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Orthopedic and Dental Industry News

May 2004

Biomaterials SUMMIT Set for October 15th in New York City BY ROBIN R. YOUNG CFA, MAY 24, 2004

It's been an extraordinary year for companies that employ or supply biomaterials. Sales are now running at a rate of $6 million per day and will, we believe, accelerate in 2005 with a new generation of growth factors, cartilage repair... more

CMS Sets Disc Arthroplasty Procedure Payments at Discectomy Levels - $4,200-6,300 BY ROBIN R. YOUNG CFA, MAY 24, 2004

Insufficient data from manufacturers forced the Center for Medicare and Medicaid Services (CMS) last week to set payment rates for Disc Arthroplasty at rates far, far below the true cost of a disc arthroplasty procedure. For Spinal repair, CMS has... more

CMS Proposes New Reimbursement Rates - DRG 209 Rate Increases by 2% BY JOHN CHOPACK, MAY 24, 2004

Center for Medicare and Medicaid Services (CMS) released its 2005 proposed payments for inpatient procedures on May 18th/2004. CMS is calling for a 2% increase in DRG 209 payments bringing the total payment to $10,034 up from $9,839 the year... more

InFuse® Add-On Payment Extended One Year by CMS - Good News for an Estimated 500 Patients (About 2% of the Infuse® Patient Population) BY ROBIN R. YOUNG CFA, MAY 24, 2004

The InFuse® add-on payment of $8,900 was extended for one year by the Centers for Medicare and Medicaid Services last week. Medicare, which provides supplemental healthcare cost reimbursement for American elderly patients, directly affects an estimated 15% of the spine... more

DJO Announces Shelf Registration: JP Morgan Exits BY JOHN MCCORMICK, MAY 24, 2004

Late Friday of last week, dj Orthopedics (NYSE: DJO) announced that it has filed for shelf registration with the SEC in order to sell a block of shares owned by existing shareholders and management. The selling shareholders are JP Morgan... more

World Congress of Biomaterials Opens Window to the Future of Orthopedics BY ROBIN R. YOUNG CFA, MAY 24, 2004

Over 2,000 scientists and entrepreneurs from 43 countries converged on Sydney, Australia last week to advance the extraordinary science and practice of biomaterials. Over 2,000 papers and posters were submitted representing some of the finest biomaterials science in the world.... more

dj Orthopedics Announces Redemption of Senior Subordinated Notes BY JOHN MCCORMICK, MAY 17, 2004

Last week dj Orthopedics (NYSE: DJO) made the call analysts have been expecting: the redemption of their punitively expensive Senior Subordinated notes. This lingering artifact from the Company's 1999 LBO was costing the company nearly $10 million in interest costs... more

A Review of the Five Largest Orthopedic Companies' 1Q:04 Financial Results BY JOHN CHOPACK, MAY 17, 2004

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

CryoLife Continues to Struggle BY ROBIN R. YOUNG CFA, MAY 17, 2004

If CryoLife is to survive, it must achieve three fundamental goals: resolve its lawsuits, avoid trouble with any U.S. government agency and re-establish a reputation as a reliable supplier of biologic products to surgeons. Last week's quarterly update report from... more

It is Four Yards and a Cloud of Dust, But Still Good Progress for IsoTis at $6.5 Million in Q1:04 Revenues BY ROBIN R. YOUNG CFA, MAY 17, 2004

DBM is a tough market. Gains, when they come, come the way yardage comes in a hard fought football game; up front, with big sweaty linemen pounding the ball four yards at a time. It can be brutal, but it... more

Miniature Spine Surgery Robot Approved by FDA BY ROBIN R. YOUNG CFA, MAY 17, 2004

The FDA last week approved Mazor Technologies innovative miniature spine surgery robot, SpineAssist, for use in all types of spine surgeries. The device is no bigger than a soda pop can. Sitting on top of the spine, it guides spine... more

Keramos Ceramic-on-Ceramic Sales Drive an 18% Increase in 1Q:04 Revenues at Encore Medical BY JOHN CHOPACK, MAY 10, 2004

Encore Medical was third to market with an FDA approved ceramic-on-ceramic total hip system behind Wright Medical and Stryker. Being one of the first to market has provided significant benefits at Encore. Keramos hip sales already represent approximately 20% of... more

Orthovita reports 59% Sales Growth; 3% Increase in Operating Loss to $2.5 million BY ROBIN R. YOUNG CFA, MAY 10, 2004

VITOSS sales rocketed in the quarter, beating our expectations and demonstrating that Orthovita is becoming one of the premier calcium based suppliers in orthopedics. VITOSS (a resorbable beta tri-calcium material) sales reached an estimated $4.5 million (the actual number included... more

Marking Time at AANS BY ROBIN R. YOUNG CFA, MAY 10, 2004

By Wednesday the most popular document circulating the floor of AANS was a crossword puzzle followed by USA Today's sports section. Compared to AAOS (which was like Times Square), AANS was a monastic retreat; for the exhibitors. For surgeons it... more

Smith & Nephew Reports Strong 1Q:04 Financials Driven by Further Penetration of Oxinium Sales BY JOHN CHOPACK, MAY 10, 2004

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

Kyocera Corporation and Kobe Steel Collaborate to Form #1 Japanese Orthopedics Company BY ROBIN R. YOUNG CFA, MAY 3, 2004

Ranking, respectively #1 and #2 among Japanese orthopedics companies - but lagging behind American and UK firms (who hold, we estimate, the top 5 positions in the Japanese market) - the medical products businesses of Kyocera and Kobe Steel have... more

LifeCell Posts 92% Jump in Alloderm Sales - 55% Overall. Pretty Unusual for a Biomaterials Company? BY ROBIN R. YOUNG CFA, MAY 3, 2004

Watch what is happening in hernia repair and then start thinking cartilage, tendon and ligament. LifeCell, which could call itself a 'biomaterial' company, but won't - posted the #1 rate of revenue growth of all 'biomaterials' companies with an impressive... more

OrthoLogic Takes Aim at ENTIRE Growth Factor Market BY ROBIN R. YOUNG CFA, MAY 3, 2004

Taking a quote from Butch Cassidy and the Sundance Kid, 'Who are those guys?' Tom Trotter's OrthoLogic could eventually possess more 'growth factor' indications than Medtronic, operate at significantly lower costs than Medtronic and have obtained a drug approval for... more

Zimmer's Management Takes 2 Hours out of their Schedule to Discuss Both Its Operational Results and Status of the Orthopedic Market BY JOHN CHOPACK, MAY 3, 2004

Zimmer reported its 1Q:04 financial results on Monday evening and on Tuesday morning held a 2 hour and 15 minute conference call with industry analysts to discuss its results. Although some analysts may believe that 2 hours is too long... more

Exactech Reports a 16% Increase in 1Q:04 Revenues BY JOHN CHOPACK, MAY 3, 2004

Exactech (EXAC:NASDAQ) announced that revenues totaled $21 million during the 1Q:04 which was a 16% increase over the 1Q:03. Knee sales, which accounted for approximately 60% of 1Q:04, increased by 21% over the same period a year. The Optetrak knee... more

dj Orthopedics (NYSE: DJO) Earns $0.19 for 1Q:04 BY JOHN MCCORMICK, MAY 3, 2004

It would seem that the theme of DJO's first quarter financial results announced on Wednesday was new, new and' new. The Company captured the benefits of a new division, gained new contracts, introduced new products and is building a new... more

Wright Medical's Hip Sales Increase 52% In Quarter. Ceramic-On-Ceramic and Metal Bearings The Key. BY JOHN CHOPACK, MAY 3, 2004

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

Orthofix (NASDAQ: OFIX) Achieves 47% Revenue Growth in First Quarter; BREG Acquisition has Incremental Effect BY JOHN MCCORMICK, MAY 3, 2004

Orthofix had its first full quarter that included the BREG acquisition and the results were solid. Revenues grew year-over-year by 47% to $70.7 million in 1Q:04 from $48.2 million in 1Q:03. We note that $2.4 million of that growth comes... more

Regeneration Technologies - Sales Rebound, Profit Margins Narrow'Lots of Activity Beneath the Surface BY ROBIN R. YOUNG CFA, MAY 3, 2004

Regeneration Technologies (RTI) is like the proverbial duck on the water, calm on the surface, but paddling like crazy beneath. For the first quarter ended March 31/2004, Regeneration reported a 19% increase in sales to $23.4 million, which was about... more

ArthroCare (NASDAQ: ARTC) Achieves 31% Revenue Growth in First Quarter; Achieving Traction in Spine BY JOHN MCCORMICK, MAY 3, 2004

ArthroCare achieved total revenues of $34.3 million for 1Q:04 a 31% year over year increase compared to the $27.2 million achieved in 1Q:03. For the remainder of the year, the Company expects revenue to grow at 20% which would allow... more

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