$OFIX

ORTHOFIX INTERNATIONAL N V

CIK:0000884624|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 210,933	$ 203,121	$ 407,641	$ 396,767
Cost of sales	61,226	63,588	118,388	135,615
Gross profit	149,707	139,533	289,253	261,152
Sales, general, and administrative	138,030	136,493	272,941	269,474
Research and development	15,944	15,934	31,264	35,700
Acquisition-related amortization, impairment, and remeasurement (Note 11)	3,867	3,109	7,618	20,854
Operating loss	(8,134)	(16,003)	(22,570)	(64,876)
Interest expense, net	(6,085)	(3,950)	(11,749)	(8,456)
Other income (expense), net	(778)	5,730	(1,512)	6,976
Loss before income taxes	(14,997)	(14,223)	(35,831)	(66,356)
Income tax (expense) benefit	(801)	142	(875)	(819)
Net loss	$ (15,798)	$ (14,081)	$ (36,706)	$ (67,175)
Net loss per common share:
Basic	$ (0.39)	$ (0.36)	$ (0.9)	$ (1.71)
Diluted	$ (0.39)	$ (0.36)	$ (0.9)	$ (1.71)
Weighted average number of common shares:
Basic	40,906	39,501	40,677	39,317
Diluted	40,906	39,501	40,677	39,317
Other comprehensive income (loss), before tax
Currency translation adjustment	$ (419)	$ 3,464	$ (895)	$ 5,210
Other comprehensive income (loss), before tax	(419)	3,464	(895)	5,210
Other comprehensive income (loss), net of tax	(419)	3,464	(895)	5,210
Comprehensive loss	$ (16,217)	$ (10,617)	$ (37,601)	$ (61,965)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (36,706)	$ (67,175)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation, amortization, and impairment	26,766	51,302
Inventory reserve expenses	8,010	25,393
Amortization of operating lease assets, debt costs, and other assets	2,146	2,377
Provision for expected credit losses	3,591	1,837
Deferred income taxes	432	12
Share-based compensation expense	14,268	14,293
Loss on disposal of fixed assets	404	581
Change in valuation of investment securities	(16)	(31)
Change in fair value of contingent consideration	1,618	(1,373)
Other	890	(1,188)
Changes in operating assets and liabilities
Accounts receivable	(4,079)	5,089
Inventories	(20,925)	(5,890)
Prepaid expenses and other current assets	2,144	(394)
Accounts payable	484	(9,138)
Other current liabilities	(22,784)	(21,763)
Other long-term assets and liabilities	(77)	(684)
Net cash used in operating activities	(23,834)	(6,752)
Cash flows from investing activities
Capital expenditures	(23,308)	(13,845)
Other investing activities	146	12
Net cash used in investing activities	(23,162)	(13,833)
Cash flows from financing activities
Proceeds from issuance of common shares	2,626	3,054
Payments related to tax withholdings for share-based compensation	(150)	(159)
Payments related to finance lease obligation	(56)	(375)
Borrowings under credit facility	64,025
Payment of debt issuance costs and other financing activities	(24)	(531)
Net cash provided by financing activities	66,421	1,989
Effect of exchange rate changes on cash	(135)	1,547
Net change in cash and cash equivalents	19,290	(17,049)
Cash, cash equivalents, and restricted cash at the beginning of period	85,115	85,738
Cash, cash equivalents, and restricted cash at the end of period	104,405	68,689
Components of cash, cash equivalents, and restricted cash at the end of period
Cash and cash equivalents	103,810	65,606
Restricted cash	595	3,083
Cash, cash equivalents, and restricted cash at the end of period	104,405	68,689
Noncash investing activities - Accrued purchases of capital expenditures	$ 17,696	10,990
Noncash investing activities - Purchase of intangible assets		$ 40

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 103,810	$ 82,025
Restricted cash	595	3,090
Accounts receivable, net of allowances of $10,563 and $8,308, respectively	135,818	135,746
Inventories	184,475	172,319
Prepaid expenses and other current assets	21,434	23,667
Total current assets	446,132	416,847
Property, plant, and equipment, net	130,757	129,399
Intangible assets, net	65,972	72,765
Goodwill	194,934	194,934
Other long-term assets	35,225	36,702
Total assets	873,020	850,647
Current liabilities
Accounts payable	63,531	58,392
Current portion of finance lease liability	125	837
Other current liabilities	93,354	111,253
Total current liabilities	157,010	170,482
Long-term debt	221,591	157,391
Long-term portion of finance lease liability	12,903	17,060
Other long-term liabilities	52,336	55,677
Total liabilities	443,840	400,610
Contingencies (Note 7)
Shareholders’ equity
Common shares $0.10 par value; 100,000 shares authorized; 40,730 and 39,834 issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	4,073	3,983
Additional paid-in capital	830,423	813,769
Accumulated deficit	(405,039)	(368,333)
Accumulated other comprehensive income (loss)	(277)	618
Total shareholders’ equity	429,180	450,037
Total liabilities and shareholders’ equity	$ 873,020	$ 850,647