OFIX 8-K SEC Filing Analysis

Latest settled — T+5d

OFIX ▼ -8.84% at T+5d

SHORT call ✓ call won +8.84% · α vs SPY +10.44% · entry $10.41 → $9.49

Next anchor: T+20d in 15d

Last close $10.29 (close Jun 5) · +1.15% from $10.41 entry (call sign-flipped)

Entry anchored
May 21, 05:17 AM ET
via Databento tick

T+1d

+3.27%

call -3.27% · α -2.82%

$10.75

settled 16d ago

T+5d

-8.84%

call +8.84% · α +10.44%

$9.49

settled 9d ago

T+20d

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T+60d

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Executive Summary

Orthofix disclosed that CMS updated billing requirements for non-invasive bone growth stimulators, effective May 18, 2026, following FDA reclassification to Class II. The company expects average Medicare reimbursement to decline ~10%, leading to lowered full-year 2026 guidance: net sales of $838M-$848M and non-GAAP adjusted EBITDA of $90M-$93M, with no positive free cash flow expected. The three-year financial targets are withdrawn.

Actionable Insight

The reimbursement cut directly pressures Orthofix's largest revenue segment. Watch for further CMS changes and competitor responses. The withdrawal of three-year targets signals structural headwinds — consider reducing exposure until clarity on payer mix and volume offsets emerges.

Key Facts

CMS updated billing requirements for non-invasive bone growth stimulators (HCPCS E0747, E0748, E0760) effective May 18, 2026
Orthofix expects average Medicare reimbursement for these codes to decline by approximately 10%
Full-year 2026 net sales guidance lowered to $838M-$848M
Full-year 2026 non-GAAP adjusted EBITDA guidance lowered to $90M-$93M
Company does not expect positive free cash flow for full-year 2026
Three-year financial targets are no longer applicable

Financial Impact

Approximately 10% decline in average Medicare reimbursement for key bone growth stimulator codes; full-year 2026 net sales guided to $838M-$848M and non-GAAP adjusted EBITDA to $90M-$93M

revenueebitdafree cash flow

Risk Factors

Further CMS reimbursement reductions could worsen the outlook
Volume declines or payer mix shifts may amplify revenue pressure
No positive free cash flow expected in 2026, limiting financial flexibility

Market Snapshot

Exchange

Nasdaq

Sector

Surgical & Medical Instruments & Apparatus

Analyst Consensus

73% bullish (11 analysts)

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-233429
Document: 0001193125-26-233429-index-headers.html	0001193125-26-233429
Document: 0001193125-26-233429-index.html	0001193125-26-233429
Document: 0001193125-26-233429.txt	0001193125-26-233429

7 reports for OFIX

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for OFIX — sortable, filterable
	Type				Now
May 21, 2026 16d ago	8-K BEARISH ★ 7/10	$10.41 $9.49	▲ +8.84%	▲ +10.44%	$10.29 (+1.15%)
May 5, 2026 4w ago	8-K NEUTRAL ★ 4/10	$12.44 $12.18	▼ −2.09%	▼ −4.07%	$10.29 (−17.28%)
Apr 29, 2026 5w ago	DEFA14A NEUTRAL ★ 2/10	—	awaiting T+5	—	—
Apr 9, 2026 8w ago	8-K BULLISH ★ 7/10	$12.42 $12.39	▼ −0.24%	▼ −3.43%	$10.29 (−17.15%)
Mar 10, 2026 12w ago	Insider Cluster NEUTRAL ★ 3/10	$12.37 $12.03	▼ −2.75%	▼ −1.84%	$10.29 (−16.81%)
Mar 5, 2026 13w ago	Insider Cluster BEARISH ★ 6/10	$12.57 $12.03	▲ +4.30%	▲ +2.06%	$10.29 (+18.14%)
Feb 25, 2026 14w ago	Insider Cluster NEUTRAL ★ 3/10	$13.04 $12.87	▼ −1.30%	▼ −0.20%	$10.29 (−21.09%)

US Market Status

Market Closed — Opens Mon (11h 59m)

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