Conformis Announces Strategic Actions to Reach Profitability and Reduce Debt

BILLERICA, Mass., Dec. 13, 2018 (GLOBE NEWSWIRE) — Conformis, Inc. (NASDAQ:CFMS), a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants designed to fit each patient’s unique anatomy, today announced it is implementing steps to improve its overall business model, including the prioritization of certain product development opportunities, cost reduction initiatives with the optimization of sales, marketing and administrative expenses and a reduction of its workforce.  In connection with these cost-saving measures, Conformis also announced today the reduction of its debt facility from $30 million to $15 million.  Conformis is taking these strategic actions to strengthen its focus on specific areas of opportunity that it believes will enable it to achieve profitability in 2021.

“We are taking decisive actions to prioritize our highest-impact new product opportunities, our Conformis Hip System and our cementless Press Fit total knee, which we believe provide us an opportunity to build a stronger, more sustainable business. As a result of these actions, we believe we can achieve profitability in 2021,” said Mark Augusti, Chief Executive Officer, Conformis. “These actions included the difficult decision to part ways with many valued employees. On behalf of the entire Company, I thank these colleagues for their many contributions to the business.”

The immediate organization-wide actions include:

Expense Management

Conformis is now taking actions to leverage its improvements in gross margin, which began in the third quarter of 2017, by optimizing its overall operating expense structure. As a result, Conformis believes that the actions taken today will lead to a reduction in the use of cash by operating activities from approximately $10 million per quarter during 2018 to less than $4 million per quarter in 2019. These expense reductions are company-wide, impacting sales and marketing, research and development and general and administrative expenses.

New Product Development Opportunities

Conformis plans to continue to execute its new product development programs focusing on the Conformis Hip System, iTotal G3 and cementless Press Fit knee. In the second half of 2019, Conformis expects to achieve full commercial launch of its Conformis Hip System, as well as the limited commercial release of its iTotal G3 total knee. Conformis also remains on track to deliver the limited commercial release of its cementless knee offering in early 2020.

“We recently achieved our 100th total hip arthroplasty case at Conformis and remain very positive about the status and value proposition of our Conformis Hip System. One of our goals when identifying the cost reductions announced today was to insure that they do not affect our previously announced commitment and investment plans for full commercial launch of our Conformis Hip System in the second half of 2019,” said Mark Augusti. “Entering the $7 billion hip arthroplasty market remains a key growth opportunity and a priority for the Company.”

International Expansion

Recognizing demand for its custom orthopedic knee replacement implants outside the United States, Conformis has selectively identified opportunities to expand its distribution in certain international markets. The expansion into other international markets is intended to help offset the sales weakness the Company is experiencing in Germany.

Organizational Transformation

To create a more focused organization and better align internal resources with the Company’s strategic priorities, Conformis reduced its personnel base this week, resulting in a reduction of approximately 10% of its total workforce. As a result of this action, Conformis expects to incur employee severance charges and other exit costs of approximately $700,000 in the fourth quarter and generate annual personnel expense savings in excess of $4 million in 2019.

Debt Reduction and Restructuring

With the reduced need for capital and to create an improved capital structure, Conformis and Oxford Finance LLC have entered into an amendment to their current Loan and Security Agreement.  Under the amended agreement, the Company used cash on-hand to pay down $15 million of its $30 million debt facility, and thereby reduced the total debt outstanding to $15 million and the associated interest expense going forward. The amendment also adjusted certain financial covenants.

“We believe this new plan will help right-size the Company, significantly lowering our cash needs,” noted Paul Weiner, Chief Financial Officer. “When combined with the planned continuation of gross margin improvements, we believe we can achieve cash flow breakeven within the next three years.”

2019 Operating Expenses Commentary

The Company expects the following operating expenses for the full year 2019:

  • Sales and marketing expense of approximately $32 million. This represents a reduction of approximately $8 million over our estimated 2018 sales and marketing expense.
  • Research and development expense of approximately $16 million. This represents a reduction of approximately $1.5 million over our estimated 2018 research and development expense.
  • General and administrative expense of approximately $21 million. This represents a reduction of approximately $10 million over our estimated 2018 general and administrative expense.
  • Capital expenditure of approximately $3.5 million versus our estimated 2018 $4 million.
  • Cash used, excluding financing activities, of less than $16 million versus our estimated 2018 $38 million.

About Conformis, Inc.

Conformis is a medical technology company that uses its proprietary iFit Image-to-Implant technology platform to develop, manufacture and sell joint replacement implants that are individually sized and shaped, or customized, to fit each patient’s unique anatomy. Conformis offers a broad line of customized knee and hip implants and customized pre-sterilized, single-use instruments delivered in a single package to the hospital. In clinical studies, Conformis iTotal CR knee replacement system demonstrated superior clinical outcomes, including better function and greater patient satisfaction, compared to traditional, off-the-shelf implants.  Conformis owns or exclusively in-licenses issued patents and pending patent applications that cover customized implants and customized patient-specific instrumentation for all major joints.

For more information, visit www.conformis.com. To receive future releases in e-mail alerts, sign up at http://ir.conformis.com/.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release about our future expectations, plans and prospects, including statements about the anticipated timing of our product launches, and our financial position and results, ability to achieve profitability, total revenue, product revenue, gross margin, operations, operating expenses, and financing plans, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar expressions, constitute forward-looking statements within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual financial results could differ materially from the projections disclosed in the forward-looking statements we make as a result of a variety of risks and uncertainties, including whether our cash resources will be sufficient to fund our continuing operations for the periods anticipated; risks related to our estimates and expectations regarding our revenue, gross margin, expenses, revenue growth and other results of operations; risks related to our impact of our reduction in force; risks associated with our ability or inability to satisfy loan covenants; and the other risks and uncertainties described in the “Risk Factors” sections of our public filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent our views as of the date hereof. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

CONTACT:
Investor Relations
ir@conformis.com
(781) 374-5598

Global $10.66 Bn Sports Medicine Devices Market Analysis and Forecasts 2017-2018 & 2025

Dublin, Dec. 13, 2018 (GLOBE NEWSWIRE) — The “Sports Medicine Devices Market to 2025 – Global Analysis and Forecasts By Product, Application, and Geography” report has been added to ResearchAndMarkets.com’s offering.

The global sports medicine devices market is expected to reach US$ 10,662.5 Mn in 2025 from US$ 5,822.6 Mn in 2017. The market is estimated to grow with a CAGR of 7.9% from 2018-2025.

The growth of the sports medicine devices market is primarily attributed to increasing incidence of sports injuries. Moreover, the presence of large number of sports medicine associations is expected to fuel the market growth. The introduction of advanced technology in the sports medicine market is expected to offer significant growth opportunity in the sports medicine devices market during the forecast period.

The innovations of the new technologies are expected to introduce new therapies and procedures that will help to reduce time and costs and provide optimized and personalized results to continue to shape the medical device industry. Also the intelligent orthopedics in combination with traditional techniques and high-end technology will enable to change the future of industry.

The associations for the sports medicine are increasing across the countries in the world. The associations are involved in spreading the awareness about the sport medicine which is helping sports players and athletes to recover from their injuries. Some of the global groups and associations for the sports medicine are International Council of Sports Science and Physical Education (ICSSPE), International Federation of Sports Medicine (FIMS) and World Federation of Athletic Training & Therapy (WFATT).

Global sports medicine devices market, based on product was segmented as, body reconstruction and repair, body support and accessories. In 2017, body reconstruction and repair segment held the largest share by the market, by product. This is mainly attributed to the benefits offered such as, reduction in pain and improved functioning. In addition, it also amplify the body’s natural healing abilities and enhances the growth of new cartilage, ligaments and tendons.

Global sports medicine devices market, based on application was segmented knee, shoulder, ankle/foot, elbow & wrist, and others. In 2017, knee segment held the largest share of market, by application. In addition, the segment is anticipated to witness a significant growth among other applications, during the forecast period.

Some of the major primary and secondary sources for sports medicine devices included in the report are World Health Organization (WHO), Organisation for Economic Co-operation (OECD), National Research Foundation (NRF), International Diabetes Federation (IDF), Canadian Institutes of Health Research (CIHR) and others.

Key Topics Covered:

1. Introduction 
1.1 Scope Of The Study
1.2 Research Report Guidance

2. Global Sports Medicine Devices Market – Key Takeaways 

3. Global Sports Medicine Devices- Market Landscape 
3.1 Overview
3.2 Market Segmentation
3.3 Pest Analysis

4. Global Sports Medicine Devices Market – Key Market Dynamics 
4.1 Key Market Drivers
4.1.1 Increase In The Number Of Sports Medicine Associations
4.1.2 Increasing Incidences Of Sports Injuries
4.1.3 Rising Demand For Minimally Invasive Methods
4.2 Key Market Opportunities
4.2.1 Penetration Into Emerging Economies
4.2.2 Introduction Of Advanced Technologies
4.3 Future Trends
4.3.1 Prevention Through Genomics
4.4 Impact Analysis

5. Sports Medicine Devices Market – Global Analysis 
5.1 Global Sports Medicine Devices Market Revenue Forecasts And Analysis
5.2 Global Sports Medicine Devices Market, By Geography – Forecasts And Analysis
5.3 Performance Of Key Players
5.3.1 Arthrex Inc.
5.3.2 Smith And Nephew
5.4 Expert Opinions

6. Global Sports Medicine Devices Market Analysis – By Product 
6.1 Overview
6.2 Global Sports Medicine Devices Market, By Product, 2017 & 2025 (%)
6.3 Body Reconstruction And Repair Market
6.3.1 Overview
6.3.2 Global Body Reconstruction And Repair Market Revenue And Forecasts To 2025 (US$ Mn)
6.3.3 Fracture And Ligament Repair Devices Market
6.3.4 Orthobiologics Market
6.3.5 Arthroscopy Devices Market
6.3.6 Prosthetic Market
6.4 Body Support Market
6.4.1 Overview
6.4.2 Global Body Support Market Revenue And Forecasts To 2025 (US$ Mn)
6.4.3 Braces Market
6.4.4 Topical Pain Relief Market
6.4.5 Compression Clothing Market
6.4.6 Thermal Therapy Devices Market
6.4.7 Others Market
6.5 Accessories Market

7. Global Sports Medicine Devices Market Analysis – By Application 
7.1 Overview
7.2 Global Sports Medicine Devices Market, By Application, 2017 & 2025 (%)
7.3 Elbow & Wrist Market
7.4 Shoulder Market
7.5 Knee Market
7.6 Ankle/Foot Market
7.7 Others Market

8. North America Sports Medicine Devices Market Revenue And Forecasts To 2025 

9. Europe Sports Medicine Devices Market Revenue And Forecasts To 2025 

10. Asia-Pacific Sports Medicine Devices Market Revenue And Forecasts To 2025 

11. Middle East & Africa Sports Medicine Devices Market Revenue And Forecasts To 2025

12. South And Central America Sports Medicine Devices Market Revenue And Forecasts To 2025 

13. Sports Medicine Devices Market – Industry Landscape 
13.1 Overview
13.2 Growth Strategies In The Sports Medicine Devices Market, 2015-2018
13.3 Organic Growth Strategies
13.3.1 Overview
13.3.2 Product Launches
13.3.3 Expansion
13.4 Inorganic Growth Strategies
13.4.1 Overview
13.4.2 Partnership
13.4.3 Acquisitions

14. Sports Medicine Devices Market, Key Company Profiles 

  • DJO Global
  • Zimmer Biomet
  • STRYKER
  • Smith & Nephew
  • DePuy Synthes
  • Wright Medical Group N.V.
  • Arthrex, Inc.
  • CONMED Corporation
  • Mueller Sports Medicine, Inc.
  • RTI Surgical, Inc.

For more information about this report visit https://www.researchandmarkets.com/research/7q4x59/global_10_66_bn?w=12

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Sports Medicine and Physiotherapy

Zimmer Biomet Announces Quarterly Dividend for Fourth Quarter of 2018

WARSAW, Ind.Dec. 12, 2018 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global leader in musculoskeletal healthcare, today announced that its Board of Directors has approved the payment of a quarterly cash dividend to stockholders for the fourth quarter of 2018.

The cash dividend of $0.24 per share is payable on January 31, 2019 to stockholders of record as of the close of business on December 28, 2018.

About the Company

Founded in 1927 and headquartered in Warsaw, Indiana, Zimmer Biomet is a global leader in musculoskeletal healthcare. We design, manufacture and market orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; office based technologies; spine, craniomaxillofacial and thoracic products; dental implants; and related surgical products.

We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives.

We have operations in more than 25 countries around the world and sell products in more than 100 countries. For more information, visit www.zimmerbiomet.com or follow Zimmer Biomet on Twitter at www.twitter.com/zimmerbiomet.

ZBH-Fin

SOURCE Zimmer Biomet Holdings, Inc.

Related Links

http://www.zimmerbiomet.com

EDGe Surgical Secures $4 Million in Series A Financing

December 12, 2018

CHICAGO–(BUSINESS WIRE)–EDGe Surgical, Inc., a privately held medical device company dedicated to innovative precision measurement solutions for orthopedic surgery, announced today that it has completed $4 million in financing. The Series A round includes $3 million raised plus a convertible note, bringing total funding secured by the company to $5.7 million, all from angel investors. Proceeds will be used for increased manufacturing, marketing and sales surrounding the company’s first device, the EDG® Ortho 65mm, as well as development and launch of a second device focused on the spinal surgery market.

The EDG Ortho 65mm is the first and only single-use electronic depth gauge. It is designed to more accurately measure length for orthopedic surgical screws, and also mitigate bioburden contamination, a leading cause of surgical site infections. EDGe Surgical’s device provides healthcare professionals, hospitals, and outpatient medical facilities with a digital alternative to analog depth gauges for greater accuracy at a decreased cost, all while mitigating infection risk.

“The positive reception we’ve received from surgeons to our pilot launch, which started earlier this year, illustrates that our device fills a major market need for a depth gauge that enables more accurate screw selection without the worry of bioburden contamination risk,” said Christopher Wilson, president and CEO of EDGe Surgical. “We appreciate the continued support of our sophisticated angel investors, who bring surgical and medical device C-suite expertise, to help us quickly move the needle. Closing our Series A round will allow us to expand availability of our EDG Ortho 65mm and develop additional new products to serve customers seeking cost-effective and highly advanced solutions.”

Until now, the most common approach for orthopedic surgical measurement has been using a traditional analog depth gauge with a sliding metal scale to determine drill depths and screw lengths. The EDG Ortho 65mm can overcome the drawbacks of these traditional depth gauges, invented almost a century ago, by eliminating many of the inefficiencies and financial costs, such as:

  • Up to 20 percent of measurements using the traditional analog depth gauge are inaccurate. Mismeasurement is a leading cause for wasted screws/implants, which is estimated at a $200 million a year cost to the healthcare system.
  • Traditional analog depth gauges are reusable by design and are difficult if not impossible to clean properly, and sterilization is not effective on insufficiently cleaned surgical instruments based on a recent study at a university hospital Level 1 trauma center.
  • Per case costs associated with using a traditional depth gauge are estimated to be greater than $400, with traditional device downsides including bone non-unions, implant-related complications, infection risk, and unnecessary radiation exposure.

The EDG Ortho 65mm can significantly reduce costs as a result of greater accuracy (i.e., less wasted screws), reduced infection risk, and greater measurement consistency. For example, the EDG Ortho 65mm reduced measurement error by up to 90 percent in recent cadaver and sawbones accuracy labs, and a study presented at the 2018 Annual Meeting of the American Society for Surgery of the Hand (ASSH) found a significant reduction in the rate of major measurement error in sawbones models compared to the traditional analog depth gauge.

For more information on EDGe Surgical and its products, visit www.edgesurgical.com and follow the company on TwitterLinkedInand YouTube.

About EDGe Surgical, Inc.

EDGe Surgical is a privately held medical device company that is innovating state-of-the-art digital technology to set a new standard in orthopedic surgery instrumentation that is bringing better outcomes to patients and reducing healthcare system costs. Founded in 2015, EDGe is focused on developing and delivering products that deliver precision to healthcare professionals specializing in orthopedic trauma and spine surgery – a potential $1.1 billion U.S. market. Located in Chicago, Illinois, EDGe is a proud member of MATTER and an active company within the iBIO Institute PROPEL Center.

Contacts

MEDIA CONTACT:
Jim Hughes
Merryman Communications
jim@merrymancommunications.com
323-397-7077

Appeals Court OKs $248m Stryker win over Zimmer Biomet

 / BY 

The U.S. Court of Appeals for the Federal Circuit this week affirmed Stryker‘s (NYSE:SYK) enhanced $248 million win in a surgical tool patent case against Zimmer Biomet (NYSE:ZBH).

The Federal Circuit court affirmed the judgement in a per curiam ruling dated on Monday, according to recently released court documents.

The damages in the case were previously enhanced due to a US Supreme Court ruling which made it easier to award enhanced damages. In July, Western District of Michigan Judge Robert Jonker reaffirmed an earlier decision to award enhanced damages “in light of the Supreme Court’s clarification of the governing standard in Halo Electronics, Inc. v. Pulse Electronics, Inc.,” according to court documents.

The court was also asked to reconsider its award of attorney’s fees, due to a Supreme Court ruling in Octane Fitness, LLC, v. Icon Health & Fitness, Inc., which it also reaffirmed.

Judge Jonker reaffirmed both decisions for triple damages for the 2013 jury verdict, which had been vacated on appeal by the Federal Circuit last year. He ruled that in the case, Stryker had “proven by clear and convincing evidence” that Zimmer had willfully infringed on 1 or more claims in all 3 of the patents-in-suit, according to court documents.

 

READ THE REST HERE

 

Institutional Investors to Pump $200B More Into Healthcare Infrastructure

By Fred Donovan

 – Global institutional investors are forecast to increase their investment in healthcare infrastructure by $200 billion over the next five years.

For its report, the Octopus Group surveyed more than 100 global institutional investors with a total of $6.8 trillion in assets under management.

The institutions said they currently allocated 6.1 percent of their investment portfolio to healthcare infrastructure but expect that allocation to rise to 9.5 percent over the next five years.

Around 37 percent of respondents expect to boost allocations to healthcare infrastructure investment by up to 10 percent over that same time period. Insurance companies will increase their allocations more than any other type of investor.

“The investment case for healthcare infrastructure is already resonating with institutional investors. Across region and investor type there is demand for opportunities to allocate funds to the sector,” the report observed.

More than half of respondents said that demographics is the key driver for investing in healthcare infrastructure.

Around 71 percent of global institutional investors said their healthcare infrastructure investments are performing as expected or better than expected.

For UK institutional investors, 22 percent said their healthcare infrastructure investments are overperforming. Close to one-quarter of UK respondents said they plan to increase allocations, and one-quarter plan to do so by more than 10 percent.

Asian respondents had the highest level of current allocations to healthcare infrastructure, 10.6 percent, and will invest the most into the sector of any other region in the coming years. They said they expect 12.1 percent of their portfolio to be allocated to healthcare infrastructure in the next five years.

Australian investors plan to increase investment by the largest margin. Although Australian investors have a relatively low current investment allocation to healthcare infrastructure at 4.1 percent, this is expected to increase by 5.3 percent over the next five years to 9.4 percent.

 

READ THE REST HERE

 

Photo Source: Thinkstock

 

The $49 billion/year of waste in healthcare spending we can solve

December 8, 2018 / Peter Nichol

It is estimated that 30% of healthcare costs are lost to waste in the system. These costs get passed on to the insurer and ultimately the patients. With healthcare bills being the leading cause of personal bankruptcies in the country (60%) that 30% is the difference between solvency and destitution for a lot of people.  This is a compelling moral argument to wring all waste out of the system as quickly as possible. That moral argument is even stronger when one considers that poverty is the greatest threat/risk to one’s health.

So, what if I told you that there is a segment of healthcare spending that accounts for $165 billion/year and we could eliminate the waste in that space ($49 Billion) in the next ten years. That we have a very sound grasp of the root causes of that waste, that we have all the technology to solve it.

That segment is sterile processing or the cleaning and sterilization of surgical instruments and medical equipment. And most of us are completely unaware of this critical pillar in surgical services unless something goes terribly wrong and a lawsuit ensues.

Sterile processing employees work in windowless rooms typically in the basement of hospitals, the rooms are hot, they have to wear personal protective equipment which makes it hotter. They are frequently injured by the errant sharp instrument or scalpel blade left on the knife handle. Their wages are miserable ($15-$22/hour) meaning that many live in poverty in major metropolitan areas. They are relentlessly pushed by clinicians to rapidly turnover instruments knowing that they are sacrificing safety and quality. They are verbally abused when they can’t meet these demands and to most people in the hospital, they are invisible. Yet, the entire economic engine of the hospital hinges on their performance.  And under these brutal conditions they somehow perform this critical task at a very high level in an environment that can best be characterized as a pre-Henry Ford assembly line.  Everyone one of them that I have met is purpose driven in knowing that their work will touch multiple patients in a day. This is the one reason they do what they do and hospitals should be kissing the ground they walk on.

But I digress.

This really is an argument about economics and waste because in this agency driven world of western capitalism, large, impersonal organizations really do not care about these people unless it affects their bottom line. So, let me begin by telling you that every hospital is losing hundreds of thousands to tens of millions of dollars a year because they ignore these people.

 

READ THE REST HERE

 

Stryker increases dividend 11%, declaring a $0.52 per share quarterly dividend

Kalamazoo, Michigan, Dec. 04, 2018 (GLOBE NEWSWIRE) — Kalamazoo, Michigan – December 4, 2018 – Stryker Corporation (NYSE:SYK) announced that its Board of Directors has declared a quarterly dividend of $0.52 per share payable on January 31, 2019 to shareholders of record at the close of business on December 31, 2018, representing an increase of approximately 11% versus the prior year and the previous quarter.

“We continue to deliver strong financial results, and consistent with our stated capital allocation philosophy, are raising our dividend 11%,” said Kevin A. Lobo, Chairman and Chief Executive Officer.

Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. More information is available at www.stryker.com.

Contacts

For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or katherine.owen@stryker.com

For media inquiries please contact:
Yin Becker, Stryker Corporation, 269-385-2600 or yin.becker@stryker.com

PMC board approves $7.7 million expansion of orthopedic program

December 2, 2018 / Special to the Herald Times / By DOC WATSON

MEEKER, CO | The primary emphasis of the Nov. 27 Pioneers Medical Center board meeting was the future vision held by both staff and board in the areas of orthopedics as well as hospital expansion.

In preparation for that discussion, Development Director Margie Joy outlined PMC’s Strategic Plan for 2019–2022, elaborating on five focus areas: quality (excelling in all we do); finance (breaking even in 2020); growth (meeting the needs of local healthcare, such as orthopedics); people (being a premiere employer); and community (being a leader in public health concerns, such as tobacco, alcohol, suicide prevention, etc.). Also presented was the 2019 budget with projected revenues of $30.313 million and projected operating expenses of $26.633 million. The projected revenues are actually a 20.6 percent increase driven mainly by orthopedic surgeries. After other factors are figured in, the net projected income is $2.706 million.

The meeting then turned to the future vision. Meeker’s own Dr. Kevin Borchard—a highly acclaimed, board certified (American Academy of Orthopedic Surgeons) orthopedic surgeon—was on hand to propose the purchase of the Mako Total Knee Robotic-Arm to assist in knee surgeries. This $1 million piece of technology guarantees greater accuracy and precision in planning and performing knee replacement than manual technique. It also replaces several other surgical instruments and makes the job much easier for the surgeon and assistants.

While there are currently three locations on the Western Slope that have robotic surgery, none of them have joint fellowship-trained surgeons such as Dr. Borchard (and Dr. Dan Ward). “This, coupled with zero percent infection rate, low remission rate and short length of stay (in the hospital), would make Pioneers probably the top place on the Western Slope to get a joint replacement,” Borchard said.

This discussion then led to another need this robotic advancement and patient increase will demand, namely, building expansion. Joy elaborated on this by presenting three options. The most practical and cost effective one is option two, an approximately $7.7 million expansion that will add two operating rooms, three recovery rooms, six hospital rooms and additional clinic space.

 

READ THE REST HERE

 

Stryker announces pricing of €2.25 billion senior notes offering

Kalamazoo, Michigan, Nov. 27, 2018 (GLOBE NEWSWIRE) — Stryker (NYSE:SYK) announced today that it has priced the following notes: (i) €550 million aggregate principal amount of the Company’s 1.125% Notes due 2023 (the “2023 Notes”), (ii) €750 million aggregate principal amount of the Company’s 2.125% Notes due 2027 (the “2027 Notes”), (iii) €650 million aggregate principal amount of the Company’s 2.625% Notes due 2030 (the “2030 Notes”) and (iv) €300 million aggregate principal amount of the Company’s Floating Rate Notes due 2020 (the “Floating Rate Notes” and together with the 2023 Notes, 2027 Notes and 2030 Notes, the “Notes”).  Unless previously redeemed pursuant to their terms, if applicable, the 2023 Notes will mature on November 30, 2023, the 2027 Notes will mature on November 30, 2027, the 2030 Notes will mature on November 30, 2030 and the Floating Rate Notes will mature on November 30, 2020.  The Notes are expected to settle on November 30, 2018, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offering for general corporate purposes, including the repayment of all of the $500 million principal amount of outstanding 1.800% Notes due January 15, 2019 at maturity and the repayment of all of the $750 million principal amount of outstanding 2.000% Notes due March 8, 2019 at maturity, as well as the repayment of any commercial paper then outstanding.

Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and J.P. Morgan Securities plc are acting as active joint book-running managers for the offering. This offering was made pursuant to a prospectus supplement, filed today, to the Company’s prospectus, dated February 12, 2016, filed as part of the Company’s effective shelf registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the notes may be obtained by contacting: (i) Barclays Bank PLC, 5 The North Colonnade, Canary Wharf, London E14 4BB, United Kingdom, or by calling 1-888-603-5847 or emailing barclaysprospectus@broadridge.com, (ii) BNP Paribas, 10 Harewood Avenue, London NW1 6AA, United Kingdom, or by calling 1-800-854-5674, (iii) Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by calling (866) 471-2526, by faxing (212) 902-9316 or emailing prospectus-ny@ny.email.gs.com or (iv) J.P. Morgan Securities plc, 25 Bank Street, Canary Wharf, London E14 5JP, United Kingdom, or by calling collect on +44-207-134-2468.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-looking statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; potential supply disruptions; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II recall matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions; and our ability to realize anticipated cost savings. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better. The Company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.

Contacts

For investor inquiries please contact:
Katherine A. Owen, Stryker, 269-385-2600 or katherine.owen@stryker.com

For media inquiries please contact:
Yin Becker, Stryker, 269-385-2600 or yin.becker@stryker.com