Orthofix Investor Presentation Deck
Proforma Historical Adjusted EBITDA
($ in millions)
Loss before income taxes
Non-GAAP adjustments
Interest expense, net
Historical 2022 Quarterly Proformal
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
OFIX
SPNE
NewCo
$ (4.389) $ (16.832) $ (21.221)
$ 0.375 $
7.516
4.332
1.242
0.970
$ 0.375 $ 0.407 $ 0.293 $ 0.700 $ 0.277 $ 0.149 $ 0.426 $ 0.229 $ 0.202 $ 0.431 $ 1.288 $
10.807
7.570
4.341
8.161
4.728
3.652
8.380
3.257
3.253
0.270
3.523
2.937
1.412
4.349
1.814
0.455
0.016
0.471
WWWWO
(10.631)
0.419
0.419
0.123
(0.001)
(0.001)
0.148
0.125
0.544
0.669
2.246
2.582
2.582
0.316
1.216
1.216
0.068
1.866
0.279
0.279
0.127
0.127
0.152
0.152
$ 11.498 $
8.813 $ 20.311
$ 8.381 $10.420 $ 18.801
$ 23.629 $ 12.402 $ 36.031
$ 7.109 $ (8.019) $ (0.910) $ 11.423 $ (4.674) $ 6.749 $14.257 $ (2.709) $ 11.548
(5.500)
0.065
0.193
1.952
0.343
0.010
4.202
2.819
(0.002)
0.372
0.125
1.018
11.718
7.151
1.240
1.342
(5.375)
0.065
0.193
1.952
0.343
0.010
Q2 22
SPNE
OFIX
NewCo
OFIX
$ 3.042 $ (15.094) $ (12.052) $ (9.372) $
1.018
6.512
4.460
2.991
1.824
(10.714)
0.123
0.148
2.246
0.316
0.068
4.295
3.701
0.266
(0.010)
0.083
1.665
0.068
1.665
Q3 22
SPNE
NewCo
(15.111) $ (24.483)
©2023 Orthofix Medical Inc. All rights reserved | 21
11.911
0.068
Q4 22
OFIX
SPNE
NewCo
$ (6.987) $ (20.287) $ (27.274)
1.866
7.421
4.923
(4.195)
9.073
0.771
0.200
0.001
0.337
3.481
0.512
4.349
3.412
(0.147)
2.616
(0.016)
1.066
2.630
11.770
8.335
(4.342)
11.689
0.755
0.200
0.001
1.403
3.481
0.512
2.630
OFIX
$ (17.706)
0.426
0.426
$22.753 $ 14.538 $ 37.291
$ 15.766 $ (5.749) $ 10.017
29.019
18.443
3.291
12.010
4.020
(15.595)
0.188
0.803
10.261
2.387
FY 2022
SPNE
$ (67.324)
0.146
0.644
17.187
1.932
46.206
32.027
3.678
16.038
4.382
(15.387)
0.188
2.413
10.261
2.387
0.146
7.179
0.984
0.984
46.173 $ 112.434
13.584
0.387
4.028
0.362
0.208
1.610
NewCo
$ (85.030)
7.179
$
$ 66.261 $
$48.555 $ (21.151) $27.404
On the Company's Q2 2023 earnings call held on August 8, 2023, Orthofix management presented Proforma Adjusted EBITDA and Adjusted Proforma Gross Margin, both of which are non-GAAP
financial measures, for the 2nd 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 2nd quarter of 2023.
A reconciliation of proforma Adjusted EBITDA for each quarter 2022 to the nearest GAAP financial measure 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 August 8, 2023.
ORTHOFIX®
Sea SpineView entire presentation