Orthofix International reports growth in third quarter of 2010

Orthofix International has seen a year-over-year increase in sales during the third quarter of 2010, according to its latest financial breakdown.

The medical technology company's fiscal report for the three months ending on September 30th 2010 showed a revenue total of $138.9 million (86.8 million pounds), up by three percent compared to Q3 2009.

During the quarter, the firm saw a 14 percent increase in spinal product sales, encompassing both spine stimulation devices and spinal implants and biologics.

It also strengthened its business focus moving forward by exiting the vascular and anaesthesia markets, which it considered to be "non-core" business areas.

Other highlights for the period included year-on-year improvements in net income and gross margin levels.

Alan Milinazzo, president and chief executive officer of Orthofix, said: "With the improved operating leverage we have achieved as a result of our recent reorganisation, we were able to generate solid earnings growth."

Last month, the company expanded its product offering with the launch of a new spinal deformity correction module for its Firebird pedicle screw system.