ORTHOFIX MEDICAL INC.
OFIX Healthcare Medical Devices
ORTHOFIX MEDICAL INC.’s revenue for fiscal 2025 (year ended December 2025) was $822.3 million, up 2.85% from fiscal 2024. In the quarter to June 2026, revenue grew 3.85%, EPS fell 8.33%, free cash flow fell 516.6% and total debt rose 34.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
Follow OFIX
ORTHOFIX MEDICAL INC. (OFIX) Beneish M-score
ORTHOFIX MEDICAL INC.'s Beneish M-score for fiscal 2025 is −3.19; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.19 | 0.16 |
| FY2024 | −3.35 | (0.87) |
| FY2023 | −2.49 | (0.06) |
| FY2022 | −2.43 | 0.63 |
| FY2021 | −3.06 | 0.22 |
| FY2020 | −3.28 | (0.24) |
| FY2019 | −3.04 | (0.59) |
| FY2018 | −2.45 | 0.37 |
| FY2017 | −2.81 | 0.41 |
| FY2016 | −3.23 | (0.13) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.01 | — | −0.17 | |
| Total accruals to total assets | (0.15) | — | −0.69 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.19 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RCEL Avita Medical Inc. compare | −4.1× |
| CV CapsoVision, Inc. compare | −3.5× |
| OFIX ORTHOFIX MEDICAL INC. | −3.2× |
| VMD Viemed Healthcare, Inc. compare | −3.2× |
| NPCE NeuroPace, Inc. compare | −2.9× |
| CERS Cerus Corporation compare | −2.9× |
| SENS Senseonics Holdings, Inc. compare | −2.6× |
| BWAY Brainsway Ltd. Sponsored ADR compare | −2.5× |
| SI Shoulder Innovations, Inc. compare | −2.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI