Orthofix Medical Inc. Files Q2 2024 10-Q Report

TL;DR

Orthofix Q2 10-Q is in. Check financials for Global Spine & Ortho.

AI Summary

Orthofix Medical Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance, including details on its Global Spine and Global Orthopedics segments. Specific financial figures and segment performance data are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Orthofix Medical Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including segment performance and credit facilities, which are critical for assessing the company's financial health and operational risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial analysis.)
• 2023-03-31 — Previous Year Q1 End Date (Allows for year-over-year quarterly comparison.)

Key Players & Entities

• Orthofix Medical Inc. (company) — Filer of the 10-Q report
• 2024-06-30 (date) — End of the reporting period
• Global Spine (company) — Operating segment
• Global Orthopedics (company) — Operating segment
• 214-937-2000 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common stock, $0.10 par value per share OFIX Nasdaq Glo

Filing Documents

• ofix-20240630.htm (10-Q) — 2519KB
• ofix-ex31_1.htm (EX-31.1) — 13KB
• ofix-ex31_2.htm (EX-31.2) — 13KB
• ofix-ex32_1.htm (EX-32.1) — 11KB
• img222636170_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-091200.txt ( ) — 10890KB
• ofix-20240630.xsd (EX-101.SCH) — 1476KB
• ofix-20240630_htm.xml (XML) — 2351KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024, and 2023 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024, and 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024, and 2023 7 Notes to the Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 34

Forward-Looking Statements

Forward-Looking Statements This Quarterly 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. All statements, other than statements of historical fact, contained in this report, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "projects," "intends," "predicts," "potential," or "continue" or the negative version of those terms and other similar expressions. Forward-looking statements include, but are not limited to, statements about: our future operations, sales, expenses, and 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 relationships with customers and distributors; our manufacturing abilities and the performance of our suppliers; our ability to achieve market penetration and the success of our expansion efforts; anticipated trends and challenges in the markets in which we operate; and the impact of investigations, claims, and litigation. Forward-looking statements are not guarantees of future performance and involve risks

F INANCIAL INFORMATION

PART I. F INANCIAL INFORMATION I tem 1. Financial Statements ORTHOFIX MEDICAL INC. C ondensed Consolidated Balance Sheets (U.S. Dollars, in thousands, except par value data) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 26,366 $ 33,107 Restricted cash 2,500 4,650 Accounts receivable, net of allowances of $ 8,368 and $ 7,130 , respectively 125,361 128,098 Inventories 210,040 222,166 Prepaid expenses and other current assets 21,798 32,422 Total current assets 386,065 420,443 Property, plant, and equipment, net 154,111 159,060 Intangible assets, net 108,310 117,490 Goodwill 194,934 194,934 Other long-term assets 38,578 33,388 Total assets $ 881,998 $ 925,315 Liabilities and shareholders' equity Current liabilities Accounts payable $ 50,362 $ 58,357 Current portion of long-term debt 4,688 1,250 Current portion of finance lease liability 734 708 Other current liabilities 100,183 104,908 Total current liabilities 155,967 165,223 Long-term debt 113,315 93,107 Long-term portion of finance lease liability 18,160 18,532 Other long-term liabilities 48,552 49,723 Total liabilities 335,994 326,585 Contingencies (Note 8) Shareholders' equity Common shares $ 0.10 par value; 100,000 shares authorized; 38,039 and 37,165 issued and outstanding as of June 30, 2024, and December 31, 2023, respectively 3,804 3,717 Additional paid-in capital 764,538 746,450 Accumulated deficit ( 219,607 ) ( 150,144 ) Accumulated other comprehensive loss ( 2,731 ) ( 1,293 ) Total shareholders' equity 546,004 598,730 Total liabilities and shareholders' equity $ 881,998 $ 925,315 The accompanying notes form an integral part of these condensed consolidated financial statements 4 ORTHOFIX MEDICAL INC. C ondensed Consolidated Statements of Operations an

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View this 10-Q filing on SEC EDGAR