Orthofix falls to 3Q loss on charges

The company lost $237.3 million, or $13.87 per share, compared with profit of 8 million, or 48 cents per share, in the prior-year period. Excluding restructuring and other charges, the company said it earned $5.8 million, or 34 cents per share.

Excluding only the impairment and inventory reserve charge for Blackstone, the company earned 3 cents per share. It bought the spine implant and biologic subsidiary in 2006.

Revenue rose 7 percent to $129.3 million from $121.1 million.

Analysts polled by Thomson Financial expected profit of 3 cents per share on revenue of $132 million.

Orthofix plans on restructuring the Blackstone unit by moving Wayne, N.J., and Springfield, Mass., operations into the Dallas area.

Orthofix said sales from its spine products remained flat at $61.3 million while the orthopedic unit sales rose 29 percent, to $33.8 million. Sports medicine unit sales rose 7 percent to $23.7 million.

Looking ahead, the company expects fourth-quarter earnings of between 28 cents and 32 cents per share, with revenue of $130 million to $135 million. Wall Street is targeting earnings of 11 cents per share, with sales of $140.8 million.

Shares of Orthofix closed up 7 cents at $12.16.