Orthofix Investor Presentation Deck
Proforma Historical Adjusted Gross Margin
($ in millions)
Total revenue, net
Gross profit (¹)
Add back:
Share-based compensation expense
Historical 2022 Quarterly Proforma
Adjusted Gross Margin
SeaSpine merger-related costs
Strategic investments
Q1 22
NewCo
OFIX
SPNE
$106.418 $ 51.263 $157.681
$78.100 $28.966 $107.066
0.211
0.078
0.289
M
0.025
0.125
Acquisition-related fair value adjustments
Amortization/depreciation of acquired long-lived assets
Medical device regulation
Adjusted gross profit
Adjusted gross margin (Adjusted gross profit / Total revenue, net)
(1) SeaSpine gross profit reflects reclassifications of certain expenses to conform to Orthofix presentation.
0.025
0.125
0.006
0.006
$78.342 $29.169 $ 107.511
73.6% 56.9%
68.2%
Q2 22
OFIX SPNE NewCo
$118.070 $ 56.942 $ 175.012
$ 86.470 $ 35.768 $122.238
0.204
0.566
0.082
0.083
0.286
0.566
0.083
0.008
0.008
$87.248 $ 35.933 $123.181
73.9%
63.1% 70.4%
Q3 22
OFIX SPNE NewCo
$113.996 $ 67.772 $ 181.768
©2023 Orthofix Medical Inc. All rights reserved | 22
$83.423 $38.585 $122.008
0.195
0.304
0.103
0.299
0.304
$83.922 $38.688 $ 122.611
73.6%
57.1% 67.5%
Q4 22
OFIX SPNE NewCo
$122.229 $ 64.144 $ 186.373
$89.176 $38.515 $ 127.691
0.217
0.439
0.102
0.318
0.439
0.001
0.001
$89.833 $ 38.617 $128.450
73.5% 60.2% 68.9%
FY 2022
OFIX SPNE NewCo
$460.713 $240.121 $700.834
$337.169 $141.834 $479.003
0.827
1.334
0.365
0.208
1.192
1.334
0.208
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 Gross Margin for each quarter of 2022 to the nearest GAAP financial measure for each 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 Spine
0.015
0.015
$339.345 $142.407 $ 481.752
73.7%
59.3%
68.7%View entire presentation