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.