Earnings DJO reported 4Q:09 revenues of $257.2 million, up 5% over 4Q:08, with domestic rehab sales up 3% and domestic surgical implant sales up 8%. The company attributed the latter largely to "strong sales of our Reverse Shoulder Prosthesis." Net... more
Earnings Nobel Biocare reported 4Q:09 revenues of EUR 156.0 million ($213.6 million), flat over the year-ago period and missing estimates by EUR 5.0 million ($6.9 million.) EPS of EUR 0.21 ($0.29) missed estimates by EUR 0.05 ($0.07). The company called... more
Earnings CONMED reported 4Q:09 sales of $190.6 million, up 3% over the year-ago period and beating estimates by $6.0 million. Arthroscopy sales rose 3% to $75.7 million. All growth rates exclude the effects of currency. 4Q:09 EPS of $0.37 beat... more
Earnings MEDICREA reported 4Q:09 sales of EUR 3.9 million ($5.6 million) and 2009 sales of EUR 13.1 million ($18.8 million), representing a 45% increase over 2008. The company said their sales development in the U.S. has been "successful" and a... more
A week after a catastrophic earthquake in Haiti, the orthopedic industry is mobilizing to help. Alphatec Spine, DePuy, Medtronic, Smith & Nephew and Synthes are among the companies contributing money and surgical supplies in the wake of the crisis. Synthes... more
M&A Stryker entered into a definitive agreement to acquire Ascent Healthcare Solutions, a medical device reprocessing company, for $525.0 million in cash. Ascent describes its operations as including the "cleaning, testing/verifying, packaging and sterilizing" or devices, as well as "remanufacturing,"... more
Earnings ArthroCare reported 3Q:09 sales of $76.4 million, representing an increase of 8% over 3Q:08. Analysts had forecast total revenues of $84.3 million. Sports medicine contributed $50.6 million in sales, up 11% over the year-ago period, and spine contributed $4.5... more
Earnings Alphatec Holdings, Inc. announced record consolidated revenue of $32.7 million in 3Q:09, which represents 27% growth over 3Q:08. U.S. revenue increased 21% over the prior-year third quarter and 28% over the first nine months of 2008. International revenue was... more
Wright Medical announced that their Conserve Plus hip resurfacing device received long-awaited FDA approval, which the company said was supported by clinical data on over 1,300 patients with up to eight years of follow-up. The company plans to initiate surgeon... more
Earnings aap Implantate reported nine-month revenue of EUR 25.6 million ($37.4 million), which represents a 6% increase over the year-ago period. The company said third-quarter highlights included the signing of several IP agreements that emphasize orthopedics, trauma ad spine. Artimplant... more
Earnings MEDICREA reported revenues of EUR 6.1 million ($8.6 million) in 1H:09, representing a 32% increase over 1H:08, which the company attributed to growth in sales from direct subsidiaries, primarily in the United States. Net loss was EUR 1.5 million... more
Regulatory Active Implants Corporation received a CE Class III Certificate for its TriboFit Hip System. The system is made from a low-wear polycarbonate-urethane material that the company says shares some of the characteristics of human cartilage. MEDICREA received 510(k) clearance... more
Earnings aap Implantate reported 1H:09 sales of EUR 14.7 million ($20.7 million), representing a 10% decreased from 1H:08. Adjusting for one-time income, sales were down 3%, and in the second half of 2009, the company "anticipates a recovery in demand... more
An FDA panel determined in a 6-1 vote that Q-Med's single-injection Durolane, a hyaluronic acid, should not receive market approval. The panel raised efficacy concerns based on study data showing limited benefit for the product compared to placebo. The panel... more
Earnings Exactech reported 2Q:09 revenues of $43.3 million, representing a 1% decrease from the year-ago period and beating estimates by $0.3 million. The company reported net income of $2.6 million, or $0.20 per share, representing a 14% decrease from 2Q:08... more
The promise of hip resurfacing seems to have faded somewhat with the publication of some new studies showing that outcomes for the procedure are similar to those associated with a traditional hip replacement. Additionally, the surgery has been found to... more
Earnings Medtronic reported FQ4:09 revenue of $3.8 billion, representing a 5% increase (constant currency) over FQ4:08 and in line with estimates. Adjusted EPS for the quarter was $0.82, also in line with estimates. Spine and biologics revenue was $881.0 million,... more
Earnings aap Implantate reported 2008 revenues of EUR 31.9 million ($45.0 million), a 14% increase over 2007 sales. Sales in the Trauma & Orthopedics division grew by 35%. Biomaterials sales increased by 4%, with the company attributing slower growth to... more
Earnings JNJ reported 1Q:09 sales of $15.0 billion, missing estimates by $0.4 billion and representing a 7% decline over 1Q:08, which the company attributed mostly to unfavorable exchange rates. Net income was $3.5 billion, or $1.26 per diluted share, beating... more
Earnings Corin reported 2008 revenues of GBP 39.8 million ($57.6 million), an 8% increase over 2007 sales. The company also reported a pretax loss of GBP 3.9 million ($5.6 million), which reflected a GBP 5.2 million ($7.2 million) inventory write-down... more
Eighteen months after the Department of Justice entered into Deferred Prosecution Agreements (DPA) with Smith & Nephew, Johnson & Johnson (Depuy), Zimmer and Biomet, and a Non-Prosecution Agreement with Stryker, the DOJ has announced it has dismissed the criminal charges... more
Earnings Alphatec Spine reported consolidated revenues for 4Q:08 of $28.4 million, an increase of 33% from the $21.3 million reported for 4Q:07. U.S. revenues for 4Q:08 were $22.0 million, an increase of 29% from the $17.1 million reported for 4Q:07.... more
The orthopedic industry convened in Las Vegas last week for what was a slightly quieter AAOS than we've seen in recent years, shadowed by worries about the economy. More than new products and deals, the tone at this year's conference... more
Earnings Artimplant reported 4Q:08 revenues of SEK 4.6 million ($0.6 million), down from SEK 5.0 million ($0.8 million) in 4Q:07. During the quarter, the company reported sales of 900 Artelon Spacers (down from 1,100 in 4Q:07) and 300 units of... more
Earnings Nobel Biocare reported 4Q:08 revenue of EUR 162.6 ($229.2 million), down 13% from 4Q:07. 4Q net profit of EUR 24.9 million ($32.3 million) was down 45% from the year-ago period and missed estimates of EUR 29.0 million ($40.9) million.... more
Earnings CONMED Corp. reported 4Q:08 revenues of $179.2 million, down 5% versus 4Q:07 and beating estimates by $2.26 million. Non-GAAP diluted earnings per share were $0.34, down 23% from 4Q:07 and beating estimates by $0.05. The company reported 4Q:08 arthroscopy... more
The North American Spine Society (NASS) adopted a new transparency policy requiring surgeons presenting at conferences to disclose both industry relationships and the dollar amount of any payments. Failure to disclose information could result in sanctions including suspension or expulsion... more
Earnings aap Implantate pre-announced 4Q:08 and full-year 2008 revenues of EUR 7.1 million ($10.0 million) and EUR 31.2 million ($44.0 million), respectively. 4Q:08 revenues declined 24% from the year-ago period, which the company attributed to "more orders from global partners"... more
Last week, Smith & Nephew Endoscopy was granted an injunction from a US Federal court barring Arthrex from manufacturing or selling several tacks and suture anchors used in minimally invasive soft tissue repairs. The injunction is due to take effect... more
Earnings Medtronic reported FQ2:09 revenues of $3.57 billion, up 14% (8% constant currency) over the year-ago period and missing estimates by $0.12 billion. Non-GAAP net earnings and diluted earnings per share were $758.0 million, or $0.67 per diluted share, missing... more
Earnings Alphatec Spine, Inc. announced that consolidated revenues for 3Q:08 were $25.8 million, an increase of 27.1% from the $20.3 million reported for the 3Q:07. U.S. revenues for 3Q:08 were $21.5 million, an increase of 27.7% from the $16.8 million... more
Earnings Exactech reported 3Q:08 revenues of $37.9 million, missing revenues by $0.9 million and representing an increase of 27% over the year-ago period. Among segments, knee revenue increased 16%; organic hip implant revenue increased 8%; biologic services revenue increased 12%;... more
Earnings CONMED reported 3Q:08 revenues of $179.4 million, up 9% over the year-ago period and beating estimates by $2.95 million. Arthroscopy was up 18% (17% constant currency), contributing $69.5 million to total sales. On a non-GAAP basis, diluted earnings per... more
M&A Arthro Kinetics announced that they are pursuing a potential asset sale. The company said this week that their current $5.0 million cash balance was not sufficient to sustain operations. Tecomet has been acquired from Cardinal Health by Charlesbank Capital... more
Earnings Inion reported 2Q:08 sales of EUR 1.8 million ($2.8 million), up 34% over 2Q:07. 1H:08 sales were EUR 2.59 ($4.1 million), a 12% increase over 1H:07. Operating loss for 1H:08 was EUR 4.85 million ($7.6 million), a 20% decrease... more
Earnings Alphatec Spine, Inc. reported consolidated revenues for 2Q:08 of $23.9 million, an increase of 27% from the $18.8 million reported in 2Q:07. U.S. revenues for 2Q:08 were $19.4 million, an increase of 20% from the $16.2 million reported in... more
IP Michigan-based Smart Disc, Inc. received a Notice of Allowance from the U.S. Patent and Trademark Office for U.S. patent application number 10/838,515, covering the company's artificial disc technology. The device can be implanted using a posterior approach and is... more
The Philadelphia Inquirer reported this week that Katrina McKenzie has filed a lawsuit against Jonathan Garino, M.D. and the University of Pennsylvania Health System following a hip replacement she received as a participant in a clinical trial. The suit alleges... more
M&A Wright Medical Group, Inc. announced that it has acquired the foot and ankle product line of A.M. Surgical, Inc. The systems purchased address the decompression and soft tissue release procedures most commonly performed by foot and ankle surgeons. The... more
Earnings Medtronic reported FQ4:08 revenue of $3.86 billion, representing an 18% increase over the year-ago period and beating estimates by $0.14 billion. Currency translation had a positive impact of $160.0 million. Adjusted net earnings for the quarter were $884.0 million,... more
Earnings Anika Therapeutics reported 1Q:08 total revenues of $8.55 million, an increase of 46% over the year-ago period, which the company attributed to strong domestic and international sales of ORTHOVISC. Revenues beat analysts' expectations by $0.2 million. Net income for... more
Earnings Alphatec Holdings reported consolidated revenues for 1Q:08 of $23.2 million, an increase of 19% from the year-ago period. U.S. revenues for the first quarter of 2008 were $18.6 million, an increase of 12% from the year-ago period. Asia revenues... more
Earnings Anika Therapeutics reported 4Q:07 product revenue of $7.9 million, in line with estimates and up from $5.08 million for the same period last year. The revenue growth was attributed to domestic and international sales of the ORTHOVISC product line,... more
Earnings ArthroCare reported 4Q:07 revenues of $87.5 million, beating estimates by $1.7 million, representing a 25% increase over the year-ago period. Net income was $14.5 million, or $0.50 per diluted share, missing estimates by a penny and representing a 78%... more
M&A ArthroCare Corp. acquired DiscoCare, Inc., whom the company describes as "a third-party billing and reimbursement service provider," for $25 million in cash plus potential future milestone payments. The company says, "This acquisition will allow ArthroCare to significantly expand its... more
Earnings DJO reported 3Q:07 net revenues of $119.8 million, up 5.8% over 3Q:06. Excluding a 2006 revenue benefit from shipping terms and clearing of product backorders associated with Aircast, 3Q:07 revenue was up 7.6% to $121.8 million, in line with... more
Earnings Biomet reported FQ1:08 sales of $552.3 million, up 9% over the comparable quarter. The company reported a net loss for the quarter of $42.9 million, down from an income of $104.4 million for FQ1:07. The company attributed the loss... more
M&A With certain conditions, the FTC will allow Kyphon to proceed with its planned acquisition of Disc-O-Tech Medical Technologies and Discotech Orthopedic Technologies Inc. Kyphon was directed to sell Disc-O-Tech's Confidence product lines to address antitrust concerns. When Kyphon announced... more
Legal Federal prosecutors announced on Thursday the terms of a settlement with Zimmer, Depuy, Biomet, Smith & Nephew and Stryker following an investigation into physician compensation practices. Zimmer, Depuy, Biomet and Smith & Nephew entered into deferred prosecution agreements and... more
Earnings AOI Medical reported a 1H:07 loss of $1.8 million, increasing from a loss of $0.97 million in the comparable half. The company attributed the loss to increased expenses. They expect their product, the Balloon Assisted Management of Spine Fractures,... more
Earnings Globus Medical announced 2Q:07 revenues of $30.2 million, an increase of 52% over the comparable quarter. The company attributes the revenue growth to the expansion of its sales and distribution footprint, product introductions in its fusion, MIS and biomaterials... more
Earnings Large Joint: Exactech announced 2Q:07 revenue of $31.6 million, beating estimates of $29.9 million and up 19% from the comparable quarter. CEO Bill Petty attributed the growth to "acceptance of our new products and continuing success of our products... more
M&A Biomet Inc. shareholders accepted an $11.4 billion buyout offer from a private equity consortium attempting to acquire the medical device maker. The consortium, LVB Acquisition LLC, announced Thursday that nearly 83 percent of Biomet's shares were tendered. The company... more
Regulatory Life Spine announced 510(k) clearance for its static anterior cervical plating system Neo®-SL. The system features an integrated lock that allows bone screws to be securely fixated without any additional locking components. The FDA approved new labeling for Genzyme's... more
Regulatory TiGenix submitted an application to market ChondroCelect to European regulatory authority the European Medicines Agency for the Evaluation of Medicinal Products. The application is supported by clinical data comparing ChondroCelect to microfracture, where, according to the company, ChondroCelect was... more
M&A The private equity consortium set to acquire Biomet increased its buyout offer to $46.00 per share in cash, or an equity value of $11.4 billion. The new offer represents a 32.3% premium over the April 2006 common stock closing... more
After announcing the completion of its Plus Orthopedics acquisition last Friday, Smith & Nephew CEO Christopher O'Donnell made clear the company's aims to grow its global footprint: "We have at the moment 30 to 40 companies which are potential takeover... more
A DOJ investigation into surgeon compensation practices by Biomet, Depuy, Smith & Nephew, Stryker and Zimmer in 2005 could reach a settlement "as soon as this summer," according to the Star-Ledger's John P. Martin. Current terms of the settlement are... more
Earnings Spine Kyphon reported that worldwide revenues in 1Q:07 increased 40% to $128.1 million, which includes $18.1 million in X-STOP® Interspinous Process Decompression (IPD®) sales from the St. Francis acquisition. In the U.S., revenues increased 34% to $101.1 million, while... more
Following Tuesday's announcement that David Dvorak and James Crines were replacing Ray Elliott and Sam Leno as CEO and CFO at Zimmer, Smith & Nephew announced today that its CEO for last the 10 years, Sir Christopher O'Donnell, will retire... more
Earnings BioMimetic Therapeutics announced 4Q:06 financial results, reporting a net loss of $5.3 million or $0.34 per share and beating analysts' estimates of a loss of $0.37 per share. This compares to a net loss of $9.2 million, or $5.82... more
Earnings Orthovita reported 4Q:06 revenues of $13.81 million, beating analysts' estimates of $13.76 million and reflecting 38% growth compared to $9.97 million in 4Q:05. Orthovita attributed the growth to increased U.S. sales of VITOSS® FOAM and VITAGEL®. OrthoLogic announced 2006... more
Smith & Nephew announced today that it is acquiring Plus Orthopedics for $889 million, including the assumption of approximately $190 million in debt. Plus Orthopedics reported revenues of $300 million and EBIT of $36 million in 2006. This purchase price... more
Sunny San Diego hosted this year's AAOS meeting, and with more than 470 exhibitors wall-to-wall on the Convention Center floor, it was the biggest Academy yet. One of our cab drivers said, as we were driving away from the conference... more
Earnings Biologics Regeneration Technologies, Inc. reported 4Q:06 revenues of $19.1 million, down 5% from $20.1 million in 4Q:05. The Company reported net loss of $6.7 million, compared to a net lossn of $1.7 million for 4Q:05. Net loss per diluted... more
Regulatory CryoLife received FDA 510(k) clearance for its ProPatch™ Soft Tissue Repair Matrix, an announcement that drove its stock up 9%. Among other applications, ProPatch can be used to reinforce tissues repaired by sutures or by suture anchors during tendon... more
Earnings Biologics: Orthovita reported 3Q:06 product sales came in at $11 million, up 32% compared to 3Q:05. Net loss for the quarter was $3.7 million, or a loss of $0.07 per share. The Company beat analysts' EPS estimates by $0.02,... more
This morning Smith & Nephew issued a statement confirming speculations that it has been speaking with Biomet. The Company stated that it, "it has held very preliminary talks with the US medical devices company, Biomet Inc. No agreement has been... more
Reuters reported that takeover speculation from the ft.com/alphaville website and trading desks were fueling bullish options trading of Biomet shares. The merger is speculated to involve a "larger company or possibly a private equity bid." Smith & Nephew has been... more
Earnings Update: Tutogen Medical, Inc. provided an update on its 4Q:06 projected revenues which are estimated at ~$10.8 million, representing a 36% increase over the comparable quarter of 2005. Revenues for the fiscal year will be ~$38 million, an increase... more
Appointment: Orthovita, Inc. has appointed Albert J. Pavucek, Jr. Vice President Corporate Controller. Mr. Pavucek was with PDI, Inc. serving as Vice President, Finance and Operations. Awards & Recognition: Smith & Nephew plc announced that two of its products, the... more
Appointment: SpineVision® SA has hired Julian Mackenzie as its new Chairman and CEO. Previously, Mr. Mackenzie was with Wright Medical serving as Director General and CFO. Business Update: Donor Referral Services of North Carolina is at the center of a... more
Earnings: Biologics: Tutogen reported 3Q:06 sales of $10 million and a net loss of $1.1 million, or $0.07 per fully diluted share compared to the same quarter last year. The Company would have experienced breakeven results without ~$1.1 million in... more
Earnings: Biologics: Orthovita reported 2Q:06 product sales came in at $11.2 million, up 32% compared to 2Q:05. On a non-GAAP basis net loss for the quarter was $5.1 million, or a loss of $0.10 per share. The Company did not... more
DOJ Investigation Smith & Nephew PLC announced this morning that an internal investigation prompted by last month's DOJ subpoena revealed that an independent orthopedic sales representative under contract to the Company sent an email on October 28, 2005 to competitors.... more
Earnings Results: Biologics: Anika Therapeutics announced 2Q:06 net sales increased 11% to $7.1 million. Product revenues grew 74% while licensing, milestone and contract revenue was down 77%. The large product sales growth was partially driven by higher demand for OrthoVisc®;... more
Last Sunday, Floyd Landis won the Tour de France. Although this victory has been called into question today by doping allegations, his next big battle is going to be tackling the avascular necrosis in his right hip caused by a... more
This past weekend we attended the 22nd Annual Summer Meeting of the American Orthopaedic Foot & Ankle Society in La Jolla (AOFAS). The conference ran from July 14-16, 2006 at the Hilton Torrey Pines Hotel and there were approximately 400... more
Appointment: Biomet, Inc. appointed Charles E. Niemier as President of EBI's operations following the resignation of its former president, Bart J. Doedens, M.D. Mr. Niemier has been a member of the senior management team and Board of Directors for more... more
Smith & Nephew plc (SNN) announced today that it has acquired Osteobiologics (OBI) for a net consideration of $72.3m in cash, representing ~20x OBI's 2005 revenues of $3.3m. The acquisition is expected to reduce SNN's earnings by $7m in the... more
Smith & Nephew announced today that it had received a subpoena from the U.S. Department of Justice, Antitrust Division, for documents relating to possible antitrust issues over the manufacture and sale of orthopedic implant devices, joining its peers Zimmer, Biomet,... more
Appointment: Spine Wave announced that it has elected Ron Pickard to its Board of Directors. In addition to his role on the Board, Mr. Pickard will be actively involved in key projects including the development and commercialization of Spine Wave's... more
Viscosupplementation to treat osteoarthritis has traditionally been performed with a course of three or five injections. Today Smith & Nephew Inc. and Q-MED AB announced an alliance which paves the way for the US marketing of DUROLANE, the first and... more
Appointment: Smith & Nephew appointed Michael G. Frazzette as President of the Endoscopy division and a member of the Company's Group Executive Committee. Mr. Fazzette recently served as President & CEO of MicroGroup, Inc., a private, equity-owned contract manufacturer of... more
Appointment: A medical imaging company ONI Medical appointed Victor Ruiz to Vice President, of the Corporate Strategy and Marketing division. Mr. Ruiz's past experience include world-famous imaging companies: GE Medical Systems and Cardinal Health Inc. Clinical Update: LDR Spine announced... more
Final results for the 26 publicly-traded orthopedic companies* in 1Q:06 showed that orthopedic sales for first quarter increased by 9.2%, as reported. Now that Medtronic has reported its spine revenues, total aggregated sales for those 26 companies came in at... more
This week, DePuy Spine and many patients were excited to hear that the Centers for Medicare and Medicaid Services (CMS) has agreed to local coverage of DePuy's Charite artificial disc for patients under 60 years of age. According to CMS,... more
The first group of orthopedic companies reported their 1Q:06 this week and took in $5.3 billion so far. The total aggregated revenues for the quarter were up by 7% from $4.9 billion in 1Q:05. The industry netted $637.8 million, a... more
Many orthopedic companies will be reporting their 1Q:06 results in the next few weeks. The table below provides a listing of conference call dial-in numbers and webcasts for the investment community. How the overall orthopedic industry fared in the first... more
This week at HealthpointCapital, we compiled a brief synopsis of the 2006 Orthopedic Industry, projecting that total revenue in 2006 will grow by 12% for the year. Appointment: Two notable extremities companies named their new CEOs this week: Wright Medical... more
Although management teams are preparing for AAOS, a few more companies reported earnings this week. We did a quick calculation and found that our internal Orthopedic Index PE year-to-date has stayed relatively flat at 27x. We expect that the AAOS... more
Looking ahead to the AAOS 73rd Annual Meeting on March 22-26, 2006 taking place at the McCormick Place Convention Center in Chicago, we wanted to post the latest information on Company Analyst meetings that will be held in Chicago: -... more
Financing: BioMimetic Therapeutics, Inc. filed a registration statement for an Initial Public Offering. Earnings: Medtronic 3Q Earnings climb 23 percent. CryoLife fourth quarter 2005 revenues increased 13% over fourth quarter 2004 Gross margins for full year 2005 increased to 53%... more
Smith & Nephew reported results for 4Q05 and FY2005, and they were strong particularly within their Orthopedics segment. For the quarter, they saw 15% growth (ex F/X) in orthopedic sales to $1,267 million, which broke down as follows: *Knees: +12%... more
Appointment: OrthoSoft announced that Max Link has joined its Boards of Directors. With over 25 years of experience, Mr. Link is a very well-recognized individual in the medical device and pharmaceutical industry. He was CEO and Chairman of Centerpulse when... more
Regulatory Update: Osteobiologics received FDA clearance on its OsteoChondral Transplant (OCT) Comprehensive System Instruments. The system is intended for the treatment of osteochondral (cartilage) defects in the knee. BioSyntech received an approval from Health Canada, Therapeutic Products Directorate, Medical Devices... more
[Editor's note: We welcome attorney Susan Berson of Mintz, Levin as a guest blogger. See her profile here.] Earlier this year, the government announced investigations of several device manufacturers charging that the manufacturers were offering inappropriate incentives to referring physicians... more
It has been a busy week for many CEOs and CFOs in the orthopedic device sector. In the past two weeks orthopedic companies reported 3Q:05 sales of $4.7 billion which was a 12% increase over the 3Q:04. Net earnings for... more
Some orthopedic stocks declined as two of the big five ortho-companies reported their 3Q:05 earnings this week. Stryker Corp. and DePuy (division of JNJ) both reported top line sales growing at 14%. On Tuesday, Stryker reported below street's estimates by... more
The allograft industry was scrutinized recently due to the highly publicized case of Biomedical Tissue Services (BTS). The company is being investigated by the Brooklyn district attorney's office for operating a scam to profit from body parts. The first company... more
The decline in the valuations of the orthopedic stock prices has reached epic proportions. The 7 leading orthopedic companies which derive a majority of their revenues from hip and knee sales are on average 30% off their 52-Week Highs. Biomet... more
The rate of growth in the hip market has been somewhat lackluster since the 2Q:04. That quarter marked the first two FDA approvals for ceramic-on-ceramic hips for Stryker and Wright Medical. For the 12 months prior to the 2Q:04, Stryker... more
The FDA Orthopedic and Rehabilitation Devices Panel held a meeting September 8th and 9th to rule on two important issues: Smith & Nephew's hip resurfacing device and the design of clinical studies for spinal devices. You can find background information... more
ArthroCare Corp. has settled all legal disputes with the Smith & Nephew PLC Endoscopy division by signing product supply and license agreements for bipolar and monopolar arthroscopy products. The various agreements resolve all of ArthroCare's pending litigation against Smith &... more
Thanks to one of our readers who reminded me that I should add international dial-in numbers to the conference calls list. Since most of the companies have already reported their earnings, I am providing you with replay information in case... more
This week we finish off the first half of 2005 reporting season with 17 orthopedic companies* released their financial numbers. In 2Q:05, in an aggregated total, orthopedic revenues increased 16% ($3.8 billion vs. $3.2 billion) and a 25% increased in... more
Perhaps the most startling innovation of this years AOSSM sports medicine conference was a palm pilot kiosk where surgeons and exhibitors could beam the entire conference program and floorplan into their cellphones and PDAs in about 30 seconds. Immediately addicted,... more
About six months ago I had an individual come into my office asking about an article he had recently read in a local newspaper regarding hip resurfacing. The man was approximately 40 years old and was too young for a... more
With most of the major large joint market share leaders reporting their 1Q:05 financials, we examine the strength of the market. At first glance revenue growth of hip products seems to be slowing while knee growth accelerates. Hips We estimate... more
The healthcare industry has long been the subject of regulation by complex laws that do not exist in other industries and which, under certain circumstances, may seem almost excessive and counter-intuitive. The enforcement of these laws has been significant and... more
We have aggregated the 4Q:04 and 3Q:04 reported revenues (includes the effects of foreign currency) for 16 public orthopedic companies. Although we would have liked to use revenue growth rates which excluded foreign currency, a majority of the companies report... more
After a strong report from Zimmer earlier in the week, Smith & Nephew followed suit on Thursday. SNN reported revenues totaled £332 million for the 4Q:04 which was a 14% increase over the 4Q:03 on a constant currency basis. Earnings-per-share... more
SNN became the fourth orthopedic manufacturer to gain FDA approval of a ceramic-on-ceramic hip behind Stryker Corp., Wright Medical and Encore Medical. Ceramic-on-ceramic hips offer superior wear characteristics compared to traditional polyethylene and metal-on-metal hips providing the potential to last... more
Smith & Nephew reported revenues of '288.9 million for the 3Q:04 which was a 12% increase over the 3Q:03 on a constant currency basis. Earnings for the 3Q:04 totaled '4.99p per share which was a 15% increase over the 3Q:03.... more
Smith & Nephew reported an 8% increase in revenues which totaled '350 million for the 2Q:04. Orthopedics was the strongest segment of SNN, increasing by 14% worldwide and 18% in the US. Growth in Endoscopy sales rebounded from flat to... more
If you are looking to buy a Smith & Nephew Dyonics Control RF System, ElectroBlade or Saphyre™ you might as well go to ebay because Smith & Nephew has been barred from selling them by the U.S. District Court of... more
We tabulated the five largest general orthopedic companies' financial results for the 1Q:04. The companies include Stryker, Zimmer, Biomet, Smith & Nephew and Wright Medical, each of which has a market capitalization in excess of $1 billion. Although many subscribers... more
Sir Christopher O'Donnell, CEO of Smith & Nephew, held an analyst call to discuss the Company's progress throughout the first 90 days of 2004. The Company reported revenues of '302 million which was a 12% increase in underlying sales growth... more
The 2004 American Academy of Orthopedic Surgeons hit with the speed and intensity of a tornado. It wasn't a destructive tornado but rather a whirlwind of innovative technology and merger activity. Biomet (BMET:NASDAQ) couldn't wait for the official Academy to... more
Smith & Nephew (SNN) reported that revenues totaled $1.9 billion during 2003 which was an 11% increase in underlying sales over 2002. Underlying orthopedic revenues increased by 16% during 2003, totaling $867 million. The Orthopedic growth of 16% was 7%... more
Smith & Nephew (SNN:NYSE) held a trading update conference call on Thursday to provide an update on its performance during the 2H:03 – which at 16% orthopedic growth is in-line with the respective market. However, SNN's knee growth rate of... more
About a year ago, Merrill downgraded the entire orthopedics industry saying that revenue growth rates were about to moderate from 2002's blistering 14% growth rates. Medicare was the proximate reason. Unfortunately (for Merrill) orthopedic revenues accelerated in 2003 to 18%... more
Earlier today, Reuters published a short story recounting an occasional rumor that Smith & Nephew (SNN) and Stryker (SYK) are in merger discussions. It is a rumor and may very well prove false, but the logic is strong. Here's our... more
To our surprise, as well as most of the analyst on Wall Street, Smith & Nephew publicly announced its decision not to up its current offer of approximately $2.5 billion in order to triumph Zimmer Holdings approximate $3.1 billion offer.... more
Rejected one year ago... Medtronic came back with new data and CMS, while rejecting InFuse again using one analytical approach found another way to show that InFUSE does indeed meet the threshold requirement for receiving a new technology add-on payment.... more
Smith and Nephew's large joint recon business is a muscular enterprise. In its preview of the first half, SNN's management reported that orthopedic revenues are expected to rise 15% year-over-year (YOY), with knees leading the way at a 22% growth... more
The most valuable orthopedic company in world according to Wall Street is Stryker (SYK:NYSE) at $13.9 billion. With sales this year expected to top $3.5 billion and earnings to clear $2.15 per share, Wall Street is willing to pay 32x... more
On Tuesday of this week, Zimmer's offer becomes official. We think Smith and Nephew will call Zimmer and raise. To stay in, Zimmer will likely have to throw more chips in the pot. Of course, we don't quite know what's... more
It's 8 days and counting. There's been quite a bit of maneuvering on both sides but until Zimmer's offer is official on June 17th, 2003, nothing of substance can happen. This is patently obvious on the Centerpulse website which gives... more
Smith and Nephew (SNN) appeared to be gaining ground last week against Zimmer's strong bid to acquire Swiss based Centerpulse as the Financial Times of London published a series of stories that called into question the stability of Zimmer's offer.... more
We collected a variety of comments this past week about Zimmer's counter bid for Centerpulse. Some came over the email transom, others from phone interviews. The sources included CEOs, surgeons, hospital administrators, VPs of marketing, Zimmer distributors, Centerpulse distributors and... more
Earnings season starts this week with the Tuesday, April 15th release of DePuy/Acromed's first quarter results (as buried in JNJ's release) and continues until mid-May when Sofamor Danek's numbers for the April quarter (Medtronic, Sofamor Danek's parent, is on an... more
Complete Archive
The latest news from AAOS! VITA and MAKO report 4Q09 . . . ETEX receives 510(k) . . . DePuy, Integra, Medtronic, Smith & Nephew and more announce product launches . . . SEC Drops Wright Medical Investigation . . . BioMimetic Therapeutics shares study results . . . Long-term use of bisphosphonates may increase fracture risk . . . NeoStem wins research grant 