Source: Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025
- 1. Quick Facts / Company Snapshot
- 2. Company Overview
- 3. Business Segments
- 4. History and Evolution
- 5. Products and Services
- 6. Brand Portfolio
- 7. Geographical Presence
- 8. Board of Directors and Leadership Team
- 9. Future Strategy
- 10. Key Strengths
- 11. Key Challenges and Risks
- 12. Conclusion and Strategic Outlook
- 13. Official Site
- 14. Income Statement / Profit and loss
- 15. Balance sheet
- 16. Cash flow
- 17. Subsidiaries & Joint Ventures
- 18. Other Investments & Holdings
- 19. Physical properties
- 20. Investments and capital expenditure
- 21. Shareholding pattern / Ownership
- 22. Frequently Asked Questions
Quick Facts / Company Snapshot
| Metric / Attribute | Company Details |
|---|---|
| Company Name | Orthofix Medical Inc. |
| Stock Ticker & Exchange | (NASDAQ: OFIX) |
| Corporate Headquarters | 3451 Plano Parkway, Lewisville, Texas 75056, USA |
| Year Founded / Predecessor Origination | 1980 (Verona, Italy) / Formally incorporated in 1987 in Curaçao; reincorporated in Delaware in 2018 |
| President & Chief Executive Officer | Massimo Calafiore |
| Chief Financial Officer | Julie Andrews |
| Chair of the Board | Michael Finegan |
| Global Workforce | 1,605 full-time employees worldwide (as of December 31, 2025) |
| Primary Business Segments | Global Spine (84% of 2025 Net Sales) and Global Limb Reconstruction (16% of 2025 Net Sales) |
| Total Net Sales (FY 2025) | $822.312 million |
| Commercial Presence | Products distributed in more than 60 countries worldwide |
| Official Website | www.orthofix.com |
Company Overview
Orthofix Medical Inc. (NASDAQ: OFIX) is a global medical technology company headquartered in Lewisville, Texas. The Company delivers healthcare technology solutions designed to treat musculoskeletal pathologies, serving orthopedic surgeons, neurosurgeons, hospitals, ambulatory surgery centers (ASCs), and patients worldwide. Orthofix operates through a integrated portfolio encompassing spinal hardware, non-invasive bone growth therapies, specialized limb reconstruction systems, biologic tissue forms, and machine-vision enabling surgical navigation technologies.
The enterprise functions across two principal operating and reportable business segments: Global Spine and Global Limb Reconstruction (formerly designated as Global Orthopedics). In fiscal year 2025, Global Spine accounted for 84% ($687.655 million) of total net sales, while Global Limb Reconstruction contributed 16% ($134.657 million). Orthofix distributes its medical devices and regenerative solutions globally through a hybrid commercial network comprising direct sales representatives, territory sales managers, independent distributor agencies, and stocking distributors across more than 60 countries.
In January 2023, Orthofix executed an strategic “merger of equals” with SeaSpine Holdings Corporation, acquiring SeaSpine through an all-stock transaction. This merger significantly expanded the Company’s footprints in spinal fixation implants, advanced biologic graft matrices, and image-guided surgical platforms. Orthofix maintains key operational, design, processing, and research and development facilities in Lewisville, Texas; Carlsbad, Irvine, and Sunnyvale, California; Wayne, Pennsylvania; Toronto, Canada; and Verona, Italy.
Business Segments
Global Spine
The Global Spine reporting segment provides implantable hardware devices, human-derived and synthetic biologics, non-invasive electromagnetic and ultrasound stimulation devices, and software-driven surgical navigation systems. Segment revenues reached $687.655 million in fiscal year 2025, compared to $675.314 million in 2024. The Global Spine segment is organized around two primary product sub-categories:
- Bone Growth Therapies: Manufactures and supports Class III medical devices utilizing Pulsed Electromagnetic Field (PEMF) and Low Intensity Pulsed Ultrasound (LIPUS) signals to enhance post-surgical bone fusion in cervical and lumbar spine procedures, as well as treating non-spinal appendicular nonunion and acute fractures. Orthofix is the sole manufacturer offering both PEMF and LIPUS technologies.
- Spinal Implants, Biologics, and Enabling Technologies: Designs, develops, and markets spinal fixation systems across the cervical, thoracolumbar, and sacral regions; an extensive biologics portfolio (including cellular bone allografts, demineralized bone matrices, and synthetic void fillers); and the 7D FLASH Navigation System, an intraoperative machine-vision image-guided surgical platform for spine and cranial applications.
Global Limb Reconstruction
The Global Limb Reconstruction reporting segment specializes in external and internal fixation devices, digital pre-operative planning software, and specialized single-use sterile procedural kits designed to treat complex limb deformities, traumatic fractures, limb lengthening needs, and diabetic foot preservation conditions. In fiscal year 2025, Global Limb Reconstruction achieved net sales of $134.657 million, representing an 8.4% reported growth (5.3% on a constant currency basis) over the $124.177 million generated in 2024. The business centers on four foundational clinical pillars:
- Deformity correction (led by the flagship TrueLok ring fixator and TL-HEX hexapod systems).
- Limb lengthening (anchored by the Fitbone intramedullary lengthening nail platform).
- Complex fracture management (supported by the Galaxy Fixation and Gemini pin-to-bar systems).
- Limb preservation (featuring specialized Charcot foot beaming and fusion systems).
History and Evolution
Orthofix was originally founded in Verona, Italy, in 1980 by orthopedic researcher Augusto Sartori. The enterprise was formally incorporated in Curaçao in 1987 under the name “Orthofix International N.V.” Throughout its early decades, the Company established a global reputation in external fixation and limb trauma care, while expanding its therapeutic technologies into non-invasive bone growth stimulation.
In 2018, Orthofix completed a corporate redomiciliation, shifting its jurisdiction of organization from Curaçao to the State of Delaware and changing its corporate name to “Orthofix Medical Inc.” This corporate restructuring positioned the parent entity as a Delaware corporation listed on the NASDAQ Global Select Market under the symbol “OFIX”.
In January 2023, Orthofix completed a transformational “merger of equals” with SeaSpine Holdings Corporation, acquiring SeaSpine in an all-stock transaction where each share of SeaSpine common stock was converted into 0.4163 shares of Orthofix common stock. The merger created a combined medical technology leader with broad scale across spinal implants, procedural biologics, and machine-vision surgical navigation. In February 2025, Orthofix initiated a strategic product rationalization, announcing the discontinuation of its M6-C artificial cervical disc and M6-L artificial lumbar disc product lines to focus capital resources on higher-margin, core growth franchises.
Products and Services
Orthofix designs, manufactures, processes, and markets a broad line of musculoskeletal solutions categorized by specific clinical applications:
Bone Growth Stimulation Products
- CervicalStim: The only FDA-approved non-invasive bone growth stimulator indicated as an adjunct to cervical spine fusion surgery in high-risk patients.
- SpinalStim: FDA-approved PEMF device indicated as a lumbar spinal fusion adjunct and as a non-operative treatment for failed spinal fusions.
- PhysioStim: Anatomically designed PEMF non-invasive therapy for treating nonunion appendicular skeleton fractures.
- AccelStim: Non-invasive LIPUS device providing acoustic wave therapy to accelerate healing in fresh fractures and nonunions.
- STIM onTrack: Mobile application enabling remote patient treatment tracking and compliance monitoring.
Spinal Implants & Enabling Technologies
- Posterior Thoracolumbar Fixation: Modular pedicle screw platforms including Mariner, Firebird, Firebird NXG, Virata, Janus, Daytona, Newport, and Phoenix.
- Interbody Fusion Devices: Multi-vector spacers across ALIF, PLIF, TLIF, and LLIF approaches, utilizing PEEK, 3D printed titanium, and composite materials (Meridian, Waveform, Reef, Pillar SA PTC, Forza XP, Regatta, and Lattus retractor).
- Cervical & Sacroiliac Systems: Shoreline, Admiral, Cetra plates; NorthStar OCT and Centurion posterior systems; Firebird SI 3D-printed sacroiliac joint fusion system.
- 7D FLASH Navigation System: Machine-vision image-guided navigation platform utilizing visible light technology, LiveTrack software, and optical camera registration to eliminate intraoperative radiation during open, percutaneous, and cranial procedures.
Biologics Portfolio
- Demineralized Bone Matrices (DBM): Accell Bone Matrix (ABM) dispersion technology featured in Strand, Strand Plus, Fiberfuse, Evo3, Torrent, and DynaGraft II.
- Cellular Bone Allografts: Trinity Elite and Virtuos Lyograft (shelf-stable, room-temperature cellular bone matrix), processed in collaboration with MTF Biologics.
- Synthetics & Specialized Graft Delivery: Cove bioactive synthetic graft, Mozaik, Ballast resorbable mesh, and NorthStar Facet Fusion procedural kits.
Limb Reconstruction Systems
- Ring Fixation & Hexapod Systems: TrueLok, TrueLok EVO (featuring radiolucent struts), TrueLok Elevate, and TL-HEX hexapod software-driven frame system.
- Intramedullary Lengthening: Fitbone Intramedullary Limb-Lengthening System and Fitbone Transport System for bone segment distraction.
- Trauma & Fusion Beaming: Galaxy Fixation, Galaxy Gemini, Ankle Hindfoot Nail (AHN), G-BEAM Fusion Beaming System, and the OrthoNext digital preoperative planning software platform.
Brand Portfolio
Orthofix maintains an extensive global portfolio of registered trademarks and proprietary brand names across its product divisions:
- Therapeutic Stimulators: CervicalStim, SpinalStim, PhysioStim, AccelStim, STIM onTrack.
- Spinal Implants & Access: Mariner, Firebird, Virata, Janus, Meridian, Waveform, Reef, Pillar, Forza, Regatta, Lattus, Admiral, Cetra, Shoreline, Phoenix, VuMesh, Newbridge, Jazz Bands.
- Enabling Navigation: 7D FLASH Navigation System, 7D MRVision, LiveTrack, FLASH EVD System.
- Regenerative Biologics: Accell, Strand, Fiberfuse, Evo3, Torrent, Trinity Elite, Virtuos Lyograft, Cove, Mozaik, Ballast, Versashield, IsoTis.
- Limb Reconstruction & Fixation: TrueLok, TL-HEX, Fitbone, Galaxy, Galaxy Gemini, G-BEAM, OSCAR, ProCallus, XCaliber, Pennig, Chimaera, JuniOrtho, OrthoNext.
Geographical Presence
Orthofix operates a global commercial and manufacturing infrastructure with physical assets and clinical operations spanning multiple continents:
| Facility Location | Approx. Area (Sq. Ft.) | Ownership Status | Primary Operational Functions |
|---|---|---|---|
| Lewisville, Texas, USA | 140,000 | Leased | Corporate HQ, manufacturing, warehousing, distribution, R&D, cadaveric lab |
| Carlsbad, California, USA | 82,000 | Leased | Spinal implant/biologics design, dev, marketing, inspection, distribution, lab |
| Irvine, California, USA | 70,000 | Leased | Biologics processing, clean room manufacturing, and distribution center |
| Verona, Italy | 38,000 | Owned | Limb Reconstruction R&D, component manufacturing, quality control, training lab |
| Verona, Italy (Distribution) | 18,000 | Leased | International distribution center for Limb Reconstruction products |
| Verona, Italy (Workshop) | 9,000 | Leased | Mechanical workshop for Limb Reconstruction components |
| Sunnyvale, California, USA | 25,000 | Leased | Motion preservation product design, R&D, and administration |
| Toronto, Ontario, Canada | 9,200 | Leased | Enabling Technologies (7D FLASH) design, software development, marketing |
| Wayne, Pennsylvania, USA | 3,700 | Leased | Spinal implant engineering design and cadaveric training lab |
| São Paulo, Brazil | 26,300 | Leased | Latin American sales management, distribution, and administrative office |
| Arcueil, France | 8,500 | Leased | French commercial sales, distribution, and administration |
| Maidenhead, England, UK | 5,600 | Leased | UK commercial sales, distribution, and administrative headquarters |
| Munich, Germany | 2,300 | Leased | German commercial sales management and distribution hub |
Board of Directors and Leadership Team
Orthofix is governed by an executive leadership team and an experienced Board of Directors with deep expertise across medical devices, healthcare compliance, and corporate governance.
Executive Officers
- Massimo Calafiore: President, Chief Executive Officer, and Director
- Julie Andrews: Chief Financial Officer (Principal Financial and Accounting Officer)
Board of Directors
- Michael Finegan: Chair of the Board
- Alan Bazaar: Director
- Wayne Burris: Director (Chair of the Audit and Finance Committee)
- Vickie Capps: Director
- Jason Hannon: Director
- John Henneman, III: Director
- Charles Kummeth: Director
- Shweta Maniar: Director
- Michael Paolucci: Director
By providing medical technologies that heal musculoskeletal pathologies, Orthofix delivers exceptional experiences and life-changing solutions to patients around the world.
Massimo Calafiore, President and Chief Executive Officer
Future Strategy
Orthofix’s corporate growth strategy centers on operational efficiency, product innovation, medical education, and commercial channel expansion across both operating business segments:
- Global Spine Strategy: Accelerating a regular cadence of differentiated product launches across spinal implants, biologics, and 7D FLASH navigation; expanding direct and independent agent sales forces; advancing clinical research to gather level-one peer-reviewed evidence for stimulation and biologic portfolios; and integrating software platforms like 7D MRVision to eliminate radiation in spine navigation workflows.
- Global Limb Reconstruction Strategy: Leveraging the OrthoNext digital pre-operative planning software across complex deformity correction and limb lengthening; expanding adoption of the Fitbone intramedullary lengthening and bone transport systems; reinforcing market position in diabetic limb preservation; and delivering sterile single-use procedural kits to enhance hospital surgical efficiency.
- Capital Allocation & Portfolio Rationalization: Reallocating capital away from mature or non-core platforms (such as the decision in early 2025 to discontinue the M6 artificial cervical and lumbar discs) toward high-margin, scalable growth drivers.
- Commercial Training Expansion: Driving surgeon adoption through surgeon-led medical education programs at hands-on cadaveric training laboratories in Lewisville, Carlsbad, Wayne, and Verona under the Orthofix Academy framework.
Key Strengths
- Dual Stimulation Technology Moat: Orthofix is the only medical technology company offering both Pulsed Electromagnetic Field (PEMF) and Low Intensity Pulsed Ultrasound (LIPUS) bone growth stimulation technologies.
- Differentiated Enabling Navigation: The 7D FLASH Navigation System utilizes optical machine vision and visible light algorithms to achieve sub-second surgical registration without exposing patients or surgical teams to intraoperative radiation.
- Exclusive Biologics Strategic Partnership: Long-standing collaboration with MTF Biologics provides exclusive global marketing rights for Trinity Elite and Virtuos Lyograft (a first-of-its-kind shelf-stable room-temperature cellular bone matrix).
- Comprehensive Limb Reconstruction Franchise: Fully integrated internal (Fitbone) and external (TrueLok, TL-HEX, Galaxy) fixation solutions backed by proprietary OrthoNext digital pre-operative planning software.
- Extensive Global IP Portfolio: Backed by numerous issued patents, patent applications, and proprietary processing technologies (e.g., Accell Bone Matrix) across major international markets.
Key Challenges and Risks
- Healthcare Industry Consolidation & Pricing Pressure: GPOs, IDNs, and single-hospital system accounts aggregate purchasing power to demand price concessions, gainsharing, or exclusive vendor supply agreements.
- Regulatory & Reclassification Uncertainty: The FDA’s Orthopedic and Rehabilitation Devices Panel recommended reclassifying bone growth stimulators from Class III to Class II with special controls, which could reduce barriers to entry for prospective competitors in the long term.
- European Medical Device Regulation (MDR) Transition: Compliance with E.U. Regulation 2017/745 requires ongoing clinical data collection, post-market surveillance, and administrative expense across E.U. operations.
- Ongoing Litigation & Arbitration Matters: Pending legal proceedings include arbitration claims filed by three former executive officers terminated for cause in September 2023, along with consolidated securities class action and derivative complaints.
- Integration & Supply Chain Dependencies: Reliance on sole-source suppliers for key materials (such as bovine tendon collagen and specific human cadaveric tissue supply) and lingering integration requirements following legacy transactions.
Conclusion and Strategic Outlook
Orthofix Medical Inc. enters 2026 as a consolidated global medtech enterprise focused on expanding market share in spinal fixation, non-invasive bone growth therapies, procedural biologics, and digital limb reconstruction solutions. By rationalizing its portfolio—evidenced by the strategic exit from the M6 disc lines—and optimizing capital structure via a long-term $275.0 million credit facility with Oxford Finance, the Company is redirecting investments into its highest-margin, fastest-growing surgical platforms. Supported by expanding clinical evidence, machine-vision software innovations, and an integrated global distribution footprint, Orthofix is positioned to advance standard-of-care treatments for patients suffering from complex musculoskeletal and spine pathologies worldwide.
Official Site
For more corporate, product, and investor information, visit the official Orthofix website at: www.orthofix.com.
Income Statement / Profit and loss
| Metric | FY 2025 ($ in thousands) | FY 2024 ($ in thousands) | YoY Growth (%) |
|---|---|---|---|
| Net sales | 822,312 | 799,491 | +2.85% |
| Cost of sales | 256,295 | 253,606 | +1.06% |
| Gross profit | 566,017 | 545,885 | +3.69% |
| Sales, general, and administrative | 554,329 | 532,525 | +4.09% |
| Research and development | 65,847 | 73,643 | -10.59% |
| Acquisition-related amortization, impairment, and remeasurement | 27,269 | 24,336 | +12.05% |
| Operating loss | (81,428) | (84,619) | -3.77% |
| Interest expense, net | (17,488) | (29,631) | -40.98% |
| Other income (expense), net | 8,106 | (9,625) | -15.78% |
| Loss before income taxes | (90,810) | (123,875) | -26.69% |
| Income tax expense | (1,382) | (2,122) | -34.87% |
| Net loss | (92,192) | (125,997) | -26.83% |
Balance sheet
| Metric | FY 2025 ($ in thousands) | FY 2024 ($ in thousands) | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | 82,025 | 83,238 | -1.46% |
| Restricted cash | 3,090 | 2,500 | +23.60% |
| Accounts receivable, net | 135,746 | 134,713 | +0.77% |
| Inventories | 172,319 | 189,452 | -9.04% |
| Prepaid expenses and other current assets | 23,667 | 23,382 | +1.22% |
| Total current assets | 416,847 | 433,285 | -3.79% |
| Property, plant and equipment, net | 129,399 | 139,804 | -7.44% |
| Intangible assets, net | 72,765 | 98,803 | -26.35% |
| Goodwill | 194,934 | 194,934 | 0.00% |
| Other long-term assets | 36,702 | 26,468 | +38.67% |
| Total assets | 850,647 | 893,294 | -4.77% |
| Accounts payable | 58,392 | 48,803 | +19.65% |
| Current portion of finance lease liability | 837 | 755 | +10.86% |
| Other current liabilities | 111,253 | 119,070 | -6.57% |
| Total current liabilities | 170,482 | 168,628 | +1.10% |
| Long-term debt | 157,391 | 157,015 | +0.24% |
| Long-term portion of finance lease liability | 17,060 | 17,835 | -4.35% |
| Other long-term liabilities | 55,677 | 46,692 | +19.24% |
| Total liabilities | 400,610 | 390,170 | +2.68% |
| Common shares ($0.10 par value) | 3,983 | 3,849 | +3.48% |
| Additional paid-in capital | 813,769 | 779,718 | +4.37% |
| Accumulated deficit | (368,333) | (276,141) | +33.39% |
| Accumulated other comprehensive income (loss) | 618 | (4,302) | -85.63% |
| Total shareholders’ equity | 450,037 | 503,124 | -10.55% |
| Total liabilities and shareholders’ equity | 850,647 | 893,294 | -4.77% |
Cash flow
| Metric | FY 2025 ($ in thousands) | FY 2024 ($ in thousands) | YoY Growth (%) |
|---|---|---|---|
| Net cash provided by (used in) operating activities | 33,347 | 25,790 | +29.30% |
| Net cash used in investing activities | (34,598) | (27,580) | +25.45% |
| Net cash provided by (used in) financing activities | (786) | 50,709 | -98.45% |
| Effect of exchange rate changes on cash and restricted cash | 1,414 | (938) | +50.75% |
| Net change in cash, cash equivalents, and restricted cash | (623) | 47,981 | -98.70% |
| Cash, cash equivalents, and restricted cash at beginning of year | 85,738 | 37,757 | +127.08% |
| Cash, cash equivalents, and restricted cash at end of year | 85,115 | 85,738 | -0.73% |
Subsidiaries & Joint Ventures
- 7D Surgical ULC: Incorporated in Canada (100% ultimate ownership by parent)
- Implantes y Sistemas Medicos, Inc.: Incorporated in Puerto Rico (100% ultimate ownership by parent)
- IsoTis International SARL: Incorporated in Switzerland (100% ultimate ownership by parent)
- IsoTis OrthoBiologics, Inc.: Incorporated in United States (100% ultimate ownership by parent)
- IsoTis, Inc.: Incorporated in United States (100% ultimate ownership by parent)
- Orthofix AG: Incorporated in Switzerland (100% ultimate ownership by parent)
- Orthofix Australia Pty. Ltd.: Incorporated in Australia (100% ultimate ownership by parent)
- Orthofix do Brasil Ltda.: Incorporated in Brazil (100% ultimate ownership by parent)
- Orthofix France SAS: Incorporated in France (100% ultimate ownership by parent)
- Orthofix GmbH: Incorporated in Germany (100% ultimate ownership by parent)
- Orthofix Limited: Incorporated in United Kingdom (100% ultimate ownership by parent)
- Orthofix Netherlands B.V.: Incorporated in Netherlands (100% ultimate ownership by parent)
- Orthofix S.r.l.: Incorporated in Italy (100% ultimate ownership by parent)
- Orthofix Services LLC: Incorporated in United States (100% ultimate ownership by parent)
- Orthofix Spine GmbH: Incorporated in Germany (100% ultimate ownership by parent)
- Orthofix US LLC: Incorporated in United States (100% ultimate ownership by parent)
- SeaSpine Orthopedics Corporation: Incorporated in United States (100% ultimate ownership by parent)
- SeaSpine Orthopedics IntermediateCo, Inc.: Incorporated in United States (100% ultimate ownership by parent)
- Spinal Kinetics, LLC: Incorporated in United States (100% ultimate ownership by parent)
Other Investments & Holdings
- Musculoskeletal Transplant Foundation (MTF Biologics): Long-standing collaborative commercialization arrangement providing exclusive global marketing rights to MTF’s Virtuos and Trinity Elite tissues, and exclusive U.S. marketing rights for FiberFuse tissues.
- IGEA S.p.A.: Exclusive license and distribution agreement for bone and cartilage stimulation systems across the United States and Canada.
- Neo Medical: Convertible loan previously converted into preferred equity securities in April 2024, and fully sold in November 2024 for CHF 6.6 million ($7,396 thousand). Carrying value as of December 31, 2025 is $0.
Physical properties
- Lewisville, Texas, USA: 140,000 square feet (Leased) – Executive headquarters, manufacturing, warehousing, distribution, research and development, cadaveric training laboratory, and administrative facility.
- Carlsbad, California, USA: 82,000 square feet (Leased) – Design, development, marketing, inspection for biologics and spinal implants, distribution, cadaveric laboratory, and administrative facility.
- Irvine, California, USA: 70,000 square feet (Leased) – Manufacturing and distribution facility for biologics products.
- Verona, Italy: 38,000 square feet (Owned) – Research and development, component manufacturing, quality control, training facility for Limb Reconstruction, and sales management/administrative facility for Italy.
- São Paulo, Brazil: 26,300 square feet (Leased) – Sales management, distribution, and administrative facility for Brazil.
- Sunnyvale, California, USA: 25,000 square feet (Leased) – Manufacturing, warehousing, distribution, research and development, and administrative facility for Motion Preservation.
- Verona, Italy: 18,000 square feet (Leased) – International distribution center for Limb Reconstruction products.
- Toronto, Canada: 9,200 square feet (Leased) – Design, development, and marketing facility for Enabling Technologies products.
- Verona, Italy: 9,000 square feet (Leased) – Mechanical workshop for Limb Reconstruction products.
- Arcueil, France: 8,500 square feet (Leased) – Sales management, distribution, and administrative facility for France.
- Maidenhead, England, UK: 5,600 square feet (Leased) – Sales management, distribution, and administrative facility for United Kingdom.
- Wayne, Pennsylvania, USA: 3,700 square feet (Leased) – Design facility for Spinal Implants and cadaveric training laboratory.
- Munich, Germany: 2,300 square feet (Leased) – Sales management, distribution, and administrative facility for Germany.
Investments and capital expenditure
- Capital Expenditures (FY 2025): $34,626 thousand ($34,876 thousand in FY 2024; $62,050 thousand in FY 2023).
- Research and Development Expense (FY 2025): $65,847 thousand ($73,643 thousand in FY 2024; $80,231 thousand in FY 2023).
- Free Cash Flow (FY 2025): $(1,279) thousand ($(9,086) thousand in FY 2024).
Shareholding pattern / Ownership
| Category | Shares | % Stake | Previous % Stake |
|---|---|---|---|
| Common Shares Issued and Outstanding (as of Dec 31, 2025 / Dec 31, 2024) | 39,834,000 | 100.00% | 100.00% |
| Common Shares Issued and Outstanding (as of Feb 20, 2026) | 40,144,397 | N/A | N/A |
| Aggregate Market Value held by Non-Affiliates (as of June 30, 2025) | $440,200,000 | N/A | N/A |