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Orthopedic and Dental Industry News

December 2003

Smith & Nephew posts 16% ortho revenue growth (+23% in knees!) BY EDITOR, DECEMBER 22, 2003

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

Biomet Reports 14% Sales Increase BY EDITOR, DECEMBER 22, 2003

Biomet (BMET:NASDAQ) reported its 2Q:04 financials on Thursday. As a consequence of not reporting financials based on a calendar fiscal year, BMET is the earliest to report their quarter. Therefore, both analysts and orthopedic investors pay close attention to BMET... more

HealthpointCapital Closes on First $110 Million Private Equity Fund BY EDITOR, DECEMBER 22, 2003

HealthpointCapital, the first private equity and research firm dedicated solely to the Orthopedics Industry, is pleased to announce that it has reached its first fund closing. The Fund has closed on $110 million and is expected to have closed or... more

Spine implant maker Blackstone Medical to post 100% revenue growth for 2003 - landing at $40 million BY EDITOR, DECEMBER 15, 2003

To put Blackstone's accomplishment in perspective, Interpore Cross' spine implant sales are expected to end this year at $45 million, up 20% from last year's $36 million. At their current growth rate, Blackstone could overtake Interpore in 2004. Like Interpore,... more

CryoLife shores up its board with CFOs BY EDITOR, DECEMBER 15, 2003

Any volunteers for the audit committee? With roughly three quarters of cash left (assuming the current cash burn rate doesn't subside) and sizeable bank and litigation payments looming, management has decided to put a couple of savvy CFOs on its... more

Use of InFuse' expanded to include... BY EDITOR, DECEMBER 15, 2003

...more metal cages. Our friends in high places at Medtronic tell us that Sofamor Danek is considered to be Medtronic's best acquisition-ever. A worthy competitor calls the boys in Memphis “the machine.” Indeed. No doubt Mike DeMane's “threat” to replace... more

Wright Medical - Growing for the Long Run BY EDITOR, DECEMBER 15, 2003

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

2004 Orthopedic Industry Outlook: 15% revenue growth to $20 billion BY EDITOR, DECEMBER 15, 2003

For the past three weeks the HealthpointCapital research staff has been preparing a detailed outlook for the Orthopedic Industry with special emphasis on Large Joint Reconstruction, Spinal Implants, Sports Medicine (including bracing) and Biologics. The result is our outlook for... more

Encore Prints More Shares BY EDITOR, DECEMBER 15, 2003

Authorized number of shares popped to 100 million from 50 million. The issue is that with last week's sale of 8 million shares, the number outstanding rose to 44 million. Encore was running out of shares to issue. Believers in... more

CMS Staff Recommends ICD-9 Code for Disc Nucleus Replacement (Arthroplasty) implants BY EDITOR, DECEMBER 8, 2003

Last week the staff for the Centers for Medicare and Medicaid Services (CMS) formally recommended an ICD-9-CM code for a total or partial spinal disc replacement prostheses. This is a key step to eventually receiving Medicare reimbursement for these devices.... more

DJ Orthopedics Says new Acquisition would have added $0.13 to EPS in 2003 BY EDITOR, DECEMBER 8, 2003

Last Thursday, dj Orthopedics, Inc. (DJO) held a conference call to help investors wade through the new numbers from its acquisition of OrthoLogic's bone growth stimulation division. The deal is now signed, sealed and delivered. Bone growth stimulation products are... more

Hard Core MIS BY EDITOR, DECEMBER 8, 2003

I may not be able to define it, but I know it when I see it. Seriously, NO trend in surgical medicine has been stronger than MIS. Twenty years ago balloon angioplasty – despite a nearly 80% failure rate –... more

Encore Medical Receives FDA approval for Ceramic on Ceramic Hip Components BY EDITOR, DECEMBER 1, 2003

Let the new offering of stock begin! Encore now joins Stryker and Wright Medical with a ceramic-on-ceramic acetabular component. For both of the prior companies, this longer lasting hip replacement has been a significant driver of both revenues and cash... more

Zimmer Acquires Implex for $108 million BY EDITOR, DECEMBER 1, 2003

Was anyone surprised? Since late 2000, Zimmer had an exclusive distribution alliance agreement with Implex. The agreement concerned Implex's unique metal foam (our word) that offered the surgeon a metal implant with a dramatically higher amount of porosity than traditional... more

What is your business? BY EDITOR, DECEMBER 1, 2003

Peter Drucker asked that question fifty years ago in his seminal book The Practice of Management. While his generic answer (“the only function of a business is to create customer value and to innovate.”) remains as valuable in 2004 as... more


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