LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) (the Company) provided
today preliminary unaudited results for the fourth quarter, and year
ending December 31, 2012. The Company anticipates net sales to be
approximately $112 million and full year 2012 net sales from continuing
operations to be approximately $462 million. The negative impact from
foreign currency translation is expected to be approximately $10 million
for the full year 2012.
The Company expects fourth quarter 2012 adjusted earnings from
continuing operations per share to be between $0.78 and $0.83. For the
full year 2012, adjusted earnings from continuing operations per share
are expected to be between $3.01 and $3.06. These sales and earnings
results are preliminary and unaudited therefore are subject to change.
Despite the strong revenue increase in our U.S. Spine Repair Implants
and Regenerative Biologics business and an increase in our U.S.
Orthopedic Repair business, the fourth quarter revenue was negatively
impacted in international markets by regulatory and macroeconomic
conditions. In addition, the Company's Spine Regenerative Stimulation
business was negatively impacted in the second half of the year by sales
force turnover as we initially implemented our Corporate Integrity
Agreement in June 2012.
Robert Vaters, President and Chief Executive Officer, stated, "While I
am pleased with our preliminary earnings, I am disappointed in the
preliminary fourth quarter revenue. The international markets have
presented many challenges in the latter part of 2012 and especially
during the fourth quarter. These included general market and regulatory
conditions in both the Spine and Orthopedic businesses, mandatory price
reductions for public hospitals in Italy, cancellation of reimbursement
by the government on Physio-Stim in France, and a delay of surgeries by
government hospitals and insurance providers. Despite top line weakness
in the fourth quarter, 2012 was a transformative year for Orthofix as we
accomplished significant objectives by finalizing the three major legal
matters, achieving our operating margin expansion goals, and improving
the Company's financial profile to enable investment in product pipeline
and inorganic activities to drive future growth."
The Company will be reporting final 2012 financial results along with
2013 guidance after the market close Thursday, February 21, 2013.
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. 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 (which contains information current as
of the date hereof, whether as a result of new information, future
events or circumstances, or otherwise.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative solutions 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,
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,
and Texas Scottish Rite Hospital for Children. For more information
about Orthofix, please visit www.orthofix.com.
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
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