Orthofix reported 1Q19 revenue of USD $109.1MM, +0.4% vs. 1Q18.
- First U.S. implants of M6-C disc have taken place
- Spine growth driven by Spinal Kinetics motion preservation products
- Spine growth offset slightly by ongoing selective disruption of legacy salesforce as largest sales partners are moved into key geographies
- Trauma impacted by several large orders that were delayed from 1Q to 2Q
- Trauma grew slightly when viewed as trailing 12 months year-over-year
- Biologics product volume increased by 20%, but was offset by low-single-digit ASP decline
- fiberFUSE demineralized bone matrix released in limited launch
- Bone growth therapies (categorized as Other below) grew on strength of increased order volume, but were offset by product mix
Segment sales and growth on an as-reported basis ($MM):
| 1Q19 | 1Q18 | $ Chg | % Chg |
| Spine | $22.9 | $20.7 | $2.2 | 10.6% |
| Trauma | $23.2 | $27.5 | -$4.3 | -15.7% |
| Orthobiologics | $15.7 | $14.3 | $1.4 | 9.7% |
| Other * | $47.3 | $46.2 | $1.1 | 2.4% |
| Total | $109.1 | $108.7 | $0.4 | 0.4% |
* Bone growth therapies
Sales by geographic region ($MM):
| Geographic Region | 1Q19 | 1Q18 | $ Chg | % Chg |
| US | $86.12 | $84.95 | $1.2 | 1.4% |
| Ex-US | $23.0 | $23.8 | -$0.8 | -3.2% |
| Total | $109.1 | $108.7 | $0.4 | 0.4% |
Net earnings ($MM):
| 1Q19 | Amount | % of Sales |
| Sales | $109.1 | |
| Cost of Sales | -$23.7 | 21.7% |
| Genereal and Admin | -$20.5 | 18.8% |
| Other | -$1.11 | 1.0% |
| R & D | -$9.2 | 8.5% |
| Selling and Marketing | -$53.7 | 49.2% |
| Net Earnings | $0.9 | 0.8% |
Source: Orthofix
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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