LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V. (NASDAQ:OFIX) (the Company) today announced
that it is postponing the release of its financial results for the
second quarter 2013 and its previously announced conference call to
discuss such results, including management's Business Analysis and Key
Strategic Initiatives Update, originally scheduled for July 31, 2013.
The Company stated that the Audit Committee of its Board of Directors,
on the recommendation of management, and after discussion with the
Company's independent auditors, concluded that additional time is needed
to review matters relating to revenue recognition for prior periods. The
Audit Committee has commenced an independent review into these matters,
with the assistance of outside professionals. The Audit Committee cannot
predict the length of time or outcome of its review.
The Company noted that, as a result of these matters, it expects to file
a Form 12b-25 (Notification of Late Filing) with the Securities and
Exchange Commission (SEC) for the quarter ended June 30, 2013. The
Company does not expect to file its quarterly report on Form 10-Q for
such period by the August 9, 2013 deadline.
At this time, the Company is not providing annual or quarterly guidance
for 2013.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative orthopedic
solutions that drive value for patients, surgeons, and providers.
Orthofix's products are widely distributed around the world to 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 and Texas Scottish Rite Hospital for Children. For
more information about Orthofix, please visit www.orthofix.com.
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 uncertain results and timing of our audit
committee's review of matters relating to revenue recognition for prior
periods and our expected inability to timely file our quarterly report
on Form 10-Q for the fiscal quarter ended June 30, 2013 (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, 2012 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.
Mark Quick, 214-937-2924
Director
of Investor Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
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