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Product / Company Performance

Orthofix Posts 1Q18 Revenue Growth of 6% YoY -

Orthofix (OFIX) posted 1Q18 revenue of US $108.7MM, +5.8% vs. 1Q17.

  1Q18  1Q17  $ Change  % Change 
 Trauma $27.5  $23.9  $3.6  14.9% 
 Spine $20.7  $19.3  $1.4  7.5% 
 Orthobiologics $14.3  $15.0  -$0.7  -4.4% 
 Other (BioStim) $46.2  $44.5  $1.6  3.6% 
Total  $108.7  $102.7  $6.0  5.8% 


Top performing segment Extremity Fixation was supported by uptake of new products and growth in all but a few geographic markets. (The U.S. in particular has benefited from good momentum for the last nine quarters.)

Spine, too, was driven by new products and also salesforce growth. U.S. spine sales grew +9.6% year over year.

The STIM onTrack mobile app supported growth in BioStim. During 1Q, OFIX gained FDA premarket and CE Mark approvals for a next-gen PhysioStim™ bone growth stimulator and launched the system, which is used as a nonsurgical treatment for nonunion fracture in the extremities.

The decrease in Biologics arose from a contractual reduction in the marketing service fee percentage received from MTF Biologics, as well as a slight rise in price pressure and underperformance in one sales region due to personnel changes. Full-year Biologics sales will be flat or decreased in low-single-digits.

The acquisition of Spinal Kinetics, which has now closed, increased full-year revenue guidance from the range of $450MM-$455MM to $458MM-$464MM. FDA approval of the M6-C artificial cervical disc could come by mid-2019; leadership noted strong inbound interest from distributors who do not carry OFIX products.

OFIX intends to take a shareholder vote for a redomicile from Curacao to Delaware. If completed, the redomicile would be complete by year-end.

Source: Orthofix International N.V.

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