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May 20-23 - Current Concepts in Joint Replacement Spring 2012
May 23-25 - 13th EFORT Congress 2012
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Valuations
Align announces 4Q:10 . . . The Carlyle Group acquires Integrated Dental Holdings . . . Glidewell Laboratories' Inclusive Custom abutments now compatible with Astra Tech's implant system . . . Periodontal bacteria linked to respiratory infections . . . Align, Cadent to develop software for Invisalign . . . Dentsply makes donation to NYU more
A new report from Ernst & Young shows that 2010 M&A valuations in the medical technology sector are picking up from 2009. The report identifies 89 transactions valued at $16.9 billion initiated through 1H:10, which compares to 172 transactions worth $15.7 billion in all of 2009. more
Biomet announces FQ1:11 . . . Core Essence Orthopaedics raises $1.5M . . . Medical Tracking Solutions launches iTraycer . . . 1,000th Zimmer Natural Nail Cephalomedullary Nail implanted . . . Vertiflex enrolls 200 patients in its Superion IDE study . . . Pioneer Surgical to manufacture and distribute SpineSmith's Cequence anterior cervical plate . . . Cardo Medical seeks capital . . . Pioneer Surgical to open manufacturing and distribution facility in Scotland more
Despite recent market turmoil, fast-growing extremities implant leader Tornier made a confident statement about its business outlook by filing for a $205 million initial public offering (IPO) yesterday. After a 16-month nuclear winter, healthcare IPOs came back with a vengeance... more
This morning ArthroCare, the well known minimally invasive sports medicine company, announced that it received a letter from the Nasdaq stock exchange that its stock is to be de-listed at the open of trading tomorrow - Friday, January 16. Although... more
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
A handful of big headlines rocked the financial sector this weekend, sending the S&P 500 down 3% at midday and compounding months of write-offs, bailouts and mergers that created a cloud of decline within the banking industry. To recap, Lehman... more
We've recently written a report on returns in the orthopedic industry, and we uncovered a number of positive results. The musculoskeletal medical device sector continues to present a superior risk/return profile, characterized by . . . more
On Thursday of last week, MAKO Surgical Corp went public. The Company, which makes robotic arms for minimally inveasive knee surgery, raised an impressive $51 million in capital selling at $10 a share. Although it lost some ground on the... more
By now everyone realizes that the most prominent investment banks on Wall Street are in serious turmoil over the subprime mortgage crisis. These groups continue to write off huge losses in the tens of billions of dollars and many analysts... more
Lifecore announced yesterday that it has entered into definitive documentation to be acquired by affiliates of the private equity firm Warburg Pincus for $239m, implying an enterprise value of $200m. Lifecore has two business units. One sells dental implants and... more
Wilmington, N.C.-based spine company TranS1 began trading on the NASDAQ today following Tuesday's IPO. The stock debuted at $15 per share, above the $12-$14 per share forecasted by underwriters Lehman Brothers Holdings Inc. and Piper Jaffray, and raised a total... more
While the stock market takes a licking, ortho keeps on ticking. We have been getting a lot of questions lately about how this summer's credit meltdown and the associated stock market decline has effected orthopedic stocks. Our answer goes right... more
We predicted in January 2007 that orthopedic stocks were poised for a good year. We thought we would revisit our prediction after most of the publicly traded orthopedic companies reported their 1Q:07 earnings. The table below clearly shows that the... more
It is evident that orthopedic stocks are on the move. The table below clearly indicates that orthopedic valuations have remained fairly constant during the last 18 months. However, beginning approximately 30 days ago orthopedic valuations began to increase. A year... more
This morning Orthovita announced that it hopes to do a 7.7 million share offering at $3.25 a share in order to raise approximately $23 million net of fees. At least $9 million of the proceeds is expected to be used... 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
After the market close on Friday, a unit of the mega-sized private equity firm Blackstone Group (not to be confused with the spine company) offered Encore Medical Corporation shareholders a 36% premium to take the company private. The enterprise valuation... 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
We have posted a short .pdf paper that examines orthopedic public equity returns and risk. We have found that despite all the noise about pricing, the orthopedic medical device sector continues to present a superior risk/return profile. Of note, the... more
Our current forecast for the orthopedic industry projects continued long term growth of 15%. For 2006, we expect growth to be slightly below this trend, at 12%. Despite continued strength in other segments of the industry, hip and knee reconstruction... more
NuVasive announced today that its public offering of 6.7 million new shares and 796,000 secondary shares priced today at $19.25. The gross amount of the offering totaled $144 million with $129 million net proceeds going to the Company. NuVasive's initial... more
Back by popular demand are our Valuation Tables, providing you with valuable information on orthopedic company performances and comparative indices. It includes data from our own HealthpointCapital Medical Technology Index, Orthopedic Valuations and Comparables, and Orthopedic Index and Comparisons. Be... more
Due to last week's Merrill Lynch investor conference (subscription may be required), investors have regained confidence in the orthopedic sector after the industry faced some hurdles within the past few months. In our HealthpointCapital Weekly Valuation Index, P/E (price-to-earnings) jumped... more
This article was co-authored by Huyen Nguyen and John McCormick. As we move into the fourth quarter earnings calendar, we look back to third quarter reported earnings with some interesting thoughts. (1) Due to natural disasters, some major orthopedic players... more
It has never been empirically proven that insider (e.g. management and director) buying of a company's stock guarantees that the stock poised to rise, but it has also never been proven to be a bad sign. That's stating the obvious.... 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
Since reporting season for orthopedic companies is just around the corner, we thought we'd put together a conference call calendar for the investment community to help you better organize your work schedule. (All conference calls will be reporting 2Q:05 numbers,... more
Encore reported its 3Q:04 financials on Monday of last week. Revenues totaled $30.6 million which was a 12% increase over 3Q:03. Earnings totaled $0.04 (excluding certain non-recurring expenses) which was a $0.01 higher than analysts were anticipating and a significant... more
Last week Orthofix (Nasdaq: OFIX) announced that revenues for 3Q:04, were $71.5 million, an increase of 39 percent over the $51.3 million reported for 3Q:03. The 2004 revenue number includes the acquired Breg revenues. The Company noted that the incremental... more
Capital markets aren't rational. Otherwise, they'd have longer memories. A year ago, when Zimmer was trading at $40.01, DJ Orthopedics was at $3.66, Encore was at $3.20 and LifeCell was at $2.89, you couldn't buy an orthopedic or medical device... more
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