# Orthofix Medical Inc. (OFIX)

> Source: Nexqual · https://nexqual.com/OFIX · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Orthofix Medical Inc. (OFIX), nexqual.com/OFIX" · informational, not investment advice.

**Price:** USD 7.9 (+0.38% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 7.87 · day 6.52–8.03 · 52w 6.52–16.42 · market cap $322M · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $835M, net income -$45.0M (-5.4% margin), free cash flow -$44.5M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $52K; 2 not under a Rule 10b5-1 plan ($47K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $2.3M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 12.25 (range 10–14).
- Total return with dividends: 1Y -47.4% vs S&P 500 +11.7%; 5Y -75.7% vs S&P 500 +72.2%.
- Latest earnings report: 2026-11-09 (next date not yet announced).
- Dividend: OFIX paid no cash dividend in the last five years.
- Short interest: 6.63% of float (as of 2026-10-15), 5.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $464M | $461M | $747M | $799M | $822M | $835M |
| Gross profit | $350M | $337M | $486M | $546M | $566M | — |
| Operating income | -$8.3M | -$13.3M | -$139M | -$84.6M | -$81.4M | -$20.5M |
| Net income | -$38.4M | -$19.7M | -$151M | -$126M | -$92.2M | -$45.0M |
| EPS (diluted) | -$1.95 | -$0.98 | -$4.12 | -$3.30 | -$2.33 | — |
| Free cash flow | $690K | -$32.9M | -$106M | -$9.1M | -$1.3M | -$44.5M |
| Gross margin | 75.3% | 73.2% | 65.1% | 68.3% | 68.8% | — |
| Operating margin | -1.8% | -2.9% | -18.6% | -10.6% | -9.9% | -2.5% |
| Net margin | -8.3% | -4.3% | -20.3% | -15.8% | -11.2% | -5.4% |
| Revenue growth | +14.2% | -0.8% | +62.1% | +7.1% | +2.9% | — |
| Cash + short-term investments | $87.8M | $50.7M | $33.1M | $83.2M | $82.0M | — |
| Total debt | — | — | $94.4M | $157M | $157M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 0.4x · EV/EBITDA 14.1x · EV/Sales 0.6x · P/B 0.8x · FCF yield -13.81% · Earnings yield -13.98% · Net debt $136M · EV $457M

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-11-02 | Fisher Patrick | President, Global Limb Recon | 150 | $1K | 0.3% | Yes (adopted May 29, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Fisher Patrick | President, Global Limb Recon | 150 | $1K | 0.3% | Yes (adopted May 29, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-01 | Fisher Patrick | President, Global Limb Recon | 150 | $1K | 0.3% | Yes (adopted May 29, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18 | Fisher Patrick | President, Global Limb Recon | 1,295 | $13K | 2.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-18 | McPherron Aviva | Pres, Global Ops & Qual | 3,670 | $34K | 5.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $2.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-07 | Henneman John B Iii | Director | 5,000 | $61K | 12.26 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05…2026-05-07 | Engine Capital Management, Lp |  | 184,896 | $2.2M | 12.08 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 12.25 (low 10, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | Canaccord Genuity | Target lowered | Buy | $18 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | -47.4% | -75.7% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | -47.5% | -24.6% |
| Volatility (annualized) | 51.7% | 47.1% |
| Max drawdown | -51.4% (Jan 2026→Nov 2026) | -78.0% (Feb 2022→Nov 2026) |

## Dividends
OFIX paid no cash dividend in the last five years.

## Short interest
2,391,732 shares sold short, 6.63% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,506,524 shares (-4.6%). Days to cover: 5.6 (short shares ÷ average daily volume).

## Peers (Medical Devices)
ENOV (Enovis Corporation) USD 28.54 +5.08% · BFLY (Butterfly Network, Inc.) USD 6.67 +4.71% · INSP (Inspire Medical Systems, Inc.) USD 64.33 +0.55% · ESTA (Establishment Labs Holdings Inc) USD 68.52 +2.24% · ALMR (Alamar Biosciences, Inc.) USD 31.84 +13.51% · UFPT (UFP Technologies, Inc.) USD 318.86 +5.07%

## More
Full page: https://nexqual.com/OFIX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OFIX's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/884624/000119312526065189/ofix-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | IsoTis Orthobiologics | "Our other leading tissue forms and synthetics, such as Strand Plus, Strand, Evo3, Evo3c, Ballast, Cove, and Mozaik are all processed internally through IsoTis Orthobiologics, Inc. This completely integrated business unit…" |
| Customer | Orthofix US | "We believe that by attaining accreditation, Orthofix US LLC has demonstrated its commitment to maintain a higher level of competency and a willingness to strive for excellence in its products, services, and customer sati…" |
| Partner | Blue Torch Finance | "Favorable change of $11.4 million associated with the extinguishment of our former Financing Agreement with Blue Torch Finance LLC and from favorable interest rates and amortization of debt issuance costs after refinanci…" |

## Company outlook (8-K filed 2026-11-09)

- "(NASDAQ:OFIX), a leading global medical technology company, today reported financial results for the third quarter ended September 30, 2026, and revised its full-year 2026 net sales and non-GAAP adjusted EBITDA guidance."
- "Our revised guidance reflects third-quarter performance and the near-term impact of these actions, which are intended to build a stronger foundation for sustainable growth, profitability and cash generation." 1 Spine Fixation is comprised of the Company's Spinal Implants product category, excluding motion preservation product offerings. 1 Financial Results Overview Third Quarter 2026 Net Sa"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.35 | $0.35 | +0.0% | $222.8M | 1 |
| Next quarter (ends 2027-03-31) | $-0.20 | $-0.25 | +$0.05 | $201.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.41 | $0.30 | +36.7% | $839.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.37 | $0.84 | -56.0% | $849.6M | 1 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 10 | 136.2% | ±54.4% |
| 2026-12-18 | 38 | 171.1% | ±34.8% |
| 2027-02-19 | 101 | 87.7% | ±44.3% |
| 2027-05-21 | 192 | 80.5% | ±34.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.07 | −$0.03 | Beat +$0.10 | -13.1% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | −$0.11 | −$0.29 | Beat +62.1% | +1.5% |
| Apr 9, 2026 | Quarter ended Dec 31, 2025 | $0.24 | $0.42 | Miss −42.9% | +1.5% |
| Feb 24, 2026 | Quarter ended Dec 31, 2025 | $0.24 | $0.42 | Miss −42.9% | -4.0% |
| Nov 4, 2025 | — | — | — | — | -6.8% |
| Aug 5, 2025 | — | — | — | — | +15.6% |
| May 6, 2025 | — | — | — | — | -11.2% |
| Feb 25, 2025 | — | — | — | — | -4.9% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-09 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/884624/000119312526452699/0001193125-26-452699-index.htm |
| 2026-11-09 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/884624/000119312526452696/0001193125-26-452696-index.htm |
| 2026-08-14 | Schedule 13G/A | Armistice Capital, LLC, Steven Boyd: 8.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/884624/000117266126003606/0001172661-26-003606-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/884624/000119312526333822/0001193125-26-333822-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/884624/000119312526333817/0001193125-26-333817-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.