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Orthopedic and Dental Industry News Complete Archive »

Musculoskeletal News Roundup 24-Nov-10 BY LAUREN UZDIENSKI, NOVEMBER 24, 2010

Earnings
Medtronic reported F2Q:11 revenues of $3.9 billion, up 2% over the year-ago period and in line with estimates. Spine revenue was down 1% to $850.0 million, with core spine down 1% and biologics revenue down 2%. The company called spine market growth "slow but stable," noting that the sector is "affected by continued utilization and pricing pressures." Non-GAAP net income for the quarter was $887.0 million, or $0.82 per share. EPS increased by 6% over F2Q:10 and was in line with estimates.

Earnings
Bacterin raised approximately $9.0 million in funding, consisting of a lending facility from Western Technology Investment and an exercise of warrants. The company is seeking an additional $5.0 million credit line from Bridge Bank, based in San Jose, California. Bacterin sells allograft products and has a line of anti-microbial coatings.

Sonoma Orthopedic Products raised $1.5 million in venture funding. Participants in this latest round were not named, but current investors include EDF Ventures, Asset Management Co., Split Rock Partners and MedVenture Associates. The company is developing fracture repair devices for the wrist and collarbone.

Regulatory
curasan AG received Canadian marketing approval for Cerasorb M ORTHO, a synthetic bone regeneration material.

Product Introduction and Update
Cayenne Medical announced that over 50,000 of its devices have been implanted. The company's product offering includes the AperFix System, CrossFix Meniscal Repair System and iFix System, which are indicated for knee ligament reconstruction and meniscal repair.

Medtronic launched the SOVEREIGN Spinal System in Europe. The system consists of an interbody fusion device indicated for degenerative disc disease at one or two contiguous levels from L2 to S1.

Reimbursement
Blue Cross Blue Shield of North Carolina published a "notification" regarding lumbar spinal fusion surgery. The payer is implementing new guidelines, effective January 1, 2011, on requirements for coverage for fusion procedures, including more restrictive criteria for spondylolithesis cases. Additionally, the procedure will be considered "not medically necessary" if the sole indication is DDD.

Collaborations
Stryker is joining six South Carolina hospitals to help fund the South Carolina Medical Translational Technology Program, or "SC MedTransTech," a new research program across several South Carolina universities designed to develop new medical technology. Stryker will offer rebates to member hospitals, who will then pass the rebates along to the MedTransTech program. The company will also receive a first look at licensing opportunities that stem from the research.

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