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Orthopedic and Dental Industry News

July 2004

ArthroCare Revenues Grow 27% This Quarter - Parallax Experiences Supply Issues BY JOHN MCCORMICK, JULY 26, 2004

ArthroCare achieved total revenues of $37.7 million for 2Q:04; a 27% year over year increase compared to the $29.7 million achieved in 2Q:03 largely driven by US revenues. The Sports Medicine business unit (64% of product revenue) exceeded management's expectations... more

Exactech (EXAC:NASDAQ) Reports Solid 2Q:04 - 15% Increase in Revenues & Earnings BY JOHN CHOPACK, JULY 26, 2004

EXAC reported revenues of $20.4 million which was a 15% increase over revenues of $17.8 million during the 2Q:04. The Company also reported net income of $1.6 million or $0.16 per diluted share, which represented a 15% increase over the... more

Sales Are Flat but Working Capital is Building at Regeneration Technologies BY ROBIN R. YOUNG CFA, JULY 26, 2004

For the June quarter, RTI reported sales hit $23.1 million. Last year RTI's sales for the same period were $23.1 million. That is not much progress. Working capital, on the other hand, rose 55% to $49 million (due to declining... more

What is the Second Generation Disc Arthroplasty Implant? BY ROBIN R. YOUNG CFA, JULY 26, 2004

Last week Stryker announced it was offering $120 million in cash, plus as much as double that amount in future royalties to buy a 'second generation' disc arthroplasty implant. The implant, developed by SpineCore, is a single piece (three components... more

Orthofix Announces Preliminary Second Quarter Results BY JOHN MCCORMICK, JULY 26, 2004

Last week Orthofix announced that second quarter sales are expected to be approximately $70.8 million which are less than consensus analyst expectations of $73.0 million to $73.8 million. Earnings per share are expected to approximate between $0.49 and $0.51 per... more

LifeCell's Momentum Grows with 58% Sales Jump in June Quarter BY ROBIN R. YOUNG CFA, JULY 26, 2004

For the June quarter, LIFC reported that sales hit $15.1 million, a stellar 58% increase over prior year levels. Sales for the superstar product, Alloderm', accounted for 68% of the overall sales and rose 89% over prior year levels. The... more

We Pause to Examine the Large Joint Market Ahead of the Conclusion of Earnings Season BY JOHN CHOPACK, JULY 19, 2004

With DePuy, Stryker and Biomet reporting during the last three weeks, this is a good time to identify specific topics imperative to the remainder of the sector's earnings releases over the next several weeks. Large Joint Companies Earnings 2Q:04 Reports... more

Hospitals Push Back on Future Price Increases BY ROBIN R. YOUNG CFA, JULY 19, 2004

In 1995 the average coated femoral stem cost $2,458. Today, coated femoral stems range from $4,225 to $5,097 each for an 85% price increase in 9 years. As we demonstrate in the following table, the rate of component price increases... more

Stryker Corp. (SYK:NYSE) 2Q:04 Earnings Increase by 42%which Beats the Street by $0.03 BY JOHN CHOPACK, JULY 19, 2004

SYK reported earnings totaled $152.7 million or $0.37 per diluted share during the 2Q:04. This 42% increase over the 2Q:03 beat analyst expectations by $0.03. It also triggered several analyst downgrades including First Albany, Wells Fargo and Bank of America.... more

First Resorbable (Non-Allograft) Interbody Implant Introduced in Europe BY ROBIN R. YOUNG CFA, JULY 12, 2004

Macropore Biosurgery, Inc. (Frankfurt: XMP) announced last week that the European regulatory agency had approved it s HYDROSORB' Boomerang' spine fusion implants. (By the way, who names these products? Boomerang?) Made from Polylactic Acid, the material resorbs in the body... more

Disc Arthroplasty's Steep Learning Curve BY ROBIN R. YOUNG CFA, JULY 12, 2004

We now have data from the early disc arthroplasty patients. The good news is that a 17 year follow-up study of 51 disc arthroplasty (non-fusion) patients was presented at the recent EuroSpine conference in Porto, Spain. The bad news is... more

Biomet (BMET:NASDAQ) Beats the Street by $0.01 in EPSand $16 Million in Revenues BY JOHN CHOPACK, JULY 12, 2004

Biomet announced that revenues totaled $447 million for the 4Q:04 and $1.6 billion in 2004 representing a 19% and 16% increase, respectively. Adjusted earnings (for the acquisitions of Merck Joint Venture and Interpore Cross) per share totaled $0.37 for the... more

Blood Sucking Invertebrates Declared Medical Device by FDA BY ROBIN R. YOUNG CFA, JULY 12, 2004

The FDA has approved leeches for clinical use and has, furthermore, declared them a medical device. This approval, once again, brings into question the definition of a medical device. InFuse', for example, is a medical device even though it's an... more

Here Comes Dynamic Stabilization for Spine BY ROBIN R. YOUNG CFA, JULY 12, 2004

Can Dynamic Stabilization implants address the problem of adjacent level disease? From initial clinical trial data, the answer appears to be yes. Considering that these devices are FDA approved and, in fact, have been available in one form or another... more


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