The merger of Orthofix Medical Inc. (“Orthofix”) and SeaSpine Inc. (“SeaSpine”) became effective as of January 5, 2023. This news release includes the financial results of stand-alone Orthofix and stand-alone SeaSpine for the fourth quarter and full year ended December 31, 2022. As such, these financial results do not include any potential accounting adjustments the merger may have on future net sales or operating results.
Orthofix Fourth Quarter Highlights
- Net sales of $122.2 million, a decrease of 2% on a reported basis and flat on a constant currency basis over prior year
- Bone Growth Therapies net sales growth of approximately 3%, driven by the commercial roll-out of AccelStim™ Bone Healing Therapy and channel investments
- Global Orthopedics net sales growth of over 6% on a constant currency basis driven by new product launches and channel investments
SeaSpine Fourth Quarter Highlights
- Net sales of $63.4 million, an increase of 14% on a reported basis over prior year and an increase of 18% when adjusted to exclude the impact of SeaSpine’s exit from the European Spinal Implants market in the third quarter of 2022
- U.S. Spinal Implants and Orthobiologics net sales growth of 23% and 20%, respectively, driven by recently launched products and expanded distribution
- A record twelve 7D FLASH Technology System units placed in the fourth quarter, and the achievement of 100th unit placement milestone
“We are proud of the strong revenue results for the fourth quarter of 2022 within the legacy SeaSpine U.S. Spinal Implants and Orthobiologics portfolios as well as within the Orthofix Bone Growth Therapies and Global Orthopedics portfolios,” said Keith Valentine, President and Chief Executive Officer of Orthofix. “Following the completion of the merger on January 5th, we have begun our focused integration of these two highly complementary businesses to realize the meaningful synergy opportunities that we identified. We will continue to deliver innovative and differentiated solutions to both our surgeon and hospital partners, helping them provide the best treatment to their patients through a full continuum of care from pre-operative planning through post-surgical recovery. Our revenue guidance for the first quarter and the full year 2023 assumes minimal realization of potential revenue synergies, which we believe will accelerate as we move into 2024.”
Source: BioSpace
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.