Shares of Orthofix International NV (OFIX) plunged over 5% in intraday trading on Monday, following the company's second-quarter 2024 earnings release. While Orthofix reported revenue growth and raised its full-year guidance, the results fell short of analysts' expectations, prompting a sell-off in the stock.
During the Q2 earnings call, Orthofix reported revenue of $198.6 million, up 6% year-over-year on a constant currency basis. However, this figure missed Wall Street's consensus estimate of $202.3 million. The company's adjusted EBITDA of $16.6 million, or 8.4% of net sales, also fell short of analysts' projections.
While Orthofix raised its full-year revenue guidance to $795 million to $800 million, representing growth of 6.7% to 7.4%, and increased its adjusted EBITDA guidance to $64 million to $69 million, investors appeared to be disappointed with the company's performance and outlook.
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