LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V. (NASDAQ: OFIX) today announced that it is
delaying the release of its financial results for the fiscal quarter
ended June 30, 2014. The Company requires additional time to evaluate
certain items primarily related to entries contained in the previous
restatement of its prior periods' financial results.
President and Chief Executive Officer Brad Mason stated, "While it is
unfortunate we have discovered items that require additional analysis in
certain previous restatement entries, considering the complexity of our
prior restatement, the identification of potential technical errors is
understandable. We look forward to finalizing the analysis as quickly as
possible and bringing the investment community up to date on the recent
performance of the business." Mr. Mason further stated, "There may be
changes to historical net sales and net income totals, but we expect
that the factors causing these revisions, if any, will have little or no
effect on the underlying performance of the business going forward."
In addition, the Company announced preliminary net sales results for the
fiscal quarter ended June 30, 2014. The Company expects to report:
Net sales of $101.3 million
BioStim net sales of $39.8 million
Biologics net sales of $13.9 million
Extremity Fixation net sales of $27.3 million
Spine Fixation net sales of $20.2 million
To provide adequate time to fully review and correct identified errors
if any, and to consider and evaluate their level of materiality, the
Company intends to file a Form 12b-25 (Notification of Late Filing) with
the Securities and Exchange Commission (SEC) for the quarter ended June
30, 2014. The Company is proceeding with the objective of filing its
second quarter Form 10-Q, as well as issuing a press release and hosting
a conference call regarding second quarter financial results, no later
than the end of August 2014.
Orthofix International N.V. is a diversified, global medical device
company focused on improving patients' lives by providing superior
reconstructive and regenerative orthopedic and spine solutions to
physicians worldwide. Headquartered in Lewisville, Texas, the Company
has four strategic business units that include BioStim, Biologics,
Extremity Fixation and Spine Fixation. Orthofix products are widely
distributed via the Company's sales representatives, distributors and
its subsidiaries. In addition, Orthofix is collaborating on research and
development activities with leading clinical organizations such as
the Musculoskeletal Transplant Foundation, the Orthopedic Research and
Education Foundation and the Texas Scottish Rite Hospital for Children.
For more information, please visit www.orthofix.com.
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Factors that could cause
or contribute to such differences may include, but are not limited to,
risks relating to the uncertain results and timing of our analysis
primarily related to entries contained in the previous restatement of
our prior periods' financial results and our expected inability to file
our quarterly report on Form 10-Q for the fiscal quarter ended June 30,
2014 before its August 11, 2014 due date (including our expected filing
of a Form 12b-25 (Notification of Late Filing) with the SEC with respect
to such fiscal quarter), as well how these matters may impact our
expenses, liquidity, legal liability, borrowing ability, product sales,
relationships with customers, suppliers, strategic partners and third
party reimbursement providers, ongoing compliance obligations under our
corporate integrity agreement with the Office of Inspector General of
the Department of Health and Human Services, deferred prosecution
agreement with the U.S. Department of Justice and consent decree with
the SEC, ability to remain in compliance with covenants and other
obligations under our senior secured credit agreement, the cost and
nature of our insurance coverage, continued listing of our securities on
the Nasdaq Stock Market, and other factors described in our annual
report on Form 10-K for the fiscal year ended December 31, 2013 and
other subsequent periodic reports filed by the Company with the SEC.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. The Company undertakes no obligation to update or revise
the information contained in this press release.
Orthofix International N.V.
Source: Orthofix International N.V.
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