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  "documentTitle": "Orthofix | Investor Presentation Deck | 22 slides",
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  "authorName": "Orthofix",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "ORTHOFIX",
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      "text": "On the Company's Q4 2023 earnings call held on March 5, 2024, Orthofix management presented Proforma Adjusted EBITDA and Adjusted Proforma Gross Margin, both of which are non-GAAP financial measures, for the 4th 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 4th quarter of 2023.",
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      "text": "A reconciliation of proforma Adjusted EBITDA for each quarter of 2022 to the nearest GAAP financial measure for each of SeaSpine and Orthofix is presented on this slide.",
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      "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 March 5, 2024.",
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      "text": "©2024 Orthofix Medical Inc. All rights reserved | 21",
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      "text": "Proforma Historical Adjusted EBITDA ($ in millions) Q1 22 OFIX SPNE NewCo Q2 22 OFIX SPNE NewCo Q3 22 OFIX SPNE NewCo Q4 22 OFIX SPNE NewCo FY 2022 OFIX SPNE NewCo Loss before income taxes $ (4.389) $ (16.832) $ (21.221) $ 3.042 $ (15.094) $ (12.052) $ (9.372) $ (15.111) $ (24.483) $ (6.987) $ (20.287) $ (27.274) $ (17.706) $ (67.324) $ (85.030) Non-GAAP adjustments Interest expense, net $ 0.375 $ - $ 0.375 $ 0.407 $ 0.293 $ 0.700 $ 0.277 $ 0.149 $ 0.426 $ 0.229 $ 0.202 $ 0.431 $ 1.288 $ 0.644 $ 1.932 Depreciation and intangible asset amortization expense 7.516 4.202 11.718 6.512 4.295 10.807 7.570 4.341 11.911 7.421 4.349 11.770 29.019 17.187 46.206 Share-based compensation expense 4.332 2.819 7.151 4.460 3.701 8.161 4.728 3.652 8.380 4.923 3.412 8.335 18.443 13.584 32.027 Foreign exchange impact and other non-operating expense/(gain) 1.242 (0.002) 1.240 2.991 0.266 3.257 3.253 0.270 3.523 (4.195) (0.147) (4.342) 3.291 0.387 3.678 SeaSpine merger-related expenses 2.937 1.412 4.349 9.073 2.616 11.689 12.010 4.028 16.038 Strategic investments 0.970 0.372 1.342 1.824 (0.010) 1.814 0.455 0.016 0.471 0.771 (0.016) 0.755 4.020 0.362 4.382 Acquisition-related fair value adjustments (5.500) 0.125 (5.375) (10.714) 0.083 (10.631) 0.419 0.419 0.200 0.200 (15.595) 0.208 (15.387) Loss on investment securities 0.065 0.065 0.123 0.123 (0.001) (0.001) 0.001 0.001 0.188 0.188 Legal judgments/settlements 0.193 0.193 0.148 0.148 0.125 0.544 0.669 0.337 1.066 1.403 0.803 1.610 2.413 Medical device regulation 1.952 1.952 2.246 2.246 2.582 2.582 3.481 3.481 10.261 10.261 Business interruption - COVID-19 0.343 0.343 0.316 0.316 1.216 1.216 0.512 0.512 2.387 2.387 Succession and transition charges 0.010 0.010 0.068 0.068 0.068 0.068 0.146 0.146 Spinal set instrument replacement expense 1.018 1.018 1.665 1.665 1.866 1.866 2.630 2.630 7.179 7.179 European sales and marketing organization restructuring 0.279 0.279 0.127 0.127 0.152 0.152 0.426 0.426 0.984 0.984 Total Non-GAAP adjustments $ 11.498 $ 8.813 $ 20.311 $ 8.381 $ 10.420 $ 18.801 $ 23.629 $ 12.402 $ 36.031 $22.753 $ 14.538 $ 37.291 $ 66.261 $ 46.173 $ 112.434 Adjusted Proforma EBITDA (proforma for SeaSpine merger) $ 7.109 $ (8.019) $ (0.910) $ 11.423 $ (4.674) $ 6.749 $ 14.257 $ (2.709) $ 11.548 $ 15.766 $ (5.749) $ 10.017 $ 48.555 $ (21.151) $ 27.404",
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