Sales of spinal implants & biologics were $30.6 million, up 12% vs. prior year
Q209 reported net income was $0.35 per diluted share; excluding certain items, adjusted net income was $0.42 per diluted share, which was 17% higher than the prior year
Full market introduction of Trinity® Evolution™ began July 1st
Company made $5 million debt repayment ahead of scheduled maturity in July
BOSTON--(BUSINESS WIRE)--Orthofix International N.V. (NASDAQ:OFIX - News) (the Company) today announced its results for the second quarter ended June 30, 2009. Total quarterly revenue was a record $137.5 million, which was an increase of 6% over the second quarter of 2008. Excluding the unfavorable $5.5 million impact of foreign currency on second quarter sales, revenue increased 10% on a constant currency basis.
Reported second quarter net income totaled $5.9 million, or $0.35 per share. This compared with $5.8 million, or $0.34 per share in the second quarter of the prior year. Excluding certain items summarized in the table below, second quarter adjusted net income was $7.2 million, or $0.42 per share, which was 17% higher than adjusted net income of $6.3 million, or $0.36, in the prior year.
“I’m very pleased to report a strong quarter, which is reflected in our consolidated revenue and earnings results. These favorable results were consistent across all of our core business segments. This included our spinal implant business, which continued to gain momentum in the second quarter as sales grew 12% led by the recent launches of our Firebird™ pedicle screw system, Pillar™ SA interbody device and Trinity® Evolution™ stem cell-based allograft,” said President and CEO Alan Milinazzo. “Additionally, our improved cash flow has allowed us to make a total of $20 million in debt payments ahead of their scheduled maturities so far this year, including a $5 million payment this month. Based on our results for the first half of 2009 we are reaffirming our full-year guidance.”
Non-GAAP Performance Measures
The table below presents a reconciliation of second quarter net income calculated in accordance with generally accepted accounting principles (GAAP) to a non-GAAP performance measure, referred to as “adjusted net income”, that excludes from net income the items specified in the table. Additionally a reconciliation between second quarter net income calculated in accordance with GAAP and the non-GAAP measure referred to as “Consolidated EBITDA” is included in the Regulation G Supplemental Information Schedule attached to this release. Management believes it is important to provide investors with the same non-GAAP metrics it uses to supplement information regarding the performance and underlying trends of Orthofix’s business operations in order to facilitate comparisons to its historical operating results and internally evaluate the effectiveness of the Company’s operating strategies. A more detailed explanation of the items in the table below that are excluded from GAAP net income, as well as why management believes the non-GAAP measures are useful to them, is included in the Regulation G Supplemental Information schedule attached to this press release.
