Musculoskeletal News Roundup 31-Jan-08
BY LAUREN UZDIENSKI, JANUARY 31, 2008
Earnings
Kensey Nash reported FQ2:08 total revenues of $19.6 million, missing estimates by $0.05 million and up 14% over the year-ago period. Net sales of biomaterials products increased 15% to $11.5 million, which the company attributed to orthopedic sales. The orthopedic segment was up 67% over the year-ago period, with net sales of $7.2 million. Spine sales increased 140%, with approximately $0.40 million in new product sales attributable to the MacroPore Biosurgery asset acquisition. Excluding MacroPore, spine increased 115%. Finally, sports medicine product sales increased 23% over FQ2:07. The company also reported FQ2:08 earnings per share of $0.21, in line with estimates and up 62% over the year-ago period, attributed to increases in both sales and royalties and a reduction in R&D expenses.
Zimmer Holdings, Inc. reported 4Q:07 net sales of $1.07 billion, beating consensus estimates of $1.03 billion and representing an increase of 15% over the year-ago period. Adjusted earnings were $1.18, up 16% over 4Q:06, and beat estimates by $0.14. Among segments, knee sales increased 15%, hips increased 12%, extremities increased 34%, dental increased 30%, trauma increased 10% and spine increased 20%.
M&A
Symmetry Medical completed its acquisition of DePuy Orthopedics' instrument manufacturing facility in New Bedford, MA for $45.0 million in cash. As first announced in December 2007, Symmetry and DePuy have entered into a supply agreement which requires DePuy to make minimum purchases from the New Bedford facility for a four-year period.
Small Bone Innovations has entered into definitive agreements to acquire Link's S.T.A.R.® Ankle and assets related to the device. Financial terms were not disclosed. FDA clearance for the device is pending, though the press release says SBI believes the S.T.A.R ankle will be "the first and only FDA approved, non-cemented mobile bearing total ankle replacement prosthesis available to patients in the United States."
BioHorizons Implant Systems, Inc. announced its parent company has entered into a definitive agreement to purchase Implant Logic Systems, Ltd. ILS is a leading innovator and provider of technology solutions for the implant dentistry market. ILS's Virtual Implant Placement software enables implantologists to view CT scans and create virtual implant treatment plans. Implantologists can then use ILS's Compu-Guide system to create custom milled surgical guides that bring the virtual treatment plan into the operating suite. Terms of the transaction were not disclosed.
Regulatory
X-spine Systems, Inc. received FDA clearance for its BUTREX™ Buttress Plating System, which offers "a compact titanium alloy plate for the buttressing of an anterior lumbosacral intervertebral bone graft."
Product Introduction
Ascension Orthopedics, Inc. launched the TITAN™ humeral resurfacing device for shoulder disorders worldwide. According to the press release, the Ascension TITAN™ system "provides a stable, bone-conserving option for humeral head arthroplasty." The device was first approved by the FDA in October 2006 and has had a successful beta launch in the U.S.
Legal
A federal U.S. Court of Appeals ruled in favor of TriMed Inc on Tuesday in its patent-infringement case against Stryker. TriMed accused Stryker of infringing TriMed's patent for a wrist implant. The case will now be reheard.
Partnerships
Orthofix and Zimmer have signed contracts with Premier Purchasing Partners for distribution of products to "members of the Premier alliance." The contracts will last three years, and financial terms were not disclosed.
Clinical
Denver-based Regenerative Sciences, Inc. has begun recruiting patients for a clinical study on its Regenexx™ procedure, which uses autologous stem cells to regenerate bone and cartilage. The company is currently recruiting patients with moderate to severe tennis elbow, partial rotator cuff tears or Achilles tendon tears and moderate to severe plantar fasciitis for the study.
Appointment
Anika Therapeutics, Inc. appointed Andrew J. Carter, Ph.D. as chief technology officer. Dr. Carter was most recently vice president and general manager at Spine Wave, Inc. and in his new position will lead Anika’s research and development efforts.
Innovative Spinal Technologies, Inc. appointed Michael C. McIntyre as Vice President of Sales. Mr. McIntyre joins IST from Advanced Bionics, a division of Boston Scientific, Inc., where he was Northeast Regional Director of Sales.
