LEWISVILLE, Texas–(BUSINESS WIRE)–Orthofix International N.V. (NASDAQ:OFIX) (the “Company,” “we,” “us” or “our”), a diversified, global medical device company focused on developing and delivering innovative repair and regenerative solutions to the spine and orthopedic markets, today reported its financial results for the first quarter ended March 31, 2015.
First Quarter Summary
- Net sales were $89.8 million.
- Gross profit was $70.4 million, or 78.5% of net sales.
- Total net margin was $26.1 million, or 29.1% of net sales.
- Operating loss was $7.2 million.
- Adjusted net loss from continuing operations was $2.8 million, or ($0.15) per diluted share.
- Adjusted EBITDA was $8.4 million, or 9.4% of net sales.
- Entered into an option agreement to purchase eNeura, a privately held medical technology company.
- The Company completed its restatement of prior financial results.
“While first quarter financial results were negatively impacted by exchange rates, the timing of collections from cash-based distributors and our investments in growth initiatives, our net sales and adjusted EBITDA were in line with our expectations and factored into our recent guidance,” said President and Chief Executive Office, Brad Mason. “We have put the foundation in place to grow the business and anticipate that our results will improve over the balance of the year.”
