OFIX · Orthofix Medical Inc.

Orthofix Medical Inc., together with its subsidiaries, operates as a medical technology company in the United States, Italy, the United Kingdom, France, Germany, Brazil, and internationally. It operates through two segments, Global Spine and Global Limb Reconstruction. The Global Spine segment manufactures, distributes, and provides support services for bone growth stimulation devices that enhance bone fusion; designs, develops, and markets a portfolio of spine fixation implant products for use throughout the spinal column; and offers bone graft substitutes, such as fiber-based and particulate demineralized bone matrices, cellular bone allografts, collagen ceramic matrices, and synthetic bone void fillers in various forms with supporting graft delivery solutions to treat various spinal, orthopedic, and dental conditions. This segment also designs, develops, and markets a portfolio of navigation technologies, including tracked surgical tools, intelligent software, and imaging equipment based on machine-vision and optical innovations; and 7D FLASH Navigation System, a navigation platform for spinal and cranial procedures. The Global Limb Reconstruction segment offers products and solutions for the underserved limb reconstruction market, including deformity correction, limb lengthening, complex fracture management, and limb preservation. This segment also designs, develops, and markets external and internal fixation limb reconstruction products that are coupled with enabling digital technologies to support the entire patient care continuum. It sells its products through distributors and sales representatives to hospitals, healthcare organizations, healthcare providers, ambulatory surgery centers, and out-patient hospitals. The company was formerly known as Orthofix International N.V. and changed its name to Orthofix Medical Inc. in July 2018. Orthofix Medical Inc. was founded in 1980 and is headquartered in Lewisville, Texas.

Cap structure and valuation

Cap structure
SP	$11.67
SO	40.4M
Options	3.2M
Warrants	0.0M
FD SO	43.6M
MC	$509.3M

Cash	$120.3M
Total debt	$157.2M
EV	$546.3M

TTM Multiples
EV / Revenue	0.7x
EV / EBITDA	58.2x
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	196.71	219.91	205.63	203.12
Revenue YoY %	1.6%	2.0%	4.6%	2.3%
Cost of Revenue	57.16	63.57	57.11	63.59
Gross Profit	139.55	156.34	148.52	139.53
Gross Profit YoY %	14.7%	5.0%	10.0%	3.6%
Gross Margin %	70.9%	71.1%	72.2%	68.7%

SG&A	134.91	136.75	148.10	136.49
R&D	15.32	15.37	14.77	15.93
Operating Expense	153.98	155.85	165.57	155.54

Operating Income	(14.44)	0.49	(17.05)	(16.00)
Operating Income YoY %	70.5%	104.3%	9.8%	35.7%
Operating Margin %	(7.3%)	0.2%	(8.3%)	(7.9%)
EBITDA	(0.94)	13.57	(4.11)	0.87
EBITDA Margin %	(0.5%)	6.2%	(2.0%)	0.4%

Interest Expense	(5.66)	(4.35)	(4.68)	(3.95)
Pretax Income	(20.83)	(2.19)	(22.26)	(14.22)
Tax Provision	0.07	0.03	0.53	(0.14)
Net Income	(20.91)	(2.22)	(22.80)	(14.08)
Net Margin %	(10.6%)	(1.0%)	(11.1%)	(6.9%)

Diluted EPS	-$0.52	-$0.05	-$0.57	-$0.36
Basic EPS	-$0.52	-$0.05	-$0.57	-$0.36
Diluted Avg Shares	40.5	0.1	39.8	39.5
Basic Avg Shares	40.5	0.1	39.8	39.5

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	825.37	822.31	799.49	746.64	460.71
Revenue YoY %	0.4%	2.9%	7.1%	62.1%	—
Cost of Revenue	241.43	256.30	253.61	260.37	123.54
Gross Profit	583.94	566.02	545.88	486.27	337.17
Gross Profit YoY %	3.2%	3.7%	12.3%	44.2%	—
Gross Margin %	70.7%	68.8%	68.3%	65.1%	73.2%

SG&A	556.26	554.33	532.52	530.39	308.78
R&D	61.40	65.85	73.64	80.23	49.06
Operating Expense	630.93	647.45	630.50	625.38	350.44

Operating Income	(46.99)	(81.43)	(84.62)	(139.11)	(13.27)
Operating Income YoY %	42.3%	3.8%	39.2%	(948.5%)	—
Operating Margin %	(5.7%)	(9.9%)	(10.6%)	(18.6%)	(2.9%)
EBITDA	9.39	(4.11)	(24.56)	(86.05)	15.75
EBITDA Margin %	1.1%	(0.5%)	(3.1%)	(11.5%)	3.4%

Interest Expense	(18.65)	(17.49)	(29.63)	(8.63)	(1.29)
Pretax Income	(59.51)	(90.81)	(123.88)	(148.68)	(17.71)
Tax Provision	0.49	1.38	2.12	2.72	2.04
Net Income	(60.01)	(92.19)	(126.00)	(151.40)	(19.75)
Net Margin %	(7.3%)	(11.2%)	(15.8%)	(20.3%)	(4.3%)

Diluted EPS	-$1.50	-$2.33	-$3.30	-$4.12	-$0.98
Basic EPS	-$1.50	-$2.33	-$3.30	-$4.12	-$0.98
Diluted Avg Shares	40.5	39.6	38.1	36.7	20.1
Basic Avg Shares	40.5	39.6	38.1	36.7	20.1

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	120.28	82.03	62.86	65.61
Receivables	137.78	135.75	130.81	129.56
Inventory	177.82	172.32	174.04	172.99
Total Current Assets	461.52	416.85	394.17	395.83

Net PPE	125.33	129.40	130.02	129.20
Goodwill	194.93	194.93	194.93	194.93
Total Assets	886.60	850.65	832.61	837.16

Accounts Payable	54.69	58.39	50.46	45.10
Total Current Liabilities	161.03	170.48	159.85	148.38
Long-term Debt	221.34	157.39	157.22	157.05
Total Liabilities	451.42	400.61	390.12	378.81

Retained Earnings	(389.24)	(368.33)	(366.11)	(343.32)
Total Equity	435.19	450.04	442.49	458.35

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	120.28	82.03	83.24	33.11	50.70
Receivables	137.78	135.75	134.71	128.10	82.86
Inventory	177.82	172.32	189.45	222.17	100.15
Total Current Assets	461.52	416.85	433.29	420.44	255.99

Net PPE	125.33	129.40	139.80	159.06	58.23
Goodwill	194.93	194.93	194.93	194.93	71.32
Total Assets	886.60	850.65	893.29	925.32	458.63

Accounts Payable	54.69	58.39	48.80	58.36	27.60
Total Current Liabilities	161.03	170.48	168.63	165.22	83.62
Long-term Debt	221.34	157.39	157.01	93.11	—
Total Liabilities	451.42	400.61	390.17	326.58	121.77

Retained Earnings	(389.24)	(368.33)	(276.14)	(150.14)	1.25
Total Equity	435.19	450.04	503.12	598.73	336.86

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(20.91)	(2.22)	(22.80)	(14.08)
D&A	13.49	13.08	12.94	16.87
Stock-Based Comp	6.53	7.21	7.18	7.82
Operating Cash Flow	(17.61)	27.70	12.40	11.64

CapEx	(10.66)	(10.88)	(9.90)	(7.11)
Investing Cash Flow	(10.52)	(10.87)	(9.89)	(7.10)

Stock Issuance	—	2.84	0.04	3.00
Financing Cash Flow	63.97	2.38	(5.15)	2.64

Free Cash Flow	(28.27)	16.82	2.50	4.53

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(60.01)	(92.19)	(126.00)	(151.40)	(19.75)
D&A	56.38	77.32	60.06	53.06	29.02
Stock-Based Comp	28.75	28.69	32.45	35.71	18.44
Operating Cash Flow	34.13	33.35	25.79	(45.75)	(11.54)

CapEx	(38.55)	(34.63)	(34.88)	(60.26)	(21.36)
Investing Cash Flow	(38.38)	(34.60)	(27.58)	(33.13)	(24.53)

Stock Issuance	—	5.93	6.26	5.13	4.34
Financing Cash Flow	63.84	(0.79)	50.71	65.32	(0.08)

Free Cash Flow	(4.42)	(1.28)	(9.09)	(106.01)	(32.90)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	2.87	2.45	2.47	2.67
Quick Ratio	1.76	1.43	1.38	1.50
Debt / Equity	1.04	0.89	0.88	0.83
EBITDA Margin %	(0.5%)	6.2%	(2.0%)	0.4%
Working Capital	300.49	246.37	234.32	247.45
Net Debt	101.06	75.37	94.36	91.44
ROE %	(4.8%)	(0.5%)	(5.2%)	(3.1%)
ROA %	(2.4%)	(0.3%)	(2.7%)	(1.7%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	2.87	2.45	2.57	2.54	3.06
Quick Ratio	1.76	1.43	1.45	1.20	1.86
Debt / Equity	1.04	0.89	0.78	0.55	0.36
EBITDA Margin %	1.1%	(0.5%)	(3.1%)	(11.5%)	3.4%
Working Capital	300.49	246.37	264.66	255.22	172.37
Net Debt	101.06	75.37	73.78	60.00	—
ROE %	(13.8%)	(20.5%)	(25.0%)	(25.3%)	(5.9%)
ROA %	(6.8%)	(10.8%)	(14.1%)	(16.4%)	(4.3%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-08	HENNEMAN JOHN B III	Director	2026-05-07	P	5,000	$12.26	$61,295
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-07	P	18,192	$12.20	$221,901
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-07	P	9,096	$12.15	$110,490
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-07	P	1,808	$12.20	$22,053
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-07	P	904	$12.15	$10,981
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-06	P	38,154	$12.23	$466,547
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-06	P	3,792	$12.23	$46,369
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-05	P	110,039	$11.99	$1,319,676
2026-05-07	Engine Capital Management, LP	10% Owner	2026-05-05	P	2,911	$11.99	$34,911
2026-04-20	Cedron Jorge Andres	Officer (CLO)	2026-04-16	S	(3,743)	$12.82	-$47,985
2026-03-19	Vitale Lucas	Officer (CP&BOO)	2026-03-17	S	(4,269)	$11.92	-$50,886
2026-03-10	CAPPS VICKIE L	Director	2026-03-10	P	100	$12.44	$1,244
2026-03-10	CAPPS VICKIE L	Director	2026-03-10	P	2,400	$12.45	$29,880
2026-03-10	CAPPS VICKIE L	Director	2026-03-09	P	2,500	$12.48	$31,200
2026-03-06	Andrews Julie	Officer (CFO)	2026-03-05	S	(2,363)	$12.55	-$29,658
2026-03-06	Vitale Lucas	Officer (CP&BOO)	2026-03-05	S	(1,141)	$12.55	-$14,320
2026-03-06	Calafiore Massimo	Director, Officer (President & CEO)	2026-03-05	S	(6,031)	$12.55	-$75,694
2026-03-06	Fisher Patrick	Officer (President, Global Limb Recon)	2026-03-05	S	(758)	$12.55	-$9,514
2026-03-06	McPherron Aviva	Officer (Pres, Global Ops & Qual)	2026-03-05	S	(1,263)	$12.55	-$15,852
2026-03-06	REINHARDT MAX	Officer (President, Global Spine)	2026-03-05	S	(1,053)	$12.55	-$13,216
2026-03-06	Cedron Jorge Andres	Officer (CLO)	2026-03-05	S	(1,370)	$12.55	-$17,195
2026-03-06	Andrews Julie	Officer (CFO)	2026-03-04	S	(2,425)	$12.92	-$31,322
2026-03-06	Vitale Lucas	Officer (CP&BOO)	2026-03-04	S	(1,171)	$12.92	-$15,125
2026-03-06	Calafiore Massimo	Director, Officer (President & CEO)	2026-03-04	S	(6,189)	$12.92	-$79,939
2026-03-06	Fisher Patrick	Officer (President, Global Limb Recon)	2026-03-04	S	(778)	$12.92	-$10,049
2026-03-06	McPherron Aviva	Officer (Pres, Global Ops & Qual)	2026-03-04	S	(1,296)	$12.92	-$16,740
2026-03-06	REINHARDT MAX	Officer (President, Global Spine)	2026-03-04	S	(1,080)	$12.92	-$13,950
2026-03-06	Cedron Jorge Andres	Officer (CLO)	2026-03-04	S	(1,405)	$12.92	-$18,147
2026-03-05	Calafiore Massimo	Director, Officer (President & CEO)	2026-03-03	A	115,119	—	$0
2026-03-05	Calafiore Massimo	Director, Officer (President & CEO)	2026-03-03	A	273,279	—	$0
2026-03-05	McPherron Aviva	Officer (Pres, Global Ops & Qual)	2026-03-03	A	23,024	—	$0
2026-03-05	McPherron Aviva	Officer (Pres, Global Ops & Qual)	2026-03-03	A	54,656	—	$0
2026-03-05	Andrews Julie	Officer (CFO)	2026-03-03	A	35,495	—	$0
2026-03-05	Andrews Julie	Officer (CFO)	2026-03-03	A	84,261	—	$0
2026-03-05	Cedron Jorge Andres	Officer (CLO)	2026-03-03	A	23,024	—	$0
2026-03-05	Cedron Jorge Andres	Officer (CLO)	2026-03-03	A	54,656	—	$0
2026-03-05	Vitale Lucas	Officer (CP&BOO)	2026-03-03	A	19,186	—	$0
2026-03-05	Vitale Lucas	Officer (CP&BOO)	2026-03-03	A	45,546	—	$0
2026-03-05	Fisher Patrick	Officer (President, Global Limb Recon)	2026-03-03	A	21,105	—	$0
2026-03-05	Fisher Patrick	Officer (President, Global Limb Recon)	2026-03-03	A	50,101	—	$0
2026-02-26	Engine Capital Management, LP	10% Owner	2026-02-25	P	9,959	$12.96	$129,103
2026-02-26	Engine Capital Management, LP	10% Owner	2026-02-25	P	3,102	$12.96	$40,212
2026-02-26	Engine Capital Management, LP	10% Owner	2026-02-24	P	117,076	$12.55	$1,468,777
2026-02-26	Engine Capital Management, LP	10% Owner	2026-02-24	P	7,721	$12.55	$96,864
2026-01-21	Andrews Julie	Officer (CFO)	2026-01-16	S	(4,873)	$14.38	-$70,074
2026-01-13	Calafiore Massimo	Director, Officer (President & CEO)	2026-01-12	S	(9,797)	$15.21	-$149,050
2026-01-13	Calafiore Massimo	Director, Officer (President & CEO)	2026-01-09	S	(9,600)	$15.82	-$151,906
2025-08-20	Fisher Patrick	Officer (President, Global Orthopedics)	2025-08-18	S	(1,996)	$14.21	-$28,363
2025-07-07	Engine Capital Management, LP	10% Owner	2025-07-02	P	1,250	$11.11	$13,881
2025-06-23	Finegan Michael	Director	2025-06-18	A	26,087	—	$0
2025-06-23	Paolucci Michael E	Director	2025-06-18	A	18,841	—	$0
2025-06-23	CAPPS VICKIE L	Director	2025-06-18	A	18,841	—	$0
2025-06-23	BURRIS WAYNE	Director	2025-06-18	A	18,841	—	$0
2025-06-23	Bazaar Alan Lee	Director	2025-06-18	A	18,841	—	$0
2025-06-23	Kummeth Charles R.	Director	2025-06-18	A	18,841	—	$0
2025-06-23	Hannon Jason	Director	2025-06-18	A	18,841	—	$0
2025-06-23	Maniar Shweta	Director	2025-06-18	A	18,841	—	$0
2025-06-23	HENNEMAN JOHN B III	Director	2025-06-18	A	18,841	—	$0
2025-06-23	McPherron Aviva	Officer (Pres, Global Ops & Qual)	2025-06-18	S	(3,728)	$10.51	-$39,181
2025-06-13	REINHARDT MAX	Officer (President, Global Spine)	2025-06-11	S	(1,643)	$11.64	-$19,125
2025-06-05	Bazaar Alan Lee	Director	2025-06-04	P	2,250	$10.92	$24,570
2025-05-14	Engine Capital Management, LP	10% Owner	2025-05-07	P	83,375	$12.31	$1,026,346
2025-05-14	Engine Capital Management, LP	10% Owner	2025-05-07	P	8,106	$12.31	$99,785
2025-05-14	Engine Capital Management, LP	10% Owner	2025-05-07	P	8,519	$12.31	$104,869
2025-05-12	Bazaar Alan Lee	Director	2025-05-12	P	2,000	$12.59	$25,172
2025-05-12	Calafiore Massimo	Director, Officer (President & CEO)	2025-05-09	P	10,000	$12.54	$125,400
2025-05-12	Bazaar Alan Lee	Director	2025-05-09	P	1,990	$12.62	$25,120
2025-05-08	Engine Capital Management, LP	10% Owner	2025-05-07	P	83,375	$12.31	$1,026,346
2025-05-08	Engine Capital Management, LP	10% Owner	2025-05-07	P	8,106	$12.31	$99,785
2025-05-08	Engine Capital Management, LP	10% Owner	2025-05-07	P	8,519	$12.31	$104,869
2025-04-18	Cedron Jorge Andres	Officer (CLO)	2025-04-16	S	(3,816)	$13.31	-$50,791
2025-04-04	Gillespie Geoffrey C	Officer (CAO)	2025-04-02	S	(76)	$15.74	-$1,196
2025-03-20	Vitale Lucas	Officer (CP&BOO)	2025-03-18	S	(4,287)	$16.60	-$71,164
2025-03-20	Gillespie Geoffrey C	Officer (CAO)	2025-03-18	S	(296)	$16.60	-$4,914
2025-03-13	CAPPS VICKIE L	Director	2025-03-11	A	3,093	—	$0
2025-03-13	CAPPS VICKIE L	Director	2025-03-11	A	35,270	—	$0
2025-03-06	Calafiore Massimo	Director, Officer (President & CEO)	2025-03-05	P	9,914	$17.43	$172,801
2025-03-05	REINHARDT MAX	Officer (President, Global Spine)	2025-03-03	A	14,723	—	$0
2025-03-05	REINHARDT MAX	Officer (President, Global Spine)	2025-03-03	A	34,924	—	$0
2025-03-05	Gillespie Geoffrey C	Officer (CAO)	2025-03-03	A	3,681	—	$0
2025-03-05	Gillespie Geoffrey C	Officer (CAO)	2025-03-03	A	8,731	—	$0
2025-03-05	Vitale Lucas	Officer (CP&BO)	2025-03-03	A	14,723	—	$0
2025-03-05	Vitale Lucas	Officer (CP&BO)	2025-03-03	A	34,924	—	$0
2025-03-05	Fisher Patrick	Officer (President, Global Orthopedics)	2025-03-03	A	14,723	—	$0
2025-03-05	Fisher Patrick	Officer (President, Global Orthopedics)	2025-03-03	A	34,924	—	$0
2025-03-05	Cedron Jorge Andres	Officer (CLO)	2025-03-03	A	17,668	—	$0
2025-03-05	Cedron Jorge Andres	Officer (CLO)	2025-03-03	A	41,908	—	$0
2025-03-05	Andrews Julie	Officer (CFO)	2025-03-03	A	34,600	—	$0
2025-03-05	Andrews Julie	Officer (CFO)	2025-03-03	A	82,070	—	$0
2025-03-05	Calafiore Massimo	Director, Officer (President & CEO)	2025-03-03	A	88,339	—	$0
2025-03-05	Calafiore Massimo	Director, Officer (President & CEO)	2025-03-03	A	209,541	—	$0
2025-02-05	Gillespie Geoffrey C	Officer (CAO)	2025-02-04	S	(187)	$18.08	-$3,381
2025-02-05	Gillespie Geoffrey C	Officer (CAO)	2025-02-03	S	(767)	$17.79	-$13,645
2025-01-21	Andrews Julie	Officer (CFO)	2025-01-16	S	(4,655)	$17.89	-$83,278
2025-01-14	Calafiore Massimo	Director, Officer (President & CEO)	2025-01-13	S	(9,203)	$17.14	-$157,757
2025-01-14	Gillespie Geoffrey C	Officer (CAO)	2025-01-13	S	(227)	$17.14	-$3,891
2025-01-14	Calafiore Massimo	Director, Officer (President & CEO)	2025-01-10	S	(10,078)	$16.83	-$169,619
2025-01-14	Gillespie Geoffrey C	Officer (CAO)	2025-01-10	S	(248)	$16.83	-$4,174
2025-01-10	Gillespie Geoffrey C	Officer (CAO)	2025-01-08	S	(238)	$16.97	-$4,039
2025-01-10	Gillespie Geoffrey C	Officer (CAO)	2025-01-07	S	(238)	$17.14	-$4,078
2024-12-19	Gillespie Geoffrey C	Officer (CAO)	2024-12-17	S	(26)	$17.84	-$464
2024-08-19	Fisher Patrick	Officer (President, Global Orthopedics)	2024-08-15	A	15,319	$16.32	$250,006
2024-08-19	Fisher Patrick	Officer (President, Global Orthopedics)	2024-08-15	A	35,195	—	$0
2024-06-20	Kummeth Charles R.	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	Hannon Jason	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	Paolucci Michael E	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	Maniar Shweta	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	HENNEMAN JOHN B III	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	Bazaar Alan Lee	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-20	Finegan Michael	Director	2024-06-18	A	21,368	$12.87	$275,006
2024-06-20	BURRIS WAYNE	Director	2024-06-18	A	15,152	$12.87	$195,006
2024-06-12	REINHARDT MAX	Officer (President, Global Spine)	2024-06-10	A	14,401	$13.02	$187,501
2024-06-12	REINHARDT MAX	Officer (President, Global Spine)	2024-06-10	A	190,731	—	$0
2024-06-12	Elting Kimberley A.	Officer (President, Global Orthopedics)	2024-06-08	F	(4,267)	$13.42	-$57,263