Orthofix (NSDQ:OFIX) posted second-quarter results today that beat the overall consensus on Wall Street.
The Lewisville, Texas-based company reported profits of $2.4 million, or 12¢ per share, on sales of $121.4 million, for the three months ended June 30 for a sales growth of 65.99% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were 32¢, 21¢ ahead of The Street, where analysts were looking for sales of $108.2 million.
“We are proud of our second-quarter performance, in which we delivered accelerated topline growth sequentially and over pre-COVID levels,” president and CEO Jon Serbousek said in a news release. “We continue to see the positive impacts of our strategic initiatives, including increased product adoption driven through our expanded pool of strategic distribution partners, as well as ongoing strength from new products, in particular our M6-C artificial cervical disc and the Fitbone lengthening nail.”
“Into the back half of the year, we will maintain focus on our near-term growth drivers, the M6-C artificial cervical disc, the Fitbone limb lengthening system, and our recently bolstered 3D-printed titanium spinal interbody portfolio. In addition, we will continue to invest in initiatives that will drive growth in the coming quarters, such as the expansion of our biologics portfolio with products like the recently-launched FiberFuse Strip, and the development of innovative new bone growth therapy products for spine and orthopedics.”
Orthofix said it expects net sales for the fiscal year 2021 to be in the range of $468 million and $474 million.
Shares in OFIX were up 4.24% to $39.59 apiece at market open.