Orthofix (NSDQ:OFIX) agreed yesterday to pay $11 million in cash to settle a class-action lawsuit filed after it restated 3 years worth of financial statements due to improperly recognized revenues. Earlier this year, Lewisville, Texas-based Orthofix restated its financial results for 2011, 2012 and 2013 and filed a slew of delayed quarterly reports with the SEC. The […]
A former sales rep for Orthofix (NSDQ:OFIX) broke a non-disclosure agreement when he jumped ship for rival DonJoy Orthopedics (now DJO Global), a federal appeals court ruled yesterday. The rep, Eric Hunter, worked for Orthofix for 12 years before joining DonJoy in 2012. According to the appeals court, Hunter and another Orthofix rep named Bob Lemanski negotiated […]
Orthofix (NSDQ:OFIX) today announced 3rd quarter earnings which topped expectations on Wall Street, as well as plans to repurchase $75 million in common stock, sending shares up in mid-day trading. Orthofix reported losses of $1.4 million, or 4¢ per share, on sales of $101.2 million for the 3 months ended September 30. That amounts to a […]
Orthofix (NSDQ:OFIX) said today results from a study of its Trinity Evolution cellular bone allograft reported joint fusion rates above 85% after 1 year. The study was published online in the Foot & Ankle International journal. The 92-patient trial is the largest safety and effectiveness trial to date for the graft, according to the Lewisville, Texas-based […]
Orthofix (NSDQ:OFIX) yesterday blew away expectations for its 2nd quarter earnings, posting a 24.8% sales growth and a greater than 500% turn-around on earnings. Orthofix reported profits of $4.1 million, or 19¢ per share, on sales of $101 million for the 3 months ended June 30. That puts sales over $3 million up on analyst’s expectations. That […]
Zimmer (NYSE:ZMH), who acquired Biomet in a deal that closed this month, announced a series of personnel shifts upon the closure of the merger. Zimmer CFO and senior veep James Crines has stepped down from his position to retire, effective August 3, to be replaced by former CFO and senior veep of BiometDaniel Florin, the company said. […]
ConvaTec, which is rumored to be exploring a sale, said yesterday that it made its interim CEO, former EMEA president Paul Moraviec, to be its new permanent CEO.
Luxembourg-based ConvaTec, which is owned by private equity firms Avista Capital Partners and Nordic Capital, tapped Moraviec to lead its business in Europe, the Middle East and Africa in 2009.