Orthofix net sales grew in the first quarter, driven by strong U.S. spinal implant sales.
Five takeaways:
1. First-quarter net sales hit $105.6 million, up 1 percent year over year.
2. Spine implant sales jumped 12.1 percent, to $25.7 million, while biologics fell 1.8 percent to $13.7 million.
3. Global spine sales were flat at $82.3 million, and global orthopedic sales were up 3.3 percent, to $23.3 million.
4. Orthofix reported a $5.8 million net loss for the quarter, and gross profit dropped to $1.7 million.
5. Orthofix expects 2021 net sales to reach $455 million to $465 million, a 12 percent to 14.4 percent increase over 2020.