Orthofix International N.V. (OFIX, Financial) filed Quarterly Report for the period ended 2009-03-31.
Orthofix International N.V. is a leading provider of high-value minimally invasive medical devices for the orthopaedic and trauma markets. Orthofix is well positioned to expand its focus and capitalise on the growing medical acceptance of high technology in orthopaedic treatment and spine repair. The company sells its diverse product line in different countries through its subsidiaries and distribution agreements with leading orthopaedic companies including Sulzer Medica Group Sofamor DanekGroup Kendall Healthcare Products and B. Braun. (PRESS RELEASE) Orthofix International N.V. has a market cap of $329.7 million; its shares were traded at around $19.28 with a P/E ratio of 14.5 and P/S ratio of 0.6.
Net sales in Spinal Implants and Biologics decreased $0.3 million to $28.5 million in the first quarter of 2009 compared to $28.8 million for the same period last year, a decrease of 1%. Spinal Implants and Biologics net sales represented 22% and 23% of total net sales during the first quarter of 2009 and 2008, respectively. The decrease in sales was primarily related to sales of Spinal Implants and Biologics products through our wholly-owned international distributor. Sales from our biologics products increased 19% when compared to the same period in the prior year which was offset by a decrease in product sales for thoracolumbar and interbody use, where new products are scheduled for release in the second quarter of 2009. All of Spinal Implants and Biologics sales are recorded in our Spine market sector.
Net sales in Breg increased $1.0 million to $23.1 million in the first quarter of 2009 compared to $22.1 million for the same period last year, an increase of 5%. Breg s net sales represented 18% and 17% of total net sales during first quarter of 2009 and 2008, respectively. The increase in Breg s net sales was primarily due to a 12% increase in sales of our Breg® bracing products when compared to the same period in the prior year, primarily as a result of the sales of our new products which include spine bracing. Further, sales of our cold therapy products increased 8% over the same period in the prior year which is due to the recent launch of our new Kodiak® cold therapy products. These increases were partially offset by a decrease in sales of our pain therapy products as a result of the sale of operations related to our Pain Care® line of ambulatory infusion pumps during March 2008. All of Breg s sales are recorded in our Sports Medicine market sector.
Net sales in International decreased 17% to $27.5 million in the first quarter of 2009 compared to $33.0 million for the same period last year. International s net sales represented 21% and 26% of our total net sales in the first quarter of 2009 and 2008, respectively. The impact of foreign currency decreased International net sales by 16% or $5.1 million, during the first quarter of 2009 as compared to the first quarter of 2008. On a constant currency basis, both Orthopedics and Sports Medicine sales in our International segment increased 7% in the first quarter of 2009 when compared to the prior year. The Orthopedic segment was primarily driven by increases in our internal fixation and stimulation product lines. Sales in our Vascular sector, which consist of the A-V Impulse System, and sales from our Other distributed products, primarily the Laryngeal Mask, decreased 13% and 17%, respectively, on a constant currency basis when compared to the prior year.
Read the The complete ReportOFIX is in the portfolios of Arnold Schneider of Schneider Capital Management.
Orthofix International N.V. is a leading provider of high-value minimally invasive medical devices for the orthopaedic and trauma markets. Orthofix is well positioned to expand its focus and capitalise on the growing medical acceptance of high technology in orthopaedic treatment and spine repair. The company sells its diverse product line in different countries through its subsidiaries and distribution agreements with leading orthopaedic companies including Sulzer Medica Group Sofamor DanekGroup Kendall Healthcare Products and B. Braun. (PRESS RELEASE) Orthofix International N.V. has a market cap of $329.7 million; its shares were traded at around $19.28 with a P/E ratio of 14.5 and P/S ratio of 0.6.
Highlight of Business Operations:
Net sales in Domestic increased to $49.8 million in the first quarter of 2009 compared to $44.1 million for the same period last year, an increase of 13%. Domestic s net sales represented 39% and 34% of total net sales during the first quarter of 2009 and 2008, respectively. The increase in Domestic s net sales was partially the result of a 12% increase in sales in our Spine market sector, which was mainly driven by the increase in sales of our Spinal-Stim® and Cervical-Stim® products. The increase in Domestic s net sales was also attributable to the 16% increase in our Orthopedic market sector which included a 28% increase in sales of Physio-Stim® products as compared to the prior year period as well as more than doubled sales growth in sales of human cellular and tissue based products (“HCT/P products”, often referred to as Biologic products) used in orthopedic applications when comparing these same two periods.Net sales in Spinal Implants and Biologics decreased $0.3 million to $28.5 million in the first quarter of 2009 compared to $28.8 million for the same period last year, a decrease of 1%. Spinal Implants and Biologics net sales represented 22% and 23% of total net sales during the first quarter of 2009 and 2008, respectively. The decrease in sales was primarily related to sales of Spinal Implants and Biologics products through our wholly-owned international distributor. Sales from our biologics products increased 19% when compared to the same period in the prior year which was offset by a decrease in product sales for thoracolumbar and interbody use, where new products are scheduled for release in the second quarter of 2009. All of Spinal Implants and Biologics sales are recorded in our Spine market sector.
Net sales in Breg increased $1.0 million to $23.1 million in the first quarter of 2009 compared to $22.1 million for the same period last year, an increase of 5%. Breg s net sales represented 18% and 17% of total net sales during first quarter of 2009 and 2008, respectively. The increase in Breg s net sales was primarily due to a 12% increase in sales of our Breg® bracing products when compared to the same period in the prior year, primarily as a result of the sales of our new products which include spine bracing. Further, sales of our cold therapy products increased 8% over the same period in the prior year which is due to the recent launch of our new Kodiak® cold therapy products. These increases were partially offset by a decrease in sales of our pain therapy products as a result of the sale of operations related to our Pain Care® line of ambulatory infusion pumps during March 2008. All of Breg s sales are recorded in our Sports Medicine market sector.
Net sales in International decreased 17% to $27.5 million in the first quarter of 2009 compared to $33.0 million for the same period last year. International s net sales represented 21% and 26% of our total net sales in the first quarter of 2009 and 2008, respectively. The impact of foreign currency decreased International net sales by 16% or $5.1 million, during the first quarter of 2009 as compared to the first quarter of 2008. On a constant currency basis, both Orthopedics and Sports Medicine sales in our International segment increased 7% in the first quarter of 2009 when compared to the prior year. The Orthopedic segment was primarily driven by increases in our internal fixation and stimulation product lines. Sales in our Vascular sector, which consist of the A-V Impulse System, and sales from our Other distributed products, primarily the Laryngeal Mask, decreased 13% and 17%, respectively, on a constant currency basis when compared to the prior year.
Read the The complete ReportOFIX is in the portfolios of Arnold Schneider of Schneider Capital Management.
