Orthofix cuts FY2026 guidance as CMS cuts bone stimulator reimbursement ~10%

Orthofix Medical Inc.

CMS reduced Medicare reimbursement for HCPCS codes E0747, E0748, E0760 by ~10% effective May 18, 2026.
FY2026 net sales guidance lowered to $838M-$848M; non-GAAP adjusted EBITDA to $90M-$93M.
Company no longer expects positive free cash flow in FY2026; three-year financial targets abandoned.
Further CMS changes could require additional outlook revisions; long-term impact still being evaluated.

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