Dril-Quip restates 2021 financials on $67M inventory write-down misclassification

Innovex International, Inc.

Audit committee concludes 2021 financials can no longer be relied upon after SEC comment letter.
Misclassified $67M inventory write-downs (2021: $19.3M strategic plan, $47.7M product discontinuation) from restructuring to cost of sales.
Error had no impact on net income, income before taxes, or adjusted EBITDA.
Management reports material weakness in internal controls over classification of inventory write-downs; disclosure controls deemed ineffective.
Company will file amended 2023 10-K and Q1 2024 10-Q on July 8, 2024.

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