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Orthopedic and Dental Industry News Complete Archive »

Market Turmoil 2008

Industry Private Placements Alive and Well BY JOHN MCCORMICK, AUGUST 26, 2009

Last week's $75 million private placement in Arthrocare (ARTC.PK) was not a one off event. It was more like a sign of the times. Private placements are investments in a company where the investor is a small group of chosen... more

While Some Sectors Struggle, Early 4Q Results Show Stability for Ortho BY LAUREN UZDIENSKI, JANUARY 14, 2009

Over the weekend, Slate.com posted a report on some of the reasons why the healthcare industry may be more vulnerable to a recession now than in the past. However, the article also helped to highlight the ways in which orthopedics... more

Greatbatch Takes Advantage of Credit Market Dislocation BY MATT LOESCH, JANUARY 13, 2009

Market dislocation can create unlikely situations that well positioned opportunistic companies can profit from. Recently, Greatbatch Inc., an OEM in the ortho and cardio spaces, posted a material gain on a debt repurchase transaction using an existing credit facility. This... more

Stryker Reduces 2008 Guidance BY LAUREN UZDIENSKI, DECEMBER 19, 2008

Last night, Stryker announced that the company is reducing its revenue and earnings outlook for 2008 on account of the "unprecedented weakening" of the U.S. economy. Constant-currency revenue growth, previously forecast to be 11-12% over 2007, is now expected to... more

The New Rules for Public Company Acquisitions BY DAVID KRESSEL, DECEMBER 18, 2008

With stock values down so much, particularly over the past few months, we took a look at the mergers & acquisition environment. We pulled information on M&A premiums on the NASDAQ and NYSE in the recent past, given the recent... more

The Fed's Not-So-Silent Bailout BY JOHN MCCORMICK, NOVEMBER 25, 2008

The United States' Federal Reserve announced this morning that it is going to buy $600 billion in mortgage backed assets. This comes right on top of an announced $200 billion to support consumer and small-business loans. These extraordinary moves are... more

Hospitals and the Credit Markets: An Interview with Wachovia's Mike Matson BY JOHN MCCORMICK, NOVEMBER 5, 2008

Earlier this week we interviewed Wachovia's industrious medical technology and device analyst Mike Matson to revisit his thoughts on how the credit market dislocations are affecting hospital capital spending decisions. McCormick: Mike, thank you for joining us especially with all... more

BioMimetics' Experience A Microcosm of Current Credit Crisis within Ortho BY DAVID KRESSEL, OCTOBER 27, 2008

This evening, BioMimetic Therapeutics (BMTI) issued a press release stating it has reached a settlement with Deutsche Bank regarding BMTI's holdings of auction-rate securities (ARS). BMTI told investors on its 2Q08 conference call that it had approximately $60 million of... more

The High Yield Canary in the Coalmine? BY JOHN MCCORMICK, OCTOBER 24, 2008

Last week global equities were up on points of light in the interbank lending markets and this week equities have been pricing in a recession. Another important market is also pricing in a recession: high yield bonds. Before we get... more

A Thaw in the Credit Markets? BY JOHN MCCORMICK, OCTOBER 20, 2008

Global equity markets have breathed a collective sigh of relief last week thanks to the U.S. Treasury announcing it is recapitalizing banks and the prospect of a thaw in credit markets. Our latest observations are below. U.S. Treasury Update The... more

Robin Young and John McCormick Discuss / Debate Credit Markets BY EDITOR, OCTOBER 8, 2008

This article first appeared in the October 7, 2008 edition of Orthopedics This Week. Robin: John, first of all, thank you so much for agreeing to discuss this unprecedented crisis in the capital markets. From my perspective, this is an... more

Musculoskeletal Stocks Outperforming Broader Markets During Financial Crisis BY MATT LOESCH, OCTOBER 6, 2008

Musculoskeletal stocks have performed relatively well year to date only down 14% compared to the S&P 500, which is down 25%. Despite financial uncertainty roiling the market on what seems like a daily basis, musculoskeletal stocks have displayed resiliency to... more

Orthopedic Venture Capital Down but not Out BY JOHN MCCORMICK, OCTOBER 2, 2008

What do the severe dislocations seen in the credit markets mean for the orthopedic device startup looking for venture capital? Duly noting we are not a venture capital firm (we perform buyouts), our observation from afar is that the venture... more

Orthofix Credit Deal: A Litmus Test of the Times BY JOHN MCCORMICK, OCTOBER 1, 2008

Even in these troubled markets, there is a price for everything. On Monday, in the midst of one of the greatest credit dislocations in history, Orthofix announced that it has amended its existing credit facility. In an even more remarkable... more

Musculoskeletal Companies Buffered But Not Isolated From Turmoil BY DAVID KRESSEL, SEPTEMBER 30, 2008

Healthcare is well known to be a steadily growing segment of the US economy. According to CMS, over the past decade the industry has grown at an average of 6.5% annually, despite an economy that has faced its share of... more

Bailouts: A Necessary Evil BY JOHN MCCORMICK, SEPTEMBER 26, 2008

On the topic of bailouts, "Manias, Panics and Crashes: A History of Financial Crises" by the immortal economic historian Charles Kindleberger is recommended reading. Readers too busy to read books while burrowing for safe investments will hopefully find this quick... more

Introduction: How Did Financial Companies Get Into Trouble BY DAVID KRESSEL, SEPTEMBER 23, 2008

There has been so much written on the current financial crisis that it may be hard to get a simple explanation of what started this. The goal of this blog is to answer simply what could be an infinitely complicated... more


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