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Orthopedic and Dental Industry News

February 2004

The Machine Keeps Rolling - Zimmer Beats the Street, Again BY JOHN CHOPACK, FEBRUARY 23, 2004

The 4Q:03 conference call offered the first glimpse into how Zimmer's (NYSE:ZMH) integration of Centerpulse was progressing. Ray Elliott, CEO of the “New Zimmer”, offered some insights. Zimmer currently has “100 fulltime employees managing 250 major integration projects and 1,700... more

Interpore's 2003 Spine Sales +21%, but Weak Biologics Undermine Full Year Results BY ROBIN R. YOUNG CFA, FEBRUARY 23, 2004

Interpore Cross sold $44.6 million of spinal implants (not counting bone void fill) in 2003, a 21% increase over its level in 2002. Industry-wide, we estimate spinal implant sales rose 29% to $2.8 billion in 2003. Interpore's market share, we... more

Exactech Reports 2003 Financials – Revenues Increase by 20% Driving a 22% Increase in Net Income BY JOHN CHOPACK, FEBRUARY 23, 2004

Exactech reported that 2003 revenues totaled $71.3 million, an increase of 20% over 2002. Knee sales, which now total 57.4% of sales, increased by 23% to $41.3 million during the 4Q:02. Hips had a disappointing 2003, as they increased by... more

Wright Medical – Best Company in Orthopedics? BY JOHN CHOPACK, FEBRUARY 23, 2004

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

Smith & Nephew Reports Orthopedic Revenues Total $867 Million , Up 16% from 2003 BY JOHN CHOPACK, FEBRUARY 9, 2004

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

dj Orthopedics Announces Public Offering of Common Stock BY JOHN MCCORMICK, FEBRUARY 9, 2004

This past Friday, dj Orthopedics announced that it plans to publicly offer 6,000,000 shares of its common stock. This comes quickly on the heels of a recent shelf registration announcement and statement filed with the SEC. The shelf registration is... more

The Fog of Allograft Innovation BY ROBIN R. YOUNG CFA, FEBRUARY 9, 2004

Last week Regeneration Technologies (RTI), the third largest supplier of allograft products, reported that sales of allograft products to Medtronic Sofamor Danek (MSD) dropped 61% in the 4th quarter to $5.1 million. MSD is Regeneration's largest customer accounting for 60%... more

dj Orthopedics, Inc. Announces 4Q:03 Earnings of $0.21; Beats Expectations BY JOHN MCCORMICK, FEBRUARY 2, 2004

Despite dj Orthopedics' (DJO) wobbly stock last week, the Company's 4th quarter earnings per share of $0.21 was slightly ahead of expectations with the full year coming in at $0.64.  DJO's stellar performance comes on the heels of record revenues... more

Down Classification of Mobile Bearing Knee for Total Knee Arthroplasty Commentary BY JOHN CHOPACK, FEBRUARY 2, 2004

Currently, DePuy is the only orthopedic manufacturer FDA approved to market a mobile bearing knee in the U.S. While a majority of manufacturers market their mobile knee prosthesis overseas, most have been content on waiting for the FDA to down... more

OrthoLogic Reports the First Quarter Without Bone Stimulation Revenues BY JOHN CHOPACK, FEBRUARY 2, 2004

It's official. Tom Trotter, CEO of OrthoLogic (OLGC), has completed his transition of OLGC from a medical device company to a pure play orthobiologics organization. The feat took Trotter approximately three years beginning in 2001. During that time he divested... more

CryoLife Gets Some Financial Breathing Room BY ROBIN R. YOUNG CFA, FEBRUARY 2, 2004

Last week CryoLife announced that it had sold 3.4 million shares in a private placement, raising $20 million (before expenses). With cash levels sitting at approximately $11 million as of the end of 2003 and with quarterly losses running about... more

Stryker Corp Reports 21% Sales Rise in 4th quarter BY JOHN CHOPACK, FEBRUARY 2, 2004

Stryker (SYK) reported that revenues totaled $1.1 billion in 4Q:03 and $3.63 billion for the full year 2003. This represented a 21% and a 20% increase over the respective periods last year. The increase in revenues helped drive a 27%... more

ArthroCare Fiscal 2003 Revenues Grow 34 Percent; Reports Strong 4th Quarter BY JOHN MCCORMICK, FEBRUARY 2, 2004

ArthroCare (ARTC) reported strong year-over-year revenue growth where total 2003 revenues reached $118.9 million compared with $88.8 million in 2002. Product sales in 2003 were $114.7 compared to $85.0 million in 2002. In 2003, gross margin on product sales increased... more

Wall Street Journal Features Orthofix's Innovative Ortho-Trac System for Back Pain BY JOHN MCCORMICK, FEBRUARY 2, 2004

It seems that rising orthopedic valuations on Wall Street are not the only voice hailing the "Decade of Orthopedics." The Wall Street Journal got into the act last Tuesday by writing a positive piece on one of the more interesting... more

Kyphon Packs $131 Million of Sales in Just 12 Months: Expects $186-190 million in 2004 BY ROBIN R. YOUNG CFA, FEBRUARY 2, 2004

Two years ago, in the 2001 year, Kyphon reported $36 million in sales. Approximately mid-way through the 2002 year, the company went public, selling 6 million shares at $15 each, netting $82 million. The underwriters tried, but failed to establish... more

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