Recent News
May 5, 2026 — Orthofix reported first-quarter 2026 results, highlighted execution after recent spine commercial channel actions and reaffirmed full‑year 2026 financial guidance; the company excluded the impact of discontinued M6™ product lines in pro forma measures. April 9, 2026 — Orthofix released preliminary, unaudited net sales results for Q1 and announced strategic actions in its spine business. February–March 2026 — management realigned spine leadership and scheduled investor conference participation through March.
Technical Analysis
Directional indicators: ADX reads 18.38, signaling no established trend; DI+ shows a dip & reversal while DI- shows a peak & reversal, a combination that implies directional pressure recently shifted toward bullish readings even though trend strength remains weak.
MACD and signal: MACD sits at -0.04 with a peak & reversal in momentum, a condition that represents bearish momentum; however MACD currently sits above its signal line (-0.06), which registers as a bullish MACD cross. The simultaneous peak-and-reverse momentum and a recent cross above the signal line imply short-term tug-of-war between fading momentum and a potential bullish trigger if the cross holds.
MRO: The Momentum/Regression Oscillator at 25.64 with a peak & reversal indicates price sits above the modeled target and carries a tendency toward a correction; the peak & reversal framing emphasizes near-term downside risk to price relative to target levels.
RSI and price structure: RSI at 46.14 with a dip & reversal suggests a move away from oversold conditions but below 50, consistent with consolidation rather than directional breakout. Price closed at $12.01, slightly above the 20-day average ($11.98) and just below the 50-day average ($12.05), while trading well under the 200-day average ($13.89). Bollinger bands place the mid‑range between $11.68 and $12.29 (1x std dev); current price sits near the band center, supporting a near-term sideways bias.
Volume and volatility: Recent volume of 221,526 trails the 10‑day average (397,586) and the 200‑day average (290,127), indicating muted conviction in the latest price moves. 42‑day and 52‑week volatility metrics remain low, and short‑term EMAs show a dip & reversal pattern, reinforcing the view of limited trend momentum unless accompanied by fresh news catalysts.
Fundamental Analysis
Revenue and margins: Total revenue totaled $196,708,000 with year‑over‑year revenue growth of 3.38% and quarter‑over‑quarter revenue change of -2.52%. Gross margin sits at 70.94%, above the industry peer mean of 65.18% and industry peer median of 66.06%, reflecting strong product-level profitability.
Profitability and earnings: Operating income and EBIT remain negative at -$13,686,000 and -$15,170,000 respectively, producing an EBIT margin of -7.71%, materially below the industry peer mean EBIT margin of 23.84% and industry peer median of 24.06%. EPS came in at -$0.11 versus an estimate of -$0.29, a beat of $0.18 or roughly 62.07% (EPS surprise ratio 62.07%). Net income for the period totaled -$20,908,000, with operating cash flow negative at -$17,610,000 and free cash flow negative at -$28,271,000.
Balance sheet and liquidity: Cash and short‑term investments total $120,278,000, supporting a current ratio of 2.87, a quick ratio of 1.76 and a cash ratio of 0.75. Net debt stands at $101,057,000 against market capitalization of $507,789,112. Debt‑to‑equity equals 0.60 and debt‑to‑assets equals 0.296. Interest coverage reads -2.68, reflecting negative operating income and constrained coverage of interest expense.
Capital efficiency and working capital: Cash conversion cycle exceeds 233 days versus an industry peer mean of about 155 days, indicating elongated working capital deployment relative to peers. Asset turnover registers 0.226, above the industry peer mean of 0.12038, while receivables and inventory turnover show sequential softness.
Valuation and WMDST view: Price multiples convey mixed signals. Price‑to‑book at 1.17 sits below the industry peer mean (about 5.94) and industry peer median (about 4.17). Free cash flow yield registers at approximately -5.57%, below the industry peer mean of roughly 0.57%. The current valuation as determined by WMDST: over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | $ 85.1 M |
| Operating Cash Flow | $ -17.61 M | |
| Capital Expenditures | $ -10.66 M | |
| Change In Working Capital | $ -22.39 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 35.8 M | |
| End Period Cash Flow | $ 120.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 196.7 M | |
| Forward Revenue | $ -20.30 M | |
| COSTS | ||
| Cost Of Revenue | $ 57.2 M | |
| Depreciation | $ 14.6 M | |
| Depreciation and Amortization | $ 14.6 M | |
| Research and Development | $ 15.3 M | |
| Total Operating Expenses | $ 210.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 139.5 M | |
| EBITDA | $ -619.00 K | |
| EBIT | $ -15.17 M | |
| Operating Income | $ -13.69 M | |
| Interest Income | — | |
| Interest Expense | $ 5.7 M | |
| Net Interest Income | $ -5.66 M | |
| Income Before Tax | $ -20.83 M | |
| Tax Provision | $ 74.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -20.91 M | |
| Net Income From Continuing Operations | $ -20.91 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.29 | |
| EPS Actual | $ -0.11 | |
| EPS Difference | $ 0.18 | |
| EPS Surprise | 62.069 % | |
| Forward EPS | $ 0.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 886.6 M | |
| Intangible Assets | $ 264.3 M | |
| Net Tangible Assets | $ 170.9 M | |
| Total Current Assets | $ 461.5 M | |
| Cash and Short-Term Investments | $ 120.3 M | |
| Cash | $ 120.3 M | |
| Net Receivables | $ 137.8 M | |
| Inventory | $ 177.8 M | |
| Long-Term Investments | $ 13.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 54.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 161.0 M | |
| Net Debt | $ 101.1 M | |
| Total Debt | $ 262.3 M | |
| Total Liabilities | $ 451.4 M | |
| EQUITY | ||
| Total Equity | $ 435.2 M | |
| Retained Earnings | $ -389.24 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.78 | |
| Shares Outstanding | 40.382 M | |
| Revenue Per-Share | $ 4.87 | |
| VALUATION | Market Capitalization | $ 507.8 M |
| Enterprise Value | $ 649.8 M | |
| Enterprise Multiple | -1049.703 | |
| Enterprise Multiple QoQ | -2829.314 % | |
| Enterprise Multiple YoY | 1593.175 % | |
| Enterprise Multiple IPRWA | high: 100.974 median: 73.295 mean: 72.274 low: -114.515 OFIX: -1049.703 |
|
| EV/R | 3.303 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.037 | |
| Asset To Liability | 1.964 | |
| Debt To Capital | 0.376 | |
| Debt To Assets | 0.296 | |
| Debt To Assets QoQ | 41.018 % | |
| Debt To Assets YoY | 26.318 % | |
| Debt To Assets IPRWA | high: 0.725 OFIX: 0.296 mean: 0.243 median: 0.221 low: 0.006 |
|
| Debt To Equity | 0.603 | |
| Debt To Equity QoQ | 51.991 % | |
| Debt To Equity YoY | 43.279 % | |
| Debt To Equity IPRWA | high: 4.524 OFIX: 0.603 mean: 0.469 median: 0.426 low: 0.007 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.167 | |
| Price To Book QoQ | -7.153 % | |
| Price To Book YoY | -11.719 % | |
| Price To Book IPRWA | high: 16.868 mean: 5.938 median: 4.172 OFIX: 1.167 low: 1.093 |
|
| Price To Earnings (P/E) | -114.315 | |
| Price To Earnings QoQ | -293.233 % | |
| Price To Earnings YoY | -40.974 % | |
| Price To Earnings IPRWA | high: 194.313 mean: 122.341 median: 80.164 OFIX: -114.315 low: -374.46 |
|
| PE/G Ratio | 0.784 | |
| Price To Sales (P/S) | 2.581 | |
| Price To Sales QoQ | 0.374 % | |
| Price To Sales YoY | -17.475 % | |
| Price To Sales IPRWA | high: 62.134 mean: 34.497 median: 23.992 OFIX: 2.581 low: 0.285 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.185 | |
| Forward PE/G | -0.42 | |
| Forward P/S | -25.012 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 76.072 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.226 | |
| Asset Turnover Ratio QoQ | -13.33 % | |
| Asset Turnover Ratio YoY | 0.363 % | |
| Asset Turnover Ratio IPRWA | high: 0.401 OFIX: 0.226 mean: 0.12 median: 0.118 low: 0.071 |
|
| Receivables Turnover | 1.438 | |
| Receivables Turnover Ratio QoQ | -12.829 % | |
| Receivables Turnover Ratio YoY | -0.997 % | |
| Receivables Turnover Ratio IPRWA | high: 3.141 mean: 2.072 median: 1.748 OFIX: 1.438 low: 0.361 |
|
| Inventory Turnover | 0.327 | |
| Inventory Turnover Ratio QoQ | -11.05 % | |
| Inventory Turnover Ratio YoY | -17.513 % | |
| Inventory Turnover Ratio IPRWA | high: 1.226 mean: 0.625 median: 0.525 OFIX: 0.327 low: 0.137 |
|
| Days Sales Outstanding (DSO) | 63.441 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 233.584 | |
| Cash Conversion Cycle Days QoQ | -4.677 % | |
| Cash Conversion Cycle Days YoY | -5.487 % | |
| Cash Conversion Cycle Days IPRWA | high: 587.726 OFIX: 233.584 median: 159.313 mean: 154.818 low: -130.573 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.655 | |
| CapEx To Revenue | -0.054 | |
| CapEx To Depreciation | -0.733 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 656.5 M | |
| Net Invested Capital | $ 656.5 M | |
| Invested Capital | $ 656.5 M | |
| Net Tangible Assets | $ 170.9 M | |
| Net Working Capital | $ 300.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.747 | |
| Current Ratio | 2.866 | |
| Current Ratio QoQ | 17.214 % | |
| Current Ratio YoY | 5.823 % | |
| Current Ratio IPRWA | high: 8.801 mean: 2.973 OFIX: 2.866 median: 1.9 low: 0.669 |
|
| Quick Ratio | 1.762 | |
| Quick Ratio QoQ | 22.828 % | |
| Quick Ratio YoY | 17.638 % | |
| Quick Ratio IPRWA | high: 7.878 mean: 2.26 OFIX: 1.762 median: 1.518 low: 0.37 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -423.675 | |
| Cost Of Debt | 1.542 % | |
| Interest Coverage Ratio | -2.678 | |
| Interest Coverage Ratio QoQ | -639.755 % | |
| Interest Coverage Ratio YoY | -74.66 % | |
| Interest Coverage Ratio IPRWA | high: 29.801 median: 20.603 mean: 20.147 OFIX: -2.678 low: -47.147 |
|
| Operating Cash Flow Ratio | -0.109 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 81.159 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.227 % | |
| Revenue Growth | -10.551 % | |
| Revenue Growth QoQ | -251.966 % | |
| Revenue Growth YoY | 3.38 % | |
| Revenue Growth IPRWA | high: 8.836 % median: -3.328 % mean: -6.116 % OFIX: -10.551 % low: -31.815 % |
|
| Earnings Growth | -145.833 % | |
| Earnings Growth QoQ | 2.623 % | |
| Earnings Growth YoY | -83.796 % | |
| Earnings Growth IPRWA | high: 181.818 % mean: -6.376 % median: -13.636 % low: -136.486 % OFIX: -145.833 % |
|
| MARGINS | ||
| Gross Margin | 70.941 % | |
| Gross Margin QoQ | -0.214 % | |
| Gross Margin YoY | 12.954 % | |
| Gross Margin IPRWA | high: 86.474 % OFIX: 70.941 % median: 66.064 % mean: 65.176 % low: 24.932 % |
|
| EBIT Margin | -7.712 % | |
| EBIT Margin QoQ | -885.336 % | |
| EBIT Margin YoY | -68.644 % | |
| EBIT Margin IPRWA | high: 32.927 % median: 24.063 % mean: 23.84 % OFIX: -7.712 % low: -46.732 % |
|
| Return On Sales (ROS) | -6.958 % | |
| Return On Sales QoQ | -1425.333 % | |
| Return On Sales YoY | -71.71 % | |
| Return On Sales IPRWA | high: 32.927 % mean: 23.265 % median: 22.584 % OFIX: -6.958 % low: -52.292 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -28.27 M | |
| Free Cash Flow Yield | -5.567 % | |
| Free Cash Flow Yield QoQ | -287.189 % | |
| Free Cash Flow Yield YoY | 34.209 % | |
| Free Cash Flow Yield IPRWA | high: 1.775 % mean: 0.568 % median: 0.47 % low: -2.732 % OFIX: -5.567 % |
|
| Free Cash Growth | -268.08 % | |
| Free Cash Growth QoQ | -146.758 % | |
| Free Cash Growth YoY | 1.04 % | |
| Free Cash Growth IPRWA | high: 237.037 % mean: -20.459 % median: -37.858 % OFIX: -268.08 % low: -328.297 % |
|
| Free Cash To Net Income | 1.352 | |
| Cash Flow Margin | -8.943 % | |
| Cash Flow To Earnings | 0.841 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.407 % | |
| Return On Assets QoQ | 811.742 % | |
| Return On Assets YoY | -61.096 % | |
| Return On Assets IPRWA | high: 5.214 % median: 3.047 % mean: 2.591 % OFIX: -2.407 % low: -8.936 % |
|
| Return On Capital Employed (ROCE) | -2.091 % | |
| Return On Equity (ROE) | -0.048 | |
| Return On Equity QoQ | 872.47 % | |
| Return On Equity YoY | -58.533 % | |
| Return On Equity IPRWA | high: 0.07 median: 0.047 mean: 0.036 OFIX: -0.048 low: -0.215 |
|
| DuPont ROE | -4.724 % | |
| Return On Invested Capital (ROIC) | -1.386 % | |
| Return On Invested Capital QoQ | -593.238 % | |
| Return On Invested Capital YoY | -70.161 % | |
| Return On Invested Capital IPRWA | high: 5.501 % mean: 2.725 % median: 2.043 % OFIX: -1.386 % low: -7.718 % |
|