Orthofix Medical Inc. - OFIX STOCK NEWS

Orthofix (NASDAQ: OFIX) and SeaSpine (NASDAQ: SPNE) announced the appointment of John Bostjancic as Chief Financial Officer for the merged company, effective upon merger completion. Bostjancic has been CFO of SeaSpine since 2015, with prior experience at Integra Life Sciences. Doug Rice, current CFO of Orthofix, will assist during the transition. The all-stock merger agreement, announced on October 11, 2022, is expected to close in Q1 2023, pending shareholder approvals and customary conditions.

Orthofix Medical Inc. (NASDAQ:OFIX) will feature CEO Jon Serbousek and CFO Doug Rice in a fireside chat at the Stifel 2022 Healthcare investor conference on November 16, 2022, at 8:00 a.m. ET. The event will take place at the Lotte New York Palace in NYC, followed by one-on-one meetings. A live presentation will be available online for 90 days post-event. Orthofix focuses on innovative medical device solutions in spine and orthopedics, with a distribution network in over 60 countries.

Orthofix Medical reported Q3 2022 net sales of $114.0 million, up 1% year-over-year. Global Orthopedics net sales grew 19% in constant currency, driven by new products. GAAP EPS was ($0.53), while adjusted EPS was $0.13. The company announced a merger with SeaSpine, enhancing growth prospects. Despite a decrease in gross profit to $83.4 million and a net loss of ($10.7 million), adjusted EBITDA improved to $14.3 million. Outlook for 2022 projects full-year net sales between $457-$463 million.

Orthofix Medical Inc. (NASDAQ:OFIX) will release its third quarter 2022 financial results on November 3, 2022, before the market opens. The company's President, Jon Serbousek, and CFO, Doug Rice, will discuss the results during a conference call at 8:30 a.m. ET. Interested participants can join the call by dialing the provided numbers. A webcast of the call will be available on the company's investor relations website. Orthofix specializes in spine and orthopedic medical devices and operates in over 60 countries.

Orthofix Medical Inc (NASDAQ: OFIX) announced the market release of Legacy Demineralized Bone Matrix (DBM), a putty designed for bone defect treatments. Processed by MTF Biologics, Legacy DBM retains natural growth factors. The product complements Orthofix's existing biologics portfolio, which includes five new biologics introduced over the last year. Orthofix aims to meet diverse surgical needs while maintaining quality and cost-effectiveness. However, adoption risks remain, as future patient outcomes and market acceptance remain uncertain.

Orthofix Medical Inc. (NASDAQ:OFIX) announced that its Virtuos™ Lyograft received the 2022 Spine Technology Award from Orthopedics This Week. The award will be presented at the North American Spine Society annual meeting in Chicago. The Virtuos Lyograft is an innovative, shelf-stable autograft substitute designed for spine and orthopedic procedures, enhancing surgical efficiency and logistics by allowing room-temperature storage. This recognition underscores Orthofix's commitment to delivering cutting-edge solutions in medical technology.

Orthofix Medical reported Q3 net sales of $114 million, a 1% increase year-over-year. Adjusted for currency, sales rose 5%. Key drivers included a 19% growth in Global Orthopedics and an 8% increase in Biologics due to new products. Despite a 7% decline in Spinal Implants, the company noted a resurgence in M6-C sales. Orthofix announced a merger with SeaSpine, which aims to create a leading global spine and orthopedics firm. As of September 30, 2022, cash reserves were approximately $52 million.

Orthofix and SeaSpine have announced a definitive agreement for an all-stock merger, creating a leading global spine and orthopedics company. The combined company will possess complementary portfolios valued at approximately $693 million. SeaSpine shareholders will receive 0.4163 shares of Orthofix stock per share owned. Orthofix shareholders will control about 56.5% of the new entity. The merger is expected to offer significant revenue synergies, cost savings of at least $40 million annually, and is projected to be EBITDA accretive by the second year post-close.

Orthofix Medical (NASDAQ:OFIX) presented compelling long-term results for their M6-C artificial cervical disc at the North American Spine Society annual meeting in Chicago, held from October 12-15. The five-year study showed significant clinical effectiveness with an NDI score of 8.0, indicating mild disability, compared to 18.0 in the anterior cervical discectomy group. Additionally, the M6-C demonstrated a 3.1% subsequent surgical intervention rate and a remarkable 99% survivorship rate at 10 years, solidifying its efficacy in cervical disc replacement.