Orthofix International N.V. has announced its results for the second quarter ended June 30, 2009. Total quarterly revenue was a record $137.5 million, which was an increase of 6% over the second quarter of 2008. Excluding the unfavorable $5.5 million impact of foreign currency on second quarter sales, revenue increased 10% on a constant currency basis.
Reported second quarter net income totaled $5.9 million, or $0.35 per share. This compared with $5.8 million, or $0.34 per share in the second quarter of the prior year. Excluding certain items summarized in the table below, second quarter adjusted net income was $7.2 million, or $0.42 per share, which was 17% higher than adjusted net income of $6.3 million, or $0.36, in the prior year.
“I’m very pleased to report a strong quarter, which is reflected in our consolidated revenue and earnings results. These favorable results were consistent across all of our core business segments. This included our spinal implant business, which continued to gain momentum in the second quarter as sales grew 12% led by the recent launches of our Firebird pedicle screw system, Pillar SA interbody device and Trinity Evolution stem cell-based allograft,” says president and CEO Alan Milinazzo. “Additionally, our improved cash flow has allowed us to make a total of $20 million in debt payments ahead of their scheduled maturities so far this year, including a $5 million payment this month. Based on our results for the first half of 2009 we are reaffirming our full-year guidance.”