January 08, 2019
LEWISVILLE, Texas–(BUSINESS WIRE)–Orthofix Medical Inc. (NASDAQ:OFIX) today announced preliminary unaudited fourth quarter 2018 net sales of approximately $121 million. These preliminary results represent reported sales growth of 3.5% and constant currency sales growth of 4.3% over the fourth quarter 2017. For the full year 2018, preliminary unaudited net sales were approximately $453 million, an increase of 4.4% on a reported basis and 3.9% on a constant currency basis over the full year 2017.
As of December 31, 2018, cash, cash equivalents and restricted cash was approximately $72 million compared to $81 million as of December 31, 2017.
“As we start the new year, we are very excited about beginning the next phase of Orthofix’s evolution,” commented Brad Mason, President and Chief Executive Officer. “Five years ago, our strategy by necessity was to recover from the issues of the past. Once that had been accomplished, our focus shifted to fundamentally rebuilding the company to achieve long-term sustainability and accelerating growth. Our strategy in 2018 and continuing in 2019 is to position the company for our next phase, topline growth acceleration, which we believe will drive substantially more shareholder value. With an anticipated FDA approval and US commercial launch of the M6-C™ artificial cervical disc in 2019 as a catalyst, we expect to achieve solid mid-single digit growth this year, accelerating to double-digit organic growth in 2020.”
Upcoming Presentations / Conference Calls
As previously announced, the Company’s President and Chief Executive Officer, Brad Mason, will provide an investor presentation at 7:30 a.m. Pacific Time on Thursday, January 10, 2019, at the J.P. Morgan Healthcare Conference in San Francisco. A live audio webcast will be available on the Company’s website at www.orthofix.com by clicking on the Investors tab and then clicking the link on the Events and Presentations page.
The Company also expects to host a conference call in late February to discuss final fourth quarter and full year 2018 financial results and its outlook for 2019.