{ "docId": "019de516-ab8b-75a8-a22c-8f15d6e7ec09", "docSlug": "6d136ca8ec26d5463fd28d3c59560594", "documentTitle": "Orthofix | Investor Presentation Deck | 22 slides", "authorId": "orthofix", "authorName": "Orthofix", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-08-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 22, "pageCount": 22, "prevPage": 21, "nextPage": null, "slideType": "other", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 108, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de516-ab8b-75a8-a22c-8f15d6e7ec09/22", "deckHref": "/decks/019de516-ab8b-75a8-a22c-8f15d6e7ec09", "deckJsonHref": "/decks/019de516-ab8b-75a8-a22c-8f15d6e7ec09.json", "deckAnchorHref": "/decks/019de516-ab8b-75a8-a22c-8f15d6e7ec09#slide-22", "components": [ { "bbox": { "h": 0.03, "w": 0.241, "x": 0.713, "y": 0.935 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d3f4e099-ed3d-4982-94d6-df78c8dd6f7a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.908, "x": 0.046, "y": 0.849 }, "kind": "paragraph", "text": "A reconciliation of proforma Adjusted Gross Margin for each quarter of 2022 to the nearest GAAP financial measure for each of SeaSpine and Orthofix is presented on this slide.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36ca69d4-f636-4938-9092-fd17a80b2d96", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.908, "x": 0.046, "y": 0.889 }, "kind": "paragraph", "text": "For further information on the reasons for and nature of non-GAAP disclosures by Orthofix and descriptions of the adjustments used to calculate non-GAAP financial measures, please see the Company's Current Report on Form 8 K filed on August 8, 2023.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b17df8db-be2b-4ed0-9841-2bee145b7925", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.908, "x": 0.046, "y": 0.75 }, "kind": "paragraph", "text": "On the Company's Q2 2023 earnings call held on August 8, 2023, Orthofix management presented Proforma Adjusted EBITDA and Adjusted Proforma Gross Margin, both of which are non-GAAP financial measures, for the 2nd quarter of 2022. Those proforma non-GAAP financial measures are intended to report the financial impact of the merger with SeaSpine on Adjusted EBITDA and Adjusted Gross Margin as if the merger had occurred on January 1, 2022, in order to assist investors with comparing those proforma results to those same non-GAAP financial measures as reported for the 2nd quarter of 2023.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e37b6fdd-5322-4c4f-a7e6-c55f434bbd9f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.013, "w": 0.202, "x": 0.38, "y": 0.953 }, "kind": "source-note", "text": "©2023 Orthofix Medical Inc. All rights reserved | 22", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5900173f-71fe-4e26-8f04-d1d0c43e4492", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.65, "x": 0.046, "y": 0.66 }, "kind": "source-note", "text": "(1) SeaSpine gross profit reflects reclassifications of certain expenses to conform to Orthofix presentation.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d33df35-dcfd-41d5-b789-86d5a719dc01", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.349, "w": 0.913, "x": 0.044, "y": 0.31 }, "kind": "table", "text": "Proforma Historical Adjusted Gross Margin ($ in millions) Q1 22 OFIX SPNE NewCo $106.418 $ 51.263 $ 157.681 Q2 22 OFIX SPNE NewCo $ 118.070 $ 56.942 $ 175.012 Q3 22 OFIX SPNE NewCo $ 113.996 $ 67.772 $ 181.768 Q4 22 OFIX SPNE NewCo $122.229 $ 64.144 $ 186.373 FY 2022 OFIX SPNE NewCo $460.713 $240.121 $700.834 Total revenue, net Gross profit (1) Add back: Share-based compensation expense SeaSpine merger-related costs Strategic investments Acquisition-related fair value adjustments Amortization/depreciation of acquired long-lived assets Medical device regulation Adjusted gross profit Adjusted gross margin (Adjusted gross profit / Total revenue, net) 73.6% 56.9% 68.2% 73.9% 63.1% 70.4% 73.6% 57.1% 67.5% 73.5% 60.2% 68.9% 73.7% 59.3% 68.7%", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cae8d6dd-e96a-4acd-ade9-e3dc31b8abde", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.136, "w": 0.647, "x": 0.177, "y": 0.068 }, "kind": "title", "text": "Historical 2022 Quarterly Proforma Adjusted Gross Margin", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0d64e857-b818-4c0d-a9a9-47fa3f5dbd7c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "e0274863-c2b7-4164-a6d0-642a1676ef77", "evidence": "The slide contains a table with data.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 22, "from": 15, "beatId": "0afd8535-163a-4784-a759-f4b2901bff4e", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "Slides 15-22 present financial guidance and historical data", "position": 3, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }