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| Statement |
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| So some modest CapEx associated with those products, but generally speaking, I think, we’ve got really good products hitting the market this year, which is going to drive a lot of momentum, even starting the year, but ending the year as well |
| They were awarded our Country of the Year at the recent international sales meeting and they’ve just done an amazing job |
| Really excited about that |
| So we’re optimistic about all of that and I’ll leave the soft tissue stuff maybe for another conversation, but we’ve got some really exciting things on the soft tissue side as well |
| This has been a really exciting year in time for our international business and we expect that momentum to continue |
| Once again, we saw balanced growth across all the five foot and ankle sub-segments, growing the entire business at nearly 3 times our overall market growth rate of 7% |
| We will have a positive EBITDA on an annual basis this year |
| This compares favorably to the 11% third quarter to fourth quarter net revenue step up we saw in 2022 and reflects the improving supply chain environment |
| business performance, I am pleased to say that our growth accelerated nicely compared to the third quarter |
| We have a lot to be positive about beyond the fourth quarter topline performance |
| We’ve got a big business developing there and we’ve got great leadership and a great sales team |
| So positive EBITDA, absolutely |
| So it feels like we’ve got buoyant markets and setting us up nicely going into this year and to take advantage of our commercial teams’ capabilities and this product portfolio and our new products |
| That product is pretty exciting as well |
| I would tell you that the fourth quarter was stronger for us at the first half and then December was good, but not quite as good as the earlier months |
| Our international business continues to do very well |
| So that system, the ability for surgeons to create such reproducibility with that has been pretty exciting |
| In short, we continue to build momentum and I’m excited for what the future holds for FNA and the surgeon community internationally |
| The fourth quarter was strong |
| We’ve had a strong start to the year and markets are buoyant and we’re participating well in those buoyant markets |
| So really, really happy about that and also our supply chain team has done a really nice job of rectifying the challenges that really impacted us heavily in the second and third quarters of last year |
| And so to the extent that it can influence better outcomes for foot, for the ankle replacement, I think, it’s a positive move for the market |
| I am so proud of the design teams and engineers that brought these truly innovative solutions to life and we are excited to see them all hit the market |
| And so that for us is pretty exciting because we continue to have opportunities to grow, even those more established territories that we’ve been in really since 2017, 2018, which was when we started focusing on some of the international opportunities |
| And we did see, I think, the best leverage of our operating expenses that we’ve seen as a public company during the fourth quarter with 10% growth on a much higher topline growth |
| and we have better than that market share in those three big markets, but well below the rate that we expect to be in the next three to five years |
| Both our rep roster and surgeon base are larger than ever and these metrics are strongly indicative of our future growth potential as we expect to continue driving productivity increases on legacy products and new product launches |
| So we’ve got a lot of positivity and good momentum going into the year |
| Underlying demand in foot and ankle continues to be very strong, and we are in a great position to execute on our mission to improve foot and ankle patient outcomes across the globe |
| And we’re also very -- I think, we are very passionate and excited about what we can build in foot and ankle |
| Statement |
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| Related to the recent inventory stockpiling, the company recorded non-cash inventory write-downs, totaling $4 million during the fourth quarter of 2023, which reduced fourth quarter and full year 2023 gross profit margins by 6.6 percentage points and 1.8 percentage points, respectively |
| Supply chain headwinds continued into the fourth quarter, but were in line with our expectations and were far less significant than the impacts we experienced during the second and third quarters of 2023 |
| Additionally, we have one less billing day in the first quarter of 2024, which creates a 100-basis-point to 200-basis-point headwind |
| But one other thing I’ll add to that is, there’s a regulatory delay that we sort of experienced in the international market |
| On our last earnings call, we noted three specific items contributing to most of the operating cash use during 2022 and 2023, including inventory stockpiling, a non-recurring legal settlement and negative adjusted EBITDA |
| Adjusted EBITDA for the fourth quarter of 2023 was a $4.4 million loss, compared to a $1.5 million loss in the prior year period |
| and OUS? And in 2023, we saw it a little bit lower in the U.S |
| The other thing, the drawback to some of these MIS surgeries is we tend to use burrs and not saw blades |
| was impacted by the supply chain issues that we have managed largely through at this point and we posted a 16% growth rate |
| The hips and knees, I know that they really did have more of a bolus impact in 2023 and the commentary that I’ve read is that that bolus isn’t as strong going into 2024 |
| I thought we were expecting break-even this year |
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