The Lewisville, Texas-based company reported profits of $4.7 million, or 24¢ per share, on sales of $111 million for the three months ended Sept. 30, for a sales loss of -2.2% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were 31¢, 45¢ ahead of The Street, where analysts were looking for sales of $86.6 million.
“We are very pleased with our performance during the third quarter, which reflects continued strong execution and leadership as we navigate through the uncertainty of COVID, highlighted by 52% sequential global net sales growth over the second quarter of 2020,” president and CEO Jon Serbousek said in a news release. “While we are encouraged by our performance across the organization, we are particularly excited about the performance of our U.S. spinal implants business, which grew 19% over the third quarter of 2019, driven by the continued success of M6.
“In addition to strong financial performance during the quarter, we continued to execute successfully against our strategic initiatives. Included in that execution was the investment and co-development partnership with Neo Medical, which we believe will accelerate our efforts to bring single-use procedural solutions to market,” Serbousek added. “Additionally, the strong adoption of the FitBone limb-lengthening system during its limited market release is further strengthening our position in pediatric extremity deformity care. These strategic business development achievements combined with our initiative to institute a high-velocity cadence of product launches should position us for accelerating growth in the years to come. We have made substantial progress in refreshing our organizational structure and with this solid foundation in place, we are well-positioned to execute.”
Orthofix did not provide a financial outlook for 2020.
Shares in OFIX were up 13.50% to $38 apiece in afternoon trading.