Orthofix reported a net sales increase in the first quarter of 2017.
Here are five things to know:
1. Orthofix's net sales increased 4.1 percent to $102.7 million in the first quarter of the year. The company's spine fixation sales were up 2.3 percent to $19.3 million while biologic sales were up 6.3 percent to $15 million. BioStim sales hit $44.5 million, an 8.5 percent increase.
2. The loss per share from continuing operations was $0.13 in the first quarter, or $2.3 million overall. Last year, net income was $4.6 million. The company attributed first quarter net loss to strategic investments of $7.1 million, including pre-tax impairment of $5.6 million on the eNeura investment.
3. The company reported $41.7 million in cash and cash equivalents in the first quarter and had no outstanding indebtedness as of March 31. The company's borrowing capacity is $125 million and cash flow from operations decreased from $1.2 million to $3.5 million.
4. Orthofix expects net income from continuing operations to hit $20.6 million to $23.7 million for the full year. EBITDA is expected to reach $54.3 million to $58.2 million.
5. Orthofix CEO Brad Mason is pleased with the first quarter results and attributes the success to "solid execution of our commercial strategies." The company's corporate focus is on expanding distribution in underserved markets, improving legacy distributor engagement and providing a "robust stream of new products" to its sales force.