Buoyed by a 4 percent jump in revenues, Orthofix International N.V. (Nasdaq:OFIX) rolled to a $10.2 million second quarter profit.
Per-share earnings were 57 cents, bolstered by a one-time gain on interest rate swaps. Absent the windfall, the Boston-based device manufacturer generated 54 cents per share and still managed to breeze past the 47-cent average estimate by analysts.
Overall revenues at Orthofix were $142.8 million, up from the $137.5 million reported in the second quarter of 2009. Most reporting segments posted double-digit gains from year-ago levels, paced by a 12 percent rise for both the stimulation and orthopedic segments and an 11 percent increase for the company’s spinal business. Sports medicine was a notable laggard, sliding $1.4 million to $23.1 million during the three months ended June 30.
During a conference call with analysts to discus the quarterly results, CEO Alan Milinazzo said the sports-medicine sales likely would remain soft during the rest of 2010.
The unit plans to launch eight new products by the end of the year, he said, which should improve its results over time.
Still, “I wouldn’t look for a major recovery this year,” Milinazzo said, adding, “We’ve baked that into our guidance” of $2.48 to $2.52 per share this year, up 10 cents from its previous call.