orthocell-biologics.jpg

Orthocell Appoints Surgical Specialties as Exclusive Distributor

Posted On October 11, 2017 By OrthoSpineNews In Biologics /  

October 10, 2017

PERTH, Australia–(BUSINESS WIRE)–Regenerative medicine company Orthocell Limited (ASX:OCC, “Orthocell” or the “Company”) is pleased to announce it has appointed Surgical Specialties Pty Ltd (Surgical Specialties) as its exclusive distributor in Australia and New Zealand for its world leading cell therapies for tendon regeneration (Ortho-ATI®) and cartilage regeneration (Ortho-ACI®).

“Surgical Specialties is a leading distributor of innovative medical devices and one of the few local companies with its own national sales force and marketing teams,” said Managing Director of Orthocell, Paul Anderson. “Surgical Specialties is the ideal partner with established relationships with leading orthopaedic surgeons and sports physicians, a successful track record and a highly skilled and dedicated national sales force,” he added.

Surgical Specialties will take over distribution responsibilities for Orthocell’s cell therapies including targeted promotion activities and initiating sales, as well as assisting with expanding the network of referring doctors and physicians. The exclusive distribution agreement has a term of five years and the arrangement will allow Orthocell to maintain its focus on the development of its novel regenerative medicine products and driving national and international regulatory approvals for its technologies.

“We are very excited to be involved with Orthocell. Orthocell has the only cell therapy intervention listed on the Australian Register of Therapeutic Goods (ARTG) for the repair of damaged or degenerate cartilage in the knee or ankle joint, and an innovative market leading approach for the repair of degenerate tendons. Both products are based on ground-breaking technology and addresses a significant clinical need, particularly in the orthopaedic and sports physician market,” said CEO of Surgical Specialties, Phil Nicholl.

About Surgical Specialties Pty Ltd:

Established in 2006, Surgical Specialties now has a team of over 70 people, with sales offices throughout Australia and New Zealand. Surgical Specialties is an independent distributor of innovative medical devices to the Australian and New Zealand medical community. The business focuses on the following surgical areas: Arthroplasty, Extremities, Specialty Trauma, Orthobiologics, Critical Care and Operating Room Products.

Contacts

General enquiries
Orthocell
Paul Anderson, +61 8 9360 2888
Managing Director
paulanderson@orthocell.com.au
or
Investor and Media enquiries
WE Buchan
Ben Walsh, + 61 411 520 012
bwalsh@buchanwe.com.au

Read More
NASDAQ_WMGI-1.png

Wright Medical Group N.V. to Host Third Quarter 2017 Earnings Conference Call

Posted On October 11, 2017 By OrthoSpineNews In Financial /  

AMSTERDAM, The Netherlands, Oct. 11, 2017 (GLOBE NEWSWIRE) — Wright Medical Group N.V. (NASDAQ:WMGI) today announced that it will host a conference call on Wednesday, November 1, 2017, at 3:30 p.m. Central Time to discuss the company’s operating results for its third quarter ended September 24, 2017.  Operating results will be released at 3:00 p.m. Central Time that day.

The live dial-in number for the call is (844) 295-9436 (U.S.) / (574) 990-1040 (Outside U.S.).  The participant passcode for the call is “Wright.”  A simultaneous webcast of the call will be available via Wright Medical’s corporate website at www.wright.com.  The call will be archived on this site for a minimum of 12 months.

A replay of the call will be available beginning at 5:30 p.m. Central Time on November 1, 2017 through November 8, 2017.  To hear this replay, dial (855) 859-2056 (U.S.) / (404) 537-3406 (Outside U.S.) and enter code 65776375.

Internet Posting of Information

Wright routinely posts information that may be important to investors in the “Investor Relations” section of its website at www.wright.com.  The company encourages investors and potential investors to consult the Wright website regularly for important information about Wright.

About Wright Medical Group N.V.

Wright Medical Group N.V. is a global medical device company focused on extremities and biologics products.  The company is committed to delivering innovative, value-added solutions improving the quality of life for patients worldwide.  Wright is a recognized leader of surgical solutions for the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics markets, three of the fastest growing segments in orthopedics.  For more information about Wright, visit www.wright.com.

Investors & Media:

Julie D. Tracy
Sr. Vice President, Chief Communications Officer
Wright Medical Group N.V.
(901) 290-5817
julie.tracy@wright.com

Primary Logo

Wright Medical Group N.V.

Read More
french-surgeons-use-3d-printed-model-robot-fix-6-year-old-spine-world-first-surgery-1.jpg

French surgeons use robot & 3D printed model to fix 6-year-old’s spine in world-first surgery

Posted On October 11, 2017 By OrthoSpineNews In Spine, Top Stories /  

Oct 10, 2017 | By Tess

A team of surgeons from the Amiens-Picardie University Hospital in France has successfully performed a complex spinal surgery on a six-year-old boy with the help of a robot and a patient-specific 3D printed model. The procedure was the first of its kind.

 

 

The patient in question is a six-year-old boy who was suffering from a combination of severe progressive scoliosis and infantile spinal amyotrophy, a condition that causes weak muscles. The scoliosis had become so severe that the young boy could not even sit. Obviously, something had to be done.

The complex surgery, which took place on September 28, was the result of over a year of planning on the part of Dr. François Deroussen, a pediatric orthopedic surgeon; Professor Richard Gouron, head of the child surgery department at the hospital; and Dr. Michel Lefranc, a neurosurgeon.

To prepare for the operation, the doctors took a scan of the child to get a detailed visualization of the position and state of his spine. With the 3D scan, the doctors were able to take their planning one step further by 3D printing an accurate replica model of the patient’s spine.

 

READ THE REST HERE

Read More

Implanet: 20% Increase in Revenue In Q3 2017

Posted On October 10, 2017 By OrthoSpineNews In Financial /  

October 10, 2017

BORDEAUX, France & BOSTON–(BUSINESS WIRE)–Regulatory News:

IMPLANET (Paris:IMPL) (OTCQX:IMPZY) (Euronext Growth: ALIMP, FR0010458729, PEA-PME eligible), a medical technology company specializing in vertebral and knee-surgery implants, today announces its sales for the third quarter and first nine months to September 30, 2017.

Ludovic Lastennet, CEO of Implanet, says: “The Group’s activity was solid last quarter. The increase in Jazz® sales in Q3 2017 represented the best quarterly improvement since the start of the year, confirming the success of the Jazz® technological platform’s expansion across all of our territories. France and the Rest of the World are continuing to grow. In the United States, our efforts about getting Jazz®’s clinical value acknowledged and recruiting and training partners of greater size are beginning to bear fruit. These encouraging results illustrate our ability to generate sustained growth in Jazz® revenue quarter after quarter.”

Revenue (in € thousands – IFRS*) 2017 2016 Change
1st quarter 2,048 1,988 +3%
2nd quarter 2,071 2,107 -2%
Spine (JAZZ) 1,104 848 +30%
Knee + Arthroscopy 671 633 +6%
Total 3rd quarter 1,774 1,481 +20%
Spine (JAZZ) 3,506 2,860 +23%
Knee + Arthroscopy 2,387 2,715 -12%
9-month revenue 5,894 5,576 +6%

*Unaudited data

Sales in the first 9 months were up 6% to €5.9 million (from €5.6 million), confirming the successful deployment of Jazz® technology across all regions.

Jazz® sales recorded growth of 30% to €1.1 million in Q3 2017, the strongest quarterly growth since the start of the year. Over the first nine months of 2017, Jazz® sales were up by 23% (close to 60% of total revenue vs. 51% in 2016).

Jazz® sales were up in every region over the quarter: 10% to €0.3 million in France and 159% to €0.3 million in the rest of the world. Over the first nine months of the year, Jazz® sales were up 20% to €1.1 million in France and by 117% to €0.8 million in the rest of the world.

In the rest of the world, the performance was driven by longstanding distributors and by Jazz® launch in new European countries.

In the United States, Jazz® sales were up 12% (16% at constant currency) to €0.5 million in Q3. The strategy of partnering with larger players is beginning to bear fruit, enabling us to accelerate the recruitment of new surgeons.

On markets where the Company operates directly, i.e. France and the United States, the penetration of the adult degenerative bone disorder market – which is acyclic and has substantial potential – keeps growing; sales were up 5% to €0.3 million over the quarter. Pediatric activity also increased 20% over the quarter to €0.5 million.

In the quarter, Implanet sold 1,655 Jazz® units (vs. 1,505 in Q3 2016). Over the first nine months of the year, Implanet thus sold a total of 6,296 units (vs. 4,623 in 2016).

As anticipated, the Knee segment saw sales stabilize with growth of 6% to €0.7 million in the third quarter, the gradual discontinuation of the distribution of arthroscopy activity having been completed. Sales of the proprietary product Madison (knee prosthesis) were flat on the first nine months of the year.

IMPLANET will participate in the following Scientific Congress in Q4 2017:
NASS in Orlando, October 25 to 28, 2017
SOFCOT in Paris, November 6 to 9, 2017

About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that manufactures high-quality implants for orthopedic surgery. Its flagship product, the JAZZ® latest-generation implant, aims to treat spinal pathologies requiring vertebral fusion surgery. Protected by four families of international patents, JAZZ® has obtained 510(k) regulatory clearance from the Food and Drug Administration (FDA) in the United States and the CE mark. IMPLANET employs 48 staff and recorded 2016 sales of €7.8 million. For further information, please visit www.implanet.com.
Based near Bordeaux in France, IMPLANET established a US subsidiary in Boston in 2013.
IMPLANET is listed on Euronext™ Growth market in Paris.

Disclaimer
This press release contains forward-looking statements concerning Implanet and its activities. Such forward looking statements are based on assumptions that Implanet considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur. Forward- looking statements are subject to numerous risks and uncertainties including the risks set forth in the registration document of Implanet registered by the French Financial Markets Authority (Autorité des marchés financiers (AMF)) on April 26, 2016 under number R.16-035 and available on the Company’s website (www.implanet-invest.com), and to the development of economic situation, financial markets, and the markets in which Implanet operates. The forward-looking statements contained in this release are also subject to risks unknown to Implanet or that Implanet does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by Implanet that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for Implanet shares in any country.

Contacts

IMPLANET
Ludovic Lastennet
CEO
Tel. : +33 (0)5 57 99 55 55
investors@implanet.com
or
NewCap
Investor Relations
Florent Alba
Tel. : +33 (0)1 44 71 94 94
implanet@newcap.eu
or
NewCap
Media Relations
Nicolas Merigeau
Tel. : +33 (0)1 44 71 94 98
implanet@newcap.eu
or
AlphaBronze
US-Investor Relations
Pascal Nigen
Tel.: +1 917 385 21 60
implanet@alphabronze.net

Read More
about-allosource_770x330.jpg

AlloSource President and CEO Thomas Cycyota Receives American Association of Tissue Banks Award

Posted On October 10, 2017 By OrthoSpineNews In Biologics, Top Stories /  

CENTENNIAL, Colo., Oct. 10, 2017 /PRNewswire-USNewswire/ — AlloSource, one of the nation’s largest providers of cartilage, bone, skin, soft-tissue and cellular allografts for use in surgical procedures and wound care to advance patient healing, today announced that its President and Chief Executive Officer, Thomas Cycyota, received the Jeanne C. Mowe Distinguished Service Award from the American Association of Tissue Banks (AATB).

The annual Jeanne C. Mowe Distinguished Service Award recognizes an individual who has made a significant contribution in tissue banking or transplantation, whether in research, education, or laboratory improvement, or who has served the Association or the field of tissue banking.

“I am humbled and honored to receive this award from the AATB. AlloSource’s success is possible because of our strong relationships with our donor community, as well as our dedicated, passionate employees,” said Cycyota. “Being involved in the tissue donation and transplantation community has been a sacred part of my life for the last 17 years. I am continually in awe and inspired by the possibilities tissue donors create for patients in need.”

Cycyota has served as the President and Chief Executive Officer of AlloSource since 2000, leading the organization in its ongoing dedication to honoring the gift of tissue donation. Under his leadership, the organization has grown into a leading provider of allografts for use in spine, sports medicine, foot and ankle, orthopedic, reconstructive, trauma and wound care applications. AlloSource continues to identify new opportunities to create innovative products that advance patient healing.

The award was presented on October 4 at the AATB Annual Meeting held in Orlando, Florida.

About AlloSource
AlloSource is one of the largest nonprofit cellular and tissue networks in the country, offering more than 200 types of precise cartilage, cellular, bone, skin and soft-tissue allografts to advance patient healing. For more than 20 years, AlloSource’s products have bridged the proven science of allografts with the advanced technology of cells, offering life-saving and life-enhancing possibilities in spine, sports medicine, foot and ankle, orthopedic, reconstructive, trauma and wound care procedures. As the world’s largest processor of cellular bone allografts, fresh cartilage tissue for joint repair and skin allografts to help patients heal from severe burns, AlloSource delivers unparalleled expertise and service to its growing network of surgeons, partners, and the country’s most reputable organ procurement organizations. The company is accredited by the American Association of Tissue Banks and is headquartered in Centennial, CO. For more information, please visit allosource.org or our educational website, allograftpossibilities.org.

Media Contact:
Megan Duggan
AlloSource
720. 382. 2766
mduggan@allosource.org

SOURCE AlloSource

Related Links

http://www.allosource.org

Read More
navigation-1-e1507672007846.png

Globus Medical Announces First Spine Surgeries Using ExcelsiusGPS™

Posted On October 10, 2017 By OrthoSpineNews In Robotics, Spine, Top Stories /  

AUDUBON, Pa., Oct. 10, 2017 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced the first spine surgeries using ExcelsiusGPS™, a revolutionary robotic guidance and navigation system. Surgeries using ExcelsiusGPS™ were performed last week at The Johns Hopkins Hospital in Baltimore, Maryland and St. Mark’s Hospital in Salt Lake City, Utah.  The surgical team at Johns Hopkins was led by neurosurgeons Dr. Nick Theodore and Dr. Ali Bydon, while orthopedic spine surgeon Dr. Kade Huntsman performed the surgeries at St. Marks.

“ExcelsiusGPS™ is the only robotic system that combines surgical navigation and robotic guidance for spinal surgery, which offers significant advantages to spine surgeons,” said Dr. Huntsman, “The system has been designed to take into account the typical surgical workflow to facilitate procedural efficiency.”

“ExcelsiusGPS™ is the culmination of years of research and development efforts and demonstrates Globus Medical’s superior product development capabilities,” said Norbert Johnson, Vice President of Robotics, Imaging, & Navigation.  “We believe the ExcelsiusGPS™ System will advance patient care and provide tangible benefits for surgeons and hospitals in terms of time, accuracy and reduced radiation exposure through the application of robotic and navigation technology in spine and orthopedic surgery.”

ExcelsiusGPS™ supports minimally invasive and open screw placement procedures. It seamlessly integrates Globus Medical implants and instruments and is compatible with pre-operative CT, intra-operative CT and fluoroscopic imaging modalities. The system is designed to minimize radiation exposure, streamline workflow, and reproducibly assist in implant placement.

Globus Medical expects its first revenues from the sale of ExcelsiusGPS™ systems to occur in the fourth quarter 2017, in alignment with current company guidance.

About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal solutions company based in Audubon, PA.  The company was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders.

Safe Harbor Statements
All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms.  These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends.  Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted.  These risks and uncertainties include, but are not limited to, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to successfully integrate the international operations acquired from Alphatec, both in general and on our anticipated timeline, our ability to transition Alphatec’s international customers to Globus Medical products, our ability to realize the expected benefits to our results from the Alphatec acquisition, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks.  For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the Securities and Exchange Commission.  These documents are available at www.sec.gov.  Moreover, we operate in an evolving environment.  New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.  Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements.  Forward-looking statements contained in this press release speak only as of the date of this press release.  We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.

Contact:
Daniel Scavilla
Senior Vice President, Chief Financial Officer
Phone: (610) 930-1800
Email: investors@globusmedical.com
www.globusmedical.com

Read More
NuVasive-Headquarters.jpg

Nuvasive Files Lawsuit Against Patrick S. Miles To Protect Corporate Assets And Stakeholders’ Interests

Posted On October 10, 2017 By OrthoSpineNews In Regulatory, Spine, Top Stories /  

SAN DIEGO, Oct. 10, 2017 /PRNewswire/ — NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, today announced that it has filed a lawsuit in the Delaware Chancery Court against Patrick S. Miles, former vice chairman of the Company and a member of NuVasive’s Board of Directors. The lawsuit asserts that before abruptly resigning from the Company to join Alphatec Holdings, Inc. (NASDAQ: ATEC), Mr. Miles engaged in a scheme for over a year to divert corporate opportunities and then announced he would join Alphatec in violation of his contractual obligations to NuVasive. In the lawsuit, NuVasive argues Mr. Miles’ divided loyalties constituted a clear breach of his fiduciary duties to NuVasive and its stakeholders, and that he violated his non-competition and non-solicitation obligations to the Company.

NuVasive issued the following statement:

This step was not taken lightly, particularly given Mr. Miles’ history with NuVasive. Yet it is this history and Mr. Miles’ intimate knowledge of the Company and our proprietary information that makes his breach of fiduciary duties and contractual obligations so egregious and this litigation necessary.

It is not the Company’s preference to proceed down a litigation path, but it would be contrary to our own responsibilities to ignore Mr. Miles’ actions. To be clear, Mr. Miles’ conduct has precipitated this lawsuit, which we believe is necessary to protect NuVasive’s rights and interests and the interests of our stakeholders. We will continue to take all appropriate steps in this regard.

As detailed in the complaint:

  • In January 2016, NuVasive was contacted by UBS Financial Services Inc. to explore NuVasive’s interest in acquiring Alphatec. Miles was NuVasive’s president and chief operating officer at the time. Miles advised NuVasive that pursuing such acquisition was “a waste of time,” and that Alphatec had an “aged, undifferentiated portfolio.” Consistent with Miles’ comments, NuVasive passed on the opportunity.
  • Then, on March 22, 2017, Miles secretly executed a securities purchase agreement to purchase $500,000 of Alphatec stock in a private placement. Miles and Alphatec concealed this investment by purchasing shares in Alphatec through an entity called “MOM” and failing to disclose that Miles was the beneficial owner of the shares. While still an employee and a member of the NuVasive Board, Miles negotiated an offer from Alphatec to serve as its executive chairman. As part of that offer, as an inducement to his employment, Alphatec granted Miles 1,000,000 Restricted Stock Units (a market value of $3,220,000 at Alphatec’s closing price as of October 2, 2017). Miles also agreed to purchase 1.3 million shares at $2.26 per share (a $2,938,000 investment) and is to be granted warrants to purchase up to an additional 1.3 million shares of Alphatec stock upon the closing of his purchase. Miles will own about 15% of the outstanding shares of Alphatec’s stock and, with the warrants he has been granted, could potentially own up to 23% of Alphatec’s outstanding stock.
  • On Sunday, October 1, 2017, Miles notified NuVasive that he was resigning his position as vice chairman and a member of the Board effective immediately. He planned to commence employment as Alphatec’s executive chairman the next day, and he did not intend to honor his contractual commitments to refrain from: 1) working for a competitor, 2) soliciting NuVasive’s customers and 3) recruiting NuVasive’s employees.

A full copy of the complaint will be available at NuVasive’s website.

NuVasive stated it is continuing to investigate and will file further claims if warranted.

DLA Piper is serving as legal counsel to NuVasive in connection with this matter.

About NuVasive

NuVasive, Inc. (NASDAQ: NUVA) is transforming spine surgery and beyond with minimally invasive, procedurally-integrated solutions designed to deliver reproducible and clinically-proven surgical outcomes. The Company’s portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With $962 million in revenues (2016), NuVasive has an approximate 2,300 person workforce in more than 40 countries serving surgeons, hospitals and patients. For more information, please visit www.nuvasive.com.

Forward-Looking Statements

NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive’s results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with the acceptance of the Company’s surgical products and procedures by spine surgeons, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive’s products (including the iGA™ platform), the Company’s ability to effectually manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties described in NuVasive’s news releases and periodic filings with the Securities and Exchange Commission. NuVasive’s public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.

 

SOURCE NuVasive, Inc.

Related Links

http://www.nuvasive.com

Read More
axiline_web-300x214.jpg

Nextremity Solutions, Inc. Announces Limited Release of the Axi+Line™ Proximal Bunion Correction System

Posted On October 10, 2017 By OrthoSpineNews In Extremities, Top Stories /  

10 Oct 2017 – By Nextremity

Nextremity Solutions, Inc., a strategic commercialization organization with a focus on the musculoskeletal space, located in “The Orthopedic Capital of the World” Warsaw, IN, is announcing the limited release of its newest product, the Axi+Line™ Proximal Bunion Correction System for the treatment of hallux valgus deformity, also known as a bunion. This announcement comes shortly after Nextremity Solutions announced the limited release of another new product, the PiroVue™ Gastrocnemius Recession System for the treatment of equinus deformities in patients.

According to a 2015 study in Foot & Ankle International® entitled, “A New Measure of Tibial Sesamoid Position in Hallux Valgus in Relation to the Coronal Rotation of the First Metatarsal in CT Scans”, patients with hallux valgus deformities (bunions) had a “more pronated first metatarsal than the control group”. The study showed that 87.3% of the patients sampled with hallux valgus deformity also had abnormal frontal plane rotation of the first ray.

Nextremity Solutions currently offers the Re+Line® Bunion Correction System, which specifically focuses on the treatment of hallux valgus deformities of lesser angles. However, the Axi+Line Proximal Bunion Correction System addresses treatment of deformities of larger angles and addresses correction in the frontal plane.

 

 

READ THE REST HERE

Read More
mimedx.png

MiMedx Announces Third Quarter Revenues Of $84.6 Million Exceeds Guidance By More Than 5 Percent

Posted On October 10, 2017 By OrthoSpineNews In Financial /  

MARIETTA, Ga., Oct. 10, 2017 /PRNewswire/ — MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced today its preliminary revenue results for the third quarter of 2017.

Third Quarter 2017 Revenue Highlights 

  • Q3 2017 revenue of $84.6 million exceeded MiMedx guidance range of $79 to $80 million 
  • Q3 2017 revenue grew 31% over Q3 2016 revenue
  • First nine months of 2017 revenue grew 33% over first nine months of 2016
  • Distributor and OEM revenue was below 5%
  • Accounts receivable DSO down to mid-60s

The Company recorded record revenue for the 2017 third quarter of $84.6 million, a $20.2 million or 31% increase over 2016 third quarter revenue of $64.4 million. Revenue for the nine months ended September 30, 2017 was $233.6 million, a $58.5 million or 33% increase over revenue for the nine months ended September 30, 2016 of $175.1 million.

Parker H. “Pete” Petit, Chairman and CEO stated, “Our third quarter revenue performance was very strong, and we are very pleased with the robust momentum that our sales organization is building. It became evident to us in early September that this momentum would produce third quarter revenue in excess of our earlier expectations. Despite the disruption from Hurricane Harvey and Hurricane Irma, we were confident that our strong performance throughout the country would more than make up for the impact of these natural disasters. We are particularly pleased with the exceptionally strong revenue performance from our commercial accounts. Over the years, we have concentrated on developing a customer base with a very wide breadth, both geographically and functionally. We are extremely pleased with the span of the customer base that we have built now in ‘secondary markets’. Revenue from our commercial accounts is leading our robust growth. Revenue from our direct sales force is currently in excess of 95% of our total revenue with revenue from distributors and Original Equipment Manufacturer (OEM) accounts below 5% of our total revenue.”

Speaking to other aspects of third quarter performance, Petit added, “We had very strong cash flow from operations and expect to report continued progress in our Days Sales Outstanding (DSO). We anticipate that our DSO as of the end of the third quarter will be improved into the mid-60s. I would have to state that our other operations are also working quite efficiently. These financial metrics indicate that our shipped products are being utilized by our customers at an efficient rate.”

Bill Taylor, President and COO, said, “Our revenue performance for the third quarter marks 27 consecutive quarters of sequential revenue growth and 26 of the last 27 quarters of meeting or exceeding our revenue guidance. We are gratified to have exceeded our guidance by more than $4 million. The asset base we have built in our sales force and other critical functions of our organization are performing very effectively. Throughout the organization, the enthusiasm for our excellent potential in the biopharma market is very high, and this is being reflected in the momentum our sales force is building in the market place. We could not be more pleased with the results our organization is producing and the respect we have garnered in the market.”

Taylor continued, “During the quarter, we announced the results of a number of clinical studies that should be important catalysts in driving revenue performance in various applications. With the momentum our sales force has built and these types of compelling study results, we are looking forward to continuing our robust sales growth. It is also important to mention that we had a number of our sales force and their customers heavily impacted by the natural disasters that occurred during the quarter. I am especially proud of how the members of the sales team in the affected areas, who endured the impact of these disasters, and yet gave so much support to their customers to get their patients the care they needed.”

Petit noted, “Adding to the effectiveness and results our sales force is generating are the many sales efficiencies we have implemented. Our Sales Management System (SMS) and advanced territory analytics have made solid contributions to our growth capabilities. We have been highly successful in our market expansion initiatives, one of which is our strategy to dedicate resources in ‘secondary markets’. Our sales force has now grown to the size that we are working very efficiently in the ‘secondary markets’. Utilizing our SMS and territory management capabilities, we have been pleased with our success in opening these secondary markets and gaining incremental revenue.”

“We are going through the natural maturation processes that well-run businesses achieve at various stages in their growth. Combined with our exceptional product offerings, this maturation should continue to produce an impressive growth trajectory,” added Taylor.

“We believe our sales organization will continue to produce robust revenue growth, and we should continue our trend of exceeding expectations. We look forward to discussing with our shareholders later this month many other positive details along with our full third quarter results,” concluded Petit.

Dates for Release of Third Quarter 2017 Results and Two Live Broadcast Conference Calls
The Company also announced today that it plans to release its full results for the third quarter ended September 30, 2017, before the opening of the market on Friday, October 27, 2017. The Company also announced that it will provide revenue guidance for the fourth quarter of 2017 in that quarterly earnings release.

MiMedx will host its standard live broadcast of the Company’s third quarter conference call on Friday, October 27, 2017at 10:30 a.m. eastern time. A listen-only simulcast of the MiMedx conference call will be available online at the Company’s website at www.mimedx.com. A 30-day online replay will be available approximately one hour following the conclusion of the live broadcast.  The replay can also be found on the Company’s website at www.mimedx.com.

Please note that MiMedx will host a live broadcast of a conference call this Wednesday, October 11, 2017 at 10:30 a.m. eastern time to discuss the topics included in this press release. A listen-only simulcast of the MiMedx conference call will be available online at the Company’s website at www.mimedx.com. A 30-day online replay will be available approximately one hour following the conclusion of the live broadcast. The replay can also be found on the Company’s website at www.mimedx.com.

About MiMedx
MiMedx® is the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. “Innovations in Regenerative Medicine” is the framework behind our mission to give physicians products and tissues to help the body heal itself.  We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization.  MiMedx is the leading supplier of placental tissue, having supplied over 1,000,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.

Important Cautionary Statement
This press release includes forward-looking statements, including statements regarding sales momentum, future revenues, the future level of days sales outstanding, and the potential contribution of pending clinical studies. These statements also may be identified by words such as “believe,” “except,” “may,” “plan,” “potential,” “will” and similar expressions, and are based on our current beliefs and expectations. Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include the risk that the actual third quarter of 2017 final revenue number may differ from the preliminary number, the results of clinical studies may be delayed or below expectations; that sales momentum and revenue growth may moderate; and that days sales outstanding may increase. For more detailed information on the risks and uncertainties, please review the Risk Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.

SOURCE MiMedx Group, Inc.

Related Links

http://www.mimedx.com

Read More
olivier_bohuon-2.jpg

Notice of Chief Executive Officer’s intention to retire by end of 2018

Posted On October 10, 2017 By OrthoSpineNews In Recon /  

9 October 2017

Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, announces today that Olivier Bohuon, 58, has notified the Board of his intention to retire by the end of 2018, after seven years as Chief Executive Officer. The Board is commencing a search for a successor. In the meantime, Olivier will continue to lead Smith & Nephew and drive the Company’s growth initiatives and operating plans.

Olivier Bohuon, Chief Executive Officer, said:

“Since I joined the Company in 2011, we have transformed Smith & Nephew into a more focused, efficient and innovative business and I am proud of the value we have created for all of our stakeholders. Looking ahead to the next long-term phase of growth, I have decided to announce my retirement plans now, providing ample time to identify a successor and ensure a smooth transition. I am committed to leading the Company in the meantime, as we remain resolutely focused on delivering a solid performance in 2017, while positioning the Company for further success in the future.”

Roberto Quarta, Chairman said:

“On behalf of the Board, I want to thank Olivier for his professional and personal commitment and dedication to Smith & Nephew during his tenure as our CEO. Under Olivier’s leadership Smith & Nephew has undergone important and necessary change and is now a stronger Company. As Smith & Nephew enters its next chapter, the Board is determined to build on this to deliver accelerating growth, improved efficiency and further value for shareholders.”

Enquiries

Investors
Ingeborg Øie +44 (0) 20 7960 2285
Smith & Nephew
Media
Charles Reynolds +44 (0) 1923 477314
Smith & Nephew
Ben Atwell / Debbie Scott +44 (0) 20 3727 1000
FTI Consulting


Forward calendar

The Q3 Trading Report will be released on 3 November 2017.

About Smith & Nephew

Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people’s lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 15,000 employees and a presence in more than 100 countries. Annual sales in 2016 were almost $4.7 billion. Smith & Nephew is a member of the FTSE100 (LSE:SN, NYSE:SNN).

For more information about Smith & Nephew, please visit our website www.smith-nephew.com, follow @SmithNephewplc on Twitter or visit SmithNephewplc on Facebook.com.

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as “aim”, “plan”, “intend”, “anticipate”, “well-placed”, “believe”, “estimate”, “expect”, “target”, “consider” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. For Smith & Nephew, these factors include: economic and financial conditions in the markets we serve, especially those affecting health care providers, payers and customers; price levels for established and innovative medical devices; developments in medical technology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with quality management systems or failure to comply with related regulations; litigation relating to patent or other claims; legal compliance risks and related investigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers; competition for qualified personnel; strategic actions, including acquisitions and dispositions, our success in performing due diligence, valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation to adapt to market developments; and numerous other matters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documents that Smith & Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Smith & Nephew’s most recent annual report on Form 20-F, for a discussion of certain of these factors. Any forward-looking statement is based on information available to Smith & Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith & Nephew are qualified by this caution. Smith & Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Smith & Nephew’s expectations.

Read More