Orthofix International announces strong 2nd quarter results

GENERAL INTERESTS

Posted on the ORTHOSuperSite July 29, 2010

Orthofix International announces strong 2nd quarter results

Orthofix International N.V. announced its results for the second quarter ended June 30, 2010. Total revenue was $142.8 million, an increase of 4% over the second quarter of 2009. The favorable impact of foreign currency on second quarter sales was approximately $400,000.

Reported second quarter net income totaled $10.2 million, or $0.57 per diluted share. This was up 63% when compared with reported net income of $5.9 million, or $0.35 per diluted share, in the second quarter of the prior year, according to a company press release. Excluding a gain on an interest rate swap, adjusted net income in the second quarter of 2010 was $9.7 million, or $0.54 per diluted share. This was an increase of 29% compared with adjusted net income of $0.42 per share in the second quarter of the prior year, the company reported.

The company's reported second quarter operating income was $21.2 million, or 14.8% of total revenue. This was a 22% increase over adjusted operating income of $17.4 million, or 12.6% of revenue, in the prior year. The increase in adjusted operating income was primarily attributable to continued operating improvement in its spinal implants and biologics.

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"Our strong second-quarter results were driven primarily by another quarter of improved operating results at our Spinal Implants and Biologics division, as well as continued solid performance from our Spine Stimulation and Orthopedics divisions," Orthofix International President and CEO Alan Milinazzo, stated in the release. "With the move into our expanded new facility in Texas and our integration plan complete, we have already begun to benefit from the synergies. We will continue to focus on steps to improve our operating margins even further."

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