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Geoffrey C. Gillespie, Chief Accounting Officer at Orthofix (NASDAQ:OFIX) Medical (TASE:PMCN) Inc. (NASDAQ:OFIX), a medical device company currently valued at $650 million with a "GOOD" InvestingPro Financial Health score, recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transactions, executed on January 7 and January 8, involved the sale of 238 shares each day, totaling 476 shares. The sales were made at a weighted average price range between $16.9718 and $17.1352 per share, bringing the total value of the transactions to approximately $8,117.
These sales were conducted to satisfy tax withholding obligations related to the settlement of restricted stock units, as mandated by the Compensation and Talent Development Committee of Orthofix Medical's Board of Directors. Following these transactions, Gillespie now holds 40,565 shares of the company.
In other recent news, Orthofix International N.V. has announced a successful third quarter in 2024, marked by a 7% year-over-year increase in net sales, which amounted to $196.6 million. The company's CEO, Massimo Calafiore, spotlighted record U.S. sales in orthopedics and spine fixation, with an impressive 18% growth in U.S. spine fixation. Also, new financial goals for 2027 were unveiled, as Orthofix targets a 6% to 7% compound annual growth rate (CAGR) in net sales and mid-teens adjusted EBITDA margins.
In terms of investment, the company plans to allocate 8% to 9% of sales annually to research and development (R&D), underlining its commitment to innovation and sustainable growth. Other recent developments include a $275 million financing completion to optimize the company's capital structure.
Analysts noted the company's strong performance across all Spine franchises and a record number of 7D navigation system agreements and placements in Q3. Also, the development of a minimally invasive surgery (MIS) solution is underway to expand in Ambulatory Surgical Centers (ASC). These recent developments indicate Orthofix's strategic positioning for future growth.
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