Orthofix International (OFIX) Misses Q4 EPS by 2c, Slight Miss on Revenues; FY19 EPS/Revenue Guidance Below Consensus, Announces CEO Transition

Orthofix International (NASDAQ: OFIX) reported Q4 EPS of $0.46, $0.02 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $121.1 million versus the consensus estimate of $121.45 million.

• Net sales of $121.1 million, an increase of 3.6% compared to prior year and 4.4% on a constant currency basis
• Net income of $8.9 million; compared to net income from continuing operations of $1.5 million in the prior year
• Adjusted EBITDA of $24.4 million; an increase of $0.1 million, or 0.6%, over prior year

CEO Transition

• Brad Mason to retire from Orthofix; will remain in current role until a successor is named

“With the recent FDA approval of the M6-C artificial cervical disc, the primary focus in our spine business is on the launch in the U.S., which we expect will happen late in the second quarter,” commented Brad Mason, President and Chief Executive Officer. “This approval is an important milestone in our transition to a topline growth story beginning in the second half of this year and accelerating in 2020.”

GUIDANCE:

Orthofix International sees FY2019 EPS of $0.98-$1.12, versus the consensus of $1.82. Orthofix International sees FY2019 revenue of $472-477 million, versus the consensus of $479.37 million.

For earnings history and earnings-related data on Orthofix International (OFIX) click here.

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