Earnings
aap Implantate reported 1Q:10 sales of EUR 5.8 million ($7.8 million), down 31% from 1Q:09. Adjusted for one-time events, sales declined by 2% compared to the year-ago quarter. The company expects sales to accelerate in the rest of 1H:10 to result in "double-digit sales growth at product level" for the period. The company reported a loss of EUR 0.5 million ($0.67 million), down from EBIT of EUR 0.1 ($0.1 million) in 1Q:09.
Alphatec Spine reported record consolidated revenue of $38.4 million reported in 1Q:10, which represents 26% growth over 1Q:09 and 5% sequential revenue growth over 4Q:09. Non-GAAP net loss was $0.2 million for 1Q:10, excluding Scient'x acquisition-related transaction and restructuring costs of $4.0 million and in-process research and development expenses of $0.5 million. Non-GAAP EPS was $0.00 per share for first quarter 2010 compared to non-GAAP EPS of ($0.06) per share reported in first quarter 2009.
Anika Therapeutics reported 1Q:10 revenues of $11.6 million, up 37% over 1Q:09. The company attributed the sales growth to a 34% increase in orthopedic/joint health revenue, which was driven by strong U.S. sales of ORTHOVISC. Net income for the quarter was $0.7 million, improved from $0.5 million in the year-ago period. EPS remained unchanged at $0.05 per diluted share.
BioMimetic Therapeutics reported 1Q:10 royalty and sub-licensing revenues of $0.4 million, compared to $0.4 million in 1Q:09 and missing estimates by $0.1 million. Net loss for the quarter was $8.5 million, or $0.39 per diluted share, compared to a net loss of $8.0 million, or $0.43 per diluted share, in 1Q:09. Analysts had forecast a loss of $0.35 per share. The company revealed in their earnings announcement that the FDA requested additional 12-month follow-up data on patients in BioMimetics' Augment IDE study, which the company supplied.
Osteotech reported 1Q:10 revenues of $22.5 million, down 6% over 1Q:09 and missing estimates by $0.5 million. The company notes that sales of new products, including MagniFuse, Plexur M and FacetLinx, were $1.8 million in 1Q:10, up 88% sequentially from 4Q:09. Net loss for 1Q:10 was $1.6 million, or $0.09 per diluted share, narrowing from a net loss of $1.8 million, or $0.10 per share, for 1Q:09. Analysts had forecast a loss of $0.08 per share.
Funding
Olympus Corporation invested $12.0 million in Small Bone Innovations. The company notes that "the investment grants no special privileges and will not influence SBi's operating independence." Funds will be used to support the S.T.A.R. total ankle replacement system by "providing capital for inventory and expanding surgeon education and training."
Product Introduction and Update
Aesculap launched the S4 Element Pedicle Screw System for use in thoracolumbar fusions. The system's features include the "Ultra Low Profile screw head" that the company says offers "minimal impingement of anatomical structures" and instruments like the speed multiplier handle, which "facilitates tapping and screw placement at a 3.5 times faster rate without altering bone screw thread properties."
Clinical
B Braun's Targon FN screw for the treatment of hip fractures has been found to reduce complication rates during healing by about 30%.
Distribution
Small Bone Innovations announced that Olympus Terumo Biomaterials Corporation will exclusively distribute SBi's products in Japan and China.
Operations
Citing "current economic circumstances," BioSyntech has filed for bankruptcy protection in Canada. All Board members have resigned, and the company will request that PricewaterhouseCoopers manage the corporation in the absence of a Board.
Appointments
Titan Spine named Mark Berg Vice President of Operations. Prior to joining Titan Spine, Mr. Berg served as Vice President of Manufacturing for Biomet 3i and has also held positions at Medtronic/Sofamor Danek and DePuy.
