Orthofix Expects Low-single Digit Revenue Growth In Q3

(RTTNews) - Orthofix Medical Inc. (OFIX), a Texas-headquartered medical device company, on Wednesday provided a business update for the third quarter. In the context of the recent surge in COVID-19 delta variant cases, the company said it expects revenue growth for the third quarter of 2021 "to be consistent with, or a low single-digit increase" over, third quarter 2020 revenue.

The company noted that the overall elective procedure market has again taken a downward trend as a result of the pandemic. Hospital procedural restrictions, both in the U.S. and internationally have resulted in the company experiencing a higher-than- expected volume of deferred or rescheduled elective procedures. Orthofix, with a focus on improving patient mobility plans to continue to invest particularly in the expansion of its biologics portfolio and the development of innovative new bone growth therapy products.

Shares of Orthofix Medical was last traded at $38.86, down $0.11 or 0.28 percent from previous close.