Orthofix's first quarter net sales were reported at $143.1 million, a 3 percent growth over the same period last year, with spine products net sales up 3 percent to $75 million and orthopedics up 1 percent to $41 million. However, the company reported a $12 million net income loss and $22 million operating income loss. The company recently sold its sports medicine business, which experienced 10 percent growth during the first quarter, to focus more resources on its orthopedics and spine business lines.
"With the signing of the agreement to sell the sports medicine business, we believe our strengthened balance sheet and narrowed focus on our value proposition in the spine and orthopedic business will provide a better platform to continue to create value for our shareholders," Orthofix President and CEO Robert Vaters said in a company news release.
During the first quarter, the company reported a 2 percent increase in the spinal regenerative stimulation products. It also launched the Ankle Compression Nailing and Lapidus Plating System worldwide.
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"With the signing of the agreement to sell the sports medicine business, we believe our strengthened balance sheet and narrowed focus on our value proposition in the spine and orthopedic business will provide a better platform to continue to create value for our shareholders," Orthofix President and CEO Robert Vaters said in a company news release.
During the first quarter, the company reported a 2 percent increase in the spinal regenerative stimulation products. It also launched the Ankle Compression Nailing and Lapidus Plating System worldwide.
More Articles on Orthopedic Devices:
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AlloSource Hires Dale Binke as Vice President of Marketing & Sales
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