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      "text": "SeaSpine",
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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 May 9, 2023.",
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      "text": "On the Company's Q1 2023 earnings call held on May 9, 2023, Orthofix management presented Proforma Adjusted EBITDA and Adjusted Proforma Gross Margin, both of which are non-GAAP financial measures, for the 1st 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 1st quarter of 2023.",
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      "text": "A reconciliation of proforma Adjusted EBITDA for the first 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": "(1) SeaSpine gross profit reflects reclassifications of certain expenses to conform to Orthofix presentation.",
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      "text": "Adjusted EBITDA\n($ in millions)\nLoss before income taxes\nNon-GAAP adjustments\nInterest expense, net\nDepreciation and intangible asset amortization expense\nShare-based compensation expense\nForeign exchange impact and other non-operating expense/(gain)\nSeaSpine merger-related expenses\nStrategic investments\nAcquisition-related fair value adjustments\nLoss on investment securities\nLegal judgments/settlements\nMedical device regulation\nBusiness interruption - COVID-19\nSuccession and transition charges\nSpinal set instrument replacement expense\nEuropean sales and marketing organization restructuring\nTotal Non-GAAP adjustments\nAdjusted EBITDA loss",
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      "text": "Adjusted Gross Margin\n($ in millions)\nTotal revenue, net\nGross profit\nAdd back:\nShare-based compensation expense\nSeaSpine merger-related costs\nStrategic investments\nAcquisition-related fair value adjustments\nAmortization/depreciation of acquired long-lived assets\nMedical device regulation\nAdjusted gross profit\nAdjusted gross margin (Adjusted gross profit / Total revenue, net)",
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      "text": "Proforma Non-GAAP Financial Measures: 1Q23",
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