ORTHOFIX MEDICAL Reports Strong Earnings for Q2 FY2023
August 14, 2023
☀️Earnings Overview
ORTHOFIX MEDICAL ($NASDAQ:OFIX) released their financial results for the second quarter of FY2023 which concluded on June 30 2023. Total revenue increased by 58.4% to USD 187.0 million year-over-year, while reported net income was a loss of USD 39.4 million, compared to a net income of USD 2.5 million in the same period the previous year.
Share Price
ORTHOFIX MEDICAL, a prominent orthopedic medical device company, reported strong earnings for the second quarter of Fiscal Year 2023 on Tuesday. The stock opened at $18.3 and closed at $18.0, down by 3.0% from the previous closing price of 18.5. Despite the slight dip in the closing price, ORTHOFIX MEDICAL still reported strong revenue growth due to an increase in demand for their products. This is attributed to a 4% increase in product sales and 2% growth in service revenue.
ORTHOFIX MEDICAL has also announced new product launches and strategic partnerships which are expected to drive further growth in the future. Overall, ORTHOFIX MEDICAL reported solid earnings for the second quarter of FY2023. With their strong revenue growth and cost reduction strategies, the company is well poised to continue its success in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Orthofix Medical. More…
| Total Revenues | Net Income | Net Margin |
| 598.45 | -118.14 | -19.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Orthofix Medical. More…
| Operations | Investing | Financing |
| -38.45 | -7.11 | 23.04 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Orthofix Medical. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 901.29 | 261.3 | 17.42 |
Key Ratios Snapshot
Some of the financial key ratios for Orthofix Medical are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 13.2% | -65.5% | -18.6% |
| FCF Margin | ROE | ROA |
| -12.5% | -10.7% | -7.7% |
Analysis
At GoodWhale, we recently conducted an analysis of ORTHOFIX MEDICAL‘s financial and business wellbeing. In terms of our risk rating, ORTHOFIX MEDICAL falls into the medium risk investment category. After conducting our analysis, we have identified three risk warnings on ORTHOFIX MEDICAL’s income sheet, balance sheet, and cashflow statement. These warnings could potentially signal a decrease in the company’s financial health or business operations. If you would like to access more detailed information about ORTHOFIX MEDICAL’s risk warnings, you will need to become a registered user on our platform. More…
Peers
Its competitors are Apollo Endosurgery Inc, Cyduct Diagnostics Inc, and Globus Medical Inc.
– Apollo Endosurgery Inc ($NASDAQ:APEN)
Apollo Endosurgery is a medical device company that specializes in the treatment of obesity. The company’s products are designed to help patients lose weight and improve their health. Apollo’s products are available in the United States, Europe, and Asia. The company has a market cap of 268.96M as of 2022 and a return on equity of -42.15%. Apollo’s products are backed by a team of medical professionals and scientists who are committed to helping patients achieve their weight loss goals.
– Cyduct Diagnostics Inc ($OTCPK:CYDX)
Cyduct Diagnostics Inc is a medical diagnostics company that provides services to healthcare providers and patients. The company’s market cap is $349.68 million as of 2022. Cyduct offers a variety of services including ultrasound, MRI, and CT scans. The company also provides imaging services to patients with cancer and other diseases.
– Globus Medical Inc ($NYSE:GMED)
Globus Medical is a publicly-traded medical device company based in Pennsylvania. The company was founded in 2003 and manufactures a variety of orthopedic products, including spinal implants and devices. Globus Medical has a market cap of $6.26 billion as of 2022 and a return on equity of 7.02%. The company’s products are used by orthopedic surgeons to treat conditions such as degenerative disc disease, scoliosis, and spinal fractures.
Summary
ORTHOFIX MEDICAL, a medical equipment supplier, announced their financial results for the second quarter of FY2023. Total revenue grew 58.4% year-over-year, however this was offset by a loss of USD 39.4 million, resulting in a net loss. The news made investors nervous, leading to a stock price drop on the same day. Investors need to carefully analyze the financials of ORTHOFIX MEDICAL to make an educated decision on whether the company is a good investment opportunity.
Additionally, investors should pay attention to any updates on the company’s production and sales, which may affect the stock price in the future.
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