Shares of Orthofix International NV (NASDAQ: OFIX) surged 5.16% on Wednesday, November 8th, after the medical device company received a bullish analyst rating and reported robust third-quarter financial results.
Stifel Nicolaus, a prominent investment bank, upgraded Orthofix Medical to a "Buy" rating and set a price target of $24 per share, citing the company's strong prospects and potential for growth.
Additionally, Orthofix International reported impressive third-quarter earnings, with several key highlights: - Net sales of $196.6 million, representing a 7% year-over-year growth on a constant currency basis. - Adjusted EBITDA of $19.2 million, with a margin expansion of approximately 250 basis points. - Positive free cash flow of $5.9 million for the quarter. - Bone Growth Therapy revenue grew 9%, with a 13% increase in the fracture market. - US Spine Fixation revenue increased by 18%, more than triple the market growth rate. - Global Spinal Implants, Biologics, and Enabling Technologies revenue rose 7% year-over-year. - US Orthopedics revenue grew 15%, contributing to a 3% growth in the global orthopedics business.
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