ORTHOFIX COMES CLEAN (Orthopedics This Week)
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Orthofix International N.V. is once again up-to-date with its financial reporting. On May 18, 2015, the company reported sales for the first quarter of the year. The report comes after a year's worth of radio silence while the company was restating previous quarterly reports.
First Quarter 2015
Total net sales in the quarter were $89.8 million, a decrease of 10.3% compared to first quarter 2014. On a constant currency basis, net sales decreased by 7.4% as the impact of foreign currency decreased net sales by $2.9 million in the quarter.
Company CEO Brad Mason told OTW that in the last two years the company has been focused on strengthening the foundation of being a highly respected company. "To achieve this, we’ve had to examine every aspect of our business and be honest with ourselves about our strengths and weaknesses.” With the restatement now behind them, he said Orthofix is now a "public" company again.
"We have a lot of heavy lifting ahead of us, but the bulk of the disruption is in the rear view mirror, giving us the opportunity to now focus all of our attention on driving the business. Our concentration...
