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Orthopedic and Dental Industry News
July 2006
Wright Medical Group reported 2Q:06 net sales of $87.5 million, a 6% increase over 2Q:05 (foreign currency had no material impact on sales). Net income for the quarter was $2.8 million, or a diluted EPS of $0.08, beating analysts' estimates... more
DOJ Investigation Smith & Nephew PLC announced this morning that an internal investigation prompted by last month's DOJ subpoena revealed that an independent orthopedic sales representative under contract to the Company sent an email on October 28, 2005 to competitors.... more
Kyphon (KYPH) reported a strong 2nd Quarter this week. Quarterly revenue broke the $100m mark, and at $101m, handily beat analysts' estimates of $98.6m. Overall, revenue was up 35% compared to the year ago period, with domestic revenue up 28%... more
LifeCell Corporation, a maker of regenerative human tissue products, yesterday reported record 2Q:06 financial results. Product revenues were $35.7 million for the quarter, up 60% from the $22.3 million reported in 2Q:05. Growth in product revenues can be attributed to... more
Earnings Results: Biologics: Anika Therapeutics announced 2Q:06 net sales increased 11% to $7.1 million. Product revenues grew 74% while licensing, milestone and contract revenue was down 77%. The large product sales growth was partially driven by higher demand for OrthoVisc®;... more
In yesterday's quarterly report press release Zimmer shared more information on the nature of the recent DOJ investigations into the Orthopedics Industry. The ongoing investigation is related to a price-fixing scheme, initiated by one of Zimmer's competitors at a specific... more
Last Sunday, Floyd Landis won the Tour de France. Although this victory has been called into question today by doping allegations, his next big battle is going to be tackling the avascular necrosis in his right hip caused by a... more
Investments in health information technology (HIT) are slowly growing as hospitals, spurred on by the possibility of cost and quality of care benefits, increasingly incorporate HIT into daily use. HIT may very well come to play a large role in... more
This morning, Anika Therapeutics reported 2Q:06 sales of $7.1 million, or an increase of 74% over 2Q:05. This large sales growth was partially driven by higher demand for OrthoVisc®, its hyaluronan viscosupplementation device. Licensing and contract revenues were down significantly... more
Thursday, Stryker Corporation reported its 2Q:06 operating results. Net sales increased 9.0% to $1.33 billion, slightly below analysts' expectations of $1.34 billion. Operating income rose 16% and net income more than 20%. Diluted EPS for 2Q:06 increased 20.9% to $0.52,... more
The Centers for Medicare & Medicaid Services (CMS) will make its final ruling on the proposed changes to the Inpatient Prospective Payment System (IPPS) on August 1st, 2006. The proposed changes, to be implemented by FY 2008, are the first... more
Appointment: AxioMed® Spine Corporation promoted James Kuras to Chief Operating Officer. Previously, he was a Senior Vice President and Chief Technology Officer of the Company. VQ OrthoCare hired Dan Johnson as Vice President of Reimbursement. Formerly, he was with Apria... more
Below is the table of company earnings conference calls and webcasts for the investment community (replay info. also available). Mark your calendar for next week when most companies will be reporting. Company Ticker Symbol ConferenceCall Date/Time Dial-in Number /Passcode -... more
Medtronic announced yesterday that it has settled with the Department of Justice regarding a qui tam lawsuit related to sales and marketing practices in its Spine group, particularly kickbacks to surgeons. Qui tam lawsuits are better known as whistleblower suits.... more
Today Johnson & Johnson announced record sales of $13.4 billion for 2Q:06, an increase of 4.7% compared to 2Q:05, and slightly higher than analysts' $13.13 billion expectations. DePuy, Inc., one of the overall family of J&J companies, experienced a reported... more
An article in yesterday's New York Times provides a useful summation of the kickback controversy surrounding the Healthcare Research and Development Institute, or H.R.D.I., a for-profit consulting firm owned by about three dozen hospital executives that advises pharmaceutical, medical device,... more
This past weekend we attended the 22nd Annual Summer Meeting of the American Orthopaedic Foot & Ankle Society in La Jolla (AOFAS). The conference ran from July 14-16, 2006 at the Hilton Torrey Pines Hotel and there were approximately 400... more
Recently, the debate between Third-Party Reprocessors (TPRs) and Original Equipment Manufacturers (OEMs) has spread to the legislature of the state of Massachusetts. A proposed bill, Senate No. 2433, would require: -A patient to provide written consent prior to undergoing a... more
Appointment: Biomet, Inc. appointed Charles E. Niemier as President of EBI's operations following the resignation of its former president, Bart J. Doedens, M.D. Mr. Niemier has been a member of the senior management team and Board of Directors for more... more
It has been quite a year for Biomet and it doesn't seem be settling down. The Company announced on Wednesday that it had named Charles Niemier as President of its EBI Spine Division. Mr. Niemier will replace Bart Doedens who... more
Late last month, AdvaMed created a logo licensing program for the AdvaMed Code of Ethics. For $300 per year, companies can license this logo which shows they have signed and comply with the Code. In particular, the logo can be... more
Smith & Nephew plc (SNN) announced today that it has acquired Osteobiologics (OBI) for a net consideration of $72.3m in cash, representing ~20x OBI's 2005 revenues of $3.3m. The acquisition is expected to reduce SNN's earnings by $7m in the... more
Medtronic, Inc. announced today that the FDA granted an investigational device exemption (IDE) to the DIAM(TM) Spinal Stabilization System for use in a clinical safety and effectiveness study. The DIAM System will be measured against posterior lumbar interbody fusion, the... more
Tutogen Medical ("TTG") reported 2Q:06 (ending March 31, 2006) revenue increased 21% during the 2Q:06 to $9.1 million and net income for the quarter totaled $22,000 compared to a net loss of $1.1 million last year. During the quarter, TTG's... more
In-Pharma Technologist.com reported on Tuesday, that new Central Drugs Standard Control Organization (CDSCO) guidelines came into effect on June 29, 2006. These guidelines will regulate the import, manufacture and sale of sterile devices in India, including bone cements and orthopedic... more
Appointments: Tutogen Medical appointed Dr. Karl Koschatzky to the position of Managing Director. Dr. Koschatzky will replace Manfred Kruger, who was Tutogen's President of International operations and Managing Director of the German subsidiary. IsoTis OrthoBiologics appointed James William (Jim) Poser,... more
Zimmer announced today that it received FDA approval of its Premarket Approval Application (PMA) to market the Trilogy AB® Ceramic-on-Ceramic Acetabular System. Zimmer originally submitted its request for approval to market the Trilogy AB products in December 2004. The product... more
After the market close on Friday, a unit of the mega-sized private equity firm Blackstone Group (not to be confused with the spine company) offered Encore Medical Corporation shareholders a 36% premium to take the company private. The enterprise valuation... more
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