• Results
• Selected Balance Sheet Data
• Vital Statistics
• Significant Recent Development
• Other Important Developments

• Management
• Board of Directors
• Quick Peek: Spine
• Quick Peek: Reconstruction
• Quick Peek: Trauma

Orthofix Completes Its Acquisition of BREG, Inc.

HUNTERSVILLE, N.C./VISTA, Calif., Dec. 31, 2003 - Orthofix (Nasdaq: OFIX) announced today it has completed its acquisition of privately held BREG, Inc., a market leader in the sale of orthopedic postoperative reconstruction and rehabilitative products to hospitals and orthopedic offices. The purchase price for the acquisition was approximately $159 million after closing adjustments and after valuing the Orthofix common stock issued in the transaction at current trading prices. The acquisition was financed with $110 million of debt, cash on hand, and the issuance of 731,715 shares of Orthofix common stock. The senior secured bank financing for the acquisition was arranged by Wachovia Securities, which also acted as Orthofix's financial advisor.

The combined company is expected to generate approximately $292 million in total revenues in 2004, with earnings per share (EPS), subject to final purchase price allocation, of approximately $2.60 on a projected 15.6 million diluted shares For the 12-month period ended Sept. 30, 2003, BREG generated $58.3 million in revenues and $7.7 million in net income.

Orthofix (OFIX) announces agreement to acquire BREG, Inc.

HUNTERSVILLE, N.C./VISTA, Calif., Nov. 20, 2003 - Orthofix (Nasdaq: OFIX) announced today that it has signed a definitive agreement to acquire privately held BREG, Inc. - based in Vista, California, and a market leader in the sale of orthopedic postoperative reconstruction and rehabilitative products to hospitals and orthopedic offices - for the purchase price of $150 million, to be paid with a combination of cash and Orthofix common stock. Financing for the transaction will include: $110 million of debt, cash on hand, and Orthofix common stock valued at $27.8 million. The acquisition is subject to finalization of financing, approval of BREG shareholders, governmental approval and other customary closing conditions. It is Orthofix's intention to complete the acquisition by the end of the year. Orthofix has received a commitment for the senior secured bank financing for the acquisition from Wachovia Securities. Wachovia Securities also acted as financial advisor to Orthofix.

The combined company is expected to generate approximately $292 million in total revenues in 2004, with earnings per share (EPS), subject to a final purchase price allocation, of approximately $2.60 on a projected 15.6 million diluted shares (See Table 1, "Projected Post-Acquisition Combined Revenue by Sector"). For the twelve-month period ended September 30, 2003, BREG generated $58.3 million in revenues and $7.7 million in net income.

Orthofix Submits Pivotal-Trial Data to FDA for Pre-Market Approval of Its Newest Product: Cervical-Stim® Bone Growth Stimulator. Cervical-Stim® would be the first commercially available bone growth stimulator for cervical spine fusion

HUNTERSVILLE, N.C., Sept. 2, 2003 - Orthofix International (NASDAQ: OFIX) announced today that it has submitted to the FDA, as part of its Pre-Market Approval (PMA) application, the final results of a pivotal clinical trial of its newest product, the Cervical-Stim® bone growth stimulator. The prospective, randomized, multi-center clinical investigation, led by Kevin Foley, M.D., of the University of Tennessee, enrolled a total of 323 patients and concluded in January 2003. The objective of this clinical study was to demonstrate safety and efficacy of the Cervical-Stim® device in high-risk subjects who had undergone cervical fusion for degenerative conditions. The results of the study show that there was a "statistically significant positive effect" in the patients who received cervical stimulation via Orthofix's pulsed electromagnetic field (PEMF)-based bone growth stimulator, Cervical-Stim®.

Certain matters discussed in this website are forward-looking statements that involve risks and uncertainties, including, without limitation, the acceptance of new products in the market and the impact of competitive products and other risks and uncertainties. These are detailed from time to time in the companies periodic reports (including the Annual Report on Form 10-K for the year ended December 31, 2002, filed with the United States Securities and Exchange Commission (the "SEC"), future Quarterly Reports on Form 10-Q and the company's quarterly press releases which are available to shareholders and filed with the SEC on Form 8-K.