Orthofix Medical Files Q3 2024 10-Q

TL;DR

Orthofix Medical filed its Q3 2024 10-Q. Financials and operations detailed.

AI Summary

Orthofix Medical Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the medical device sector.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Orthofix Medical, crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the medical device industry can be subject to regulatory and market risks.

Key Numbers

• Q3 — Reporting Period (The filing covers the third quarter of the fiscal year.)
• 20240930 — Period End Date (The financial data presented is as of this date.)

Key Players & Entities

• Orthofix Medical Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• Lewisville, TX (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• ofix-20240930.htm (10-Q) — 2572KB
• ofix-ex10_8.htm (EX-10.8) — 164KB
• ofix-ex10_9.htm (EX-10.9) — 164KB
• ofix-ex31_1.htm (EX-31.1) — 14KB
• ofix-ex31_2.htm (EX-31.2) — 14KB
• ofix-ex32_1.htm (EX-32.1) — 12KB
• img222639053_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-122782.txt ( ) — 11518KB
• ofix-20240930.xsd (EX-101.SCH) — 1535KB
• ofix-20240930_htm.xml (XML) — 2402KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024, and 2023 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024, and 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 31 Item 4.

Controls and Procedures

Controls and Procedures 31 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 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 35

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, litigation, and arbitration matters. Forward-looking statements are not guarantees of future performa

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) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 30,054 $ 33,107 Restricted cash 2,500 4,650 Accounts receivable, net of allowances of $ 7,878 and $ 7,130 , respectively 124,845 128,098 Inventories 205,812 222,166 Prepaid expenses and other current assets 23,003 32,422 Total current assets 386,214 420,443 Property, plant, and equipment, net 146,685 159,060 Intangible assets, net 104,546 117,490 Goodwill 194,934 194,934 Other long-term assets 35,493 33,388 Total assets $ 867,872 $ 925,315 Liabilities and shareholders' equity Current liabilities Accounts payable $ 47,060 $ 58,357 Current portion of long-term debt 6,250 1,250 Current portion of finance lease liability 743 708 Other current liabilities 107,845 104,908 Total current liabilities 161,898 165,223 Long-term debt 112,215 93,107 Long-term portion of finance lease liability 18,027 18,532 Other long-term liabilities 49,808 49,723 Total liabilities 341,948 326,585 Contingencies (Note 8) Shareholders' equity Common shares $ 0.10 par value; 100,000 shares authorized; 38,209 and 37,165 issued and outstanding as of September 30, 2024, and December 31, 2023, respectively 3,821 3,717 Additional paid-in capital 770,000 746,450 Accumulated deficit ( 246,995 ) ( 150,144 ) Accumulated other comprehensive loss ( 902 ) ( 1,293 ) Total shareholders' equity 525,924 598,730 Total liabilities and shareholders' equity $ 867,872 $ 925,315 The accompanying notes form an integral part of these condensed consolidated financial statements 4 ORTHOFIX MEDICAL INC. C ondensed Consolidated Statements of Opera

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View this 10-Q filing on SEC EDGAR