Revenue growth has decelerated from 7.7% in 2024Q1 to 1.6% in 2026Q1, while the company continues to struggle with negative operating margins of -7.0%.
Orthofix Medical Inc. (OFIX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 833.19M | 822.31M | 799.49M | 746.64M | 460.71M | 464.48M | 406.56M | 459.95M | 453.04M | 433.82M | 409.79M | 396.49M | 402.28M | 400.53M | 462.32M | 578.99M | 564.37M | 545.63M | 519.67M | 490.32M | 365.36M | 313.3M | 286.64M | 203.71M | 177.59M | 162.36M | 131.78M | 121.28M | 104.1M | 90M | 77.2M |
| Revenue Growth % | 2.99% | 2.85% | 7.08% | 62.06% | -0.81% | 14.25% | -11.61% | 1.53% | 4.43% | 5.87% | 3.35% | -1.44% | 0.44% | -13.36% | -20.15% | 2.59% | 3.43% | 5% | 5.99% | 34.2% | 16.61% | 9.3% | 40.71% | 14.7% | 9.38% | 23.2% | 8.66% | 16.51% | 15.67% | 16.58% | 47.61% |
| Cost of Goods Sold | 253.38M | 270.61M | 253.61M | 260.37M | 123.54M | 114.91M | 101.89M | 100.61M | 96.63M | 93.04M | 87.85M | 86.53M | 98.91M | 102.3M | 86.49M | 139.19M | 131.72M | 138.45M | 152.01M | 129.03M | 93.63M | 83.79M | 79.18M | 51.09M | 44.82M | 42.95M | 28.41M | 30.19M | 26.5M | 22.7M | 21.1M |
| COGS % of Revenue | - | 32.91% | 31.72% | 34.87% | 26.82% | 24.74% | 25.06% | 21.87% | 21.33% | 21.45% | 21.44% | 21.82% | 24.59% | 25.54% | 18.71% | 24.04% | 23.34% | 25.37% | 29.25% | 26.32% | 25.63% | 26.74% | 27.62% | 25.08% | 25.24% | 26.45% | 21.56% | 24.89% | 25.46% | 25.22% | 27.33% |
| Gross Profit | 579.81M | 551.71M | 545.88M | 486.27M | 337.17M | 349.56M | 304.67M | 359.35M | 356.41M | 340.79M | 321.94M | 309.96M | 303.37M | 298.23M | 375.83M | 439.8M | 432.65M | 407.19M | 367.66M | 361.29M | 271.73M | 229.52M | 207.46M | 152.62M | 132.78M | 119.41M | 103.37M | 91.1M | 77.6M | 67.3M | 56.1M |
| Gross Margin % | 69.59% | 67.09% | 68.28% | 65.13% | 73.18% | 75.26% | 74.94% | 78.13% | 78.67% | 78.55% | 78.56% | 78.18% | 75.41% | 74.46% | 81.29% | 75.96% | 76.66% | 74.63% | 70.75% | 73.68% | 74.37% | 73.26% | 72.38% | 74.92% | 74.76% | 73.55% | 78.44% | 75.11% | 74.54% | 74.78% | 72.67% |
| Gross Profit Growth % | - | 1.07% | 12.26% | 44.22% | -3.55% | 14.73% | -15.22% | 0.82% | 4.59% | 5.86% | 3.86% | 2.18% | 1.72% | -20.65% | -14.55% | 1.65% | 6.25% | 10.75% | 1.76% | 32.96% | 18.39% | 10.63% | 35.94% | 14.94% | 11.2% | 15.51% | 13.47% | 17.39% | 15.3% | 19.96% | 63.56% |
| Operating Expenses | 605.22M | 620.18M | 630.5M | 625.38M | 350.44M | 357.88M | 310.94M | 378.13M | 323.25M | 302.46M | 284.49M | 291.63M | 270.62M | 271.18M | 284.85M | 350.82M | 343.66M | 343.31M | 624.61M | 302.26M | 262.88M | 169.81M | 152.46M | 112.03M | 89.84M | 88.91M | 73.27M | 67.88M | 62.3M | 56.2M | 49.5M |
| OpEx % of Revenue | - | 75.42% | 78.86% | 83.76% | 76.06% | 77.05% | 76.48% | 82.21% | 71.35% | 69.72% | 69.42% | 73.55% | 67.27% | 67.71% | 61.61% | 60.59% | 60.89% | 62.92% | 120.19% | 61.65% | 71.95% | 54.2% | 53.19% | 55% | 50.59% | 54.76% | 55.6% | 55.97% | 59.85% | 62.44% | 64.12% |
| Selling, General & Admin | 419.46M | 456.39M | 532.52M | 530.39M | 308.78M | 290.67M | 272.38M | 309.28M | 290.03M | 272.76M | 255.69M | 265.24M | 243.34M | 241.73M | 254.17M | 320.08M | 319.57M | 304.81M | 288.72M | 259.89M | 199.02M | 151.92M | 133.07M | 97.22M | 81.63M | 77.78M | 62.35M | 54.65M | 49.9M | 44.9M | 43.3M |
| SG&A % of Revenue | - | 55.5% | 66.61% | 71.04% | 67.02% | 62.58% | 67% | 67.24% | 64.02% | 62.87% | 62.4% | 66.9% | 60.49% | 60.35% | 54.98% | 55.28% | 56.62% | 55.86% | 55.56% | 53% | 54.47% | 48.49% | 46.43% | 47.73% | 45.96% | 47.91% | 47.32% | 45.06% | 47.93% | 49.89% | 56.09% |
| Research & Development | 61.41M | 57.11M | 73.64M | 80.23M | 49.06M | 49.62M | 39.06M | 34.64M | 33.22M | 29.7M | 28.8M | 26.39M | 24.99M | 26.77M | 28.58M | 25.15M | 30.35M | 31.46M | 30.84M | 24.22M | 54.99M | 11.32M | 11.47M | 8.13M | 7.51M | 6.99M | 6.89M | 6.4M | 5.9M | 4.8M | 0 |
| R&D % of Revenue | - | 6.95% | 9.21% | 10.75% | 10.65% | 10.68% | 9.61% | 7.53% | 7.33% | 6.85% | 7.03% | 6.66% | 6.21% | 6.68% | 6.18% | 4.34% | 5.38% | 5.77% | 5.94% | 4.94% | 15.05% | 3.61% | 4% | 3.99% | 4.23% | 4.3% | 5.23% | 5.28% | 5.67% | 5.33% | - |
| Other Operating Expenses | 2M | 106.68M | 24.34M | 14.76M | -7.4M | 17.59M | -499K | 34.21M | 0 | 0 | 0 | -259K | 0 | 490K | 0 | 5.59M | -6.26M | 7.04M | 305.05M | 18.16M | 8.87M | 6.57M | 7.92M | 6.68M | 703K | 4.14M | 4.03M | 6.83M | 6.5M | 6.5M | 6.2M |
| Operating Income | -25.41M | -68.47M | -84.62M | -139.11M | -13.27M | -8.31M | -6.27M | -18.78M | 30.09M | 40.81M | 21.07M | 9.26M | 17.14M | -5.09M | 89.01M | 32.52M | 88.99M | 63.88M | -256.95M | 38.06M | 8.85M | 59.71M | 55M | 40.58M | 42.94M | 30.5M | 22.73M | 23.22M | 15.3M | 11.1M | 6.6M |
| Operating Margin % | -3.05% | -8.33% | -10.58% | -18.63% | -2.88% | -1.79% | -1.54% | -4.08% | 6.64% | 9.41% | 5.14% | 2.33% | 4.26% | -1.27% | 19.25% | 5.62% | 15.77% | 11.71% | -49.44% | 7.76% | 2.42% | 19.06% | 19.19% | 19.92% | 24.18% | 18.78% | 17.24% | 19.14% | 14.7% | 12.33% | 8.55% |
| Operating Income Growth % | - | 19.08% | 39.17% | -948.46% | -59.57% | -32.7% | 66.64% | -162.42% | -26.26% | 93.72% | 127.63% | -45.99% | 436.86% | -105.72% | 173.72% | -63.46% | 39.32% | 124.86% | -775.17% | 329.88% | -85.17% | 8.56% | 35.52% | -5.48% | 40.79% | 34.21% | -2.11% | 51.74% | 37.84% | 68.18% | -12% |
| EBITDA | 119.65M | -17.5M | -24.56M | -78.55M | 18.81M | 24.78M | 28.01M | 9.69M | 48.75M | 60.94M | 41.91M | 30.18M | 19.42M | 17.57M | 109.27M | 55.3M | 111.51M | 86.22M | -224.27M | 70.39M | 25.81M | 77.24M | 70.08M | 47.53M | 48.77M | 38.45M | 30.1M | 30.05M | 21.8M | 17.6M | 12.8M |
| EBITDA Margin % | 14.36% | -2.13% | -3.07% | -10.52% | 4.08% | 5.34% | 6.89% | 2.11% | 10.76% | 14.05% | 10.23% | 7.61% | 4.83% | 4.39% | 23.64% | 9.55% | 19.76% | 15.8% | -43.16% | 14.36% | 7.06% | 24.65% | 24.45% | 23.33% | 27.46% | 23.68% | 22.84% | 24.78% | 20.94% | 19.56% | 16.58% |
| EBITDA Growth % | 4595.72% | 28.74% | 68.74% | -517.66% | -24.11% | -11.53% | 188.97% | -80.12% | -19.99% | 45.4% | 38.87% | 55.4% | 10.52% | -83.92% | 97.61% | -50.41% | 29.33% | 138.44% | -418.6% | 172.72% | -66.58% | 10.22% | 47.43% | -2.53% | 26.84% | 27.72% | 0.18% | 37.84% | 23.86% | 37.5% | 31.96% |
| D&A (Non-Cash Add-back) | 145.06M | 50.97M | 60.06M | 60.56M | 32.08M | 33.1M | 34.28M | 28.48M | 18.66M | 20.12M | 20.84M | 20.92M | 2.28M | 22.66M | 20.26M | 22.78M | 22.52M | 22.34M | 32.68M | 32.33M | 16.96M | 17.53M | 15.08M | 6.95M | 5.83M | 7.95M | 7.38M | 6.83M | 6.5M | 6.5M | 6.2M |
| EBIT | -37.95M | -73.32M | -94.24M | -140.05M | -16.42M | -11.66M | 2.12M | -26.93M | 22.89M | 40.81M | 35.44M | 9.26M | 17.14M | -8.78M | 76.17M | 30.49M | 89.63M | 64.84M | -274.82M | 38.06M | 14.71M | 101.89M | 55M | 40.58M | 42.94M | 30.5M | 30.1M | 23.22M | 15.27M | 11.06M | 6.6M |
| Net Interest Income | -20.78M | -17.49M | -29.63M | -8.63M | -1.29M | -1.84M | -2.48M | -122K | -828K | -416K | 763K | -489K | -1.78M | -1.83M | -4.16M | -5.44M | -11.29M | -24.63M | -19.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 763K | 0 | 0 | 0 | 0 | 326K | 330K | 0 | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 20.78M | 17.49M | 29.63M | 8.63M | 1.29M | 1.84M | 2.48M | 122K | 828K | 416K | 0 | 489K | 1.78M | 1.83M | 4.16M | 9.46M | 17.23M | 24.63M | 20.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -34.87M | -22.34M | -39.26M | -9.57M | -4.44M | -5.18M | 5.9M | -8.27M | -7.21M | -4.42M | -2.04M | -748K | -4.68M | 589K | -7.1M | -33.88M | -10.96M | -23.85M | -38.09M | -23.32M | -2.53M | 35.81M | -4.64M | -1.27M | -2.41M | -1.67M | 38.33M | -2.39M | 1.7M | -3.86M | -4.3M |
| Pretax Income | -60.28M | -90.81M | -123.88M | -148.68M | -17.71M | -13.49M | -368K | -27.05M | 22.89M | 36.39M | 19.02M | 8.51M | 12.46M | -6.52M | 82.73M | 20.7M | 72.4M | 40.02M | -295.04M | 14.8M | 6.32M | 95.52M | 50.36M | 39.31M | 40.53M | 28.83M | 61.05M | 20.83M | 17M | 7.2M | 2.3M |
| Pretax Margin % | -7.24% | -11.04% | -15.49% | -19.91% | -3.84% | -2.91% | -0.09% | -5.88% | 5.05% | 8.39% | 4.64% | 2.15% | 3.1% | -1.63% | 17.89% | 3.58% | 12.83% | 7.33% | -56.77% | 3.02% | 1.73% | 30.49% | 17.57% | 19.3% | 22.82% | 17.76% | 46.33% | 17.17% | 16.33% | 8% | 2.98% |
| Income Tax | 1.44M | 1.38M | 2.12M | 2.72M | 2.04M | 24.88M | -2.88M | 1.41M | 9.07M | 29.1M | 15.53M | 10.85M | 16.2M | 9.16M | 28.79M | 21.78M | 28.19M | 15.55M | -66.48M | 3.77M | 13.36M | 22.11M | 16.21M | 14.59M | 12.88M | 7.87M | 16.23M | 7.91M | 2.7M | 4.1M | 2.8M |
| Effective Tax Rate % | -2.39% | -1.52% | -1.71% | -1.83% | -11.54% | -184.39% | 783.97% | -5.22% | 39.65% | 79.96% | 81.62% | 127.53% | 130.06% | -140.43% | 34.8% | 105.18% | 38.94% | 38.85% | 22.53% | 25.46% | 211.44% | 23.15% | 32.19% | 37.1% | 31.77% | 27.29% | 26.59% | 38% | 15.88% | 56.94% | 121.74% |
| Net Income | -61.72M | -92.19M | -126M | -151.4M | -19.75M | -38.38M | 2.52M | -28.46M | 13.81M | 6.22M | 3.06M | -2.81M | -8.54M | -28.48M | 51.3M | -1.07M | 44.21M | 24.47M | -228.55M | 10.97M | -7.04M | 73.4M | 34.15M | 24.73M | 25.91M | 20.96M | 44.82M | 12.91M | 14.3M | 3.1M | -500K |
| Net Margin % | -7.41% | -11.21% | -15.76% | -20.28% | -4.29% | -8.26% | 0.62% | -6.19% | 3.05% | 1.43% | 0.75% | -0.71% | -2.12% | -7.11% | 11.1% | -0.19% | 7.83% | 4.49% | -43.98% | 2.24% | -1.93% | 23.43% | 11.91% | 12.14% | 14.59% | 12.91% | 34.01% | 10.65% | 13.74% | 3.44% | -0.65% |
| Net Income Growth % | 50.11% | 26.83% | 16.78% | -666.6% | 48.54% | -1624.79% | 108.84% | -306.08% | 121.93% | 103.63% | 208.79% | 67.1% | 70.02% | -155.51% | 4880.52% | -102.43% | 80.65% | 110.71% | -2183.83% | 255.75% | -109.59% | 114.95% | 38.09% | -4.57% | 23.61% | -53.22% | 247.09% | -9.71% | 361.29% | 720% | 97.47% |
| Net Income (Continuing) | -61.72M | -92.19M | -126M | -151.4M | -19.75M | -38.38M | 2.52M | -28.46M | 13.81M | 7.29M | 3.5M | -2.34M | -3.74M | -18.2M | 45.12M | -1.07M | 44.21M | 24.47M | -228.55M | 10.97M | -7.04M | 73.4M | 34.15M | 24.73M | 25.91M | 20.96M | 44.82M | 12.91M | 14.3M | 3.1M | -500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.87M | 7.33M | 8.53M | 7.63M | 7.5M | 4.7M | 3.8M |
| EPS (Diluted) | -1.51 | -2.28 | -3.30 | -4.12 | -0.98 | -1.95 | 0.13 | -1.51 | 0.73 | 0.34 | 0.17 | -0.15 | -0.46 | -1.52 | 2.64 | -0.06 | 2.47 | 1.42 | -13.37 | 0.64 | -0.44 | 4.51 | 2.14 | 1.68 | 1.76 | 1.42 | 3.20 | 0.97 | 1.07 | 0.23 | -0.04 |
| EPS Growth % | 51.56% | 30.91% | 19.9% | -320.41% | 49.74% | -1600% | 108.61% | -306.85% | 114.71% | 100% | 213.33% | 67.39% | 69.74% | -157.58% | 4582.17% | -102.38% | 73.94% | 110.62% | -2189.06% | 245.45% | -109.76% | 110.75% | 27.38% | -4.55% | 23.94% | -55.63% | 229.9% | -9.35% | 365.22% | 675% | 97.75% |
| EPS (Basic) | - | -2.28 | -3.30 | -4.12 | -0.98 | -1.95 | 0.13 | -1.51 | 0.75 | 0.34 | 0.17 | -0.15 | -0.46 | -1.52 | 2.70 | -0.06 | 2.51 | 1.43 | -13.37 | 0.66 | -0.44 | 4.61 | 2.22 | 1.76 | 1.96 | 1.60 | 3.40 | 0.99 | 1.10 | 0.24 | -0.04 |
| Diluted Shares Outstanding | 40.91M | 39.88M | 38.13M | 36.73M | 20.1M | 19.69M | 19.39M | 18.9M | 18.91M | 18.5M | 18.46M | 18.8M | 18.46M | 18.7M | 19.39M | 18.22M | 17.91M | 17.2M | 17.1M | 17.05M | 16.17M | 16.29M | 15.97M | 14.68M | 14.69M | 14.74M | 13.99M | 13.36M | 13.29M | 13.48M | 12.5M |
| Basic Shares Outstanding | 40.91M | 39.88M | 38.13M | 36.73M | 20.1M | 19.69M | 19.27M | 18.9M | 18.49M | 18.12M | 18.14M | 18.8M | 18.46M | 18.7M | 18.98M | 18.22M | 17.6M | 17.12M | 17.1M | 16.64M | 16.17M | 15.91M | 15.4M | 14.06M | 13.2M | 13.09M | 13.18M | 13.03M | 12.97M | 12.92M | 12.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OFIX stock.
For fiscal year 2025, Orthofix Medical Inc. (OFIX) reported total revenue of $822.3M. This represents a 965.2% increase compared to $77.2M in 1996.
Orthofix Medical Inc. (OFIX) reported a net loss of $92.2M for the fiscal year ending 2025.
Orthofix Medical Inc. (OFIX) reported an operating income of $-68.5M, resulting in an operating profit margin of -8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Orthofix Medical Inc. (OFIX) generated $551.7M in gross profit for the year, representing a gross profit margin of 67.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration and Sales Attrition
Metrics are mathematically derived from official filings.
Revenue Growth Facing Structural Headwinds
According to reported financial data, Orthofix's year-over-year revenue growth has decelerated significantly from 7.7% in 2024Q1 to a modest 1.6% by 2026Q1, suggesting that the initial momentum from the SeaSpine merger has largely dissipated as the company struggles to capture additional market share in spine hardware.
The transition from high single-digit growth to low single-digit expansion indicates that the company is failing to effectively cross-sell its combined portfolio to existing surgeon bases. Investors should monitor whether this deceleration reflects a permanent loss of competitive positioning against more agile, high-growth peers like Alphatec.
Gross Margin Resilience Amidst Volatility
As reported in recent filings, Orthofix has maintained a robust gross margin profile, peaking at 72.2% in 2025Q3, which underscores the inherent pricing power of its proprietary bone growth stimulation technology despite the broader integration challenges currently impacting the company's overall operational efficiency and bottom-line performance.
The ability to sustain gross margins above 67% suggests that the core product portfolio retains significant clinical value and reimbursement support. However, the quarterly fluctuations in these margins may imply inconsistent product mix or periodic inventory adjustments that warrant further investigation by fundamental analysts.
Operating Leverage Remains Elusive Post-Merger
Based on the provided income statement data, Orthofix continues to exhibit negative operating margins, with a -7.0% reading in 2026Q1, demonstrating that the company has yet to achieve the necessary scale to leverage its heavy SG&A investment following the transformative SeaSpine merger and subsequent leadership turnover.
The persistent inability to scale operating income faster than gross profit suggests that the current cost structure is bloated by redundant sales and administrative functions. Without a clear path to rationalizing these expenses, the company may continue to consume capital rather than generate sustainable operating leverage.
Earnings Quality Obscured by SBC
Analysis of recent financial statements reveals that Orthofix's net income remains consistently negative, further pressured by significant stock-based compensation expenses, which reached $20.8 million in 2025Q4, potentially masking the true extent of the company's operational cash burn and the underlying difficulty in achieving GAAP profitability.
The reliance on stock-based compensation as a significant expense item suggests that management is utilizing equity to preserve cash, which may dilute shareholders without providing a clear catalyst for improved earnings. Investors should be wary of these non-cash charges when evaluating the company's long-term path to positive net income.
Structural Risks to Margin Recovery
While some market participants may view the current integration phase as a temporary hurdle, the persistent negative operating margins and decelerating revenue growth suggest that Orthofix faces a deeper structural challenge in competing against larger, more efficient spine hardware firms that possess superior distribution and scale.
The risk of sales force attrition following recent executive instability could lead to a permanent erosion of surgeon relationships, which are the primary driver of revenue in this industry. If the company cannot demonstrate a clear inflection in operating efficiency soon, the investment thesis may shift from a turnaround play to a long-term value trap.