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News Breaks
December 16, 2012
17:43 EDTOFIXOrthofix concludes bone growth stimulator investigation
Orthofix International announced that it has resolved all matters related to the investigation of its bone growth stimulation business. Consistent with the agreement in principle that the Company previously announced in May 2011, the Company will pay approximately $43 million to resolve all civil and criminal matters, which included a plea to obstruction of a June 2008 federal audit. These charges were previously recorded in the first quarter of 2011. As part of the resolution, the Court imposed a five-year term of probation, during which the Company must continue to comply with the terms of its previously-executed Corporate Integrity Agreement. This final settlement also includes the resolution of a related qui tam complaint filed against the Company, which remains pending against several of its competitors.
News For OFIX From The Last 14 Days
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January 12, 2015
08:10 EDTOFIXOrthofix sees FY14 net sales $397M-$401M, consensus $405.55M
Orthofix International N.V. announced that its full year 2014 net sales is expected to be in a range of approximately $397M-$401M. The company also announced that it expects its full year 2013 net sales to be approximately $397M after giving effect to estimated restatement adjustments. Based on these estimates, net sales increased in the BioStim, Biologics and Extremity Fixation SBUs in 2014 compared to the prior year. This growth was in line with the Company’s expectations and is anticipated to continue in 2015. Net sales in the Spine Fixation SBU, as expected and previously discussed, decreased in 2014 compared to 2013. The Company expects this trend to continue into 2015 as the Company engages new management, strategies and sales agents, with expected top and bottom line performance in this SBU increasing in 2016. The Company is continuing to prepare restated financial statements for the fiscal years ended December 31, 2013, 2012 and 2011 and the fiscal quarter ended March 31, 2014. These restated financial statements will be reflected in amendments to the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013 and Quarterly Report on Form 10-Q/A for the fiscal quarter ended March 31, 2014. As previously disclosed, the Company has recently been completing procedures to physically count its inventory on consignment with distributors and hospitals. These additional counting procedures have been materially completed, and the Company is re-evaluating its historical reserve estimates for “excess and obsolete” inventory based in part on this additional count data, as well as other hindsight-derived information. The Company believes this process will enable it to calculate historical E&O inventory reserve information in a more precise and accurate manner. However, it is expected that this process will take additional time to complete. The Company had previously sought and obtained a limited waiver under its credit agreement, as well an extension from a Nasdaq Hearings Panel, to complete the restatement process and make the Amended Filings and Late Filings. In each case, the Company sought and obtained relief through January 15, 2015. At this time, the Company is seeking an additional extension from both its credit agreement lenders and the Nasdaq Hearings Panel to permit additional time to complete the Amended Filings and Late Filings. The Company’s current objective is to complete all of these filings as soon as practicable, but no later than February 27, 2015. However, there can be no assurance that the requested extensions will be granted, or that the Company will be able to complete the Amended and Late Filings on this schedule.

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