Orthofix reports year-on-year growth for 2015

Orthofix has announced its preliminary unaudited financial results for the 2015 business year, during which it recorded a net sales total of approximately $396 million (277.98 million pounds).

This represented a 2.4 percent year-on-year increase on a constant currency basis compared to the year before, with the 7.6 percent growth rate experienced in the fourth and final quarter of 2015 playing a key role in this.

The company's performance was considered to be encouraging given the challenges posed by industry and economic conditions, while its $75 million two-year stock repurchase plan, announced in November, remains in effect.

As of the end of the 2015 calendar year, this has resulted in stock purchases of approximately 294,000 shares for $11.6 million.

For 2016, Orthofix anticipates net sales of between $407 million and $412 million, reflecting reported growth of 2.6 to 3.9 percent and constant currency growth of 2.5 to four percent.

Brad Mason, president and chief executive officer at Orthofix, said: "Considering the headwinds we faced as we began the year and the international macroeconomic challenges, I am pleased with our constant currency net sales growth in 2015 and particularly with our strong fourth quarter."