Company: OFIX
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000950170-25-026066
Chunk: 36

Company: Orthofix Medical Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 16
Chunk 36
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 share of SeaSpine common stock issued and outstanding immediately prior to the closing of the Merger was converted into the right to receive 0.4163 shares of Orthofix common stock.

F-11

The Company finalized its valuation of assets acquired and liabilities assumed during the fourth quarter of 2023. Certain acquired assets and liabilities assumed were valued utilizing Level 3 inputs and assumptions. 

        (U.S. Dollars, in thousands)
         
        Final Acquisition Date Fair Value

        Assigned Useful Life

        Assets acquired:

        Current assets

        Cash and cash equivalents
         
        $
        29,419

        Accounts receivable, net

        35,313

        Inventories

        132,636

        Prepaid expenses and other current assets

        4,590

        Total current assets

        201,958

        Property, plant, and equipment, net

        68,863

        Customer relationships

        33,100

        13 years

        Developed technology

        47,200

        6 - 8 years

        In-process research and development ("IPR&D")

        5,750

        Indefinite

        Other long-term assets

        20,501

        Total identifiable assets acquired
         
        $
        377,372

        Liabilities assumed:

        Current liabilities

        Accounts payable
         
        $
        21,602

        Other current liabilities

        43,521

        Total current liabilities

        65,123

        Long-term borrowings under SeaSpine credit facility

        26,298

        Other long-term liabilities

        32,823

        Total liabilities assumed

        124,244

        Net identifiable assets acquired
         
        $
        253,128

        Total fair value of consideration transferred

        376,745

        Residual goodwill
         
        $
        123,617

      The Company did not recognize any direct acquisition-related costs, which exclude integration-related activities, during the year ended December 31, 2024, however, the Company recognized $9.9 million in such costs that were expensed during the year ended December 31, 2023. These costs are included in the consolidated statements of operations and comprehensive loss, primarily within general and administrative expenses. The Company's results of operations included $294.0 million of net sales from SeaSpine for the year