Orthofix International NV (NSDQ:OFIX) turned the page on a fairly disastrous 2008, swinging from a $228 million loss to a $24 million gain over the course of 2009.
The Dutch firm, which maintains its U.S. headquarters in Boston, reported sales of $144 million during the three months ended Dec. 31, 2009, an 8 percent increase from the $132 million the company reported during the same period the prior year. Big increases in sales of spinal stimulation devices and implants, which made up about half of the company’s total sales during the quarter, drove growth and made up somewhat for declines in the company’s biologic and sports medicine businesses, which both reported lower sales.
The 15 percent jump for Orthofix’s implant business was supported by a 31 percent increase in sales of lumbar and cervical spine implant devices, according to a filing with the federal Securities & Exchange Commission.
The surging sales made their way to the bottom line, lifting Orthofix to $9.4 million in fourth-quarter net income, compared to a $770,000 loss during Q4 2008.
For the full year, Orthofix posted a $545 million in sales, an 11 percent increase compared to $520 million during 2008.
Orthofix officials expect the strong sales to continue during 2010, estimating full-year sales in a range between $580 million and $588 million. Projected earnings were in a range between $2 and $2.04 per share, or between $34.5 million to $35 million.