| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 205.63 | 1.2% | 4.6% |
| Total Income | 205.63 | 1.2% | 4.6% |
| Expenditure | 222.68 | 1.6% | 3.3% |
| PBT | -22.26 | 56.5% | 16.4% |
| Net Profit | -22.80 | 61.9% | 16.8% |
| OPM | -8.29% | 0.41pp | 1.32pp |
| NPM | -11.09% | 4.15pp | 2.84pp |
| EPS | -0.57 | 58.3% | 19.7% |
Orthofix Reports Q3 2025 Net Sales of $205.6 Million
04 May 2026 · 4 May, 8:14 am
Summary
Orthofix Medical Inc. reported third quarter 2025 net sales of $205.6 million. Pro forma net sales, excluding M6 discs, increased by 6% on a constant currency basis. The company's U.S. Spine Fixation segment saw an 8% increase in net sales, while Bone Growth Therapies net sales grew by 6%. The third quarter net loss was $(22.8) million, but non-GAAP pro forma adjusted EBITDA reached $24.6 million. The company narrowed its full-year 2025 net sales guidance while maintaining the midpoint, and raised the low end of its adjusted EBITDA guidance.
Key Highlights
- 1
Orthofix reported third quarter 2025 net sales of $205.6 million, including sales from M6 artificial cervical and lumbar discs.
- 2
Pro forma net sales were $203.4 million, excluding sales from M6 discs, representing an increase of 6% on a pro forma constant currency basis compared to third quarter 2024.
- 3
U.S. Spine Fixation net sales grew by 8% and procedure volume increased by 10% compared to third quarter 2024.
- 4
Bone Growth Therapies net sales reached $61.2 million, reflecting a growth of 6% compared to third quarter 2024.
- 5
Global Orthopedics net sales were $33.6 million, achieving constant currency growth of 6%, with U.S. Orthopedics net sales growth of 19% compared to third quarter 2024.
- 6
The company reported a third quarter 2025 net loss of $(22.8) million on a reported basis.
- 7
Non-GAAP pro forma adjusted EBITDA was $24.6 million, with pro forma adjusted EBITDA margin expanding approximately 233 basis points compared to reported non-GAAP adjusted EBITDA for the third quarter 2024.
Management Comments
Massimo Calafiore
Orthofix delivered another quarter of solid financial performance, marked by accelerating quarterly net sales growth, margin expansion and positive free cash flow that was driven by commercial momentum across our spine and orthopedics businesses. Our U.S. Spine Fixation segment outpaced market growth, fueled by the unique advantages of our 7D FLASH™ navigation technology. We’re especially encouraged by the positive impact of recent distributor transitions, which reinforces the strength of our commercial strategy. Our U.S. Orthopedics business also had another standout quarter. The full commercial launch of TrueLok™ Elevate is off to a promising start, with early clinical results underscoring its potential to deliver meaningful value to both patients and providers. I continue to be impressed by the performance of our Bone Growth Therapies team, which has consistently expanded its market leadership position through effective cross-selling and by leveraging multiple access points. Our disciplined approach to investment and cost management has led to our seventh consecutive quarter of adjusted EBITDA margin expansion and sustained positive free cash flow generation—clear indicators of our commitment to long-term, profitable growth. This was a strong and successful quarter, and I’m incredibly proud of our team’s execution and the way we’re positioning Orthofix for continued success in 2025 and beyond. With strong operational performance, a robust innovation pipeline, and a solid financial foundation, I’m confident in our ability to deliver lasting value for our shareholders.
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