Orthofix's fourth quarter sales grew 64%, and its full year revenue rose 62%, according to financial results posted March 5.
Seven things to know:
1. Fourth quarter sales were $200.4 million. Global spine sales were $169.8 million, and global orthopedic sales were $30.6 million.
2. Bone growth therapies revenue in the fourth quarter were $58.8 million, and spinal implants, biologics and enabling technologies saw $111 million in sales.
3. Full year sales were $746.6 million. Global spine sales in 2023 were $631.3 million, and global orthopedic sales were $115.3 million.
4. Bone growth therapies revenue in 2023 were $212.5 million, and spinal implants, biologics and enabling technologies saw $418.8 million in sales.
5. Orthofix expects net sales in 2024 to range from $785 million to $795 million.
6. In the past year, installations of the 7D spine navigation system grew 29%, CEO Massimo Calafiore said in a March 5 earnings call.
7. "I am thrilled to join Orthofix at such a pivotal moment in the company’s story, wherein the business fundamentals are strong, we are well positioned to deliver profitable growth in 2024, and we are continuing to accelerate our leverage on revenue," Mr. Calafiore said in a news release. "After reflecting on my first two months in this role, it is evident that Orthofix's balanced and complementary product mix offers a differentiated advantage across multiple markets. I look forward to leveraging that unique portfolio platform to drive future value through profitable growth."