LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) (the Company) announced today
preliminary unaudited fourth quarter net sales are expected to be a
record of approximately $151.3 million, increasing 5% over $143.8
million in the fourth quarter of the prior year. For the full year 2011,
net sales are anticipated to be approximately $578.7 million. President
and Chief Executive Officer Robert Vaters said, "I am very pleased with
our preliminary net sales results, which represent the second
consecutive quarter of record sales. I remain confident in our ability
to grow faster than the overall markets where we participate." The
Company will be reporting final 2011 financial results along with 2012
guidance next month.
In addition, the Company announced that it has reached an agreement with
MTF to both co-develop and commercialize a new technology for use in
bone grafting applications and to expand MTF's Trinity Evolution
processing capacity. MTF and Orthofix have also extended the initial
term of their existing agreement for an additional five years.
"Our collaboration with Orthofix has been highly successful, and we are
excited to expand our partnership through the development of this
innovative new tissue form for the benefit of surgeons and patients,"
said Bruce Stroever, Chief Executive Officer of MTF. The new tissue form
incorporates all three properties necessary to facilitate bone growth,
enables excellent handling characteristics, and is complementary to
Trinity Evolution.
Mr. Vaters added, "Together with the expanded capacity for Trinity
Evolution, we are adding to our biologic pipeline and are very well
positioned to help MTF fulfill its mission and meet the market's
increased demand for novel bone grafting solutions." The parties plan to
introduce the new tissue form in 2013.
About Orthofix
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative technologies to the spine and orthopedic markets.
Orthofix's products are widely distributed around the world to
orthopedic surgeons and patients via Orthofix's sales representatives
and its subsidiaries, including BREG, Inc., and via collaborations with
other leading orthopedic product companies. In addition, Orthofix is
collaborating on R&D activities with leading research and clinical
organizations such as the Musculoskeletal Transplant Foundation, the
Orthopedic Research and Education Foundation, Texas Scottish Rite
Hospital for Children, and the Cleveland Clinical Foundation. For more
information about Orthofix, please visit www.orthofix.com.
About the Musculoskeletal Transplant Foundation
The Musculoskeletal Transplant Foundation is the nation's largest full
service tissue organization dedicated to providing quality tissue
through a commitment to excellence in education, research, recovery and
care for recipients, donors and their families. A not-for-profit
organization, MTF is a consortium of academic medical institutions and
organ and tissue recovery organizations across the country. In its first
20 years, MTF and its recovery partners have recovered over 60,000
donors and provided over 3 million tissue grafts to patients in need.
For more information, please visit MTF's website at www.mtf.org.
Forward-Looking Statements
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 expected sales of our products, including recently
launched products, unanticipated expenditures, the resolution of pending
litigation matters (including the government investigation and False
Claims Act matters relating to our bone growth stimulation and spinal
implant businesses, and the possible violations of the FCPA by our
former Mexican orthopedic distribution entity, as well as certain
product liability claims against our sports medicine global business
unit), changing relationships with customers, suppliers, strategic
partners and lenders, changes to and the interpretation of governmental
regulations, risks relating to the protection of intellectual property,
changes to the reimbursement policies of third parties, the impact of
competitive products, changes to the competitive environment, the
acceptance of new products in the market, conditions of the orthopedic
industry, credit markets and the economy, corporate development and
market development activities, including acquisitions or divestitures,
unexpected costs or operating unit performance related to recent
acquisitions, and other factors described in our annual report on Form
10-K and other periodic reports filed by the Company with the Securities
and Exchange Commission (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, whether as a result of new information, future
events or circumstances, or otherwise.
The Company cannot predict the timing or outcome of ongoing litigation
matters and governmental investigations of our businesses which could
result in civil or criminal liability or findings of violations of law
(as further described in the "Legal Proceedings" sections of our annual
report on Form 10-K and quarterly reports on Form 10-Q), that could
materially impact our financial position and/or liquidity.
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
News Provided by Acquire Media