Orthofix is a medical device company focused on musculoskeletal treatments, primarily for the spine and limbs. Orthofix operates through two segments: Global Spine (~84% of net sales) and Global Limb Reconstruction (~16%). The spine segment covers four product categories: Bone Growth Therapies (BGT), Spinal Implants, Biologics, and Enabling Technologies. BGT devices use electromagnetic or ultrasound technology to stimulate bone healing in post-surgical or fracture patients, are prescribed by physicians, and are reimbursed by Medicare and private insurers as durable medical equipment — making BGT the highest-margin and most defensible part of the business. Spinal Implants and Biologics follow a consignment model, where Orthofix places inventory at hospitals and generates revenue when a device is used in a procedure. The Enabling Technologies segment centers on the 7D FLASH Navigation System, a radiation-free surgical navigation platform that Orthofix places at hospitals in exchange for long-term commitments to purchase spinal implants and biologics, locking in multi-year revenue and deepening account relationships. Global Limb Reconstruction sells external and internal fixation systems for deformity correction, limb lengthening, and complex fractures, with a newer product targeting diabetic limb preservation. Orthofix sells through a mix of direct reps and independent distributors globally. Key growth levers include expanding 7D placements to pull through implant and biologics sales, consolidating its distributor network toward fewer, larger partners, and launching new products including the VIRATA Spinal Fixation System and an updated BGT fracture device.