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Orthofix Medical (OFIX) investor relations material
Orthofix Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net sales were $205.6M, up 4.6% year-over-year; pro forma net sales (excluding discontinued M6 discs) were $203.4M, up 6.3% year-over-year on a constant currency basis.
U.S. Spine Fixation net sales grew 8% and procedure volume rose 10% year-over-year; Bone Growth Therapies net sales increased 5.7% to $61.2M.
U.S. Orthopedics net sales surged 19% year-over-year; Global Orthopedics net sales grew 10.1%.
Reported net loss was $(22.8)M, or $(0.57) per share, an improvement from $(27.4)M, or $(0.71) per share, in Q3 2024.
Non-GAAP pro forma adjusted EBITDA was $24.6M (12.1% margin), up 28.2% year-over-year, with margin expanding by 233 basis points.
Achieved seven consecutive quarters of adjusted EBITDA margin expansion and positive free cash flow of $2.5M in Q3 2025; cash and equivalents at $65.9M as of September 30, 2025.
Financial highlights
Gross margin was 72.2% (reported) and 72.1% (pro forma adjusted), up from 68.7% in Q3 2024.
Adjusted net income was $7.2M, up from $4.3M in Q3 2024.
Adjusted gross profit was $148.7M (72.3% margin); pro forma adjusted gross profit was $146.7M (72.1% margin).
Free cash flow for Q3 2025 was $2.5M; cash and equivalents at quarter-end were $65.9M.
Outlook and guidance
Full-year 2025 pro forma net sales guidance narrowed to $810M–$814M, midpoint $812M.
Raised the low end of full-year adjusted EBITDA guidance to $84M–$86M.
Free cash flow expected to remain positive for 2025, excluding restructuring charges.
Expect gross margins of approximately 72% for the second half of 2025.
Long-term revenue CAGR target of 6.5-7.5% weighted more toward 2027, driven by full Virada launch and distributor momentum.
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