Orthofix Cuts 2026 Sales and EBITDA Outlook After Slower Spine Growth

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter net sales were $207.9 million, up 1.1% from a year earlier, as Global Spine Fixation growth slowed and the company lowered full-year sales guidance to $825 million to $830 million.

Orthofix Medical Inc. (OFIX) reported third-quarter 2026 net sales of $207.9 million, up 1.1% year over year, and cut its full-year 2026 outlook after Global Spine Fixation growth slowed in the third quarter, even as Limb Reconstruction and Therapeutic Solutions continued to expand. The medical technology company now expects pro forma net sales of $825 million to $830 million, down from prior guidance of $845 million to $855 million, and non-GAAP adjusted EBITDA of $86 million to $88 million, down from $95 million to $98 million.

Reported net sales for the three months ended September 30, 2026 were $207.9 million, up 1.1% from a year earlier and 2.3% on a pro forma constant-currency basis. That compared with second-quarter reported sales of $210.9 million, up 3.8% year over year (3.5% constant currency), while pro forma net sales rose 5.1% (4.7% constant currency).

Global Spine Fixation net sales increased 1% on a reported and constant-currency basis. Global Spine, which includes Spinal Implants, Biologics and Enabling Technologies, posted $171.4 million of pro forma sales. Spinal Implants, Biologics and Enabling Technologies alone were $107.4 million, down 1.1% from $108.6 million a year earlier.

President and Chief Executive Officer Massimo Calafiore said continued growth in Limb Reconstruction and Therapeutic Solutions helped offset weaker Spine performance. In U.S. Spine, the company said it is accelerating actions to strengthen commercial execution, improve instrument set supply and allocation, and increase asset productivity by focusing resources on its highest-performing distributor partners, products and market opportunities. The company said the revised guidance reflects third-quarter performance and the anticipated fourth-quarter impact of those actions.

Global Limb Reconstruction net sales increased 8% on a reported basis and 9% on a constant-currency basis, after second-quarter growth of 13.2% reported and 11.0% constant currency. Pro forma Limb Reconstruction sales were $36.4 million.

Therapeutic Solutions net sales increased 4% compared with the prior year period, after second-quarter growth of 2.5%. Pro forma Therapeutic Solutions sales were $64.0 million.

Reported net loss was $(6.1) million, or $(0.15) a share, versus a year-earlier loss of $(22.8) million, or $(0.57) a share. Non-GAAP adjusted EBITDA was $26.0 million, or 12.5% of pro forma net sales, versus $24.6 million, or 12.1% of pro forma net sales, a year earlier. GAAP gross margins were 70.5% and 70.7% on a non-GAAP adjusted basis. The company said the year-over-year EBITDA increase primarily reflected continued cost discipline and resource alignment initiatives, partially offset by lower Spine revenue, unfavorable geographic mix and the related reduction in operating leverage.

Cash, cash equivalents, and restricted cash totaled $86.9 million at September 30, 2026, compared with $104.4 million at June 30, 2026. The company said the sequential change primarily reflected working capital timing. Both guidance ranges assume current foreign currency exchange rates.