Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 27

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 27
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 estimate the inventory excess and obsolescence reserves, management’s review and approval of the model used to estimate the inventory excess and obsolescence reserve, including the data inputs and outputs of such model and management’s qualitative adjustments to the model. To test the inventory excess and obsolescence reserve balance, we performed audit procedures that included, among others, evaluating the significant assumptions and qualitative adjustments described above and the underlying data used by the Company in its analysis. Our audit procedures included testing the completeness and accuracy of the underlying data used in the model and evaluating whether such data was representative of current circumstances. We assessed the historical accuracy of management’s estimates.

/s/ Ernst & Young LLP 

We have served as the Company’s auditor since 2002.

Dallas, Texas 

February 25, 2025

F-3

ORTHOFIX MEDICAL INC. 

Consolidated Balance Sheets as of December 31, 2024 and 2023 

    (U.S. Dollars, in thousands, except par value data)
     
    2024

    2023

    Assets

    Current assets

    Cash and cash equivalents
     
    $
    83,238

    $
    33,107

    Restricted cash

    2,500

    4,650

    Accounts receivable, net of allowances of $7,418 and $7,130, respectively

    134,713

    128,098

    Inventories

    189,452

    222,166

    Prepaid expenses and other current assets

    23,382

    32,422

    Total current assets

    433,285

    420,443

    Property, plant and equipment, net

    139,804

    159,060

    Intangible assets, net

    98,803

    117,490

    Goodwill

    194,934

    194,934

    Other long-term assets

    26,468

    33,388

    Total assets
     
    $
    893,294

    $
    925,315

    Liabilities and shareholders’ equity

    Current liabilities

    Accounts payable
     
    $
    48,803

    $
    58,357

    Current portion of long-term debt

    —

    1,250

    Current portion of finance lease liability

    755