Musculoskeletal News Roundup 26-Jun-08
BY LAUREN UZDIENSKI, JUNE 27, 2008
Earnings
Symmetry Medical reported 1Q:08 revenue of $101.9 million, up 57% from the year-ago period. Revenue was positively affected by the recent acquisitions of TNCO, Inc., Specialty Surgical Instrumentation Inc. and DePuy Orthopaedics, Inc.'s Massachusetts manufacturing facility. Net income for the quarter was $4.0 million, or $0.11 per diluted share, up from $1.6 million, or $0.05 per diluted share, in 1Q:07. EPS missed estimates by $0.02.
M&A
Orthofix acquired intellectual property and technology for a spinal fixation device from Intelligent Implant Systems LLC. According to the press release, the device is expected to launch in late 2010 and can be locked in place without the use of a torque wrench. Financial terms include a $2.5 million upfront payment to IIS plus additional milestone payments up to $4.5 million.
Product Introduction & Update
BioMimetic Therapeutics announced that their orthobiologics portfolio (formerly known as GEM) will now be branded Augment. Luitpold Pharmaceuticals, Inc., in their purchase of BMTI's dental business, also acquired the GEM trademarks.
DePuy Spine, Inc. launched the next-generation EAGLE Plus Rigid and the SWIFT Plus Dynamic Anterior Cervical Plating (ACP) Systems. The EAGLE Plus Micro Plate is indicated for "short, one-level constructs in difficult locations such as C2-C3 or adjacent to a previously instrumented level." The SWIFT Plus features the Corpectomy Plate, "designed for maximum visualization and contouring on longer corpectomy constructs."
Integra Lifesciences will feature its Large Qwix Fixation and Positioning Screw System at this week's American Orthopaedic Foot & Ankle Society Meeting in Denver. The system is indicated for correction and fixation of osteotomies and fractures of the mid and hind foot. Additionally, the fixation screws employ "self-drilling and self-tapping flutes on the shaft and head," which the company says allows for "for quick and reliable insertion."
Integra also launched the Tibiaxys System for treating ankle arthritis and deformity. The system includes anterior ankle fusion plates, medial and lateral distal tibial osteotomy plates and fibula fracture plates and features Surfix Alpha variable angle locking technology.
Vertiflex announced the first U.S. implantation of its Superion Interspinous Spacer at the Spine Institute of Louisiana in Shreveport. The company describes the implant as "a titanium metal implant that is delivered through a small 12-15 millimeter incision in the patient’s back."
Clinical
Trans1 Inc. has initiated a pilot study to evaluate the safety and effectiveness of its second-generation PNR (Percutaneous Nucleus Replacement) implant in the Netherlands. According to the press release, the first PNR patients were ambulatory within two hours following the surgery.
Impliant, Inc. has resumed European clinical activities on its TOPS System, which have been suspended since a device failure in September 2007. The company has made several design and manufacturing improvements since that event.
Applied Spine Technologies recently enrolled its 100th patient in its randomized, controlled study of the Stabilimax NZ Dynamic Spine Stabilization System. The company has also added five new clinical sites to its study, bringing the total to 21.
Partnerships
SpineView, Inc. entered into a Development and Supply agreement with Vision-Sciences, Inc. Per the agreement, Vision-Sciences will develop and supply a CCD-based video endoscope to SpineView for use with their products. Among other financial terms, SpineView will place an initial order for 50 video endoscopes at a purchase price of $27,000 each, or $1.35 million dollars total.
Appointments
Maria Sainz has been elected to Orthofix's Board of Directors. Ms. Sainz is President and CEO of Concentric Medical and has been President of Guidant Corporation’s Cardiac Surgery Division and a member of Guidant’s Management Committee.
Langer, Inc. appointed David S. Hershberg to fill a vacancy on its Board of Directors. He will serve until the next annual meeting of stockholders. Mr. Hershberg has held various legal roles at IBM, Shearson Lehman Brothers and Viatel Inc. in addition to directorships at Bank Julius Baer. Mr. Hershberg has also served as a consultant to Aquiline LLC and the Solaris Group and has sat on the Boards of Directors for a number of private equity sponsored-owned businesses.
