Orthofix (Nasdaq:OFIX) posted first-quarter financial results that beat Wall Street’s consensus forecast.
The Lewisville, Texas-based orthopedic implant company posted losses of $4.5 million, or 22¢ per share, on sales of $106.4 million for the three months ended March 31, 2022 , for a slight net gain closer to break-even on sales growth of 0.8%.
Adjusted to exclude one-time items, earnings per share were 17¢, 8¢ ahead of Wall Street, where analysts had forecast sales of $104.4 million.
“We are very pleased with our financial and operational performance in the first quarter given COVID-19 and workforce headwinds, continued global supply chain disruptions and macro-financial impacts resulting from the political instability in Europe,” said Jon Sermousek, President and CEO of Orthofix. in a press release. “The strategic investments we have made over the past two years, including our focus on new product innovation and the development of our global sales organization, continue to pay off.”
Orthofix said it expects to record adjusted EPS of between 58¢ and 73¢ for the full year. The company expects 2022 revenue to be between $475 million and $490 million.
OFIX shares were down 7% at $28.90 at market open today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, fell 0.4%.