Orthofix Medical Inc (OFIX)

Orthofix reshuffles spine division leadership, posts preliminary Q1 salesApril 9, 2026 9:54 AM
IH Market News
Orthofix Medical Inc. (NASDAQ:OFIX) announced leadership changes within its spine division while also reporting preliminary net sales for the first quarter of 2026, according to a company press release.The medical technology firm has removed the position of President, Global Spine Solutions, with senior spine executives now reporting directly to Chief Executive Officer Massimo Calafiore. As part of the restructuring, Shaeffer Bannigan has been promoted to Leader, Spinal Solutions, where he will oversee spine strategy, commercial operations, and product portfolio innovation. Mark Sienkiewicz will continue serving as Vice President of U.S. Sales with a focus on expanding the distributor network, while John Winge remains Vice President of Spine Commercial Strategy, concentrating on the 7D FLASH Navigation System.Patrick Fisher, who previously led the Limb Reconstruction business, has also taken on responsibility for the company’s Biologics segment.Orthofix reported preliminary first-quarter net sales of about $196.7 million, including revenue generated from its M6 artificial cervical and lumbar disc products. Excluding M6 disc sales, non-GAAP pro forma net sales totaled roughly $196.4 million, reflecting a 0.4% increase on a reported basis and 3% growth on a constant-currency, non-GAAP pro forma basis compared with the same quarter in 2025.The company reiterated its full-year 2026 outlook, forecasting net sales in the range of $850 million to $860 million. At the midpoint, this represents about 5.5% year-over-year growth on a pro forma constant-currency basis. Orthofix also expects non-GAAP adjusted EBITDA of between $95 million and $98 million and anticipates generating positive free cash flow in 2026, excluding the potential impact of legal settlements.Orthofix plans to publish its full first-quarter 2026 financial results on May 5, 2026, before the market opens, followed by a conference call scheduled for 8:30 a.m. Eastern Time.Orthofix Medical stock price

Original: Orthofix reshuffles spine division leadership, posts preliminary Q1 sales

OFIX 10Q due March 5

OFIX, Jeffrey Hammel, CPA, Brian McCollum, Kenneth Mack and Bryan McMillan SEC Litigation:

https://www.sec.gov/litigation/admin/2018/34-82933.pdf

OFIX: SEC Litigation:

http://www.sec.gov/litigation/litreleases/2012/lr22412.htm

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 22412 /July 11, 2012

Securities and Exchange Commission v. Orthofix International N.V., United States District Court for the Eastern District of Texas, Case No. 4:12-CV-419 (filed July 10, 2012)

SEC CHARGES ORTHOFIX INTERNATIONAL WITH FCPA VIOLATIONS


The Securities and Exchange Commission today charged Texas-based medical device company Orthofix International N.V. with violating the Foreign Corrupt Practices Act (FCPA) when a subsidiary paid routine bribes referred to as “chocolates” to Mexican officials in order to obtain lucrative sales contracts with government hospitals.

The SEC alleges that Orthofix’s Mexican subsidiary Promeca S.A. de C.V. bribed officials at Mexico’s government-owned health care and social services institution Instituto Mexicano del Seguro Social (IMSS). The “chocolates” came in the form of cash, laptop computers, televisions, and appliances that were provided directly to Mexican government officials or indirectly through front companies that the officials owned. The bribery scheme lasted for several years and yielded nearly $5 million in illegal profits for the Orthofix subsidiary.

Orthofix agreed to pay $5.2 million to settle the SEC’s charges.

According to the SEC’s complaint filed in U.S. District Court for the Eastern District of Texas, the bribes began in 2003 and continued until 2010. Initially, Promeca falsely recorded the bribes as cash advances and falsified its invoices to support the expenditures. Later, when the bribes got much larger, Promeca falsely recorded them as promotional and training costs. Because of the bribery scheme, Promeca’s training and promotional expenses were significantly over budget. Orthofix did launch an inquiry into these expenses, but did very little to investigate or diminish the excessive spending. Later, upon discovery of the bribe payments through a Promeca executive, Orthofix immediately self-reported the matter to the SEC and implemented significant remedial measures. The company terminated the Promeca executives who orchestrated the bribery scheme.

The SEC’s proposed settlement is subject to court approval. Orthofix consented to a final judgment ordering it to pay $4,983,644 in disgorgement and more than $242,000 in prejudgment interest. The final judgment would permanently enjoined the company from violating Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934. Orthofix also agreed to certain undertakings, including monitoring its FCPA compliance program and reporting back to the SEC for a two-year period.

Orthofix also disclosed today in an 8-K filing that it has reached an agreement with the U.S. Department of Justice to pay a $2.22 million penalty in a related action.

The SEC’s investigation was conducted by Carol Shau and Alka N. Patel in the Los Angeles Regional Office. The SEC acknowledges and appreciates the assistance of the U.S. Department of Justice’s Criminal Division-Fraud Section and the Federal Bureau of Investigation.

SEC Complaint:

http://www.sec.gov/litigation/complaints/2012/comp22412.pdf

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Orthofix International N.V. (Orthofix) is a diversified orthopedic products company. The Company offers a range of surgical and non-surgical products for the Spine, Orthopedics, Sports Medicine and Other Products market sectors. The Company’s products are designed to address the bone-and-joint health needs of patients of all ages. It designs, develops, manufactures, markets and distributes medical equipment used principally by musculoskeletal medical specialists for orthopedic applications. The Company operates in three segments: Spine, Orthopedics and Sports Medicine. Its primary research and development facilities are located in Fairfield, New Jersey; Verona, Italy; Lewisville, Texas; and Vista, California. During the year ended December 31, 2010, it closed certain facilities in the United States and Mexico and it subleased its facility in Boston, Massachusetts.

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