Orthofix (NASDAQ:OFIX) Medical (TASE:PMCN) Inc. (NASDAQ:OFIX) President and CEO Massimo Calafiore recently sold a significant portion of company stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on January 10 and January 13, involved the sale of 19,281 shares of common stock, amounting to a total value of approximately $327,375. The medical device company, currently valued at $671 million, has shown strong revenue growth of 17% over the last twelve months despite challenging market conditions.
The shares were sold at a weighted average price ranging from $16.8306 to $17.1419. Following these transactions, Calafiore's direct ownership of Orthofix Medical stock now stands at 124,151 shares. According to InvestingPro analysis, while the company maintains strong liquidity with a current ratio of 2.39, analysts do not anticipate profitability this year. For deeper insights into OFIX's financial health and additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
These sales were executed to satisfy tax withholding obligations related to the settlement of restricted stock units. The sales were part of a pre-existing sell-to-cover requirement approved by the company's Compensation and Talent Development Committee, and were carried out without any discretionary action by Calafiore.
In other recent news, Orthofix International N.V. reported a successful third quarter in 2024, highlighted by a 7% year-over-year increase in net sales, amounting to $196.6 million. This growth was driven by record U.S. sales in orthopedics and spine fixation, specifically an 18% growth in U.S. spine fixation. The company also set new financial targets for 2027, aiming for a 6% to 7% compound annual growth rate (CAGR) in net sales and mid-teens adjusted EBITDA margins.
Orthofix further emphasized its commitment to innovation with plans to invest 8% to 9% of sales annually in research and development (R&D). Among other developments, the company completed a $275 million financing to optimize its capital structure. The company's guidance, however, excludes potential impacts from hurricanes and IV shortages.
Orthofix's robust performance in the third quarter of 2024, coupled with its ambitious targets for the future, underscore its strategic positioning for continued success. Demand for the company's 7D system is increasing due to its efficiency and quick registration times in the operating room, which is expected to drive future growth.
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