Boston, MA 03/27/2014 (wallstreetpr) – Orthofix International NV (NASDAQ:OFIX) Chief executive officer could not fail to point out that2013 was a transitional and challenging year for the company as it grappled with several headwinds behind the scene,while presenting fourth quarter and full year result for the period ending December 31, 2013. The year saw the diversified medical device company implement a number of changes in its various business divisions, aimed at reviving the company’s growth metrics.
It goes without saying that 2013 was a challenging year for the company,seen by an 11% decline in net sales that came in at a low of $400.5 million. Orthofix claims it has already put in place some measures and strategies aimed at laying the ground for potential growth in 2014 as well as profitability levels in the coming years.
Orthofix Strategic Plan to Improve Profitability Margins
Last year saw Orthofix International NV (NASDAQ:OFIX) redefine its business segments as a way of focusing on distinctive attributes and opportunities that are seen as key to potential growth and impressive profitability margins. The strategic business units that were put in place include BioStim, Biologics and Spine fixation as well as Extremity fixation.
To achieve greater external transparency of the developed units, Orthofix plans to provide each one of them with specific net sales as well as net margins that are to be achieved. The company has already started on its transition process having enhanced its leadership worldwide as well as appointing a new chairman to the board. The company is also implementing a stream of initiatives aimed at strengthening its foundation to drive profitable growth.
2013 Full year Earnings Highlights
Orthofix International NV (NASDAQ:OFIX) faced a challenging year in 2013 that saw it register an operating loss of $5.1 million compared to a net income of $76.6 million reported as of close of business in December 31, 2012. Full year net income from continuing operations on the other hand came in at a loss of $15.7 million compared to a net income of $45.1 million reported in 2012.
