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Quarterly Review

1Q13 Revenue: Orthofix

$100.3MM, -13%

  • Spine $66.3MM, -12% (Regenerative Stimulation $32.0MM, -18%; Implants/Biologics $34.3MM, -4%: Implants $23.7MM, -6%, Trinity Evolution +7%)
  • Orthopaedics $33.9MM, -16%


  • ~1/3 of decrease in Spine due to sales rep turnover in 2012, another 1/3 from fewer selling days/miscellaneous issues, another 1/3 from higher-than-usual mix of wholesale revenue in 2012 (latter from increased mix of Stimulation wholesale business with large orders in particular markets)
  • Decrease in Implants driven by U.S. price pressures of ~7%, lower distribution orders ex-U.S., 2 fewer selling days
  • Orthopaedic sales in Brazil down $4MM, primarily due to loss in large payer contract, product registration delays, inventory selloff
  • Sales Physio-Stim down $1.4MM following loss of reimbursement in France, changes to distribution model
  • Recent FDA Warning Letter received by partner Musculoskeletal Transplant Foundation has no effect on Orthofix
  • 2013 launches include Azure and Tempus anterior cervical plates, Centurion posterior cervical system; 2H full release of Trinity Elite (3rd-generation form of Trinity); limited market release of lateral interbody system to come in 2014
  • Walked away from physician-owned distributorships ~3 years ago