Orthofix Medical Inc. reported third‑quarter 2025 results, posting net sales of $205.6 million and a net loss of $22.8 million. The company’s non‑GAAP pro‑forma adjusted EBITDA reached $24.6 million, a 28.2% increase from the same period last year, and represented a margin of 12.1% of pro‑forma net sales.
The quarter’s revenue grew 4.6% on a reported basis and 5.7% on a pro‑forma constant‑currency basis versus Q3 2024, when net sales were $196.6 million and the company recorded a net loss of $27.4 million. The earnings per share estimate of $0.12 was incorrect; the actual GAAP loss per share was $(0.57), while the consensus estimate was a loss of $0.33 to $0.41 per share.
Orthofix highlighted continued growth in its U.S. Spine Fixation segment, driven by the 7D FLASH™ navigation technology, and noted the impact of discontinuing the M6 product lines. Management emphasized disciplined cost management and operational efficiency, citing seven consecutive quarters of adjusted EBITDA margin expansion.
The company reaffirmed its focus on margin expansion and positive free cash flow, reporting $65.9 million in cash, cash equivalents, and restricted cash as of September 30, 2025, against long‑term debt of $157.2 million. An $18.3 million accrual for former executive arbitration matters and a $10.3 million IMDP accrual were also disclosed.
Orthofix updated its full‑year 2025 guidance, narrowing the net sales range to $810 million–$814 million while maintaining the midpoint. Adjusted EBITDA guidance was raised to $84 million–$86 million. CEO Massimo Calafiore stated the company remains committed to profitable growth, scalability of its model, and disciplined capital allocation.
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