Orthofix International N.V. (NASDAQ:OFIX) (the Company) today announced its results for the third quarter ended September 30, 2012. Net sales of $114.8 million represent a decrease of 2% over the third quarter of last year. Net sales grew 1% on a constant currency basis.
Net income from continuing operations was $13.1 million, or $0.67 per diluted share compared to net income from continuing operations of $13.0 million, or $0.69 per diluted share, in the prior year. Adjusted net income was up 13% to $14.8 million, or $0.76 per diluted share compared to $13.2 million, or $0.70 per diluted share, in the prior year.
“We again demonstrated our ability to achieve operating margin leverage while navigating through a challenging environment,” said President and Chief Executive Officer Robert Vaters. “Finishing the quarter with a net cash balance and continued strong adjusted earnings, we are well positioned to make product portfolio and distribution investments that will drive long-term growth.”
Sales PerformanceNet sales were $114.8 million in the third quarter of 2012, down 2% on a reported basis, and up 1% on a constant currency basis, from $117.3 million in the third quarter of the prior year. Foreign currency negatively impacted third quarter net sales by approximately $3.8 million, or 3% of net sales.
|External net sales by global business unit|
|Three Months Ended September 30,|
|(USD in millions)||2012||2011||Growth||Growth|
|Spine Repair Implants and Regenerative Biologics||$||36.6||$||36.8||0%||0%|
|Spine Regenerative Stimulation||42.8||39.7||8%||8%|
|Total net sales||$||114.8||$||117.3||-2%||1%|
|Note: Some calculations may be impacted by rounding.|