M&A Wright Medical Group, Inc. acquired the RAYHACK System for wrist reconstruction, which consists of "procedure-specific bone-cutting guides and fixation plates that allow precise shortening and repositioning of the radius and ulna." The system will be available in the U.S.... more
Earnings Cryolife reported 2Q:08 revenues of $27.2 million, up 18% over the year-ago period and beating estimates by $1.4 million. Orthopedic tissue processing revenues declined 76% to $0.3 million, as the company has discontinued that segment of the business. Net... more
Last fall, Biomet, Medtronic, Smith & Nephew, Stryker and Zimmer announced they were under investigation by the SEC for possible violations of the Foreign Corrupt Practices Act (FCPA), which is designed to prevent U.S. companies from making payments to foreign... 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 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 BioMimetic Therapeutics reported 4Q:07 revenues of $4.5 million, up from $1.9 million in 4Q:06 but missing analysts' estimates by $1.1 million. Revenues included $3.6 million of product sales of GEM 21S to Luitpold, $0.7 million of royalty income and... more
Earnings Hanger Orthopedic Group reported 4Q:07 net sales of $170.8 million, beating estimates by $7.5 million and representing an 11% over the year-ago period. Revenue growth was attributed to an increase in same-center sales from Hanger's patient care business, an... more
Earnings Smith & Nephew announced 4Q:07 revenues of $967.0 million, beating estimates of $933.0 million and reflecting a 25% (reported) increase over 4Q:06. Adjusted earnings per share was $0.16, in line in estimates and up 10% over the year-ago period.... more
Earnings Tutogen reported FY07 revenues of $53.8 million, an increase of 42% over FY06. The Company reported net income of $6.8 million, or $0.36 per fully diluted share in fiscal year 2007 compared to a net loss of $0.6 million,... more
Wright Medical announced late yesterday that the company received a DOJ subpoena requesting documents on any surgeon consulting and professional service agreements dating from 1998 to the present. The company said the subpoena pertained specifically to agreements relating to hip... more
Regulatory Amedica received FDA clearance for their Valeo™ Pedicle Screw system, a low profile and modular pedicle screw system intended for non-cervical pedicle fixation from the T1 through L5. Corin announced FDA clearance for additional sizes of its Cormet hip... more
Earnings Artimplant announced 3Q:07 revenue of SEK 2.6 million, up from SEK 0.9 million in the year-ago period. 3Q:07 net loss was SEK 3.6 million, down from SEK 10.4 in 3Q:06. Earnings per share, including a non-recurring item, amounted to... more
Earnings Anika reported 3Q:07 product revenues of $7.28 million, up from $5.49 million in 3Q:06. The company attributed the sales growth to strong domestic and international sales of ORTHOVISC®. Net income for 3Q:07 was $1.8 million, or $0.16 per diluted... more
Earnings ArthroCare Corp. reported 3Q:07 total revenues of $78.5 million, an increase of 21% over the comparable quarter. Revenues missed estimates by $0.11 million. The company reported net income of $11.1 million, or $0.39 per share, up 28% over 3Q:06... more
M&A Orthofix acquired the rights to all of the intellectual property related to the InSWing™ interspinous process spacer. InSWing is designed to relieve pain associated with lumbar spinal stenosis and can be used in a minimally invasive surgical procedure. Orthofix... 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 aap Implantate announced 38% growth in revenues following its consolidation with Fame Medical Group. Revenues in 1H:07 totaled EUR 12.7 million. Highlights from 2Q:07 include a reported double-digit increase in international sales in the Trauma & Joint Reconstruction segment... 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
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
Last week, we attended the Society for Biomaterials' annual conference. The event showcases the latest academic research and its broad applications across medical specialties. Roughly a third of the poster presentations focused on orthopedics, and most of the rest related... more
Earnings Stryker announced 1Q:07 earnings on Wednesday. Net income increased to $243.5 million, or $0.59 per share, beating analysts' estimates of $0.58 per share. In the comparable quarter, net income was $147.5 million, or $0.36 per share. Revenues increased 13%... more
Earnings Vertebron announced in a press release that 1Q:07 was its most profitable quarter ever. The Company attributes the growth to a significant sales increase over the comparable quarter last year as well as a company-wide restructuring in 3Q:06. Vertebron... 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 Tutogen announced results for first fiscal quarter ending December 31, 2006. Total revenues increased 43% to $11.5 million, compared to $8.0 million in the comparable quarter of fiscal year 2006. U.S. revenues increased 50%, and international revenues increased 27%... 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
Wright Medical Group reported 2Q:06 net sales of $87.5 million, a 6% increase over 2Q:05 (foreign currency had no material impact on sales). Net income for the quarter was $2.8 million, or a diluted EPS of $0.08, beating analysts' estimates... 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
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
Appointment: Stryker Corp. appointed three officers to the company: Luciano Cattani, Vice President, Group President, International; Elizabeth A. Staub, Vice President of Regulatory Affairs and Quality Assurance, Stryker Corporation and Bronwen R. Taylor, Chief Compliance Officer, Stryker Corporation. Mr. Cattani... 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
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
Last night Wright (WMGI) reported slightly better than expected results, but lowered 2006 guidance dramatically. Revenue guidance dropped modestly, but EPS guidance was knocked down substantially because Wright will increase investments in R&D and sales and marketing. 2006 Guidance, and... 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
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
Is Wall Street's shrill reaction to hip and knee implant pricing concerns overblown? Even with sophisticated econometric tools such a question is difficult to evaluate because we are dealing with an expectations driven phenomenon. So we have our doubts about... more
While Medtronic was the big winner this week, Wright Medical ("WMGI") captured more headlines with two important news items that have negatively impacted their stock price. On Wednesday, WMGI's stock price suffered a huge loss with 20% decline intraday due... more
Laurence Y. Fairey's resignation as President and CEO of Wright Medical has been accepted by the board of directors. The resignation follows Wright's recent announcement that revenues would fall $4 million shy of its previous stated guidance for the 3Q:05... more
Wright Medical announced its preliminary 3Q:05 financial results; revenues are anticipated to be $4 million lower than its previous guidance and earnings will range between $0.10 and $0.11 which well below analyst expectations of $0.17. Wright blamed its domestic biologics... 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
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
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
Wright reported 1Q:05 revenues of $82.6 million which was a 10% increase over the 1Q:04. Excluding the effect of currency, WMGI revenues increased 9%. The 10% growth in revenues was almost 3% slower than the revenue growth reported during the... 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
Wright reported both 4Q:04 and year-end 2004 financials on Thursday evening. 4Q:04 revenues totaled $77.7 million a 13% increase over 4Q:03 revenues and at the upper end of management's previous guidance of revenues of $76-$78 million. Revenues for the year... more
Wright Medical (WMGI:NASDAQ) held its annual analyst guidance call to provide management's outlook for sales, earnings and product trends for the 4Q:04, year-end 2004/2005 and 2006. The forecasts, we think, look strong: 4Q:04 - The Company has reaffirmed its October... more
Wright Medical reported a blistering 28% rate of growth for its biologics products as well as a solid 23% rate of revenue growth for its hip products. Clearly, this is a company that is gaining market share from biomaterials. Hip... more
WMGI announced that it was lowering its previous earnings per share guidance of $0.13-$0.15 to a range of $0.09-$0.11, or approximately $3.2 - $3.9 million. However, the Company maintained its current revenue projections for the 3Q:04 of $68 - $70... more
Headlining this year's one-day Biomaterials Summit will be Wright Medical, Regeneration Technologies, LifeCell, Orthovita, MacroPore and Stellar International. All are leaders in the field and working on significant new technologies. Wright Medical, whose sales for the first half of 2004... more
In a common trend this earnings season, Wright Medical reported in our opinion one of the best second quarters of 2004 in the orthopedic sector and investors congratulated the Company by dumping shares. Wright Medical is one of four large... more
Device Applicant 510(k) Decision Date 1 acumed lower extremity congruent plate s acumed llc K033639 1/15/2004 2 titanium cannulated interference screw advanced biomaterial K033749 2/23/2004 3 aesculap absorbable craniofix aesculap, inc. K040080 3/31/2004 4 abc caudal and cranial extension... more
Jumping back into the fray after 4 years of semi-retirement, former Sofamor Danek and Richards senior executive, Laurence Fairey has agreed to become President and Chief Operating Officer of Wright Medical today. Laurence Fairey is one of the best regarded... 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
Wright Medical (WMGI:NASDAQ) reported that revenues totaled $74.9 million during the 1Q:04 which was a 28% increase (22% on a constant currency basis) over the 1Q:03. WMGI also reported that $6.6 million of these revenues flowed through the P&L to... more
Stryker Corp. (SYK:NYSE), in similar fashion to last year, brought and introduced a majority of its operational leaders of its various operating divisions. However, a significant portion of the analyst meeting, especially Q&A, centered around Stephen MacMillan, President & COO,... more
For the just completed quarter and year, Wright Medical (NASDAQ:WMGI) reported, we believe, the best quarter and year in orthopedics. First, Wright's seven year investment in the Investigational Device Exemption (IDE) ceramic-on-ceramic clinical hip trial delivered huge dividends in 2003.... more
Guidance to 2005? This is a famously conservative management, so to guide out to 2005 is cause to sit up and take notice. What's going on at Wright medical? Strong biologics and ceramic on ceramic hip components certainly. But, we... more
At the 78th annual reunion of the Société Française de Chirurgie Orthopédique et Traumatologique (SO.F.C.O.T.) held last week in Paris, the focus was clearly on new materials - ceramics, plastics and biologics. And among the most successful new materials companies... more
For the third quarter, with three more companies yet to report, public orthopedic companies have reported that their sales grew 17.5% on a year-over-year basis. To put that into perspective, U.S. GDP grew at a 7.2% annual rate in the... more
Last week we published our sales and earnings forecast as well as an analysis of future prospects for two companies, Exactech and Regeneration Technologies. We've posted the summary of our analysis for each company on First Call (the Thompson Financial... 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
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