Orthofix (NSDQ:OFIX) shares have stayed steady in after hours trading today after the medical device maker topped sales expectations but narrowly missed EPS consensus with its 1st quarter earnings results.
The Lewisville, Texas-based company posted losses of $2.7 million, or 15¢ per share, on sales of $102.7 million for the 3 months ended March 31, seeing the bottom-line swing into the red while sales grew 4.1% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share were 27¢, just below the 29¢ consensus on The Street, where analysts were expecting to see sales of $97.2 million.
“We are very pleased with the top-line results for the first quarter 2017 and the momentum we achieved in each of our businesses. The solid execution of our commercial strategies is delivering results as demonstrated by another strong quarter in our BioStim business and an earlier than expected return to growth in both Biologics and Spine Fixation. Although each strategic business unit has its own commercial strategy, our overriding corporate focus is on expanding distribution in underserved markets, improving engagement of our legacy distributors and providing our salesforce with a robust stream of new products. Our bottom-line results reflect the investments we are making in these key strategies, which are proving effective in driving our top line growth,” CEO & prez Brad Mason said in a press release.
Orthofix lifted its guidance for the full fiscal year 2017, lifting their net sales outlook up to between $411 and $415 million from $407 and $411 million. Earnings per share outlook stayed steady, expecting to see adjusted EPS between $1.48 and $1.58.
Shares haven’t moved in after hours trading today, after rising 1.2% to close at $40.