Orthofix International 1Q Profit Drops On Costs

BOSTON (AP) — Orthopedic product maker Orthofix International NV said Wednesday its first-quarter profit fell as higher costs outweighed a slight sales increase.

The company earned $2.9 million, or 17 cents per share, down from a profit of $3.6 million, or 21 cents per share, during the prior-year period.

Revenue edged up less than 1 percent to $129 million from $128 million.

Analysts polled by Thomson Reuters expected profit of 14 cents per share on revenue of $129.1 million.

Sales in the company's spine unit rose 6 percent to $66.1 million. Orthopedic unit sales fell 1 percent to $29.6 million but sports medicine revenue rose 4 percent to $24.2 million.

Meanwhile, overall costs rose 4 percent to $85.7 million.

Shares of Orthofix gained 92 cents, or 5 percent, to close earlier at $19.28.