Shares hike for Orthofix after positive quarter
This article was originally published in Clinica
Executive Summary
Revenue growth of 6% helped Orthofix International record its highest share price in more than a year. The McKinney, Texas-based company saw shares reach $30.47 during trading on July 31, the company’s best pricing since June 2008. Revenues for the period were $137.5m, helped by a 13% growth in revenue from Orthofix’s spinal products business, to $70.7m. The firm’s CEO Alan Milinazzo attributed the good performance from the spine business to the recent launches of the Firebird pedicle screw system, the Pillar SA interbody device and the Trinity Evolution stem cell-based allograft. The company’s bottom line improved slightly from $5.8m to $5.9m.