Orthofix International N.V. (NASDAQ:OFIX) (the Company) today announced its results for the second quarter ended June 30, 2012. Net sales of $119.5 million represent an increase of 2% over the second quarter of last year. Net sales grew 5% on a constant currency basis. Net income from continuing operations was $14.0 million, or $0.73 per diluted share compared to net income from continuing operations of $10.5 million, or $0.57 per diluted share, in the prior year. Adjusted net income was up 11% to $14.9 million, or $0.78 per diluted share compared to $13.4 million, or $0.72 per diluted share, in the prior year.
“The second quarter results demonstrate the strength of our Regenerative Solutions and highlights our strategy to leverage our differentiated product offerings across both our Spine and Orthopedic business units,” commented President and Chief Executive Officer Robert Vaters. “In addition, the close of the Sports Medicine divestiture provides us with the financial capacity and flexibility to make the necessary investments to drive long-term growth.”
Net sales were $119.5 million in the second quarter of 2012, up 2% on a reported basis, and 5% on a constant currency basis, from $116.7 million in the second quarter of the prior year. Foreign currency negatively impacted second quarter net sales by approximately $3.3 million, or 3% of net sales.
|External net sales by global business unit|
Three Months Ended June 30,
|(USD in millions)||
|Spine Repair Implants and Regenerative Biologics||$||38.5||$||36.9||4||%||4||%|
|Spine Regenerative Stimulation||43.3||39.7||9||%||9||%|
|Total net sales||$||119.5||$||116.7||2||%||5||%|
|Note: Some calculations may be impacted by rounding.|