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Orthopedic and Dental Industry News

November 2004

FDA Issues Final Good Tissue Practices Rule BY ROBIN R. YOUNG CFA, NOVEMBER 29, 2004

Literally millions of patients have benefited from receiving tissues donated by their fellow humans. Formerly wheelchair bound patients now walk. Formerly sightless patients now see. Patients with debilitating back pain now enjoy active lives. Cancer patients, auto accident victims. The... more

VIOXX Wars Good News for Large Joint Reconstruction Market BY ROBIN R. YOUNG CFA, NOVEMBER 29, 2004

The lawyer's ads are all over the country and all over the two broadest media outlets we know - television and the internet. "Learn about Vioxx, the Vioxx recall and potential health risks!" "Are you a Vioxx Patient? Find out... more

When is the Spine Bubble Going to Burst? BY ROBIN R. YOUNG CFA, NOVEMBER 22, 2004

This is a copy of the key note address I presented at last week's InSpine conference in Dallas. That conference, which was organized by Sharon O'Reilly's excellent MedTech Insights group and co-sponsored by Dr. Stephen Hochschuler's Texas Back Institute and... more

Reflections on the Aircast Acquisition BY JOHN MCCORMICK, NOVEMBER 22, 2004

Two weeks ago, Aircast announced that it will be acquired by $1.3 billion private equity fund Tailwind Capital Partners. By all measures, the deal looks and feels like a plain vanilla leveraged buyout. A substantial amount of debt is being... more

NASDAQ Makes Mistake by Delisting ArthroCare BY JOHN MCCORMICK, NOVEMBER 22, 2004

NASDAQ wants to be stock market of choice for high quality growth companies. Arthrocare should be exactly the kind of company NASDAQ represents. Innovative, profitable, over $100 million in revenues, growing rapidly, innovating in key medical sectors, over $600 million... more

MTF Extends its Dominance of Allograft Industry BY ROBIN R. YOUNG CFA, NOVEMBER 22, 2004

For an undisclosed amount, MTF Foundation (a non-profit 501(c) 3 corporation) has agreed to purchase the $40 million (annual revenue) allograft business of the American Red Cross. With this purchase, MTF will account for, we estimate, approximately 45% of the... more

Are Metal Implants Days Numbered? BY ROBIN R. YOUNG CFA, NOVEMBER 22, 2004

In this past edition of the Device and Diagnostics letter was a short item from the Hospital for Special Surgeries recent alumni association meeting. Dr. Rocky Tuan, chief of the Cartilage Biology and Orthopedics Branch of the National Institute of... more

Symmetry Medical Scales Back its Proposed IPO BY JOHN MCCORMICK, NOVEMBER 22, 2004

In an SEC filing on Wednesday of last week Symmetry Medical, Inc. reduced the number of shares it plans to offer from ten million to eight million. Pricing is set at the $13 to $15 per share range according to... more

ArthroCare Closes Opus Medical Acquisition BY JOHN MCCORMICK, NOVEMBER 22, 2004

Last week ArthroCare Corp. (NASDAQ: ARTCE - note new ticker symbol) completed its acquisition of privately held Opus Medical, Inc.. ArthroCare paid with a combination of cash and stock for this privately-held arthroscopic surgery innovator. The terms of the $130... more

Let us now sing praises of Blackstone Medical BY ROBIN R. YOUNG CFA, NOVEMBER 8, 2004

The word in the aisles at NASS was that two private companies were "hot": Globus Medical and K2. But one company was "lava hot". Blackstone Medical. Now the largest private spinal implant company in the industry at $50 million in... more

Smith & Nephew (SNN:NYSE) Reports Strong 3Q:04 Financials BY JOHN CHOPACK, NOVEMBER 8, 2004

Smith & Nephew reported revenues of '288.9 million for the 3Q:04 which was a 12% increase over the 3Q:03 on a constant currency basis. Earnings for the 3Q:04 totaled '4.99p per share which was a 15% increase over the 3Q:03.... more

NASS Notes BY ROBIN R. YOUNG CFA, NOVEMBER 8, 2004

The largest conference of spinal surgeons and the companies that supply them is the North American Spine Society conference. This year's soiree in Chicago seemed smaller than prior years. At first we thought it was due to the recent M&A... more

Encore Medical (ENMC:NASDAQ) Reports 12% Sales Growth in 3Q:04 BY JOHN CHOPACK, NOVEMBER 8, 2004

Encore reported its 3Q:04 financials on Monday of last week. Revenues totaled $30.6 million which was a 12% increase over 3Q:03. Earnings totaled $0.04 (excluding certain non-recurring expenses) which was a $0.01 higher than analysts were anticipating and a significant... more

Are Allograft Implant Revenues Stabilizing? BY ROBIN R. YOUNG CFA, NOVEMBER 8, 2004

For the five public allograft companies, sales for the first nine months of 2004 are running at around $234 million ($323 million annualized). Sales growth is slightly up - about 6%. Which is good news. Last year, public company allograft... more

For Spine Patients, It's a Wild, Wild Web BY ROBIN R. YOUNG CFA, NOVEMBER 3, 2004

Google the word "spine" and patients are directed to web sites for mattress suppliers, artificial disc specialists in the Netherlands and personal injury lawyers. We know, we tried. But that doesn't stop patients suffering from back pain from cruising the... more

Kyphon Reports Both Rising Sales and Rising Legal Activity BY ROBIN R. YOUNG CFA, NOVEMBER 3, 2004

You can always tell what managers are really thinking by the order of their comments on conference calls. For the quarter just ended (September 30/2004) Kyphon reported a 59% jump in net sales $55.8 million. Earnings soared to $6.1 million,... more

Zimmer Holdings (ZMH:NYSE) Reports $700 million in 3Q:04 Sales, up 13% (10% constant currency) BY JOHN CHOPACK, NOVEMBER 3, 2004

Zimmer also beat earnings expectations by $0.03 per share. Hip revenues rose 14%, knees revenues were up 16% but spine declined 2%. These percentages were as reported. We give the constant currency numbers later in this note. Guidance for the... more

Orthofix Posts 39% revenue increase for Third Quarter BY JOHN MCCORMICK, NOVEMBER 3, 2004

Last week Orthofix (Nasdaq: OFIX) announced that revenues for 3Q:04, were $71.5 million, an increase of 39 percent over the $51.3 million reported for 3Q:03. The 2004 revenue number includes the acquired Breg revenues. The Company noted that the incremental... more

Wright Medical (WMGI:NASDAQ) Reports 28% biologics growth and 23% Hip growth in 3Q:04 BY JOHN CHOPACK, NOVEMBER 3, 2004

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

Seventy one percent Alloderm jump fuels LifeCell's Third Quarter BY ROBIN R. YOUNG CFA, NOVEMBER 3, 2004

Alloderm, LifeCell's donated decellularized human dermal tissue, just continues to gain surgeon champions at what appears to be accelerating rates. Alloderm sales reached $11 in the September quarter, up 71% from the prior year's $6.4 million in sales for the... more

Exactech (EXAC:NASDAQ) Reports 15% Revenue Increase for 3Q:04 / Misses Analyst Consensus Estimates BY JOHN CHOPACK, NOVEMBER 3, 2004

Exactech reported net revenues of $19.5 million for the 3Q:04 which was a 15% increase over the 3Q:03, but slightly below analyst expectations of $20 million. Earnings totaled $0.14 per diluted share which was a 20% increase from the 3Q:03... more

DJ Orthopedics reports 28% revenue increase for third quarter BY JOHN MCCORMICK, NOVEMBER 3, 2004

Last week, dj Orthopedics (NYSE:DJO) announced that net revenues for 3Q:04 rose 27.9 percent to $62.5 million, compared with net revenues of $48.9 million reported in 3Q:03. Revenues were therefore below the consensus estimate of $63.1 million. Of course, the... more

The FDA Approves Charite Disc Arthoplasty BY ROBIN R. YOUNG CFA, NOVEMBER 3, 2004

Hats off to DePuy Spine for winding this approval through the FDA so masterfully. The timing (to coincide with NASS) was exactly right. The website is excellent and we repeat some key points from it later in this commentary. Future... more


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