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FIRST AND FINAL ADD TO ORTHOFIX INTERNATIONAL

 /FIRST AND FINAL ADD -- NY009A -- ORTHOFIX INTERNATIONAL/
 ORTHOFIX INTERNATIONAL N.V.
 Consolidated Income Statement
 (In thousands, except per share and share data, unaudited)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Net sales $6,622 $4,743 $13,760 $10,978
 Cost of sales 1,851 1,575 3,926 3,581
 Gross profit 4,771 3,168 9,834 7,397
 Operating expenses:
 Sales and marketing 1,987 1,182 3,567 2,320
 General and administrative 838 535 1,537 1,097
 R&D costs 443 270 831 580
 Total 3.269 1.987 5.935 3.997
 Operating income 1,502 1,181 3,899 3,400
 Other income (expense 64 (293) (377) (1,527)
 Net income (loss) of
 affiliate (25) 0 (50) 0
 Net income before tax 1,541 888 3,472 1,873
 Income tax expense (257) (75) (660) (160)
 Net income before minority
 interests 1,284 813 2,812 1,713
 Minority interests 26 0 (7) 0
 Net income 1,312 813 2,805 1,713
 Income per common share 0.13 0.09 0.30 0.19
 Weighted average number of
 common shares on a
 historical basis using
 the Treasury stock method
 and the market price
 of $9.75 on
 June 30, 1992 10,106,313 8,809,740 9,427,855 8,809,740
 ORTHOFIX INTERNATIONAL N.V.
 Consolidated Balance Sheets
 (In thousands)
 As of 6/30/92 As of 12/31/92
 Assets
 Current assets:
 Cash and cash equivalents $14,750 $ 246
 Current portion of restricted cash 1,025 871
 Trade accounts receivable 8,967 4,175
 Inventories 2,794 1,937
 Other current assets 2,017 1,503
 Total current assets 29,553 8,732
 Restricted cash 3,077 3,484
 Investment in affiliate 1,466 0
 Property, plant and equipment, net 2,951 2,992
 Intangible assets, net 3,604 3,741
 Total assets 40,661 18,949
 Liabilities and shareholders equity
 Current liabilities:
 Bank borrowings 3,585 1,960
 Current portion of long-term debt 984 1,098
 Trade accounts payable 1,789 1,839
 Other current liabilities 4,078 1,336
 Total current liabilities 10,436 6,233
 Long-term debt 3,796 4,680
 Deferred compensation 399 276
 Total liabilities 14,631 11,189
 Shareholders equity:
 Common shares 1,035 827
 Additional paid-in capital 24,174 9,202
 Less treasury shares, at cost (232) (232)
 Total 24,977 9,797
 Accumulated deficit 1,418 (1,387)
 Cumulative currency translation
 adjustments (641) (650)
 Total shareholders' equity 25,754 7,760
 Minority interests 266 0
 Total liabilities and shareholders'
 equity 40,651 18,949
 Consolidated Statements of Cash Flows
 (Unaudited, in thousands)
 Six months ended June 30 1992 1991
 Net cash provided by operating activities $1,908 $2,833
 Cash flows from investing activities:
 Investment in affiliate (1,466) 0
 Investment in subsidiary net of cash
 purchased (6) 0
 Capital expenditure (209) (103)
 Proceeds from sale of property plant
 and equipment 2 91
 Net cash used by investing activities (1,679) (12)
 Cash flows from financing activities:
 Repayment of loans (936) (1,958)
 Proceeds from borrowings 44 (2,337)
 Restricted cash 254 668
 Proceeds from issuance of common
 stock, net 21,046 0
 Repayment of short-term notes (5,866) 0
 Net cash (used) provided by
 financing activities 14,542 (3,627)
 Effect of exchange rate changes
 on cash (265) 174
 Net increase (decrease) in cash and
 cash equivalents 14,504 (632)
 Cash and cash equivalents at the
 beginning of the year 246 1,055
 Cash and cash equivalents at the end
 of the period 14,750 423
 -0- 7/24/92
 (OFIXF) CO: Orthofix International N.V. ST: IN: SU: ERN


TS-LO -- NY009A -- 2955 07/24/92 10:18 EDT
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Date:Jul 24, 1992
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