Shares of Orthofix International NV (OFIX) surged 5.60% on November 7th, 2024, driven by a series of positive developments for the medical device maker.
Orthofix reported better-than-expected financial results for the third quarter of 2024. The company posted adjusted earnings per share of $0.07, surpassing analysts' estimates of a $0.15 loss. Revenue also beat expectations, rising 6.8% year-over-year to $196.61 million, exceeding the consensus estimate of $196.52 million.
In addition to the solid Q3 performance, Orthofix announced a new $275 million senior secured term loan credit agreement. This financing deal provides the company with additional capital to support its growth initiatives and operations.
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