Orthofix Investor Presentation Deck
Proforma Historical Adjusted EBITDA
($ in millions)
Loss before income taxes
Non-GAAP adjustments
Interest expense, net
Historical 2022 Quarterly Proforma
Adjusted EBITDA
Depreciation and intangible asset amortization expense
Share-based compensation expense
Foreign exchange impact and other non-operating expense/(gain)
SeaSpine merger-related expenses
Strategic investments
Acquisition-related fair value adjustments
Loss on investment securities
Legal judgments/settlements
Medical device regulation
Business interruption - COVID-19
Succession and transition charges
Spinal set instrument replacement expense
European sales and marketing organization restructuring
Total Non-GAAP adjustments
Adjusted Proforma EBITDA (proforma for SeaSpine merger)
Q1 22
SPNE
OFIX
NewCo
$ (4.389) $ (16.832) $ (21.221)
$
0.375 $
7.516
4.332
1.242
0.970
(5.500)
0.065
0.193
1.952
0.343
0.010
$ 11.498 $
7.109 $
$
4.202
2.819
(0.002)
0.372
0.125
$
0.375
11.718
7.151
1.240
1.342
(5.375)
0.065
0.193
1.952
0.343
0.010
1.018
1.018
0.279
0.279
8.813 $ 20.311
(8.019) $ (0.910)
Q2 22
OFIX
SPNE
3.042 $ (15.094) $ (12.052)
NewCo
$
$
0.407 $
6.512
4.460
2.991
1.824
(10.714)
0.123
1.814
(10.631)
0.123
0.148
2.246
0.316
0.068
1.665
0.127
$ 8.381 $10.420 $ 18.801
$ 11.423 $ (4.674) $ 6.749
0.293 $ 0.700
4.295 10.807
3.701
8.161
0.266
3.257
0.148
2.246
0.316
0.068
(0.010)
0.083
1.665
0.127
$
$
OFIX
(9.372) $
0.277 $
7.570
4.728
3.253
2.937
0.455
0.419
(0.001)
0.125
2.582
1.216
0.068
Ⓒ2023 Orthofix Medical Inc. All rights reserved | 21
Q3 22
SPNE NewCo
(15.111) $ (24.483)
3.652
0.270
0.149 $ 0.426
4.341
11.911
8.380
3.523
4.349
0.471
0.419
(0.001)
1.412
0.016
0.669
2.582
1.216
0.068
1.866
0.152
1.866
0.152
$23.629 $ 12.402 $ 36.031
$14.257 $ (2.709) $ 11.548
0.544
Q4 22
OFIX
SPNE
NewCo
$ (6.987) $ (20.287) $ (27.274)
$ 0.229 $
7.421
4.923
(4.195)
9.073
0.771
0.200
0.001
0.337
3.481
0.512
0.202 $
4.349
3.412
(0.147)
2.616
(0.016)
1.066
2.630
0.426
0.431
11.770
8.335
(4.342)
11.689
0.755
0.200
0.001
1.403
3.481
0.512
2.630
0.426
$ 22.753 $14.538 $ 37.291
$ 15.766 $ (5.749) $ 10.017
FY 2022
OFIX
SPNE
$ (17.706) $ (67.324) $ (85.030)
NewCo
1.288 $ 0.644 $ 1.932
29.019
17.187
46.206
18.443
13.584
32.027
3.291
0.387
12.010
4.020
(15.595)
0.188
0.803
10.261
4.028
0.362
0.208
3.678
16.038
4.382
(15.387)
0.188
2.413
10.261
2.387
2.387
0.146
0.146
7.179
7.179
0.984
0.984
$ 66.261 $ 46.173 $ 112.434
$48.555 $ (21.151) $ 27.404
$
1.610
On the Company's Q3 2023 earnings call held on November 8, 2023, Orthofix management presented Proforma Adjusted EBITDA and Adjusted Proforma Gross Margin, both of which are non-GAAP
financial measures, for the 3rd quarter of 2022. Those proforma non-GAAP financial measures are intended to report the financial impact of the merger with SeaSpine on Adjusted EBITDA and
Adjusted Gross Margin as if the merger had occurred on January 1, 2022, in order to assist investors with comparing those proforma results to those same non-GAAP financial measures as reported for
the 3rd quarter of 2023.
A reconciliation of proforma Adjusted EBITDA for each quarter of 2022 to the nearest GAAP financial measure for each of SeaSpine and Orthofix is presented on this slide.
For further information on the reasons for and nature of non-GAAP disclosures by Orthofix and descriptions of the adjustments used to calculate non-GAAP financial measures, please see the
Company's Current Report on Form 8 K filed on November 8, 2023.
ORTHOFIX®*®
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