olivLaw · US equity research
Orthofix Medical Inc. OFIX
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Orthofix Medical Inc. is a global medical technology company headquartered in Lewisville, Texas, offering spinal implants, bone growth stimulation therapies, limb reconstruction systems, biologics and the 7D FLASH navigation system. The company is in a period of operational transformation, and sales in the second quarter of 2026 reached $210.9 million, up 4% on a reported basis. The raised 2026 guidance suggests that cost measures are beginning to show in results.
At the close of 04 Nov 2026, Orthofix Medical Inc. (OFIX) stock was 9.72 USD (+10.96% on the day), with market capitalisation 395.9 m USD, beta 0.89, 52-week range 8.64–16.20 USD. Latest reported quarter (Q2 2026): revenue of 210.9 m USD (+3.8% YoY), net income of -15.8 m USD, diluted EPS -0.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.2
- neutral
- Bollinger (20, 2)
- 8.68 – 10.32
- in the upper half of the band · %B 0.63 · band width 17.3%
- SMA 50 / 200
- 9.34 / 11.02
- mixed trend
- MACD (12, 26, 9)
- -0.02 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.3% | −2.0% | +4.3 pp | — |
| 3 months | −6.7% | −2.2% | −4.6 pp | — |
| 6 months | −20.3% | +4.3% | −24.5 pp | — |
| Year to date | −35.9% | +10.6% | −46.5 pp | — |
| 1 year | −34.6% | +10.5% | −45.1 pp | −5.6% |
| 3 years | −20.8% | +73.7% | −94.5 pp | +6.7% |
| 5 years | −73.1% | +61.7% | −134.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 196.6 m | 215.7 m | 193.6 m | 203.1 m | 205.6 m | 219.9 m | 196.7 m | 210.9 m |
| Cost of revenue | 61.6 m | 66.8 m | 72.0 m | 63.6 m | 57.1 m | 63.6 m | 57.2 m | 61.2 m |
| Gross profit | 135.1 m | 148.8 m | 121.6 m | 139.5 m | 148.5 m | 156.3 m | 139.5 m | 149.7 m |
| Research & development | 17.3 m | 18.8 m | 19.8 m | 15.9 m | 14.8 m | 15.4 m | 15.3 m | 15.9 m |
| SG&A | 130.1 m | 136.5 m | 133.0 m | 136.5 m | 148.1 m | 136.8 m | 134.9 m | 138.0 m |
| Operating income | -18.9 m | -11.5 m | -48.9 m | -16.0 m | -17.0 m | 494.0 k | -14.4 m | -8.1 m |
| Depreciation & amortisation | 15.2 m | 16.0 m | 34.4 m | 16.9 m | 12.9 m | 13.1 m | 13.5 m | 13.3 m |
| Pre-tax income | -26.6 m | -29.7 m | -52.1 m | -14.2 m | -22.3 m | -2.2 m | -20.8 m | -15.0 m |
| Income tax | 751.0 k | -564.0 k | 961.0 k | -142.0 k | 533.0 k | 30.0 k | 74.0 k | 801.0 k |
| Net income | -27.4 m | -29.1 m | -53.1 m | -14.1 m | -22.8 m | -2.2 m | -20.9 m | -15.8 m |
| Diluted EPS | -0.71 | -0.75 ≈ | -1.35 | -0.36 | -0.57 | -0.06 ≈ | -0.52 | -0.39 |
| Operating cash flow | 11.7 m ≈ | 23.7 m | -18.4 m | 11.6 m ≈ | 12.4 m ≈ | 27.7 m | -17.6 m | -6.2 m ≈ |
| Capex | 5.3 m ≈ | 9.7 m | 6.7 m | 7.1 m ≈ | 9.9 m ≈ | 10.9 m | 10.7 m | 12.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 453.0 m | 460.0 m | 406.6 m | 464.5 m | 460.7 m | 746.6 m | 799.5 m | 822.3 m |
| Revenue YoY | +4.4% | +1.5% | −11.6% | +14.2% | −0.8% | +62.1% | +7.1% | +2.9% |
| Net income | 13.8 m | -28.5 m | 2.5 m | -38.4 m | -19.7 m | -151.4 m | -126.0 m | -92.2 m |
| Net income YoY | +121.9% | −306.1% | unavailable | −1,624.8% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.72 | -1.51 | 0.13 | -1.95 | -0.98 | -4.12 | -3.30 | -2.33 |
| Diluted EPS YoY | +111.8% | −309.7% | unavailable | −1,600.0% | unavailable | unavailable | unavailable | unavailable |
| net % | 3.0% | -6.2% | 0.6% | -8.3% | -4.3% | -20.3% | -15.8% | -11.2% |
| Free cash flow | 36.3 m | 13.0 m | 58.8 m | 690.0 k | -32.9 m | -106.0 m | -9.1 m | -1.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 82.0 m USD
- Financial debt
- 157.4 m USD
- Net debt
- 75.4 m USD
- Equity
- 450.0 m USD
- Total assets
- 850.6 m USD
- Debt / equity
- 0.35x
- Current ratio
- 2.45x
- ROE
- -19.3%
- ROA
- -10.6%
- FCF margin
- -0.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 406.6 m | 464.5 m | 460.7 m | 746.6 m | 799.5 m | 822.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 101.9 m | 114.9 m | 123.5 m | 260.4 m | 253.6 m | 256.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 304.7 m | 349.6 m | 337.2 m | 486.3 m | 545.9 m | 566.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 39.1 m | 49.6 m | 49.1 m | 80.2 m | 73.6 m | 65.8 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | — | — | 308.8 m | 530.4 m | 532.5 m | 554.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -6.3 m | -8.3 m | -13.3 m | -139.1 m | -84.6 m | -81.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 30.5 m | 29.6 m | 29.0 m | 53.1 m | 60.1 m | 77.3 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 24.3 m ≈ | 21.3 m ≈ | 15.8 m ≈ | -86.0 m ≈ | -24.6 m ≈ | -4.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Pre-tax income | -368.0 k | -13.5 m | -17.7 m | -148.7 m | -123.9 m | -90.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | -2.9 m | 24.9 m | 2.0 m | 2.7 m | 2.1 m | 1.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 2.5 m | -38.4 m | -19.7 m | -151.4 m | -126.0 m | -92.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.13 | -1.95 | -0.98 | -4.12 | -3.30 | -2.33 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 19.4 m | 19.7 m | 20.1 m | 36.7 m | 38.1 m | 39.6 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 96.3 m | 87.8 m | 50.7 m | 33.1 m | 83.2 m | 82.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 72.4 m | 78.6 m | 82.9 m | 128.1 m | 134.7 m | 135.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 84.6 m | 83.0 m | 100.2 m | 222.2 m | 189.5 m | 172.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 270.4 m | 269.5 m | 256.0 m | 420.4 m | 433.3 m | 416.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 63.6 m | 59.3 m | 58.2 m | 159.1 m | 139.8 m | 129.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 84.0 m | 71.3 m | 71.3 m | 194.9 m | 194.9 m | 194.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 60.5 m | 52.7 m | 47.4 m | 117.5 m | 98.8 m | 72.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 525.9 m | 476.6 m | 458.6 m | 925.3 m | 893.3 m | 850.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 23.1 m | 26.5 m | 27.6 m | 58.4 m | 48.8 m | 58.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | — | — | 1.3 m | 0 | 0 | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | — | — | — | 93.1 m | 157.0 m | 157.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 103.9 m | 105.8 m | 83.6 m | 165.2 m | 168.6 m | 170.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 169.0 m | 139.7 m | 121.8 m | 326.6 m | 390.2 m | 400.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 356.9 m † | 336.9 m † | 336.9 m † | 598.7 m † | 503.1 m † | 450.0 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 74.3 m | 18.5 m | -11.5 m | -45.8 m | 25.8 m | 33.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 15.5 m | 17.8 m | 21.4 m | 60.3 m | 34.9 m | 34.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 58.8 m ≈ | 690.0 k ≈ | -32.9 m ≈ | -106.0 m ≈ | -9.1 m ≈ | -1.3 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -52.3 m | -23.0 m | -24.5 m | -33.1 m | -27.6 m | -34.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 3.2 m | -3.6 m | -78.0 k | 65.3 m | 50.7 m | -786.0 k | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 395.9 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.27 – 3.13 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA1.27 – 3.13 (Mid 2.39)10 companies used · median multiple 15.8x · quartiles 12.4x – 18.0xBDX, BSX, EMBC, HAE, ICUI, MMM, MMSI, RMD, SOLV, SYK
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.0% | 33 (vs peers) | 18% |
| Net margin · Quality | -7.4% | 46 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 21.3% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.6x | 8 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 37.6x | 8 (vs peers) | 18% |
| FCF yield · Valuation | -7.0% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality38/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation5/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Orthofix Medical Inc. (OFIX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 822.3 m USD in 2025; YoY growth 2.9%; net margin -7.4%; ROE -13.9%; net debt/EBITDA 8.6x.
The estimated value range is 1.27–3.13 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.39 USD, the price of 9.72 USD leaves a potential of -75.4% (value / price − 1) and a margin of safety of -306.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 21.3%
- Current ratio: 2.8x
What contradicts it
- Net debt / EBITDA: 8.6x
- EV/EBITDA: 37.6x
- FCF yield: -7.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| OFIXOrthofix Medical Inc. | 395.9 m | — | -13.9% | -7.4% | +2.9% | −35% / −21% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
1- and 3-year price returns: for OFIX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Orthofix Medical Inc. is a global medical technology company headquartered in Lewisville, Texas, offering spinal implants, bone growth stimulation therapies, limb reconstruction systems, biologics and the 7D FLASH navigation system. The company is in a period of operational transformation, and sales in the second quarter of 2026 reached $210.9 million, up 4% on a reported basis. The raised 2026 guidance suggests that cost measures are beginning to show in results.
SWOT
Strengths
- A diversified portfolio spanning implants, bone stimulation, biologics, limb reconstruction and navigation, with a strong position in bone growth stimulation 1.
- Solid international growth in the second quarter of 2026 for Global Spine Fixation and Global Limb Reconstruction 3.
- A high gross margin that has improved in recent years supports capacity to invest in innovation 1.
Weaknesses
- Net losses reported in 2025 and in the second quarter of 2026, along with high integration and litigation costs 12.
- Reliance on Medicare reimbursement for stimulation therapies creates exposure to policy changes 2.
- Biologics sales declined for a period, and selling and administrative expenses remain high relative to sales 12.
Opportunities
Threats
- Pricing pressure from purchasing groups and integrated networks can reduce margins and exclude suppliers 1.
- Larger competitors with superior resources may launch competitive products or offer more favorable commercial terms 1.
- Regulatory and reimbursement changes, along with supply chain disruptions, could affect operations 12.
Risks
- Pricing pressure from large purchasershigh
Consolidation in healthcare can lead to price reductions and exclusion from certain market segments, with effects on profitability.
- Litigation and arbitrationhigh
Arbitration proceedings with former executives and securities class actions have generated significant expenses and payments that affect liquidity.
- Reimbursement dependencemedium
Changes in public reimbursement schedules can directly affect sales of bone growth stimulation therapies.
- Integration of acquired businessesmedium
The SeaSpine integration has not yet achieved all intended synergies, and expected savings are not certain.
- Supply chainlow
Reliance on a limited number of suppliers and the risk of component shortages could delay production and raise costs.
Investment thesis
What would need to be true (bull case)
- If international growth and recent launches continue, the Global Spine and Global Limb Reconstruction segments could support sustained sales growth 23.
- The raised 2026 guidance and improving adjusted EBITDA margin could signal a gradual path to profitability if cost discipline holds 3.
- A recovery in biologics and restored reimbursement for stimulators could remove part of the recent pressure on revenue 23.
What would break the thesis
- Persistent net losses and high costs for litigation and integration could limit the company's ability to generate cash 12.
- If reimbursement changes or pressure from purchasing groups intensify, margins could be eroded 12.
- Larger competitors with superior financial and distribution resources could regain share if Orthofix does not sustain its pace of innovation 1.
What to watch
- Sales trend of Therapeutic Solutions after restored reimbursementQ3 2026
- Delivery against 2026 guidance for net sales and adjusted EBITDA2026
- Performance of biologics and navigation technologiesQ3 2026
- Outcome of arbitration and litigation with former executivesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Orthofix operates through two reporting segments, Global Spine and Global Limb Reconstruction, which accounted for 84% and 16% of net sales in 2025, respectively 1. Global Spine covers bone growth therapies, spinal implants, biologics and navigation technologies, while Global Limb Reconstruction focuses on deformity correction, limb lengthening, complex fracture management and limb preservation 1. The company was founded in Verona, Italy, in 1980 and merged with SeaSpine in January 2023 in an all-stock transaction, trading on NASDAQ under OFIX 1.
The sales model combines distributors and direct sales channels, mainly in the United States for stimulation therapies, while spinal implants and navigation technologies are distributed globally through distributor networks and sales representatives to hospitals, ambulatory centers and clinics 1. Biologics, including demineralized bone matrices and cellular allografts, are sold primarily in the U.S. 1. The company discontinued its M6 artificial disc line in 2025 to focus resources on more profitable growth opportunities 1.
Bone growth stimulator sales are almost entirely American, while international expansion was cited as a growth source in the second quarter of 2026 for Global Spine Fixation and Global Limb Reconstruction 2. The company intends to grow through organic and inorganic innovation, physician collaboration and partnerships with dedicated commercial channels 1.
Segments
Global Spine
Global Spine includes Therapeutic Solutions (formerly Bone Growth Therapies), which generated $247.2 million in 2025 with growth of 5.9% 1, and Spinal Implants, Biologics and Enabling Technologies, covering spine fixation, biologics and the 7D FLASH navigation system 1. In the second quarter of 2026, Global Spine sales rose 2.0% on a reported basis, despite a temporary Medicare reimbursement headwind 2.
Market context
The spinal and orthopedic device market is described in the annual report as highly competitive and characterized by rapid technological change 1. Healthcare consolidation and the influence of group purchasing organizations and integrated delivery networks create pricing pressure 1. Consolidated net sales of $822.3 million in 2025 grew 2.9% on a reported basis, and 2026 guidance of $845 million to $855 million implies about 5% pro forma constant currency growth at the midpoint 13.
Revenue is sensitive to reimbursement policy, in particular Medicare, which temporarily changed rates for bone growth stimulators in May 2026 before the changes were withdrawn 2. If pricing pressure from large purchasers intensifies, margins could be affected 1.
Trends
- Healthcare purchasing consolidationheadwind
Group purchasing organizations and integrated networks exert pricing pressure and can exclude suppliers from segments, which could affect sales 1.
- Navigation and implant innovationtailwind
The 7D FLASH system and radiation-free navigation technologies may open opportunities in spine and cranial surgery, and international sales expansion supports Global Spine growth 12.
- Reimbursement regulationmixed
Medicare fee changes for bone growth stimulators temporarily affected sales in the second quarter of 2026, although CMS later withdrew them 2.
- SeaSpine integration and efficiencymixed
Integrating SeaSpine and rationalizing products may bring savings, but integration costs have been substantial and the benefits are not assured 1.
Competitive position
The company states that many competitors have greater financial, manufacturing and distribution resources and that some specialize in a single product or segment 1. Competition can create pricing pressure, and frequent launches of new products can make differentiation harder 1.
Orthofix highlights that it is the only manufacturer offering both PEMF and LIPUS bone stimulation technologies and that its sacroiliac fixation offering is a differentiator against many competitors 1. Direct competitors are not named explicitly in the sources reviewed.
- Larger spinal device manufacturers
The company describes competitors with greater financial and distribution resources, without naming them in the sources reviewed 1.
- Broad orthopedic portfolio manufacturers
Large companies with multiple product lines can negotiate high-volume contracts and limit access to customers 1.
- Single-segment specialist companies
Competitors focused on one product category may win share in those segments 1.
- Biologics and bone graft suppliers
In the biologics market, competitors offer alternatives that can influence price and market share 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jul 2026Regulation FD disclosure
- Current report11 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report21 May 2026Regulation FD disclosure
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Current report09 Apr 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Annual report24 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Orthofix Medical Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Orthofix Medical Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Orthofix Medical Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.