Orthofix posted $464.5 million in 2021 net sales, up 14 percent compared with 2020, and aims to continue its growth trajectory over the next couple of years.
Seven insights:
1. Fourth-quarter net sales increased 6 percent year over year to $125.1 million, the company said in a Feb. 25 news release.
2. Growth in the fourth quarter was primarily attributed to the company's M6-C artificial cervical disc and its Fitbone intramedullary limb-lengthening system.
3. Despite double-digit revenue growth, Orthofix saw a net loss of $38.4 million in 2021, compared with a net income of $2.5 million in 2020.
4. Orthofix President and CEO Jon Serbousek said he sees 2022 as "an inflection point for our business," aiming to capitalize on the momentum the company has gathered through its portfolio and commercial channels in the past two years.
5. Mr. Serbousek said: "As we move into 2023 and beyond, we expect to further accelerate our growth trajectory to become a high-single digit growth company with increasing profitability through continued disciplined investment in the areas of our business where we have a differentiated, competitive advantage."
6. As of Dec. 31, cash, cash equivalents and restricted cash totaled $87.8 million compared with $96.8 million as of Dec. 31, 2020.
7. The company projects 2022 net sales to be between $475 million and $490 million.