Orthofix reported the fourth quarter 2014 and fiscal year financial results, with increased full year sales but operating loss.
"While we spent a lot of time and resources in 2014 focused on the restatement of our financials, behind the scenes we made good progress in many financial and operating facets of our business to position us for future success," said Orthofix President and CEO Brad Mason.
Here are 11 key notes from the report:
Fourth quarter
1. Net sales were down 5.3 percent to $100.3 million.
2. Gross profit was up to $78.8 million and was 78.6 percent of net sales.
3. The operating loss was $4 million.
4. The company released the TrueLock Hexapod system and Unyco monocortical fixation screw. They released the SkyHawk lateral spine fusion system on a limited basis.
5. The total net margin was $36.5 million and 36.4 percent of net sales.
2014
6. The net sales were up 1.2 percent on a reported and constant currency basis. The increase was primarily due to sales organization enhancement and reducing third party payer revenue in 2013.
7. Gross profit was $303.4 million and 75.4 percent of net sales.
8. Operating income was a loss of $17.1 million.
9. The company also launched the Centurion Cervico-Thoracic system, LoneStar standalone cervical interbody and SambaScrew sacroiliac fusion system last year.
10. The company began a multi-year process and systems improvement initiative called Bluecore.
11. Declining revenue in Brazil and the spine fixation strategic business unit offset the company's net sales growth.