Lewisville, Texas-based Orthofix International's gross profits dipped in the first quarter, down 17 percent from 2012's first quarter due to substantial declines in spine and orthopedic implant sales.
The company's gross profits reached $77.6 million compared to $94.1 million in 2012. Orthofix's product sales also suffered, down 15 percent from $104.8 million in 2012 to $88.4 million this past quarter. Total net sales were down 14 percent in the first quarter. Net sales from spine devices declined 12 percent, from $75 million to $66.3 million, and sales from orthopedics dropped 17 percent, from $41 million to $33.9 million.
Orthofix's board has approved a share repurchase program of up to $50 million.
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