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Orthofix posted 2Q17 revenue of US $108.9MM, +4.7% from 2Q16, and 1H17 revenue of $211.7MM, +4.4% vs. 1H16. Based on strong 1H performance, full-year revenue guidance was updated from $411MM-$415MM to $422MM-$425MM which, if achieved, would mark the second year of 3-4% YOY growth.
| 2Q17 | 2Q16 | $ Change | % Change | |
| Trauma | $24.7 | $26.8 | -$2.1 | -7.7% |
| Spine | $21.4 | $18.2 | $3.1 | 17.1% |
| Orthobiologics | $15.7 | $14.3 | $1.4 | 9.9% |
| Other (Bone Stim) | $47.2 | $44.8 | $2.4 | 5.4% |
| Total | $108.9 | $104.1 | $4.9 | 4.7% |
| 1H17 | 1H16 | $ Change | % Change | |
| Trauma | $48.7 | $51.5 | -$2.8 | -5.5% |
| Spine | $40.6 | $37.1 | $3.6 | 9.6% |
| Orthobiologics | $30.6 | $28.4 | $2.3 | 8.1% |
| Other (Bone Stim) | $91.7 | $85.8 | $5.9 | 6.9% |
| Total | $211.7 | $202.8 | $8.9 | 4.4% |
Performance highlights:
- Trauma sales impacted by ex-U.S. restructuring (divested a non-core U.K. business), slower sales in Brazil and Puerto Rico during conversion from direct to stocking distributor model, decrease in cash collections from ex-U.S. distributors
- Trauma decrease partially offset by continued adoption of TL-HEX line
- Commenced U.S. limited launch of RIVAL, first full-line internal foot/ankle fixation system; features a universal instrument set that supports >50 indications in one tray
- 15 RIVAL sets in field now; expecting 60 within the next 60 days (compare this to a typical limited launch in spine, which includes ~20 sets—reflects confidence in product acceptance during limited launch)
- Spine supported by new distributors added over last several quarters, improved distributor engagement and new products, partially offset by lower ex-U.S. sales and decrease in cash collections from ex-U.S. distributors
- Logged >$1MM in sales of CETRA Anterior Cervical Plate at 5 months since launch; product supports pull-through of interbody and biologics sales
- Planning 4Q launch of FORZA XP expandable interbody, filling that gap in portfolio
- Increase in Trinity Elite biologic sales driven by new distributors added over past 12 months, improved performance of U.S. distribution partner and reacquisition of a national hospital contract
- Noted pipeline of products in development with Musculoskeletal Transplant Foundation
- Growth in BioStim continues to benefit from positive NASS coverage recommendation, next-gen products, an engaged salesforce
- >20% of bone stim device patients are using the Stim onTrack mobile app, a tool for patient engagement
- FDA approved a 540-patient pivotal human clinical IDE study for pulsed electromagnetic field (PEMF) technology as an adjunct to rotator cuff surgery; enrollment to commence this year
- PEMF knee OA study should be fully enrolled at 150 patients in early 2018 (later than end of 2017, as previously expected)
- Prioritizing JuniOrtho and foot/ankle portfolio expansions; in 2Q, launched four new pediatric and two new foot/ankle products or line extensions
- JuniOrtho-branded pediatric/adolescent-focused products account for 1/3 of extremity fixation sales
Source: Orthofix International N.V.
Orthofix posted 2Q17 revenue of US $108.9MM, +4.7% from 2Q16, and 1H17 revenue of $211.7MM, +4.4% vs. 1H16. Based on strong 1H performance, full-year revenue guidance was updated from $411MM-$415MM to $422MM-$425MM which, if achieved, would mark the second year of 3-4% YOY growth.
Q17
Q16 ...
Orthofix posted 2Q17 revenue of US $108.9MM, +4.7% from 2Q16, and 1H17 revenue of $211.7MM, +4.4% vs. 1H16. Based on strong 1H performance, full-year revenue guidance was updated from $411MM-$415MM to $422MM-$425MM which, if achieved, would mark the second year of 3-4% YOY growth.
| 2Q17 | 2Q16 | $ Change | % Change | |
| Trauma | $24.7 | $26.8 | -$2.1 | -7.7% |
| Spine | $21.4 | $18.2 | $3.1 | 17.1% |
| Orthobiologics | $15.7 | $14.3 | $1.4 | 9.9% |
| Other (Bone Stim) | $47.2 | $44.8 | $2.4 | 5.4% |
| Total | $108.9 | $104.1 | $4.9 | 4.7% |
| 1H17 | 1H16 | $ Change | % Change | |
| Trauma | $48.7 | $51.5 | -$2.8 | -5.5% |
| Spine | $40.6 | $37.1 | $3.6 | 9.6% |
| Orthobiologics | $30.6 | $28.4 | $2.3 | 8.1% |
| Other (Bone Stim) | $91.7 | $85.8 | $5.9 | 6.9% |
| Total | $211.7 | $202.8 | $8.9 | 4.4% |
Performance highlights:
- Trauma sales impacted by ex-U.S. restructuring (divested a non-core U.K. business), slower sales in Brazil and Puerto Rico during conversion from direct to stocking distributor model, decrease in cash collections from ex-U.S. distributors
- Trauma decrease partially offset by continued adoption of TL-HEX line
- Commenced U.S. limited launch of RIVAL, first full-line internal foot/ankle fixation system; features a universal instrument set that supports >50 indications in one tray
- 15 RIVAL sets in field now; expecting 60 within the next 60 days (compare this to a typical limited launch in spine, which includes ~20 sets—reflects confidence in product acceptance during limited launch)
- Spine supported by new distributors added over last several quarters, improved distributor engagement and new products, partially offset by lower ex-U.S. sales and decrease in cash collections from ex-U.S. distributors
- Logged >$1MM in sales of CETRA Anterior Cervical Plate at 5 months since launch; product supports pull-through of interbody and biologics sales
- Planning 4Q launch of FORZA XP expandable interbody, filling that gap in portfolio
- Increase in Trinity Elite biologic sales driven by new distributors added over past 12 months, improved performance of U.S. distribution partner and reacquisition of a national hospital contract
- Noted pipeline of products in development with Musculoskeletal Transplant Foundation
- Growth in BioStim continues to benefit from positive NASS coverage recommendation, next-gen products, an engaged salesforce
- >20% of bone stim device patients are using the Stim onTrack mobile app, a tool for patient engagement
- FDA approved a 540-patient pivotal human clinical IDE study for pulsed electromagnetic field (PEMF) technology as an adjunct to rotator cuff surgery; enrollment to commence this year
- PEMF knee OA study should be fully enrolled at 150 patients in early 2018 (later than end of 2017, as previously expected)
- Prioritizing JuniOrtho and foot/ankle portfolio expansions; in 2Q, launched four new pediatric and two new foot/ankle products or line extensions
- JuniOrtho-branded pediatric/adolescent-focused products account for 1/3 of extremity fixation sales
Source: Orthofix International N.V.
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JV
Julie Vetalice is ORTHOWORLD's Editorial Assistant. She has covered the orthopedic industry for over 20 years, having joined the company in 1999.
