Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES - Orthofix Medical Inc. | a12-14696_18k.htm |
Exhibit 99.1
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
|
|
|
Q1 2012 |
|
Q1 2011 |
| ||||||||||||||
|
|
|
|
|
Disc Ops |
|
Disc Ops |
|
|
|
Disc Ops |
|
Disc Ops |
| ||||||
|
|
|
As Reported |
|
Reclass |
|
Presentation |
|
As Reported |
|
Reclass |
|
Presentation |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net sales |
|
$ |
143,141 |
|
$ |
(27,100 |
) |
$ |
116,041 |
|
$ |
139,165 |
|
$ |
(26,065 |
) |
$ |
113,100 |
|
|
Cost of sales |
|
32,882 |
|
(10,941 |
) |
21,941 |
|
33,361 |
|
(11,010 |
) |
22,351 |
| ||||||
|
Gross profit |
|
110,259 |
|
(16,159 |
) |
94,100 |
|
105,804 |
|
(15,055 |
) |
90,749 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Sales and marketing |
|
58,280 |
|
(8,759 |
) |
49,521 |
|
55,598 |
|
(8,159 |
) |
47,439 |
| ||||||
|
General and administrative |
|
20,943 |
|
(6,374 |
) |
14,569 |
|
22,960 |
|
(4,152 |
) |
18,808 |
| ||||||
|
Research and development |
|
7,745 |
|
(693 |
) |
7,052 |
|
6,052 |
|
(608 |
) |
5,444 |
| ||||||
|
Amortization of intangible assets |
|
1,247 |
|
(718 |
) |
529 |
|
1,255 |
|
(707 |
) |
548 |
| ||||||
|
Charges related to U.S. Government resolutions |
|
— |
|
— |
|
— |
|
46,000 |
|
— |
|
46,000 |
| ||||||
|
|
|
88,215 |
|
(16,544 |
) |
71,671 |
|
131,865 |
|
(13,626 |
) |
118,239 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating (loss) income |
|
22,044 |
|
385 |
|
22,429 |
|
(26,061 |
) |
(1,429 |
) |
(27,490 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net |
|
(2,225 |
) |
4 |
|
(2,221 |
) |
(2,416 |
) |
— |
|
(2,416 |
) | ||||||
|
Other (expense) income, net |
|
(746 |
) |
118 |
|
(628 |
) |
(1,073 |
) |
(36 |
) |
(1,109 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other expense, net |
|
(2,971 |
) |
122 |
|
(2,849 |
) |
(3,489 |
) |
(36 |
) |
(3,525 |
) | ||||||
|
Income before income taxes |
|
19,073 |
|
507 |
|
19,580 |
|
(29,550 |
) |
(1,465 |
) |
(31,015 |
) | ||||||
|
Income tax expense |
|
(7,057 |
) |
(193 |
) |
(7,250 |
) |
(6,251 |
) |
557 |
|
(5,694 |
) | ||||||
|
Net income (loss) from continuing operations, net of tax |
|
12,016 |
|
314 |
|
12,330 |
|
(35,801 |
) |
(908 |
) |
(36,709 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Income (loss) from discontinued operations |
|
— |
|
(507 |
) |
(507 |
) |
— |
|
1,465 |
|
1,465 |
| ||||||
|
Income tax expense (1) |
|
— |
|
193 |
|
193 |
|
— |
|
(557 |
) |
(557 |
) | ||||||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
(314 |
) |
(314 |
) |
— |
|
908 |
|
908 |
| ||||||
|
Net income (loss) |
|
$ |
12,016 |
|
$ |
— |
|
$ |
12,016 |
|
$ |
(35,801 |
) |
$ |
— |
|
$ |
(35,801 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - basic |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.64 |
|
|
|
$ |
0.66 |
|
$ |
(2.00 |
) |
|
|
$ |
(2.05 |
) | ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
(0.02 |
) |
— |
|
|
|
0.05 |
| ||||||
|
Net income (loss) per common share - basic |
|
$ |
0.64 |
|
|
|
$ |
0.64 |
|
$ |
(2.00 |
) |
|
|
$ |
(2.00 |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - diluted |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.63 |
|
|
|
$ |
0.65 |
|
$ |
(2.00 |
) |
|
|
$ |
(2.05 |
) | ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
(0.02 |
) |
— |
|
|
|
0.05 |
| ||||||
|
Net income (loss) per common share - diluted |
|
$ |
0.63 |
|
|
|
$ |
0.63 |
|
$ |
(2.00 |
) |
|
|
$ |
(2.00 |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - basic |
|
18,675,694 |
|
|
|
18,675,694 |
|
17,937,280 |
|
|
|
17,937,280 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - diluted |
|
19,116,195 |
|
|
|
19,116,195 |
|
17,937,280 |
|
|
|
17,937,280 |
| ||||||
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
|
|
|
Q2 2011 |
|
Q3 2011 |
| ||||||||||||||
|
|
|
|
|
Disc Ops |
|
Disc Ops |
|
|
|
Disc Ops |
|
Disc Ops |
| ||||||
|
|
|
As Reported |
|
Reclass |
|
Presentation |
|
As Reported |
|
Reclass |
|
Presentation |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net sales |
|
$ |
143,551 |
|
$ |
(26,872 |
) |
$ |
116,679 |
|
$ |
144,747 |
|
$ |
(27,435 |
) |
$ |
117,312 |
|
|
Cost of sales |
|
34,693 |
|
(11,585 |
) |
23,108 |
|
36,029 |
|
(12,219 |
) |
23,810 |
| ||||||
|
Gross profit |
|
108,858 |
|
(15,287 |
) |
93,571 |
|
108,718 |
|
(15,216 |
) |
93,502 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Sales and marketing |
|
58,199 |
|
(8,169 |
) |
50,030 |
|
57,615 |
|
(8,222 |
) |
49,393 |
| ||||||
|
General and administrative |
|
23,949 |
|
(6,593 |
) |
17,356 |
|
20,214 |
|
(6,226 |
) |
13,988 |
| ||||||
|
Research and development |
|
6,766 |
|
(534 |
) |
6,232 |
|
6,555 |
|
(572 |
) |
5,983 |
| ||||||
|
Amortization of intangible assets |
|
1,373 |
|
(819 |
) |
554 |
|
1,319 |
|
(782 |
) |
537 |
| ||||||
|
Charges related to U.S. Government resolutions |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||
|
|
|
90,287 |
|
(16,115 |
) |
74,172 |
|
85,703 |
|
(15,802 |
) |
69,901 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating (loss) income |
|
18,571 |
|
828 |
|
19,399 |
|
23,015 |
|
586 |
|
23,601 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net |
|
(2,198 |
) |
— |
|
(2,198 |
) |
(2,267 |
) |
— |
|
(2,267 |
) | ||||||
|
Other (expense) income, net |
|
(312 |
) |
(30 |
) |
(342 |
) |
(368 |
) |
(31 |
) |
(399 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other expense, net |
|
(2,510 |
) |
(30 |
) |
(2,540 |
) |
(2,635 |
) |
(31 |
) |
(2,666 |
) | ||||||
|
Income before income taxes |
|
16,061 |
|
798 |
|
16,859 |
|
20,380 |
|
555 |
|
20,935 |
| ||||||
|
Income tax expense |
|
(6,103 |
) |
(303 |
) |
(6,406 |
) |
(8,002 |
) |
(211 |
) |
(8,213 |
) | ||||||
|
Net income (loss) from continuing operations, net of tax |
|
9,958 |
|
495 |
|
10,453 |
|
12,378 |
|
344 |
|
12,722 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Income (loss) from discontinued operations |
|
— |
|
(798 |
) |
(798 |
) |
— |
|
(555 |
) |
(555 |
) | ||||||
|
Income tax expense (1) |
|
— |
|
303 |
|
303 |
|
— |
|
211 |
|
211 |
| ||||||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
(495 |
) |
(495 |
) |
— |
|
(344 |
) |
(344 |
) | ||||||
|
Net income (loss) |
|
$ |
9,958 |
|
$ |
— |
|
$ |
9,958 |
|
$ |
12,378 |
|
$ |
— |
|
$ |
12,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - basic |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.55 |
|
|
|
$ |
0.58 |
|
$ |
0.67 |
|
|
|
$ |
0.69 |
| ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
(0.03 |
) |
— |
|
|
|
(0.02 |
) | ||||||
|
Net income (loss) per common share - basic |
|
$ |
0.55 |
|
|
|
$ |
0.55 |
|
$ |
0.67 |
|
|
|
$ |
0.67 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - diluted |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.54 |
|
|
|
$ |
0.56 |
|
$ |
0.66 |
|
|
|
$ |
0.67 |
| ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
$ |
(0.02 |
) |
— |
|
|
|
$ |
(0.01 |
) | ||||
|
Net income (loss) per common share - diluted |
|
$ |
0.54 |
|
|
|
$ |
0.54 |
|
$ |
0.66 |
|
|
|
$ |
0.66 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - basic |
|
18,110,607 |
|
|
|
18,110,607 |
|
18,384,451 |
|
|
|
18,384,451 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - diluted |
|
18,541,220 |
|
|
|
18,541,220 |
|
18,850,625 |
|
|
|
18,850,625 |
| ||||||
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%
ORTHOFIX INTERNATIONAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, U.S. Dollars, in thousands, except per share and share data)
|
|
|
Q4 2011 |
|
FY 2011 |
| ||||||||||||||
|
|
|
|
|
Disc Ops |
|
Disc Ops |
|
|
|
Disc Ops |
|
Disc Ops |
| ||||||
|
|
|
As Reported |
|
Reclass |
|
Presentation |
|
As Reported |
|
Reclass |
|
Presentation |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net sales |
|
$ |
151,526 |
|
$ |
(28,434 |
) |
$ |
123,092 |
|
$ |
578,988 |
|
$ |
(108,803 |
) |
$ |
470,185 |
|
|
Cost of sales |
|
35,104 |
|
(11,894 |
) |
23,210 |
|
139,186 |
|
(46,539 |
) |
92,647 |
| ||||||
|
Gross profit |
|
116,422 |
|
(16,540 |
) |
99,882 |
|
439,802 |
|
(62,264 |
) |
377,538 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Sales and marketing |
|
62,197 |
|
(8,778 |
) |
53,419 |
|
233,609 |
|
(33,464 |
) |
200,145 |
| ||||||
|
General and administrative |
|
19,345 |
|
(5,124 |
) |
14,221 |
|
86,468 |
|
(22,116 |
) |
64,352 |
| ||||||
|
Research and development |
|
5,774 |
|
(566 |
) |
5,208 |
|
25,148 |
|
(2,286 |
) |
22,862 |
| ||||||
|
Amortization of intangible assets |
|
1,648 |
|
(939 |
) |
709 |
|
5,595 |
|
(3,245 |
) |
2,350 |
| ||||||
|
Charges related to U.S. Government resolutions |
|
10,463 |
|
— |
|
10,463 |
|
56,463 |
|
— |
|
56,463 |
| ||||||
|
|
|
99,427 |
|
(15,407 |
) |
84,020 |
|
407,283 |
|
(61,111 |
) |
346,172 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Operating (loss) income |
|
16,995 |
|
(1,133 |
) |
15,862 |
|
32,519 |
|
(1,153 |
) |
31,366 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other income and expense |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense, net |
|
(2,583 |
) |
6 |
|
(2,577 |
) |
(9,463 |
) |
6 |
|
$ |
(9,457 |
) | |||||
|
Other (expense) income, net |
|
(599 |
) |
38 |
|
(561 |
) |
(2,353 |
) |
(60 |
) |
(2,413 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other expense, net |
|
(3,182 |
) |
44 |
|
(3,138 |
) |
(11,816 |
) |
(54 |
) |
(11,870 |
) | ||||||
|
Income before income taxes |
|
13,813 |
|
(1,089 |
) |
12,724 |
|
20,703 |
|
(1,207 |
) |
19,496 |
| ||||||
|
Income tax expense |
|
(1,421 |
) |
414 |
|
(1,007 |
) |
(21,776 |
) |
459 |
|
$ |
(21,317 |
) | |||||
|
Net income (loss) from continuing operations, net of tax |
|
12,392 |
|
(675 |
) |
11,717 |
|
(1,073 |
) |
(748 |
) |
(1,821 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Income (loss) from discontinued operations |
|
— |
|
1,089 |
|
1,089 |
|
— |
|
1,207 |
|
1,207 |
| ||||||
|
Income tax expense (1) |
|
— |
|
(414 |
) |
(414 |
) |
— |
|
(459 |
) |
(459 |
) | ||||||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
675 |
|
675 |
|
— |
|
748 |
|
748 |
| ||||||
|
Net income (loss) |
|
$ |
12,392 |
|
$ |
— |
|
$ |
12,392 |
|
$ |
(1,073 |
) |
$ |
— |
|
$ |
(1,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - basic |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.67 |
|
|
|
$ |
0.64 |
|
$ |
(0.06 |
) |
|
|
$ |
(0.10 |
) | ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
$ |
0.03 |
|
— |
|
|
|
0.04 |
| |||||
|
Net income (loss) per common share - basic |
|
$ |
0.67 |
|
|
|
$ |
0.67 |
|
$ |
(0.06 |
) |
|
|
$ |
(0.06 |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) per common share - diluted |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) from continuing operations, net of tax |
|
$ |
0.66 |
|
|
|
$ |
0.62 |
|
$ |
(0.06 |
) |
|
|
$ |
(0.10 |
) | ||
|
Net income (loss) from discontinued operations, net of tax |
|
— |
|
|
|
$ |
0.04 |
|
— |
|
|
|
0.04 |
| |||||
|
Net income (loss) per common share - diluted |
|
$ |
0.66 |
|
|
|
$ |
0.66 |
|
$ |
(0.06 |
) |
|
|
$ |
(0.06 |
) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - basic |
|
18,436,756 |
|
|
|
18,436,756 |
|
18,219,343 |
|
|
|
18,219,343 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Weighted average number of common shares outstanding - diluted |
|
18,739,623 |
|
|
|
18,739,623 |
|
18,219,343 |
|
|
|
18,219,343 |
| ||||||
Note: Some calculations may be impacted by rounding.
(1) Income tax expense on discontinued operations is reflected at a rate of 38%