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Description of business
6 Months Ended
Jun. 30, 2012
Description of business  
Description of business

 

 

1.                     Description of business

 

Orthofix International N.V. (the “Company”) is a diversified, global medical device company focused on developing and delivering innovative repair and regenerative technologies to the spine and orthopedic markets. The Company is comprised of two reportable segments: Spine and Orthopedics that are supported by Corporate activities.

 

On May 24, 2012 (the “Closing Date” of the Transaction), Orthofix Holdings Inc. (“Orthofix Holdings”) completed the sale of all of the outstanding shares of Breg, Inc (“Breg”) for $157.5 million in cash. Beginning June 30, 2012, the former sports medicine business is presented as discontinued operations for all periods.  As a result of the sale of Breg, the Company completed its exit from the Sports Medicine global business unit (“GBU”), of which Breg was a significant component. The operations and cash flows of the former Sports Medicine GBU have been eliminated from the ongoing operations, and there is no significant continuing involvement in the sold business. See Note 15 for detailed information on the discontinued operations.