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Orthofix reported 4Q25 orthopedic sales of $219.9 million, up 2% compared to the fourth quarter of 2024. For the full year, the company generated $822.3 million, up 2.9% compared to the prior year. Excluding sales of the discontinued M6 disc, the company grew 4.2% for the quarter and 4.6% for the year.
A distributor transition initiated earlier in 2025 created some pressure in the quarter, but improved meaningfully as the company entered 2026. As of 4Q25, 75% of the company’s U.S. sales were driven by its top 30 distributors. At the start of 2024, that same group drove less than half of Orthofix’s net sales.
Some of these improvements were offset by softness in biologics sales and a strategic shift away from outright 7D sales to earnout programs, exacerbated by a price reduction on 7D at a major account. However, earnout placements for the system increased by 30% in 2025 and earnout customers are collectively exceeding purchase commitments by more than 50%.
Orthofix’s trauma sales performed well in 2025, especially in the U.S. which grew by 16%. The company is strategically focusing on complex limb reconstruction.
“We have rebranded our Orthopedics business as a Limb Reconstruction to reflect our strategic focus on four high-value clinical categories,” said Orthofix CEO Massimo Calafiore. “Limb preservations, limb lengthening, complex fracture management and extremity deformity correction. Together, this represents an estimated $2.6 billion market opportunity, and we believe Orthofix is well positioned given our comprehensive portfolio of internal and external fixation solution.”
For 2026, Orthofix expects total sales between $850 million and $860 million, up 5.5% at the midpoint.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $75.3 | $73.0 | $2.3 | 3.2% |
| Trauma | $38.0 | $35.8 | $2.2 | 6.2% |
| Orthobiologics | $34.1 | $38.3 | ($4.2) | (11%) |
| Enabling Technology | $4.2 | $4.8 | ($0.6) | (11.6%) |
| Other (Bone Growth Therapies) | $68.3 | $63.9 | $4.5 | 7% |
| Total | $219.9 | $215.7 | $4.3 | 2% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $298.8 | $285.9 | $12.9 | 4.5% |
| Trauma | $134.7 | $124.2 | $10.5 | 8.4% |
| Orthobiologics | $129.9 | $143.3 | ($13.4) | (9.4%) |
| Enabling Technology | $11.7 | $12.6 | ($0.9) | (7%) |
| Other (Bone Growth Therapies) | $247.2 | $233.4 | $13.8 | 5.9% |
| Total | $822.3 | $799.5 | $22.8 | 2.9% |
Orthopedic Sales by Geography
| Region | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $180.3 | $179.2 | $1.1 | 0.6% |
| OUS | $39.6 | $36.4 | $3.2 | 8.7% |
| EMEA | $15.2 | $15.3 | ($0.1) | (0.4%) |
| ROW | $24.4 | $21.1 | $3.2 | 15.3% |
| Total | $219.9 | $215.7 | $4.3 | 2% |
| Region | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $684.1 | $672.8 | $11.3 | 1.7% |
| OUS | $138.2 | $126.7 | $11.6 | 9.1% |
| EMEA | $56.7 | $54.6 | $2.1 | 3.9% |
| ROW | $81.6 | $72.1 | $9.5 | 13.1% |
| Total | $822.3 | $799.5 | $22.8 | 2.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $219.9 | |
| Cost of Sales | $63.6 | 28.9% |
| General and Admin | $136.8 | 62.2% |
| R & D | $15.4 | 7% |
| Other | $6.4 | 2.9% |
| Net Earnings | ($2.2) | (1%) |
Orthofix reported 4Q25 orthopedic sales of $219.9 million, up 2% compared to the fourth quarter of 2024. For the full year, the company generated $822.3 million, up 2.9% compared to the prior year. Excluding sales of the discontinued M6 disc, the company grew 4.2% for the quarter and 4.6% for the year.
A distributor transition initiated...
Orthofix reported 4Q25 orthopedic sales of $219.9 million, up 2% compared to the fourth quarter of 2024. For the full year, the company generated $822.3 million, up 2.9% compared to the prior year. Excluding sales of the discontinued M6 disc, the company grew 4.2% for the quarter and 4.6% for the year.
A distributor transition initiated earlier in 2025 created some pressure in the quarter, but improved meaningfully as the company entered 2026. As of 4Q25, 75% of the company’s U.S. sales were driven by its top 30 distributors. At the start of 2024, that same group drove less than half of Orthofix’s net sales.
Some of these improvements were offset by softness in biologics sales and a strategic shift away from outright 7D sales to earnout programs, exacerbated by a price reduction on 7D at a major account. However, earnout placements for the system increased by 30% in 2025 and earnout customers are collectively exceeding purchase commitments by more than 50%.
Orthofix’s trauma sales performed well in 2025, especially in the U.S. which grew by 16%. The company is strategically focusing on complex limb reconstruction.
“We have rebranded our Orthopedics business as a Limb Reconstruction to reflect our strategic focus on four high-value clinical categories,” said Orthofix CEO Massimo Calafiore. “Limb preservations, limb lengthening, complex fracture management and extremity deformity correction. Together, this represents an estimated $2.6 billion market opportunity, and we believe Orthofix is well positioned given our comprehensive portfolio of internal and external fixation solution.”
For 2026, Orthofix expects total sales between $850 million and $860 million, up 5.5% at the midpoint.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $75.3 | $73.0 | $2.3 | 3.2% |
| Trauma | $38.0 | $35.8 | $2.2 | 6.2% |
| Orthobiologics | $34.1 | $38.3 | ($4.2) | (11%) |
| Enabling Technology | $4.2 | $4.8 | ($0.6) | (11.6%) |
| Other (Bone Growth Therapies) | $68.3 | $63.9 | $4.5 | 7% |
| Total | $219.9 | $215.7 | $4.3 | 2% |
| Segment | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $298.8 | $285.9 | $12.9 | 4.5% |
| Trauma | $134.7 | $124.2 | $10.5 | 8.4% |
| Orthobiologics | $129.9 | $143.3 | ($13.4) | (9.4%) |
| Enabling Technology | $11.7 | $12.6 | ($0.9) | (7%) |
| Other (Bone Growth Therapies) | $247.2 | $233.4 | $13.8 | 5.9% |
| Total | $822.3 | $799.5 | $22.8 | 2.9% |
Orthopedic Sales by Geography
| Region | 4Q25 | 4Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $180.3 | $179.2 | $1.1 | 0.6% |
| OUS | $39.6 | $36.4 | $3.2 | 8.7% |
| EMEA | $15.2 | $15.3 | ($0.1) | (0.4%) |
| ROW | $24.4 | $21.1 | $3.2 | 15.3% |
| Total | $219.9 | $215.7 | $4.3 | 2% |
| Region | FY25 | FY24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $684.1 | $672.8 | $11.3 | 1.7% |
| OUS | $138.2 | $126.7 | $11.6 | 9.1% |
| EMEA | $56.7 | $54.6 | $2.1 | 3.9% |
| ROW | $81.6 | $72.1 | $9.5 | 13.1% |
| Total | $822.3 | $799.5 | $22.8 | 2.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $219.9 | |
| Cost of Sales | $63.6 | 28.9% |
| General and Admin | $136.8 | 62.2% |
| R & D | $15.4 | 7% |
| Other | $6.4 | 2.9% |
| Net Earnings | ($2.2) | (1%) |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
