Orthofix (NSDQ:OFIX) posted first-quarter results today that beat the consensus forecast on Wall Street.
The Lewisville, Texas-based company reported losses of -$5.8 million, or -30¢ per share, on sales of $105.6 million for the three months ended March 31, for a sales growth of 0.73% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were 17¢, 15¢ ahead of The Street, where analysts were looking for sales of $95.6 million.
“We are excited about the topline performance of the business during the first quarter, particularly as we continued to contend with the headwinds of the global pandemic and the added challenges of the recent severe winter weather-related disruption,” president and CEO Jon Serbousek said in a news release. “We are pleased with the positive revenue impact from initiatives we put into place in 2020, including a focus on new product introductions and the development of our U.S. commercial channel. Both our M6-C artificial cervical disc and the Fitbone lengthening nail delivered during the quarter, and we saw positive revenue contributions from increased product adoption driven by new strategic distribution partners.”
“Looking forward into 2021, we plan to continue to generate commercial momentum and execute future product launches to drive growth. An unrelenting focus on operational execution, product innovation and differentiation, and our commercial channel will continue to be core tenets of our growth strategy. We expect that products such as the M6-C artificial cervical disc, the Fitbone limb lengthening system, and our recently bolstered 3D-printed titanium spinal interbody portfolio to be important drivers of that growth.”
Orthofix said it expects to log net sales between $455 million and $465 million during fiscal year 2021.
Shares in OFIX were at a standstill before hours.