance in the medical device industry.
Risk Assessment
Risk Level: — Orthofix Medical Inc. shows moderate risk based on this filing. The filing is a standard 10-K, indicating routine disclosure of financial and operational information, but the complexity of the medical device industry and potential integration challenges from past acquisitions (like SeaSpine) introduce medium-level risks.
Analyst Insight
Review the detailed financial statements and segment performance in the 10-K to assess Orthofix Medical's revenue growth, profitability, and debt levels, paying close attention to any disclosed integration progress or challenges.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-03-05 — Filing Date (Filed as of date)
- 3841 — SIC Code (Standard Industrial Classification)
- 000-19961 — SEC File Number (SEC file number)
Key Players & Entities
- Orthofix Medical Inc. (company) — Filer name
- 3451 PLANO PARKWAY (location) — Business address street
- LEWISVILLE (location) — Business address city
- TX (location) — Business address state
- 75056 (location) — Business address zip
- 214-937-2000 (phone) — Business phone
- ORTHOFIX INTERNATIONAL N V (company) — Former company name
- SeaSpine Holdings Corporation (company) — Mentioned in relation to a member
FAQ
When did Orthofix Medical Inc. file this 10-K?
Orthofix Medical Inc. filed this Annual Report (10-K) with the SEC on March 5, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Orthofix Medical Inc. (OFIX).
Where can I read the original 10-K filing from Orthofix Medical Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Orthofix Medical Inc..
What are the key takeaways from Orthofix Medical Inc.'s 10-K?
Orthofix Medical Inc. filed this 10-K on March 5, 2024. Key takeaways: Orthofix Medical Inc. filed its 2023 Form 10-K on March 5, 2024.. The filing covers the fiscal year ending December 31, 2023.. Key dates mentioned include various periods throughout 2021, 2022, and 2023, as well as a subsequent event on February 1, 2024..
Is Orthofix Medical Inc. a risky investment based on this filing?
Based on this 10-K, Orthofix Medical Inc. presents a moderate-risk profile. The filing is a standard 10-K, indicating routine disclosure of financial and operational information, but the complexity of the medical device industry and potential integration challenges from past acquisitions (like SeaSpine) introduce medium-level risks.
What should investors do after reading Orthofix Medical Inc.'s 10-K?
Review the detailed financial statements and segment performance in the 10-K to assess Orthofix Medical's revenue growth, profitability, and debt levels, paying close attention to any disclosed integration progress or challenges. The overall sentiment from this filing is neutral.
Risk Factors
- Financial Risks [medium — financial]: The company's financial condition and results of operations are subject to various risks, including those related to debt, liquidity, and access to capital.
- Market Competition [medium — market]: The medical device market is highly competitive, with numerous companies offering similar products and technologies, which could impact pricing and market share.
- Operational Challenges [medium — operational]: The company may face operational challenges related to manufacturing, supply chain disruptions, and the integration of acquired businesses.
- Regulatory Compliance [high — regulatory]: The medical device industry is subject to extensive regulation by government agencies worldwide, and failure to comply could result in penalties or product recalls.
- Product Liability [medium — legal]: The company faces risks associated with product liability claims and potential litigation related to its medical devices.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-03-05: Filing Date — Date the 10-K was officially filed with the SEC.
- 2024-02-01: Subsequent Event — Indicates a significant event occurring after the fiscal year-end but before the filing date.
Filing Stats: 4,284 words · 17 min read · ~14 pages · Grade level 16.3 · Accepted 2024-03-05 16:06:47
Key Financial Figures
- $0.10 — ction 12(b) of the Act: Common Stock, $0.10 par value OFIX Nasdaq Global Select
Filing Documents
- ofix-20231231.htm (10-K) — 4725KB
- ofix-ex10_16.htm (EX-10.16) — 4KB
- ofix-ex10_21.htm (EX-10.21) — 6KB
- ofix-ex21_1.htm (EX-21.1) — 38KB
- ofix-ex23_1.htm (EX-23.1) — 15KB
- ofix-ex31_1.htm (EX-31.1) — 25KB
- ofix-ex31_2.htm (EX-31.2) — 27KB
- ofix-ex32_1.htm (EX-32.1) — 19KB
- ofix-ex97_1.htm (EX-97.1) — 40KB
- img221738597_0.jpg (GRAPHIC) — 3KB
- img221738597_1.jpg (GRAPHIC) — 18KB
- img221738597_2.jpg (GRAPHIC) — 23KB
- img221738597_3.jpg (GRAPHIC) — 58KB
- 0000950170-24-025877.txt ( ) — 20757KB
- ofix-20231231.xsd (EX-101.SCH) — 2461KB
- ofix-20231231_htm.xml (XML) — 4720KB
Business
Business 4 Item 1A.
Risk Factors
Risk Factors 25 Item 1B. Unresolved Staff Comments 54 Item 1C. Cybersecurity 54 Item 2.
Properties
Properties 55 Item 3.
Legal Proceedings
Legal Proceedings 56 Item 4. Mine Safety Disclosure 56 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 57 Item 6. Reserved 58 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 72 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 73 Item 9A.
Controls and Procedures
Controls and Procedures 73 Item 9B. Other Information 76 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III Item 10. Directors, Executive Officers and Corporate Governance 77 Item 11.
Executive Compensation
Executive Compensation 77 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accountant Fees and Services 77 PART IV Item 15. Exhibits and Financial Statement Schedules 78 Item 16. Form 10-K Summary 84
Forward-Looking Statements
Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts, and projections. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "projects," "intends," "predicts," "potential," "continue," or other comparable terminology. Forward-looking statements include, but are not limited to, statements about: our intentions, beliefs, and expectations regarding our operations, sales, expenses, and future financial performance; our operating results; our intentions, beliefs, and expectations regarding the anticipated benefits of the merger with SeaSpine Holdings Corporation ("SeaSpine"), including the anticipated synergies and cost-savings from the merger; our plans for future products and enhancements of existing products; anticipated growth and trends in our business; the timing of and our ability to maintain and obtain regulatory clearances or approvals; our belief that our cash and cash equivalents, investments, and access to our credit facilities will be sufficient to satisfy our anticipated cash requirements; our expectations regarding our revenues, customers, and distributors; our expectations regarding our costs, suppliers, and manufacturing abilities; our beliefs and expectations regarding our market penetration and expansion efforts; our expectations regarding the benefits and integration of acquired businesses and/or products (including in connection with our merger with SeaSpine in January 2023) and our ability to make future acquisitions and successfully integrate any such future-acquired businesses; our anti