Musculoskeletal News Roundup 23-Nov-11
BY LAUREN UZDIENSKI, NOVEMBER 23, 2011
Earnings
Medtronic reported F2Q:12 revenues of $4.1 billion, up 3% over the year-ago period and beating estimates by $61.0 million. Spine sales declined by 3% to $839.0 million. Core Spinal contributed $631.0 million and declined by 3% during the quarter, while biologics contributed $208.0 million and declined by 4% during the quarter. Growth rates exclude the effects of currency. Net income for F2Q:12 was $898.0 million, or $0.84 per share, up 1% over the year-ago period. EPS beat estimates by $0.02.
Funding
Flexuspine raised $2.1 million, which is part of a larger series B round of investment funding. The company is currently conducting a clinical feasibility study of its spinal disc replacement system.
Reimbursement
TranS1 announced in a regulatory filing that the American Medical Association rejected a request to convert Category III CPT codes 0195T and 0196T, which are used to bill for services in which the company's devices are used, to Category I codes. The company is pursuing an appeal, and if the panel chooses to hear the appeal, it will come before the panel on meetings scheduled on February 2-4, 2012. Category I codes typically represent widely-accepted technologies, while category III codes are usually applied to newer technologies.
Clinical
Expanding Orthopedics announced that results of a sheep study evaluating its XPED expandable pedicle screw were presented at NASS earlier this month. The company reported that the study demonstrated "ease of deployment, progressive bone in-growth in between the implant's expanded wings and ease of removal despite the bone in-growth" at six months.
Collaborations
The Neurosurgery Research and Education Foundation (NREF) and the Orthopaedic Research and Education Foundation (OREF) announced plans to jointly establish the non-profit Collaborative Spine Research Foundation (CSRF). The organization will focus on "advancing the science and practice of the highest quality spine care" by providing grant opportunities to further multidisciplinary spine research.
