# Orthofix Medical Inc. (OFIX)

Informational only - not investment advice.

CIK: 0000884624
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=884624
Filing source: https://www.sec.gov/Archives/edgar/data/884624/000119312526065189/ofix-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001193125-26-065189 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000884624.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 822,312,000 USD | 2025 | verified |
| Net income | -92,192,000 USD | 2025 | verified |
| Assets | 850,647,000 USD | 2025 | verified |
| Free cash flow | -1,279,000 USD | 2025 | computed |
| Net margin | -11.21% | 2025 | computed |
| Operating margin | -9.90% | 2025 | computed |
| Revenue YoY | +2.85% | 2025 | computed |
| ROE | -20.49% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | OFIX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -11.2% | -6.0% | 40 | 63 |
| Operating margin | -9.9% | -2.7% | 40 | 63 |
| Revenue growth | 2.9% | 13.6% | 22 | 64 |
| FCF margin | -0.2% | 0.2% | 44 | 63 |
| ROE | -20.5% | -9.1% | 39 | 58 |
| ROA | -10.8% | -4.8% | 41 | 65 |
| Liabilities / equity | 0.89 | 0.89 | 50 | 63 |
| Current ratio | 2.45 | 3.23 | 33 | 65 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 822312000 | USD | 2025 | 2026-02-24 |
| Net income | -92192000 | USD | 2025 | 2026-02-24 |
| Assets | 850647000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000884624.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 409,788,000 | 433,823,000 | 453,042,000 | 459,955,000 | 406,562,000 | 464,479,000 | 460,713,000 | 746,641,000 | 799,491,000 | 822,312,000 |
| Net income | 3,056,000 | 6,223,000 | 13,811,000 | -28,462,000 | 2,517,000 | -38,379,000 | -19,749,000 | -151,395,000 | -125,997,000 | -92,192,000 |
| Operating income | 21,067,000 | 40,811,000 | 30,094,000 | -18,784,000 | -6,266,000 | -8,315,000 | -13,268,000 | -139,110,000 | -84,619,000 | -81,428,000 |
| Gross profit | 321,935,000 | 340,786,000 | 356,414,000 | 359,348,000 | 304,673,000 | 349,565,000 | 337,169,000 | 486,273,000 | 545,885,000 | 566,017,000 |
| Diluted EPS | 0.17 | 0.34 | 0.72 | -1.51 | 0.13 | -1.95 | -0.98 | -4.12 | -3.30 | -2.33 |
| Operating cash flow | 59,076,000 | 38,972,000 | 49,918,000 | 32,033,000 | 74,272,000 | 18,475,000 | -11,538,000 | -45,753,000 | 25,790,000 | 33,347,000 |
| Capital expenditures |  |  |  |  |  |  | 23,160,000 | 62,050,000 | 34,876,000 | 34,626,000 |
| Assets | 372,103,000 | 405,354,000 | 466,641,000 | 495,620,000 | 525,861,000 | 476,623,000 | 458,629,000 | 925,315,000 | 893,294,000 | 850,647,000 |
| Liabilities | 108,626,000 | 108,746,000 | 131,244,000 | 167,989,000 | 168,997,000 | 139,689,000 | 121,769,000 | 326,585,000 | 390,170,000 | 400,610,000 |
| Stockholders' equity | 263,477,000 | 296,608,000 | 335,397,000 | 327,631,000 | 356,864,000 | 336,934,000 | 336,860,000 | 598,730,000 | 503,124,000 | 450,037,000 |
| Cash and cash equivalents | 39,572,000 | 81,157,000 | 69,623,000 | 69,719,000 | 96,291,000 | 87,847,000 | 50,700,000 | 33,107,000 | 83,238,000 | 82,025,000 |
| Free cash flow |  |  |  |  |  |  | -34,698,000 | -107,803,000 | -9,086,000 | -1,279,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 0.75% | 1.43% | 3.05% | -6.19% | 0.62% | -8.26% | -4.29% | -20.28% | -15.76% | -11.21% |
| Operating margin | 5.14% | 9.41% | 6.64% | -4.08% | -1.54% | -1.79% | -2.88% | -18.63% | -10.58% | -9.90% |
| Return on equity | 1.16% | 2.10% | 4.12% | -8.69% | 0.71% | -11.39% | -5.86% | -25.29% | -25.04% | -20.49% |
| Return on assets | 0.82% | 1.54% | 2.96% | -5.74% | 0.48% | -8.05% | -4.31% | -16.36% | -14.10% | -10.84% |
| Liabilities / equity | 0.41 | 0.37 | 0.39 | 0.51 | 0.47 | 0.41 | 0.36 | 0.55 | 0.78 | 0.89 |
| Current ratio | 2.33 | 3.17 | 2.85 | 3.07 | 2.60 | 2.55 | 3.06 | 2.54 | 2.57 | 2.45 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/OFIX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000884624.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.53 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -1.71 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -1.07 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -39,426,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 184,006,000 |  | -0.77 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 200,415,000 | -22,174,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 188,608,000 | -36,020,000 | -0.95 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -36,020,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 198,620,000 |  | -0.88 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -33,443,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 196,606,000 |  | -0.71 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 215,657,000 | -29,146,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 193,646,000 | -53,094,000 | -1.35 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -53,094,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 203,121,000 |  | -0.36 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -14,081,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 205,634,000 |  | -0.57 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 219,911,000 | -2,222,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 196,708,000 | -20,908,000 | -0.52 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -20,908,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 210,933,000 |  | -0.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from OFIX's latest 10-K: [/company/OFIX/business/](/company/OFIX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from OFIX's latest 10-K: [/company/OFIX/risk-factors/](/company/OFIX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/884624/000119312526333822/ofix-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of Orthofix Medical Inc.'s (sometimes referred to as the "Company," "we," "us" or "our") financial condition and results of operations should be read in conjunction with the discussion under the heading "Forward-Looking Statements" and our condensed consolidated financial statements and related notes thereto appearing elsewhere in this Form 10-Q.

Executive Summary

We are a global medical technology company dedicated to advancing healing and restoring mobility for patients with complex musculoskeletal conditions. Headquartered in Lewisville, Texas, we offer a differentiated portfolio of spinal implants, therapeutic solutions, limb reconstruction systems, biologics and enabling technologies, including the 7D FLASH Navigation System. Our technology-enabled solutions are designed to support surgeons across the continuum of care and improve outcomes for patients. Learn more at Orthofix.com and follow us on LinkedIn. Information included on our website is not incorporated into, nor does it otherwise create a part of, this report.

Notable financial metrics in the second quarter of 2026 and recent achievements include the following:

•
Second quarter 2026 reported net sales of $210.9 million, representing an increase of 4% on a reported basis and 5% on a pro forma constant currency basis compared to second quarter 2025.

•
Generated double-digit constant currency growth in Global Spine Fixation and Global Limb Reconstruction, reflecting strong international performance and continued demand across key growth platforms.

•
Therapeutic Solutions (formerly Bone Growth Therapies) delivered 3% year-over-year net sales growth despite a temporary Medicare reimbursement headwind affecting bone growth stimulators during part of the second quarter. For additional discussion of this matter, see Note 16 of the Notes to the Unaudited Condensed Consolidated Financial Statements.

•
Biologics stabilized and began to regain momentum, supported by focused commercial execution.

•
Second quarter 2026 reported net loss of $(15.8) million and non-GAAP adjusted EBITDA of $20.1 million.

Results of Operations

The following table provides certain items in our condensed consolidated statements of operations as a percent of net sales:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","Six Months Ended June 30,"],["(Unaudited)","","2026 (%)","","","2025 (%)","","","2026 (%)","","","2025 (%)"],["Net sales","","","100.0","","","","100.0","","","","100.0","","","","100.0"],["Cost of sales","","","29.0","","","","31.3","","","","29.0","","","","34.2"],["Gross profit","","","71.0","","","","68.7","","","","71.0","","","","65.8"],["Sales, general, and administrative","","","65.5","","","","67.3","","","","66.9","","","","67.9"],["Research and development","","","7.6","","","","7.8","","","","7.7","","","","9.0"],["Acquisition-related amortization, impairment, and remeasurement","","","1.8","","","","1.5","","","","1.9","","","","5.3"],["Operating loss","","","(3.9",")","","","(7.9",")","","","(5.5",")","","","(16.4",")"],["Net loss","","","(7.5",")","","","(6.9",")","","","(9.0",")","","","(16.9",")"]]
[[/GREPCENT_TABLE]]

23

Net Sales by Product Category and Reporting Segment

Our operations are managed through two reporting segments: Global Spine and Global Limb Reconstruction. The following tables provide net sales by product category and reporting segment:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,"],["(Unaudited, U.S. Dollars, in millions)","","2026","","","2025","","","Change","","","Constant Currency Change"],["Therapeutic Solutions","","$","64.2","","","$","62.6","","","","2.5","%","","","2.5","%"],["Spinal Implants, Biologics and Enabling Technologies*","","","109.0","","","","104.8","","","","4.0","%","","","4.0","%"],["Global Spine*","","","173.2","","","","167.4","","","","3.5","%","","","3.5","%"],["Global Limb Reconstruction","","","37.7","","","","33.3","","","","13.2","%","","","11.0","%"],["Pro forma net sales*","","","210.9","","","","200.7","","","","5.1","%","","","4.7","%"],["Impact from discontinuation of M6 product lines","","","0.0","","","","2.4","","","","(97.4","%)","","","(97.5","%)"],["Reported net sales","","$","210.9","","","$","203.1","","","","3.8","%","","","3.5","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Six Months Ended June 30,"],["(Unaudited, U.S. Dollars, in millions)","","2026","","","2025","","","Change","","","Constant Currency Change"],["Therapeutic Solutions","","$","121.9","","","$","117.6","","","","3.7","%","","","3.7","%"],["Spinal Implants, Biologics and Enabling Technologies*","","","214.9","","","","209.1","","","","2.7","%","","","2.7","%"],["Global Spine*","","","336.8","","","","326.7","","","","3.1","%","","","3.0","%"],["Global Limb Reconstruction","","","70.5","","","","63.1","","","","11.8","%","","","7.2","%"],["Pro forma net sales*","","","407.3","","","","389.8","","","","4.5","%","","","3.7","%"],["Impact from discontinuation of M6 product lines","","","0.3","","","","6.9","","","","(95.3","%)","","","(95.6","%)"],["Reported net sales","","$","407.6","","","$","396.7","","","","2.7","%","","","2.0","%"]]
[[/GREPCENT_TABLE]]

* Results above for each of Spinal Implants, Biologics, and Enabling Technologies; Global Spine; and pro forma net sales exclude the impact from discontinuation of its M6-C artificial cervical disc and M6-L artificial lumbar disc product lines (together, the "M6 artificial discs" or "M6 product lines"). Since pro forma net sales represent a non-GAAP measure, see the reconciliation above of the Company's pro forma net sales to its reported figures under U.S. GAAP. The Company's reported figures under U.S. GAAP represent each of the pro forma line items discussed above plus the impact from discontinuation of the M6 product lines.

Global Spine

Global Spine offers the following product categories:

•
Therapeutic Solutions manufactures, distributes, sells, and provides support services for market-leading devices used adjunctively in high-risk spinal fusion procedures and treats both nonunion and acute fractures in the orthopedic space. Therapeutic Solutions uses distributors and a direct sales channel to sell its devices and provide associated support services to hospitals, healthcare providers, and patients in the U.S.

•
Spinal Implants, Biologics, and Enabling Technologies is comprised of a broad portfolio of spine fixation implant products used in surgical procedures of the spine, one of the most comprehensive biologics portfolios in both the demineralized bone matrix and cellular allograft market segments and image-guided surgical solutions to facilitate degenerative, minimally invasive, and complex surgical procedures. Spinal Implants, Biologics, and Enabling Technologies products are sold through a network of distributors and sales representatives to hospitals and healthcare providers on a global basis for Spinal Implants and Enabling Technologies, and primarily within the U.S. for Biologics.

Three months ended June 30, 2026 compared to 2025

Net sales of $173.2 million, an increase of $3.4 million or 2.0% on a reported basis

•
Therapeutic Solutions net sales increased $1.6 million, or 2.5%, largely driven by an increase in gross order volumes from our continued investment in our direct sales channels for both the spine and fracture markets, with this growth partially offset by unfavorable changes in average sales price as a result of billing requirement modifications and Medicare fee

24

schedule changes instituted by the Centers for Medicare & Medicaid Services (“CMS”) for dates of service on or after May 18, 2026 (these changes were then withdrawn by CMS on July 1, 2026)

•
Spinal Implants, Biologics, and Enabling Technologies net sales, excluding sales from the M6 product lines, increased $4.2 million, or 4.0%, primarily due to continued sales growth from our highest-volume distribution partners within Spine Fixation. Growth in these areas was partially offset by a decline in Enabling Technologies. This decrease in Enabling Technologies is primarily due to our deliberate strategy to prioritize the Voyager Earnout program, which incentivizes purchase commitments of our Spine Fixation and Biologics products over the term of each agreement, over the pursuit of capital sales

•
Net sales from the M6 product lines decreased $2.4 million, or 97.4%, as a result of the discontinuation of the M6 product lines in 2025 to focus resources and investments on more profitable growth opportunities

Six months ended June 30, 2026 compared to 2025

Net sales of $337.1 million, an increase of $3.4 million or 1.0% on a reported basis

•
Therapeutic Solutions net sales increased $4.3 million, or 3.7%, largely driven by increases in gross order volumes from our continued investment in our direct sales channels for both the spine and fracture markets, with this growth partially offset by unfavorable changes in average sales price as a result of billing requirement modifications and Medicare fee schedule changes instituted by CMS in May 2026 (these changes were then withdrawn by CMS on July 1, 2026)

•
Spinal Implants, Biologics, and Enabling Technologies net sales, excluding sales from the M6 product lines, increased $5.7 million, or 2.7%, primarily due to continued sales growth from our highest-volume distribution partners within Spine Fixation, with this growth partially offset by a decline in Biologics and Enabling Technologies. This decrease in Enabling Technologies is primarily due to our deliberate strategy to prioritize the Voyager Earnout program over the pursuit of capital sales

•
Net sales from the M6 product lines decreased $6.6 million, or 95.3%, as a result of the discontinuation of the artificial disc product lines in 2025 to focus resources and investments in more profitable growth opportunities

Global Limb Reconstruction

Global Limb Reconstruction offers products and solutions for the underserved limb reconstruction market that encompasses four pillars: deformity correction, limb lengthening, complex fracture management, and limb preservation. Global Limb Reconstruction sells its products through a global network of distributors and sales representatives to hospitals, healthcare organizations, and healthcare providers.

Three months ended June 30, 2026 compared to 2025

Net sales of $37.7 million, an increase of $4.4 million or 13.2% on a reported basis and 11.0% on a constant currency basis

•
U.S. net sales growth of $0.2 million, or 1.6%, largely due to growth from new products launched in the past three years, partially offset by the timing of large capital sales orders

•
International sales increase of $3.5 million, or 15.0% on a constant currency basis, primarily driven by sales of new products launched in the past three years

•
Net sales increase of $0.7 million due to movement in foreign currency exchange rates, which had a favorable impact during the quarter

Six months ended June 30, 2026 compared to 2025

Net sales of $70.5 million, an increase of $7.4 million or 11.8% on a reported basis and 7.2% on a constant currency basis

•
U.S. net sales were relatively flat compared to the prior year

•
International sales increase of $4.5 million, or 10.1% on a constant currency basis, primarily driven by sales of new products launched in the past three years and partially offset by the timing of large tender orders and capital sales in the prior year

•
Net sales increase of $2.9 million due to movement in foreign currency exchange rates, which had a favorable impact during the quarter

25

Gross Profit

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/884624/000119312526065189/ofix-20251231.htm
Complete FY 2025 MD&A: /company/OFIX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and result of operations should be read in conjunction with "Forward-Looking Statements" and our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. The discussion and analysis below is focused on our 2025 and 2024 financial results, including comparisons of our year-over-year performance between these years. Discussion and analysis of our 2023 fiscal year, as well as the year-over-year comparison of our 2024 financial performance to 2023, is located in Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, which is available on our website at www.orthofix.com and the SEC’s website at www.sec.gov.

Executive Summary

Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, we deliver exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, specialized orthopedic solutions, biologics, and enabling technologies, including the 7D FLASH navigation system.

In January 2023 we completed a “merger of equals” transaction with SeaSpine whereby we acquired SeaSpine via an all-stock merger. For additional discussion of the merger with SeaSpine, see Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of this Annual Report. The shares of common stock of Orthofix, as the corporate parent entity in the combined company structure, continue to trade on NASDAQ under the symbol "OFIX".

In February 2025, we announced our intent to discontinue our M6-C artificial cervical disc and M6-L artificial lumbar disc product lines (together, the "M6 artificial discs" or "M6 product lines") in order to allocate associated resources and investments to more profitable growth opportunities. All pro forma measures contained within this discussion of our operating results exclude the impact of this decision to discontinue the product lines.

Notable financial results in 2025 include the following:

•
Net sales of $822.3 million, including sales from our M6 artificial cervical and lumbar discs, and pro forma net sales of $811.9 million, excluding net sales from our M6 discs, representing an increase of 2.9% on a reported basis and 4.1% on a pro forma constant currency basis compared to the prior year

•
Global Spine Fixation net sales growth of 10.1% on both a reported and pro forma constant currency basis over the prior year, inclusive of U.S. Spine Fixation net sales growth of 5.5% compared to prior year

•
Bone Growth Therapies ("BGT") net sales of $247.2 million, representing growth of 5.9% compared to the prior year

•
Global Limb Reconstruction net sales of $134.7 million, representing growth of 8.4% on a reported basis and 5.3% on a constant currency basis over the prior year, inclusive of U.S. Limb Reconstruction growth of 15.8% compared to the prior year

Results of Operations

The following table presents certain items in our consolidated statements of operations as a percent of net sales:

[[GREPCENT_TABLE]]
[["","","Year ended December 31,"],["","","2025 (%)","","","2024 (%)","","","2023 (%)"],["Net sales","","","100.0","","","","100.0","","","","100.0"],["Cost of sales","","","31.2","","","","31.7","","","","34.9"],["Gross profit","","","68.8","","","","68.3","","","","65.1"],["Sales, general, and administrative","","","67.4","","","","66.6","","","","71.0"],["Research and development","","","8.0","","","","9.2","","","","10.7"],["Acquisition-related amortization, impairment, and remeasurement","","","3.3","","","","3.1","","","","2.0"],["Operating loss","","","(9.9",")","","","(10.6",")","","","(18.6",")"],["Net loss","","","(11.2",")","","","(15.8",")","","","(20.3",")"]]
[[/GREPCENT_TABLE]]

56

Net Sales by Reporting Segment

The following table provides net sales by major product category by reporting segment:

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","Percentage Change"],["","","","","","","","","","","","2025/2024","","","2025/2024","","","2024/2023","","","2024/2023"],["(U.S. Dollars, in thousands)","","2025","","","2024","","","2023","","","Reported","","","Constant Currency","","","Reported","","","Constant Currency"],["Bone Growth Therapies","","$","247,164","","","$","233,405","","","$","212,530","","","","5.9","%","","","5.9","%","","","9.8","%","","","9.8","%"],["Spinal Implants, Biologics, and Enabling Technologies","","","440,491","","","","441,909","","","","418,789","","","","-0.3","%","","","-0.3","%","","","5.5","%","","","5.5","%"],["Global Spine","","","687,655","","","","675,314","","","","631,319","","","","1.8","%","","","1.8","%","","","7.0","%","","","7.0","%"],["Global Limb Reconstruction","","","134,657","","","","124,177","","","","115,322","","","","8.4","%","","","5.3","%","","","7.7","%","","","7.9","%"],["Net sales","","$","822,312","","","$","799,491","","","$","746,641","","","","2.9","%","","","2.4","%","","","7.1","%","","","7.1","%"]]
[[/GREPCENT_TABLE]]

Global Spine

Global Spine offers the following products categories:

-
BGT manufactures, distributes, sells, and provides support services for market-leading devices used adjunctively in high-risk spinal fusion procedures and treats both nonunion and acute fractures in the orthopedic space. BGT uses distributors and a direct sales channel to sell its devices and provide associated support services to hospitals, healthcare providers, and patients in the U.S.

-
Spinal Implants, Biologics, and Enabling Technologies is comprised of a broad portfolio of spine fixation implant products used in surgical procedures of the spine, one of the most comprehensive biologics portfolios in both the demineralized bone matrix and cellular allograft market segments and image-guided surgical solutions to facilitate degenerative, minimally invasive, and complex surgical procedures. Spinal Implants, Biologics, and Enabling Technologies products are sold through a network of distributors and sales representatives to hospitals and healthcare providers on a global basis for Spinal Implants and Enabling Technologies, and primarily within the U.S. for Biologics.

2025 Compared to 2024

Net sales increased $12.3 million or 1.8%

•
BGT net sales increased $13.8 million, or 5.9%, driven by (i) favorable changes in average sales prices, (ii) increases in gross order volumes from our continued investment in our direct sales channels for both the spine and fracture markets, and (iii) continued market share growth of AccelStim

•
Spinal Implants, Biologics, and Enabling Technologies net sales, excluding sales from the M6 product lines, increased $11.6 million, or 2.8%, primarily due to increased sales growth from new and existing high-volume distributor partners within Spine Fixation, which saw growth in its cervical, interbody, and thoracolumbar franchises; growth in these areas was partially offset by a decline in Biologics

•
Net sales from the M6 product lines decreased $13.0 million, or 55.4%, as a result of the announcement and discontinuation of the product lines in 2025 to focus resources and investments in more profitable growth opportunities

Global Limb Reconstruction

Global Limb Reconstruction offers products and solutions for the underserved limb reconstruction market that encompasses four pillars: deformity correction, limb lengthening, complex fracture management, and limb preservation. Global Limb Reconstruction sells its products through a global network of distributors and sales representatives to hospitals, healthcare organizations, and healthcare providers.

2025 Compared to 2024

Net sales increased $10.5 million, or 8.4% on a reported basis and 5.3% on a constant currency basis

•
U.S. growth of $5.3 million, or 15.8%, largely due to investments made in recent product launches, commercial execution within our sales channel, and from growth within our TrueLok and Fitbone product lines

57

•
International growth of $1.2 million, or 1.4% on a constant currency basis, primarily driven by sales from new products launched in the past three years and partially offset by large orders made by NGOs in the prior year

•
Increase of $3.9 million due to movement in foreign currency exchange rates, which had a favorable impact on net sales in 2025

Gross Profit

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","Percentage Change"],["(U.S. Dollars, in thousands)","","2025","","","2024","","","2023","","","2025/2024","","","2024/2023"],["Net sales","","$","822,312","","","$","799,491","","","$","746,641","","","","2.9","%","","","7.1","%"],["Cost of sales","","","256,295","","","","253,606","","","","260,368","","","","1.1","%","","","-2.6","%"],["Gross profit","","$","566,017","","","$","545,885","","","$","486,273","","","","3.7","%","","","12.3","%"],["Gross margin","","","68.8","%","","","68.3","%","","","65.1","%","","","0.5","%","","","3.2","%"]]
[[/GREPCENT_TABLE]]

2025 Compared to 2024

Gross profit increased $20.1 million, or 3.7%

•
Increase in gross profit driven by net sales growth across BGT, Spinal Implants, Enabling Technologies, and Limb Reconstruction product categories

•
Increase in gross profit of $12.2 million driven by a reduction in amortization of the inventory fair value step-up recognized in the Merger, which was amortized over the expected sales cycles of the acquired inventory and concluded in December 2024

•
Partially offset by a decrease in gross profit of $4.6 million resulting from increased inventory reserve expenses, primarily driven by our decision to discontinue the M6 product lines in order to focus resources and investments on more profitable growth opportunities

Sales, General, and Administrative Expense

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","Percentage Change"],["(U.S. Dollars, in thousands)","","2025","","","2024","","","2023","","","2025/2024","","","2024/2023"],["Sales, general, and administrative","","$","554,329","","","$","532,525","","","$","530,395","","","","4.1","%","","","0.4","%"],["As a percentage of net sales","","","67.4","%","","","66.6","%","","","71.0","%","","","0.8","%","","","-4.4","%"]]
[[/GREPCENT_TABLE]]

2025 Compared to 2024

Sales, general, and administrative expense increased $21.8 million

•
Increase of $17.6 million associated with certain legal matters, including ongoing arbitration proceedings with former executives and related securities class action and shareholder derivative complaints

•
Increase of $10.1 million related to impairments of certain assets, restructuring costs, and losses incurred as a result of our decision to discontinue the M6 product lines

•
Increase of $4.1 million in certain compensation related costs, including commissions, due to increased headcount and net sales

•
Partially offset by a decrease of $9.9 million in succession charges and share-based compensation expense, primarily as a result of changes made in our executive leadership positions in the prior year

Research and Development Expense

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","Percentage Change"],["(U.S. Dollars, in thousands)","","2025","","","2024","","","2023","","","2025/2024","","","2024/2023"],["Research and development","","$","65,847","","","$","73,643","","","$","80,231","","","","-10.6","%","","","-8.2","%"],["As a percentage of net sales","","","8.0","%","","","9.2","%","","","10.7","%","","","-1.2","%","","","-1.5","%"]]
[[/GREPCENT_TABLE]]

58

2025 Compared to 2024

Research and development expense decreased $7.8 million

•
Decrease of $3.5 million as a result of our decision to discontinue the M6 product lines, wi

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/OFIX/mda/fy2025/
All MD&A years: /company/OFIX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/OFIX/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026066 (https://www.sec.gov/Archives/edgar/data/884624/000095017025026066/ofix-20241231.htm)
- [FY 2023 MD&A](/company/OFIX/mda/fy2023/): filed 2024-03-05; accession 0000950170-24-025877 (https://www.sec.gov/Archives/edgar/data/884624/000095017024025877/ofix-20231231.htm)
- [FY 2022 MD&A](/company/OFIX/mda/fy2022/): filed 2023-03-06; accession 0000950170-23-006242 (https://www.sec.gov/Archives/edgar/data/884624/000095017023006242/ofix-20221231.htm)
- [FY 2021 MD&A](/company/OFIX/mda/fy2021/): filed 2022-02-25; accession 0001564590-22-006929 (https://www.sec.gov/Archives/edgar/data/884624/000156459022006929/ofix-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/OFIX.md · JSON record: /company/OFIX.json · verified financials: /company/OFIX/financials.json / /company/OFIX/financials.csv · machine TOC for the whole site: /llms.txt