Q2 2024 Orthofix Medical Inc Earnings Call Transcript
Key Points
- Orthofix Medical Inc (OFIX) delivered above-market growth across virtually the entire portfolio in Q2 2024.
- Net revenue for Q2 2024 was $198.6 million, representing a 6% year-over-year growth on a constant currency basis.
- US spine fixation grew 12%, more than twice the market rate, capturing increased market share.
- The company began a limited market release for two new interbody designs, expanding their lumbar interbody fusion product portfolio.
- Orthofix Medical Inc (OFIX) raised its full-year net sales and adjusted EBITDA guidance based on continued positive momentum and strong performance.
- Non-GAAP adjusted gross margins slightly decreased to 71.3% in Q2 2024 from 71.6% in Q2 2023.
- Non-GAAP research and development expenses remained relatively flat at 9% of net sales for the quarter.
- The company expects variability in growth rates due to the nature of the international business and timing of stocking distributor orders.
- Orthofix Medical Inc (OFIX) is not guiding to individual quarters being free cash flow positive, only the second half of the year as a whole.
- The company acknowledges that the growth in bone growth therapies (BGT) may slow down to market rates over time as they leverage synergies from the SeaSpine merger.
Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Orthofix Medical second-quarter 2024 earnings conference call. (Operator Instructions)
I will now turn the conference over to Julie Dewey. Julie, the floor is yours.
Thank you, operator, and good morning, everyone. Welcome to the Orthofix second-quarter 2024 earnings call. We appreciate you joining us.
I'm Julie Dewey, Orthofix's Chief IR and Communications Officer. Joining me on the call today are President and Chief Executive Officer, Massimo Calafiore; and Chief Financial Officer, Julie Andrews.
During this call, we'll be making forward-looking statements that involve risks and uncertainties. All statements other than those of historical facts are forward-looking statements, including any earnings guidance we provide and any statements about our plans, beliefs, strategies, expectations, goals or objectives.
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