ofix
P/E (ttm): 46.98
PERIOD ENDING ....31-Dec-07. 30-Sep-07. 30-Jun-07. 31-Mar-07
Retained Earnings .258,201 . 268,716 . 260,688 . 253,500
Total Revenue .....128,835 . 121,120 . 123,336. 117,032
Sale (buy) Stock ....8,254 .. 3,835 .. 1,327 .. 1,637
Net Borrowings.... (10,876) ..(1,424)....4,992 . (2,203) <---
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Qtrly Revenue Growth (yoy): 10.90% <---good
Qtrly Earnings Growth (yoy): N/A
Total Debt (mrq): 306.64M <---62% of revenue....bzzzt?
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Shares Short (Feb08): 1.56M
Shares Short (as of 11-Mar-08): 2.05M <-increasing trend
Short % of Float (as of 11-Mar-08): 13.40% <---squeezable shorts
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Orthofix International N.V. designs, develops, manufactures, markets, and
distributes medical equipment, principally for the orthopedic
applications.
The company's products include invasive and minimally invasive spinal
implant products and related human cellular and tissue based products;
non-invasive stimulation products for spinal fusions and to treat non-
union
fractures; external and internal fixation devices used in fracture
treatment, limb lengthening, and bone reconstruction; and bracing
products
used for ligament injury prevention, pain management, and protection of
surgical repair. It also offers device for enhancing venous circulation;
cold therapy and other pain management products; bone cement and devices
for removal of bone cement used to fix artificial implants; and airway
management products used in anesthesia applications. The company provides
its products for the spine, orthopedics, s****ts medicine, and vascular
market sectors serving hospitals, clinics, surgery centers, independent
distributors or other healthcare providers, and patients by third-party
payors. It distributes its products in the United States, the United
Kingdom, Italy, Germany, Switzerland, Austria, France, Belgium, Mexico,
Brazil, and Puerto Rico through its direct sales representatives and
independent distributors. The company was founded in 1979 and is based in
Curacao, the Netherlands Antilles.
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Current Year Dec-08 Avg. Revenue Estimate .. 528.24M
2008 revenue guidance of ..................$520-$540 million
Earnings Est Current Year Dec-08 .. 1.48
2008 earnings guidance of .......$1.45-$1.60
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FROM THE 10K QUARTERLY RE****T:
On September 22, 2006, we completed the acquisition of Blackstone
Medical, Inc. ("Blackstone"), a privately held company specializing in
the design, development and marketing of spinal implant and related HCT/P
products. The acquisition and related costs were financed with $330.0
million of senior secured bank debt and cash on hand
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Net sales increased 34% to $490.3 million in 2007,
The impact of foreign currency increased sales by $8.3 million in 2007
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............ 2007 ... .2006 ... 2005 ....2004 ... 2003
Net sales.. $490,323 ..$365,359.$ 313,304 ..$286,638 .$203,707
Gross profit 61,291 ... 271,734 ..229,516...207,461 ..152,617
Net income ...0.64 ... (0.44 )... 4.51 ... 2.14... 1.68
(1) Net loss for 2006 includes $40.0 million after tax earnings charge
related to In-Process Research and Development costs related to the
Blackstone acquisition.
(3) Net income for 2007 includes $12.8 million after tax earnings charge
related to impairment of certain intangible assets
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we maintain various liability insurance programs for liabilities that
could result from lawsuits, investigations or proceedings, we are self-
insured for a significant ****tion of such liabilities.
As part of the total Blackstone purchase price, $50.0 million was placed
into an escrow account, against which we can make claims for
reimbursement for certain defined items relating to the acquisition for
which we are indemnified. As described in Note 16 to the consolidated
financial statements, the Company has certain contingencies arising from
the acquisition that we expect will be reimbursable from the escrow
account should we have to make a payment to a third party. We believe
that the amount that we will be required to pay relating to the
contingencies will not exceed the amount of the escrow account;
----------------
Interest Expense — Interest expense was $24.7 million in 2007 compared to
$8.4 million in 2006. We incurred $22.4 and $6.9 million of interest
expense on borrowings under our senior secured term loan which financed
the Blackstone acquisition in 2007 and 2006, respectively. Also, during
2007, additional interest expense of $1.2 million was incurred under a
line of credit in Italy and we amortized $1.1 million of debt costs.
During 2006, additional interest expense of $1.5 million was incurred on
the senior secured term loan associated with the Breg acquisition which
was repaid in the first quarter of 2006 and under a line of credit in
Italy.
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http://stockcharts.com/charts/gallery.html?ofix
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resistance : $44.50/$41.25 nearterm resistance=$36
sup****t: 12y=$29.50
Short % of Float (as of 11-Mar-08): 13.40% <---squeezable shorts
Entry: had a dip around 1pm 4/16 below $29.50
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