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Product / Company Performance
Orthofix Posts 3Q16 Revenue
Orthofix (OFIX) posted 3Q16 revenue of US $98.5MM, -2.6% from 3Q15, as-reported, with segment sales and growth on an as-reported basis, as follows:
- Trauma $24.3MM, -1.5%
- Spine $16.9MM, -16.6%
- Orthobiologics $14.3MM, -2.1%
- Other $43.0MM, +3.4% (BioStim)
- BioStim growth attributed to increased orders from procedure growth and expanding customer base
- Noted issuance by NASS of first-of-its-kind coverage recommendations for electrical bone growth stimulators for use in spinal fusion in all spinal regions, including cervical
- Announced enrollment of first patient in study evaluating use of pulsed electromagnetic field technology for treatment of knee OA
- Biologics impacted by underperformance in largest of three sales regions, which is now restructured, as well as increasing competition in stem cell allograft and reduction in ASP
- U.S. Trinity allograft volume and sales increased slightly YoY, despite price pressure; structural allografts and other biologics, which comprise ~5% of total biologic sales, noted as significantly decreasing
- In Trauma, TrueLok Hex and Galaxy pin-to-bar external fixator well-accepted in the market; TrueLok net sales >$4.5MM annual run rate in the U.S.; ex-U.S., Galaxy product sales growing >25% YoY
- Commenced launch of new hip fracture system in Europe; expecting >200 cases to be completed by end of 2016
- Spine affected by timing of ex-U.S. cash collections and loss of key U.S. surgeons earlier in 2016, as well as exclusion from large U.S. hospital account in 2Q
- To launch Cetra Anterior Cervical Plate by year-end
2017 product pipeline includes:
- Next-gen lumbar and cervical bone growth stim
- Novel disposable delivery system for Trinity tissue
- Foot and ankle plates/screws
- Trauma products specifically for pediatric orthopaedics
- Expandable interbody products
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