Orthofix (Nasdaq:OFIX) recorded first-quarter financial results that came in ahead of the consensus forecast on Wall Street.
The Lewisville, Texas-based orthopedic implant company posted losses of $4.5 million, or 22¢ per share, on sales of $106.4 million for the three months ended March 31, 2022, for a slight bottom-line gain closer to breakeven on sales growth of 0.8%.
Adjusted to exclude one-time items, earnings per share were 17¢, 8¢ ahead of Wall Street, where analysts were looking for sales of $104.4 million.
“We’re very pleased with our financial and operational performance in the first quarter given the COVID-19 and labor headwinds, ongoing global supply chain disruptions, and macro-financial impacts stemming from political instability in Europe,” Orthofix President and CEO Jon Serbousek said in a news release. “The strategic investments we have made over the last two years, including a focus on new product innovation and the development of our global commercial organization, continue to pay dividends.”
Orthofix said it expects to log adjusted EPS of between 58¢ and 73¢ for the full year. The company expects 2022 revenues to range between $475 million and $490 million.
OFIX shares were down more than 9% at $28.22 apiece in morning trading. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.