OFIX shares were down -14.4% at $38.51 per share after hours this evening.
The Lewisville, Texas-based orthopedic device company posted profits of $11.7 million, or 60¢ per share, on sales of $121.5 million for the three months ended Dec. 31, 2019, for a 31.7% bottom-line gain on sales growth of 0.3%.
Adjusted to exclude one-time items, earnings per share were 51¢, coming in 7¢ behind Wall Street, where analysts were looking for sales of $122.99 million.
Orthofix president & CEO Jon Serbousek, who assumed the role in November 2019, said in a news release that the revenue collected from U.S. sales of the M6 cervical disk exceeded expectations, but other products came up short of the company’s outlook.
“While some of our other product categories experienced some headwinds due to continued distraction, we believe we are putting the pieces in place to reposition Orthofix for accelerating topline growth,” Serbousek added.
Orthofix said it expects to log adjusted EPS of $1.00 to $1.10 in fiscal 2020, and set its 2020 sales guidance for between $467 million and $477 million.