Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 296

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9A
Chunk 296
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 criteria). Based on its evaluation, the Company’s management concluded that, as of December 31, 2024, the Company's internal control over financial reporting is effective based on the specified criteria.  

Ernst & Young LLP, an independent registered public accounting firm, has issued an audit report on the effectiveness of our internal control over financial reporting as of December 31, 2024, which follows this report. 

Remediation of Material Weakness

As disclosed in Part II, Item 9A of our 2023 Form 10-K, we identified a material weakness as of December 31, 2023, related to the design and operation of certain management review controls pertaining to business combinations and assessing recoverability of goodwill, resulting from insufficient evidence supporting the precision over the determination of certain estimates and insufficient evidence supporting the operating effectiveness of the associated review controls. During the year ended December 31, 2024, we 

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developed and implemented a remediation plan to address this material weakness, including enhancing existing controls. Based on management's assessment of the effectiveness of our internal control over financial reporting as of and for the year ending December 31, 2024, our President and Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, we had effectively remediated this past material weakness and that our controls and procedures were effective.

Changes in Internal Control over Financial Reporting 

There have not been any changes in our internal control over financial reporting during the fourth quarter of 2024 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Orthofix Medical Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Orthofix Medical Inc.’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Orthofix Medical Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the