<SEC-DOCUMENT>0001193125-14-351907.txt : 20140925
<SEC-HEADER>0001193125-14-351907.hdr.sgml : 20140925
<ACCEPTANCE-DATETIME>20140924194336
ACCESSION NUMBER:		0001193125-14-351907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140923
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140925
DATE AS OF CHANGE:		20140924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ORTHOFIX INTERNATIONAL N V
		CENTRAL INDEX KEY:			0000884624
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19961
		FILM NUMBER:		141119321

	BUSINESS ADDRESS:	
		STREET 1:		7 ABRAHAM DE VEERSTRAAT
		STREET 2:		CURACAO
		CITY:			NETHERLANDS ANTILLES
		STATE:			P8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d794700d8k.htm
<DESCRIPTION>FORM 8-K
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<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): September&nbsp;23, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Orthofix International N.V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Cura&ccedil;ao</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-19961</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>N/A</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer Identification No.)</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7 Abraham de Veerstraat</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cura&ccedil;ao</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>N/A</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code: <B>011-59-99-465-8525</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory</U>. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;23, 2014, Orthofix International N.V. (the &#147;Company&#148;) was informed by Mark A. Heggestad, the Company&#146;s Chief
Financial Officer, that due to personal circumstances, Mr.&nbsp;Heggestad would be resigning employment effective as of September&nbsp;26, 2014 to return on a full-time basis to Minnesota where his family continues to reside. The Company has
appointed Doug Rice, the Company&#146;s Chief Accounting Officer, as Interim Chief Financial Officer as of September&nbsp;26, 2014. Mr.&nbsp;Heggestad will be retained in a consulting role for an indefinite period to assist Mr.&nbsp;Rice in
transition matters in the short term and to undertake other projects as needed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Rice, 49, became the Company&#146;s Chief
Accounting Officer on September&nbsp;4, 2014. Prior to joining the Company, he had served since 2012 as Senior Vice President and Chief Financial Officer of Vision Source and Smile Source, a private equity-backed optometric and dental network
provider. Mr.&nbsp;Rice served as the Vice President Finance, Treasurer of McAfee, a security technology company, from 2007 to 2012, when it was acquired by Intel. From 2000 to 2007, he served as the Senior Vice President, Corporate Controller of
Concentra, Inc., a national healthcare service provider. Mr.&nbsp;Rice was the Vice President, Finance of la Madeleine French Bakery and Caf&eacute;, a restaurant chain with locations in multiple metropolitan areas, from 1996 to 1999. From 1994 to
1996, he was Director of Finance at Allied Marketing Group, an international direct mail marketer. Mr.&nbsp;Rice also served as an Audit Manager at PricewaterhouseCoopers (formerly Coopers&nbsp;&amp; Lybrand) between 1988 and 1993. He is a certified
public accountant, and received both an MBA and BBA from Southern Methodist University. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Rice has no family relationship with any
director of officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and is not party to any related party transactions involving the Company. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Other Events</U>. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;24, 2014, the Company issued a press release
regarding various matters, including the status of the Company&#146;s pending restatement of prior periods&#146; financial statements, the Company&#146;s delayed filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended June&nbsp;30,
2014, pending Nasdaq Hearings Panel proceedings, and the executive officer transition matters described above. A copy of the press release is filed as Exhibit&nbsp;99.1 to this Form&nbsp;8-K and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company also announced in the press release that it will host a conference call to discuss these matters on Thursday, September&nbsp;25,
2014 at 8:30 a.m. EST (7:30 a.m. CST). Interested parties may access the conference call by dialing (888)&nbsp;267-2845 in the U.S. and (973)&nbsp;413-6102 outside the U.S., and entering the conference ID 38220. A replay of the call will be
available for two weeks by dialing (800)&nbsp;332-6854 in the U.S. and (973)&nbsp;528-0005 outside the U.S., and entering the conference ID 38220. A webcast of the conference call may be accessed by going to the Company&#146;s website at
www.orthofix.com, by clicking on the Investors link and then the Events and Presentations page. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Financial Statements and Exhibits</U>. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">99.1</TD>
<TD ALIGN="left" VALIGN="top">Press Release, dated September&nbsp;24, 2014. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Orthofix International N.V.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jeffrey M. Schumm</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffrey M. Schumm</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Administrative
Officer, General</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Counsel and Corporate Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: September&nbsp;24, 2014 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release, dated September&nbsp;24, 2014.</TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d794700dex991.htm
<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Orthofix Provides Finance and Restatement Update </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Company Continuing to Finalize Audit Work Needed to Complete Restatement Filings </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Doug Rice to Become Interim CFO as Mark Heggestad Resigns Due to Personal Circumstances </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Conference Call to be Held on Thursday, September&nbsp;25, 2014 at 8:30 a.m. EDT (7:30 a.m. CDT) </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LEWISVILLE, Texas, September&nbsp;24, 2014 &#150; As previously disclosed, Orthofix International N.V. (NASDAQ: OFIX) (the &#147;Company&#148;) has been
working to complete the filing of restated financial statements for the fiscal years ended December&nbsp;31, 2013, 2012 and 2011 and the fiscal quarter ended March&nbsp;31, 2014. At this time, the Company has prepared drafts of the amended filings,
and the Company&#146;s outside auditors are continuing to complete applicable audit procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with this process, it has been determined
that further data will be needed regarding certain inventory reserve amounts related to the Company&#146;s Spine Fixation devices that are held as consignment inventory. Specifically, as part of the Company&#146;s internal control remediation
activities to address a previously identified significant deficiency around inventory controls, the Company initiated in 2014 additional procedures to physically count inventory on consignment with distributors and hospital customers. Preliminary
sampling results of Spine Fixation inventory in the field (which had a gross aggregate carrying value of approximately $25 million as of June&nbsp;30, 2014) have identified inconsistencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the degree of variance in sampling to date, the Company and its outside auditors believe that substantially more inventory in the field will need
to be physically counted, which could affect the appropriate inventory reserve to be established. Because the consignment inventory is maintained securely by the applicable distributor or hospital consignee at various geographic locations around the
U.S., it is expected that it will take at least several weeks to fully gather and reconcile this additional data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Company had been expecting to
complete and file the applicable restatement amendments in September 2014, it now expects that the filing of these amendments will be delayed while these additional inventory procedures are completed. The Company expects to file its Quarterly Report
on Form 10-Q for the fiscal quarter ended June&nbsp;30, 2014 (the &#147;2014 Second Quarter Form 10-Q&#148;) at the same time that these amendments are filed. The Company anticipates that these additional activities could also delay the processes
related to the financial close for the fiscal quarter ended September&nbsp;30, 2014, and that financial results (including the filing of the Company&#146;s Quarterly Report on Form 10-Q for such fiscal quarter) may also be delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company previously obtained a limited waiver from its credit agreement through September&nbsp;30, 2014 to complete the applicable amendments and the 2014
Second Quarter Form 10-Q. The Company has initiated the process of seeking a further waiver to provide for the additional time needed for this process to be completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has a Nasdaq Hearings Panel proceeding scheduled for October&nbsp;2, 2014 in connection with a delisting notice it has received as a result of the
Company&#146;s delinquency in filing the 2014 Second Quarter Form 10-Q. The Company intends to seek additional time from the Hearings Panel while the restatement process is completed, though any such additional time granted is at the sole discretion
of the Hearings Panel, and cannot be assured. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CFO Transition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to personal circumstances, CFO Mark Heggestad has decided to return on a full-time basis to Minnesota where his family continues to reside. As a result,
the Company&#146;s Chief Accounting Officer, Doug Rice, will be succeeding Mr.&nbsp;Heggestad as Interim CFO effective on September&nbsp;26, 2014.&nbsp;Mr.&nbsp;Heggestad will be retained in a consulting role for an indefinite period to assist
Mr.&nbsp;Rice in transition matters in the short term and to undertake other projects as needed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. Heggestad commented, &#147;I want to emphasize the
decision to resign was strictly due to personal circumstances. I have received complete support from the Board and the leadership of the Company.&#148; Mr.&nbsp;Heggestad further noted, &#147;The Company is moving forward quickly to secure the
processes, systems, and talent necessary to provide the underlying infrastructure to drive operational excellence. I regret missing the opportunity to help lead that transformation.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Rice joined the Company in early September from Vision Source and Smile Source, a private equity-backed optometric and dental network provider, where
he had served since 2012 as Senior Vice President and Chief Financial Officer. Mr.&nbsp;Rice served as the Vice President, Finance, Treasurer of McAfee, a security technology company, from 2007 to 2012, when it was acquired by Intel. From 2000 to
2007, he served as the Senior Vice President, Corporate Controller of Concentra, Inc., a national healthcare service provider. Mr.&nbsp;Rice was the Vice President, Finance of la Madeleine French Bakery and Caf&eacute;, a restaurant chain with
locations in multiple metropolitan areas, from 1996 to 1999. From 1994 to 1996, he was Director of Finance at Allied Marketing Group, an international direct mail marketer. Mr.&nbsp;Rice also served as an Audit Manager at PricewaterhouseCoopers
(formerly Coopers&nbsp;&amp; Lybrand) between 1988 and 1993. He is a certified public accountant, and received both an MBA and BBA from Southern Methodist University. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preliminary Restatement Results </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed,
the Company has determined that a historical method of accounting for certain revenue adjustments (related to uncollectible patient co-pay and self-pay amounts) as bad debt expense rather than as contra-revenue was incorrect. As previously reported
on August&nbsp;19, 2014, the Company expects these changes to reduce equally both its historical net sales and its sales and marketing expense by approximately $6 million, $9 million, $2 million and $3 million for the fiscal years ended
December&nbsp;31, 2011, 2012 and 2013 and the fiscal quarter ended March&nbsp;31, 2014, respectively. These changes are expected to have no effect on pretax income from continuing operations in those periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As also reported on August&nbsp;19, 2014, the Company expects the further restatement to correct several items affecting net income in prior periods. As of
the date hereof, and subject to the completion of the audit work described above, the Company currently expects these error corrections to be as follows: </P>

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<TD ALIGN="left" VALIGN="top">Certain bad debt reserves originally recorded in fiscal years 2011 and 2012 were reversed in incorrect periods in the original restatement in connection with the change to sell-through accounting for certain
distributors. As a result, sales and marketing expense was understated by approximately $1.5 million and $1.1 million for the fiscal years ended December&nbsp;31, 2013 and 2012, respectively, and overstated by approximately $2.1 million for the
fiscal year ended December&nbsp;31, 2011. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">As part of the original restatement the Company made certain corrections to prior period excess and obsolete inventory reserves. The effect of these corrections was not appropriately considered when determining the
adjustments needed to eliminate intercompany profits from inventories in the original restatement. Adjustments to correct this error resulted in an increase of loss before income taxes of $1.4 million for the fiscal year ended December&nbsp;31,
2013, an increase of income before income taxes of $0.4 million for the fiscal year ended December&nbsp;31, 2012 and a decrease of loss before income taxes of $0.2 million for the fiscal years ended December&nbsp;31, 2011, as well as an increase of
loss before income taxes of $2.6 million for the fiscal quarter ended March&nbsp;31, 2014. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">In addition to the two adjustments described above, the Company expects to correct certain other items.&nbsp;Principally, these items are expected to consist of (i)&nbsp;a decrease to 2012 income tax expense of
approximately $1.4 million which corrected an error that was recorded during the original restatement, (ii)&nbsp;a decrease in the first quarter of 2014 of approximately $0.9 million to net revenue for which third party payor revenue had been
recognized without first satisfying all revenue recognition criteria, and (iii)&nbsp;a decrease of approximately $0.5 million of interest expense that was classified under continuing operations in 2012 but should have been classified under
discontinued operations. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of all collective adjustments identified as of this date, it is expected that pretax income from
continuing operations will increase by approximately $2 million for the fiscal year ended December&nbsp;31, 2011, and will decrease by approximately $1 million, $3 million and $3 million for the fiscal years ended December&nbsp;31, 2012 and 2013 and
the fiscal quarter ended March&nbsp;31, 2014, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing estimated restatement effects remain subject to further audit procedures, as
well as additional error corrections that will likely arise as a result of the inventory analysis described above for which data will be obtained over the next several weeks. As such, these adjustments remain preliminary and subject to further
revision. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Q2 Net Sales Results </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously
reported on August&nbsp;6, 2014, the Company continues to expect net sales for the fiscal quarter ended June&nbsp;30, 2014 to be as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Net sales of $101.4 million; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">BioStim net sales of $39.8 million; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Biologics net sales of $13.9 million; </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Extremity Fixation net sales of $27.3 million; and </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">Spine Fixation net sales of $20.4 million. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company continues to strengthen its financial position as exhibited by strong cash generation
during the second quarter resulting in a cash and restricted cash balance of $75.9 million as of June&nbsp;30, 2014. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conference Call </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Orthofix will host a conference call to further discuss these matters on Thursday, September&nbsp;25, 2014 at 8:30 a.m. EDT (7:30 a.m. CDT).</U></B>
Interested parties may access the conference call by dialing (888)&nbsp;267-2845 in the U.S. and (973)&nbsp;413-6102 outside the U.S., and entering the conference ID 38220. A replay of the call will be available for two weeks by dialing
(800)&nbsp;332-6854 in the U.S. and (973)&nbsp;528-0005 outside the U.S., and entering the conference ID 38220. A webcast of the conference call may be accessed by going to the Company&#146;s website at www.orthofix.com, by clicking on the Investors
link and then the Events and Presentations page. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About&nbsp;Orthofix </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Orthofix International N.V.&nbsp;is a diversified, global medical device company focused on improving patients&#146; lives by providing superior reconstructive
and regenerative orthopedic and spine solutions to physicians worldwide. Headquartered in&nbsp;Lewisville, TX, the Company has four strategic business units that include BioStim, Biologics, Extremity Fixation and Spine
Fixation.&nbsp;Orthofix&nbsp;products are widely distributed via the Company&#146;s sales representatives, distributors and its subsidiaries. In addition,&nbsp;Orthofix&nbsp;is collaborating on research and development activities with leading
clinical organizations such as the&nbsp;Musculoskeletal Transplant Foundation, the&nbsp;Orthopedic Research and Education Foundation&nbsp;and the&nbsp;Texas Scottish Rite Hospital for Children. For more information, please
visit&nbsp;www.orthofix.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The forward-looking statements in this release do not constitute guarantees or promises of future performance. Factors that could cause or contribute to such
differences may include, but are not limited to, risks relating to the uncertain results and timing of our anticipated filing of restated and revised financial statements for prior periods, the anticipated magnitude and nature of error corrections
reflected by such filings, the timing of the filing of our late 2014 Second Quarter Form 10-Q, potential delisting of our securities from the Nasdaq Stock Market, as well how these matters may impact our expenses, liquidity, legal liability,
borrowing ability, product sales, relationships with customers, suppliers, strategic partners and third party reimbursement providers, ongoing compliance obligations under our corporate integrity agreement with the Office of Inspector General of the
Department of Health and Human Services, deferred prosecution agreement with the U.S. Department of Justice and consent decree with the SEC, ability to remain in compliance with covenants and other obligations under our senior secured credit
agreement, the cost and nature of our insurance coverage, and other factors described in our annual report on Form 10-K for the fiscal year ended December&nbsp;31, 2013 and other subsequent periodic reports filed by the Company with the SEC.
Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information contained in this
press release. </P>
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