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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.