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Stryker reports first quarter 2017 results

Posted On April 26, 2017 By OrthoSpineNews In Financial /  

By GlobeNewswire,  April 25, 2017

Kalamazoo, Michigan – April 25, 2017 – Stryker Corporation (NYSE:SYK) reported operating results for the first quarter of 2017:

First Quarter Highlights

Net sales grew 18.4% to $2.96 billion (18.8% constant currency)

MedSurg 36.2 % or 36.6% constant currency
Orthopaedics 7.4 % or 7.8% constant currency
Neurotechnology and Spine 7.3 % or 7.7% constant currency

Reported net earnings per diluted share increased 9.3% to $1.17

Adjusted net earnings per diluted share(1) increased 19.4% to $1.48

“Our positive momentum continued in the first quarter, as we demonstrated our ongoing commitment to deliver organic sales growth at the high end of med-tech and leveraged earnings gains,” said Kevin A. Lobo, Chairman and Chief Executive Officer. “Our results were well-balanced across business segments and geographies, and position us well for another strong year in 2017.”

Sales Analysis

Consolidated net sales of $2.96 billion increased 18.4% in the quarter as reported and 18.8% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.4%. Excluding the 10.6% impact of acquisitions, net sales in the quarter increased 8.2% in constant currency, including 9.2% from increased unit volume partially offset by 1.0% due to lower prices. The acquisition of Sage Products LLC and Physio-Control International, Inc. contributed $245 million to our consolidated net sales in the quarter.

MedSurg net sales of $1.31 billion increased 36.2% in the quarter as reported and 36.6% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.4%. Excluding the 25.8% impact of acquisitions, net sales in the quarter increased 10.8% in constant currency, including 9.8% from increased unit volume and 1.0% due to higher prices.

Orthopaedics net sales of $1.14 billion increased 7.4% in the quarter as reported and 7.8% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.4%. Excluding the 0.6% impact of acquisitions, net sales in the quarter increased 7.2% in constant currency, including 9.9% from increased unit volume partially offset by 2.7% due to lower prices.

Neurotechnology and Spine net sales of $0.52 billion increased 7.3% in the quarter as reported and 7.7% in constant currency, as foreign currency exchange rates negatively impacted net sales by 0.4%. Excluding the 2.4% impact of acquisitions, net sales in the quarter increased 5.3% in constant currency, including 6.3% from increased unit volume partially offset by 1.0% due to lower prices.

Earnings Analysis

Reported net earnings of $444 million increased 10.4% in the quarter. Reported net earnings per diluted share of $1.17 increased 9.3% in the quarter. Reported net earnings include certain charges for the amortization of purchased intangible assets, Rejuvenate and ABG II and other recall matters, restructuring-related activities and acquisition and integration related activities. The effect of each of these matters on reported net earnings and net earnings per diluted share appears in the reconciliation of actual results to adjusted results below. Excluding the impact of these charges increases gross profit margin in the quarter from 66.4% to 66.5% and increases operating income margin from 18.7% to 24.2%. Excluding the impact of the items described above, adjusted net earnings(2) of $560 million increased 19.7% in the quarter. Adjusted net earnings per diluted share(1) of $1.48 increased 19.4% in the quarter.

2017 Outlook

We continue to expect 2017 organic sales growth to be in the range of 5.5% – 6.5% and adjusted net earnings per diluted share(3) to be in the range of $6.35 – $6.45. For the second quarter we expect adjusted net earnings per diluted share(3) to be in the range of $1.48 – $1.52. If foreign currency exchange rates hold near current levels, we expect net sales in the second quarter and full year to be negatively impacted by approximately 1.0% and adjusted net earnings per diluted share to be negatively impacted by approximately $0.03 to $0.04 in the second quarter and $0.10 to $0.12 in the full year.

(1) A reconciliation of reported net earnings per diluted share to adjusted net earnings per diluted share, a non-GAAP financial measure, and other important information appears below.

(2) A reconciliation of reported net earnings to adjusted net earnings, a non-GAAP financial measure, and other important information appears below.

(3) A reconciliation of expected net earnings per diluted share to expected adjusted net earnings per diluted share for the second quarter and full year and other important information appears below.

Conference Call on Tuesday, April 25, 2017

As previously announced, the Company will host a conference call on Tuesday, April 25, 2017 at 4:30 p.m., Eastern Time, to discuss the Company’s operating results for the quarter ended March 31, 2017 and provide an operational update.

To participate in the conference call dial (844) 826-0610 (domestic) or (973) 453-3249 (international) and be prepared to provide conference ID number 26016220 to the operator.

A simultaneous webcast of the call will be accessible via the Company’s website at www.stryker.com. The call will be archived on the Investors page of this site.

A recording of the call will also be available from 8:00 p.m., Eastern Time, on Tuesday, April 25, 2017, until 11:59 p.m., Eastern Time, on Tuesday, May 2, 2017. To hear this recording you may dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and enter conference ID number 26016220.

Caution Concerning Forward-Looking Statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities laws 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 generally, 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 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 our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. Stryker is active in over 100 countries around the world. Please contact us for more information at www.stryker.com.

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

 

STRYKER CORPORATION

For the Three Months March 31

(Unaudited – Millions of Dollars, Except Per Share Amounts)

CONDENSED STATEMENTS OF EARNINGS
Three Months
2017 2016 % Change
Net sales $ 2,955 $ 2,495 18.4 %
Cost of sales 993 801 24.0
Gross profit $ 1,962 $ 1,694 15.8 %
% of sales 66.4 % 67.9 %
Research, development and engineering expenses 192 159 20.8
Selling, general and administrative expenses 1,102 944 16.7
Recall charges 26 19 36.8
Intangible asset amortization 88 53 66.0
Total operating expenses $ 1,408 $ 1,175 19.8 %
Operating income $ 554 $ 519 6.7 %
% of sales 18.7 % 20.8 %
Other income (expense), net (55 ) (38 ) 44.7
Earnings before income taxes $ 499 $ 481 3.7 %
Income taxes 55 79 (30.4 )
Net earnings $ 444 $ 402 10.4 %
Net earnings per share of common stock:
Basic $ 1.19 $ 1.08 10.2 %
Diluted $ 1.17 $ 1.07 9.3 %
Weighted-average shares outstanding – in millions:
Basic 373.4 373.2
Diluted 379.3 377.4

 

CONDENSED BALANCE SHEETS
March December
2017 2016
ASSETS
Cash and cash equivalents $ 3,213 $ 3,316
Marketable securities 66 68
Accounts receivable, net 1,875 1,967
Inventories 2,172 2,030
Other current assets 563 480
Total current assets $ 7,889 $ 7,861
Property, plant and equipment, net 1,655 1,569
Goodwill and other intangibles, net 9,839 9,864
Other noncurrent assets 1,134 1,141
Total assets $ 20,517 $ 20,435
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities $ 2,033 $ 2,554
Accrued recall expenses 521 594
Other noncurrent liabilities 1,075 1,051
Long-term debt, excluding current maturities 7,184 6,686
Shareholders’ equity 9,704 9,550
Total liabilities and shareholders’ equity $ 20,517 $ 20,435

 

CONDENSED STATEMENTS OF CASH FLOWS
Three Months
2017 2016
Operating activities
Net earnings $ 444 $ 402
Depreciation 62 49
Amortization of intangible assets 88 53
Changes in operating assets and liabilities and other, net (443 ) (242 )
Net cash provided by operating activities $ 151 $ 262
Investing activities
Acquisitions, net of cash acquired $ (9 ) $ (23 )
Change in marketable securities, net 2 195
Purchases of property, plant and equipment (139 ) (115 )
Net cash (used in) provided by investing activities $ (146 ) $ 57
Financing activities
Borrowings/repayments of debt, net $ 304 $ 3,455
Dividends paid (159 ) (142 )
Repurchase of common stock (230 ) (13 )
Other financing (52 ) (41 )
Net cash (used in) provided by financing activities $ (137 ) $ 3,259
Effect of exchange rate changes on cash and cash equivalents 29 19
Change in cash and cash equivalents $ (103 ) $ 3,597

 

STRYKER CORPORATION

For the Three Months Ended March 31

(Unaudited – Millions of Dollars)

CONDENSED SALES ANALYSIS
Three Months
Percentage Change
2016 2015 As Reported Constant

Currency
Geographic:
United States $ 2,166 $ 1,822 18.9 % 18.9 %
International 789 673 17.2 18.5
Total $ 2,955 $ 2,495 18.4 % 18.8 %
Segment:
MedSurg $ 1,305 $ 958 36.2 % 36.6 %
Orthopaedics 1,135 1,057 7.4 7.8
Neurotechnology and Spine 515 480 7.3 7.7
Total $ 2,955 $ 2,495 18.4 % 18.8 %

 

SUPPLEMENTAL SALES GROWTH ANALYSIS
Three Months
United States International
Percentage Change
2017 2016 As Reported Constant Currency As Reported As Reported Constant Currency
MedSurg:
Instruments $ 394 $ 365 7.8 % 8.2 % 7.8 % 8.1 % 9.8 %
Endoscopy 373 328 13.6 13.8 14.6 10.5 11.1
Medical 475 207 130.4 131.7 118.6 186.4 193.5
Sustainability 63 58 7.5 7.5 7.4 52.6 47.8
Total MedSurg $ 1,305 $ 958 36.2 % 36.6 % 34.6 % 42.9 % 44.7 %
Orthopaedics:
Knees $ 391 $ 361 8.5 % 8.7 % 7.4 % 11.6 % 12.3 %
Hips 320 316 1.2 2.0 2.0 (0.1 ) 2.0
Trauma and Extremities 352 327 7.6 8.3 10.0 3.6 5.5
Other 72 53 34.2 34.0 25.7 79.3 76.0
Total Orthopaedics $ 1,135 $ 1,057 7.4 % 7.8 % 7.8 % 6.4 % 7.9 %
Neurotechnology and Spine:
Neurotechnology $ 331 $ 301 9.8 % 10.1 % 9.7 % 9.8 % 10.7 %
Spine 184 179 3.2 3.5 2.3 5.9 7.5
Total Neurotechnology and Spine $ 515 $ 480 7.3 % 7.7 % 6.7 % 8.8 % 9.8 %
Total $ 2,955 $ 2,495 18.4 % 18.8 % 18.9 % 17.2 % 18.5 %

 

SUPPLEMENTAL INFORMATION – RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under accounting principles generally accepted in the United States (GAAP) with certain non-GAAP financial measures, including percentage sales growth in constant currency; percentage organic sales growth; adjusted gross profit; cost of sales excluding specified items; adjusted selling, general and administrative expenses; adjusted operating income; adjusted effective income tax rate; adjusted net earnings; and adjusted net earnings per diluted share. We believe that these non-GAAP measures provide meaningful information to assist shareholders in understanding our financial results and assessing our prospects for future performance. Management believes percentage sales growth in constant currency and the other adjusted measures described above are important indicators of our operations because they exclude items that may not be indicative of or are unrelated to our core operating results and provide a baseline for analyzing trends in our underlying businesses. Management uses these non-GAAP financial measures for reviewing the operating results of reportable business segments and analyzing potential future business trends in connection with our budget process and bases certain management incentive compensation on these non-GAAP financial measures.

To measure percentage sales growth in constant currency, we remove the impact of changes in foreign currency exchange rates that affect the comparability and trend of sales. Percentage sales growth in constant currency is calculated by translating current and prior year results at the same foreign currency exchange rate. To measure percentage organic sales growth, we remove the impact of changes in foreign currency exchange rates and acquisitions that affect the comparability and trend of sales. Percentage organic sales growth is calculated by translating current and prior year results at the same foreign currency exchange rate excluding the impact of acquisitions. To measure earnings performance on a consistent and comparable basis, we exclude certain items that affect the comparability of operating results and the trend of earnings.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales growth, gross profit, selling, general and administrative expenses, operating income, effective income tax rate, net earnings and net earnings per diluted share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the reconciliations to corresponding GAAP financial measures below, provide a more complete understanding of our business. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following reconciles the non-GAAP financial measures discussed above with the most directly comparable GAAP financial measures:

STRYKER CORPORATION

For the Three Months March 31

(Unaudited – Millions of Dollars, Except Per Share Amounts)

RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS
2017 Gross Profit Selling, General & Administrative Expenses Amortization of Intangible Assets Operating Income Net Earnings Effective

Tax Rate

 Diluted EPS
Reported $ 1,962 $ 1,102 $ 88 $ 554 $ 444 11.1 % $ 1.17
Acquisition and integration related charges: (a)
Inventory stepped up to fair value (1 ) – – (1 ) – (0.2 ) –
Other acquisition and integration related – (10 ) – 10 7 0.3 0.02
Amortization of purchased intangible assets – – (88 ) 88 61 2.9 0.16
Restructuring-related charges (b) 5 (33 ) – 38 27 1.0 0.07
Rejuvenate and other recall matters (c) – – – 26 21 0.2 0.06
Adjusted $ 1,966 $ 1,059 $ – $ 715 $ 560 15.3 % $ 1.48

 

2016 Gross Profit Selling, General & Administrative Expenses Amortization of Intangible Assets Operating Income Net Earnings Effective

Tax Rate

 Diluted EPS
Reported $ 1,694 $ 944 $ 53 $ 519 $ 402 16.4 % $ 1.07
Acquisition and integration related charges: (a)
Other acquisition and integration related – (5 ) – 5 3 0.1 0.01
Amortization of purchased intangible assets – – (53 ) 53 39 1.1 0.10
Restructuring-related charges (b) 3 (17 ) – 20 15 0.4 0.04
Rejuvenate and other recall matters (c) – – – 19 17 – 0.04
Legal matters (d) – 12 – (12 ) (8 ) (0.6 ) (0.02 )
Adjusted $ 1,697 $ 934 $ – $ 604 $ 468 17.4 % $ 1.24

 

(a) Charges represent certain acquisition and integration related costs associated with acquisitions.
(b) Charges represent the cost associated with certain restructuring-related charges associated with workforce reductions, facility rationalizations and other restructuring-related activities.
(c) Charges represent changes in our best estimate of the minimum end of the range of probable loss to resolve the Rejuvenate recall and other recall matters.
(d) Amount represents a gain associated with a legal settlement in 2016.

 

STRYKER CORPORATION

For the Three Months June 30, 2017 and Full Year December 31, 2017

RECONCILIATION OF EXPECTED NET EARNINGS PER DILUTED SHARE TO EXPECTED ADJUSTED NET EARNINGS PER DILUTED SHARE
Three Months Full Year
Low High Low High
Expected – Reported $ 1.23 $ 1.33 $ 5.44 $ 5.69
Acquisition and integration related charges 0.05 0.02 0.10 0.05
Amortization of purchased intangible assets 0.15 0.15 0.61 0.61
Restructuring-related charges 0.05 0.02 0.20 0.10
Rejuvenate and other recall matters – – – –
Expected – Adjusted $ 1.48 $ 1.52 $ 6.35 $ 6.45

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Stryker Corporation via Globenewswire

Read more: http://www.nasdaq.com/press-release/stryker-reports-first-quarter-2017-results-20170425-01526#ixzz4fOLfrhZk

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Exactech Q1 Revenue Up 6% to $69.5 Million on 21% Extremities Growth

Posted On April 26, 2017 By OrthoSpineNews In Financial /  

April 25, 2017

GAINESVILLE, Fla.–(BUSINESS WIRE)–Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products and biologic solutions for extremities, knee and hip, announced today that revenue for the first quarter of 2017 increased 6% to $69.5 million from $65.3 million in the first quarter of 2016, and 7% on a constant currency basis. Domestic revenue increased 7% to $47.7 million and international revenue increased 5% to $21.8 million in the first quarter of 2017. Diluted earnings per share for the first quarter was $0.32 based on net income of $4.6 million, compared to first quarter 2016 net income of $4.4 million and diluted earnings per share of $0.31.

First Quarter Segment Performance

  • Extremity revenues increased 21% to $30.0 million from $24.8 million, a 21% constant currency increase
  • Knee revenue increased 1% to $20.0 million from $19.8 million, a 1% constant currency increase
  • Hip revenue increased 6% to $12.1 million from $11.4 million, a 6% constant currency increase
  • Other revenues decreased 20% to $7.3 million from $9.2 million, a 19% constant currency decrease. The Other segment includes an aggregation of the former Biologics and Spine segment

Management Comment

Exactech CEO and President David Petty said, “With three new revision systems now in full launch, we leveraged our sales channel and improvements in our supply chain to deliver a strong start to 2017. The innovative features of our Optetrak Logic® CC revision knee and Alteon® Monobloc hip systems continue to attract new surgeons, improve patient outcomes and post growth in those segments. Our extremities business continued to accelerate, attracting record attendance at our global medical education programs. At the ten-year clinical milestone, our Equinoxe® reverse platform shoulder system remains a core driver of customer satisfaction while new products like our humeral reconstruction prosthesis contribute to a robust new customer pipeline.

“The sales increase of 6% to $69.5 million was above our expectations as domestic revenue increased 7% to $47.7 million, and excluding the impact of the divested US spine assets during the quarter, domestic sales increased 11%. International revenue increased 5% to $21.8 million, and a 7% increase on a constant currency basis,” Petty said.

Chief Financial Officer Jody Phillips said, “Gross margins increased to 70% from 69% for the first quarter a year ago due to strength in our US extremities business. Total operating expenses for the quarter increased 10% to $42.5 million primarily due to heavy investments we continue to make in our product development pipeline with research and development expenses increasing 23% during the quarter. Sales and marketing expenses increased 7% to $25.1 million due to variable selling expenses and investments in our medical education and training programs. Transition costs associated with divestiture of our spine assets were less than originally projected at a total of $0.5 million resulting in a $0.02 diluted EPS impact on the quarter and as a result we produced a net income increase of 4% to $4.6 million for the quarter.”

Looking forward, Exactech updated 2017 revenue guidance to $266-$272 million and increased diluted EPS target to $1.24-$1.30, including the impact of the first quarter $0.02 diluted earnings per share costs related to the spine business transition. On an adjusted basis, the diluted EPS target is $1.26-$1.32. For the second quarter of 2017, the company anticipates revenues of $66.5-$68.5 million and diluted EPS of $0.32-$0.34. The foregoing statements regarding targets for the quarter and full year are forward-looking and actual results may differ materially. These are the company’s targets, not predictions of actual performance.

The financial statements are below.

Conference Call

The company will hold a conference call with CEO David Petty and key members of the management team Wednesday, April 26th at 10:00 a.m. Eastern Time. The call will cover Exactech’s first quarter 2017 results. Mr. Petty will open the conference call and a question-and-answer session will follow.

To participate in the call, dial 877-874-1569 any time after 9:50 a.m. Eastern Time on April 26. International and local callers should dial 719-325-4888. A live webcast of the call will be available at http://www.hawkassociates.com/profile/exac.cfm or http://public.viavid.com/index.php?id=123876.

About Exactech

Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech’s orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States, in addition to more than 30 markets in Europe, Latin America, Asia and the Pacific. Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactech’s press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.

An investment profile on Exactech may be found at http://www.hawkassociates.com/profile/exac.cfm. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/about/alert.

This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.

EXACTECH, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited) (audited)
March 31, December 31,
2017 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 11,173 $ 13,052
Trade receivables, net of allowances of $1,641 and $1,473 58,596 53,051
Prepaid expenses and other assets, net 4,119 3,075
Income taxes receivable 2,487 2,140
Inventories, current 66,189 65,264
Assets held for sale — 6,477
Total current assets 142,564 143,059
PROPERTY AND EQUIPMENT:
Land 4,484 4,474
Machinery and equipment 42,447 42,034
Surgical instruments 139,739 132,134
Furniture and fixtures 4,864 4,700
Facilities 21,804 21,726
Projects in process 5,457 2,473
Total property and equipment 218,795 207,541
Accumulated depreciation (104,473 ) (100,234 )
Net property and equipment 114,322 107,307
OTHER ASSETS:
Deferred financing and deposits, net 800 968
Equity investment 2,004 2,047
Deferred tax asset — 887
Non-current inventory 13,107 15,723
Product licenses and designs, net 8,860 9,102
Patents and trademarks, net 769 821
Customer relationships, net 488 476
Goodwill 14,181 13,819
Total other assets 40,209 43,843
TOTAL ASSETS $ 297,095 $ 294,209
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 16,738 $ 17,566
Income taxes payable 1,425 780
Accrued expenses 14,441 11,832
Other current liabilities 2,805 2,927
Total current liabilities 35,409 33,105
LONG-TERM LIABILITIES:
Deferred tax liabilities 2,458 1,773
Long-term debt, net of current portion 16,000 20,000
Other long-term liabilities 2,951 5,089
Total long-term liabilities 21,409 26,862
Total liabilities 56,818 59,967
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Common stock 145 144
Additional paid-in capital 88,998 87,319
Treasury Stock (3,042 ) (3,042 )
Accumulated other comprehensive loss, net of tax (8,840 ) (8,611 )
Retained earnings 163,016 158,432
Total shareholders’ equity 240,277 234,242
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 297,095 $ 294,209
EXACTECH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(Unaudited)

Three Month Periods

Ended March 31,
2017 2016
NET SALES $ 69,482 $ 65,298
COST OF GOODS SOLD 20,641 20,368
Gross profit 48,841 44,930
OPERATING EXPENSES:
Sales and marketing 25,053 23,319
General and administrative 6,536 5,914
Research and development 6,224 5,070
Depreciation and amortization 4,659 4,324
Total operating expenses 42,472 38,627
INCOME (LOSS) FROM OPERATIONS 6,369 6,303
OTHER INCOME (EXPENSE):
Interest income 3 4
Other income (loss) 143 40
Interest expense (226 ) (262 )
Foreign currency exchange gain 562 494
Total other income (expense) 482 276
INCOME BEFORE INCOME TAX AND EQUITY IN LOSS OF INVESTEE 6,851 6,579
PROVISION FOR INCOME TAXES 2,224 2,177
INCOME BEFORE EQUITY IN LOSS OF INVESTEE 4,627 4,402
EQUITY IN LOSS OF INVESTEE, NET OF TAX (43 ) —
NET INCOME $ 4,584 $ 4,402
BASIC EARNINGS PER SHARE $ 0.32 $ 0.31
DILUTED EARNINGS PER SHARE $ 0.32 $ 0.31
SHARES – BASIC 14,272 14,057
SHARES – DILUTED 14,454 14,173

Non-GAAP Disclosure and Reconciliation

We present certain non-GAAP results as a supplement to our financial results based on GAAP, as we believe it is useful to exclude certain items in order to focus on what we regard to be a more reliable indicator of the underlying operating performance of our business. Because we operate internationally, we present the percentage change in sales by reporting segment on a constant currency basis, which is a non-GAAP financial measure. We calculate this change on a constant currency basis by translating current period sales at the comparable average historical exchange rates for the same period in the prior year. We believe that presenting the percentage change in sales on a constant currency basis assists in the understanding of actual sales fluctuations by excluding the impact of foreign currency fluctuations.

Additionally, we report on a non-GAAP basis adjusted sales, gross margin, operating expenses, income, and diluted earnings per share excluding charges related to the spine assets we sold January 2017. We believe the exclusion of spine sales and costs provides the reader with more comparable financials to better analyze the reported periods. The following items have been adjusted:

  • Sales, cost of goods sold, and operating expenses from our spine products
  • Transition charges related to the sale of our spine assets
  • Personnel and severance costs related to the transition

Three Months March 31, 2017

 Three Months March 31, 2016

Change %

Reported

 US Spine Adjusted Reported US Spine Adjusted

Reported

 Adjusted
Domestic sales $ 47,673 $ 282 $ 47,391 $ 44,573 $ 1,798 42,775
International sales 21,809 — 21,809 20,725 — 20,725
Total sales 69,482 282 69,200 $ 65,298 $ 1,798 63,500 6.4 % 9.0 %
Gross profit 48,841 187 48,654 44,930 1,220 43,710 8.7 11.3
Operating expense 42,472 702 41,770 38,627 1,472 37,155 10.0 12.4
Other income 482 — 482 276 — 276 74.6 74.6
Income before income tax and equity in loss of investee 6,851 (515 ) 7,366 6,579 (252 ) 6,831 4.1 6.3
Income tax 2,224 (137 ) 2,361 2,177 (94 ) 2,271 2.2 3.9
Equity in loss of investee (43 ) — (43

)

 — — —
Net income (loss) $ 4,584 $ (378 ) $ 4,962 $ 4,402 $ (158 ) $ 4,560 4.1 8.8
Diluted EPS $ 0.32 $ (0.02 ) $ 0.34 $ 0.31 $ (0.01 ) $ 0.32

We also provide adjusted forward looking guidance on diluted earnings per share for the full year for 2017. We believe this adjusted guidance will assist in comparative measures. The following reconciles the guidance ranges to expected guidance on a GAAP basis:

Twelve Months Ended
December 31, 2017
Expected diluted EPS range on GAAP basis $1.24 – $1.30
Adjustment: Spine asset divestiture 0.02
Adjusted total diluted EPS range $1.26-$1.32

Contacts

Exactech, Inc.
Investor contacts
Jody Phillips, 352-377-1140
Executive Vice President of Finance &
Chief Financial Officer
or
Hawk Associates
Julie Marshall or Frank Hawkins, 305-451-1888
EXAC@hawkassociates.com
or
Media contact
Priscilla Bennett, 352-377-1140
Vice President, Corporate & Marketing Communication

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NuVasive Announces First Quarter 2017 Financial Results

Posted On April 25, 2017 By OrthoSpineNews In Financial /  

SAN DIEGO, April 25, 2017 /PRNewswire/ — NuVasive, Inc. (Nasdaq: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced today financial results for the quarter ended March 31, 2017.

First Quarter 2017 Highlights

  • Revenue increased 16.2% to $250 million, or 16.0% on a constant currency basis;
  • GAAP operating profit margin of 9.3%; Non-GAAP operating profit margin of 14.1%;
  • GAAP diluted earnings per share of $0.22; Non-GAAP diluted earnings per share increase of 11.8% to $0.38; and
  • Expanded existing revolving line of credit from $150 million up to $500 million.

“NuVasive is off to a solid start to the year, with our International business exceeding our expectations, and we saw momentum building in our U.S. business as we exited the quarter,” said Gregory T. Lucier, chairman and chief executive officer of NuVasive. “We are on track to deliver non–GAAP operating profit margin expansion of at least 100 basis points in 2017, reflecting our continued focus on operational efficiencies and the ramp up of our in-house manufacturing facility. Coupled with several innovative product and systems launches planned for 2017, including LessRay designed for radiation reduction, RELINE Trauma system, expandable cages and UNYTE system for complex fractures, we anticipate strong revenue acceleration for the balance of the year.”

The Company also announced it amended its existing revolving line of credit to expand the facility from $150 million up to $500 million. The credit facility amendment demonstrates the Company’s opportunistic approach to its capital structure, and provides for a five-year term at reasonable borrowing rates. The Company expects the expanded facility to allow greater flexibility in planning for the maturity of its convertible notes due July 2017, and support future investment in organic and inorganic growth initiatives.

A full reconciliation of GAAP to non-GAAP measures can be found in the tables of this news release.

First Quarter 2017 Results

NuVasive reported first quarter 2017 total revenue of $249.9 million, a 16.2% increase compared to $215.1 million for the first quarter 2016. On a constant currency basis, first quarter 2017 total revenue increased 16.0% compared to the same period last year.

For the first quarter 2017, both GAAP and non-GAAP gross profit was $188.3 million, and both GAAP and non-GAAP gross margin was 75.3%. These results compared to GAAP and non-GAAP gross profit of $160.9 million and $165.8 million, respectively, and GAAP and non-GAAP gross margin of 74.8% and 77.1% respectively, for the first quarter 2016. The lower gross margin profile year-over-year is primarily driven by the expense profile of the Biotronic NeuroNetwork business acquired in July 2016. Total GAAP and non-GAAP operating expenses were $165.0 million and $152.9 million, respectively, for the first quarter of 2017. These results compared to GAAP and non-GAAP operating expenses of $148.6 million and $135.5 million, respectively, for the first quarter 2016.

The Company reported a GAAP net income of $12.8 million, or $0.22 per share, for the first quarter 2017 compared to a GAAP net loss of ($3.4) million, or ($0.07) per share, for the first quarter 2016. On a non-GAAP basis, the Company reported net income of $20.0 million, or $0.38 per share, for the first quarter 2017 compared to net income of $17.2 million, or $0.34 per share, for the first quarter 2016.

Cash, cash equivalents and short and long-term marketable securities were approximately $134 million at March 31, 2017.

 

READ THE REST HERE

 

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Orthopedic practice among the first to pursue bundled payments with private payers

Posted On April 25, 2017 By OrthoSpineNews In Financial, Top Stories /  

By Joanne Finnegan – April 20, 2017

The largest orthopedic private practice group in the country hopes to be among the first to negotiate bundled payments for seven surgical procedures.

The Centers for Advanced Orthopaedics, which is centered in Virginia, the District of Columbia and Maryland, is currently working to develop seven initial bundles for various orthopedic surgeries, Louis Levitt, M.D., the centers’ vice president, said in an interview with FierceHealthcare.

It will be among the first orthopedic private practice groups to participate in a bundled payment program, which Levitt said is expected to decrease patient costs and improve clinical outcomes by putting doctors in control of the patient’s entire episode of care.

Levitt, an orthopedic surgeon, has taken the lead in building the group’s bundled payment offerings which will initially include total hip, total knee, partial knee, knee scope, cervical spine fusion, anterior cruciate ligament and rotator cuff procedures.

“This is the value-based medicine,” Levitt said. “You’ve got to get the best value for the amount of effort and dollars you spend now on healthcare. Engaging the doctors in a risk-sharing environment is the only way to make it happen.”

The practice is currently negotiating with payers in the region and expects that by the end of 2017 it will have an agreement in place with the largest, Blue Cross, to begin the bundled payments, he said.

 

READ THE REST HERE

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DePuy Synthes Acquires Tissue Regeneration System’s 3D Printing Technologies to Treat Bone Defects

Posted On April 20, 2017 By OrthoSpineNews In Financial /  

WEST CHESTER, Pa., April 20, 2017 /PRNewswire/ — DePuy Synthes Products, Inc., part of the Johnson & Johnson Family of Companies, has acquired 3D printing technology from Tissue Regeneration Systems, Inc. (TRS). The 3D printing methods developed by TRS will help enable DePuy Synthes to create patient-specific, bioresorbable implants with a unique mineral coating intended to support bone healing in patients with orthopaedic and craniomaxillofacial deformities and injuries. Financial terms of the transaction have not been disclosed.

The acquisition from TRS brings exciting new technology with the potential to truly personalize health care solutions in Trauma, a priority platform for the business, and builds on DePuy Synthes’ leadership in delivering ground-breaking innovation that improves patients’ lives. With more than 50 strategic collaborations, the Johnson & Johnson Family of Companies is harnessing 3D printing technology to develop patient-specific healthcare solutions that can mean increased satisfaction and better clinical outcomes.

“We are systematically investing in building a pipeline of 3D printed products,” said Ciro Römer, Company Group Chairman, DePuy Synthes. “The TRS technology, which will be added to the DePuy Synthes Trauma Platform, is the latest example of how we are working toward developing next-generation technologies that transform healthcare delivery with individualized solutions for patients.”

DePuy Synthes began collaborating with TRS in 2014 through Johnson & Johnson Innovation, which seeks and invests in the best science and builds novel partnerships at all stages of development across the medical device, consumer healthcare and pharmaceutical sectors. Johnson & Johnson Innovation facilitated the collaboration between DePuy Synthes and TRS.

“The acquisition of the TRS technology by DePuy Synthes is testament to our ability to identify and work collaboratively with promising early-stage companies and entrepreneurs to accelerate bringing innovative new products to market,” said Robert G. Urban, PhD, Global Head, Johnson & Johnson Innovation. “We are excited at the potential this technology holds to help improve patient outcomes.”

Founded in 2008, TRS is an early-stage medical device company headquartered in Plymouth, Mich., commercializing skeletal reconstruction and bone regeneration technology based on research performed at the University of Michigan and the University of Wisconsin.

About DePuy Synthes Companies
DePuy Synthes Companies, part of the Johnson & Johnson Family of Companies, provides one of the most comprehensive orthopaedics portfolios in the world. DePuy Synthes Companies solutions, in specialties including joint reconstruction, trauma, craniomaxillofacial, spinal surgery and sports medicine, are designed to advance patient care while delivering clinical and economic value to health care systems worldwide. For more information, visit www.depuysynthes.com.

Cautions Concerning Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding anticipated product applications and benefits of 3D printing technologies, including technology recent acquired from Tissue Regeneration Systems, Inc. (TRS). The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of DePuy Synthes Products, Inc., Johnson & Johnson Innovation LLC and/or Johnson & Johnson. Among other risks, there can be no assurance that the technologies acquired from TRS will be successfully developed into effective healthcare solutions and result in commercially successful products. Other risks and uncertainties include, but are not limited to: competition, including technological advances, new products and patents attained by competitors; challenges to patents; changes to applicable laws and regulations, including global health care reforms; changes in behavior and spending patterns of purchasers of health care products and services; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 1, 2017, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. DePuy Synthes Products, Inc., Johnson & Johnson Innovation LLC and Johnson & Johnson do not undertake to update any forward-looking statement as a result of new information or future events or developments.

The third party trademarks used herein are the trademarks of their respective owners.

©DePuy Synthes 2017. All rights reserved.

SOURCE DePuy Synthes

Related Links

http://www.depuysynthes.com

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Ambulatory Services Market is Expected to Reach 2455.2 Billion by 2022 at a CAGR of 4.7%

Posted On April 20, 2017 By OrthoSpineNews In Financial /  

PUNE, India, April 20, 2017 /PRNewswire/ — Market Research Future published a half-cooked research report on Global Ambulatory Services Market. The Global Market for Ambulatory Services is growing continuously and expected to grow at a CAGR of 4.7% from 2014 to 2022

Market Highlights

The Global Ambulatory Services Market has been evaluated as steadily growing market and it is expected that the market will continue to grow similarly in the near future. Ambulatory services provides cost efficient and convenient healthcare facilities to the patient. Appropriate ambulatory care reduce the chances of impatient care or reduces chances of hospitalization. Ambulatory care is also known as outpatient care which provides different healthcare facilities such as consultation, observation, diagnosis, treatment, rehabilitation services. In ambulatory surgery center, patient need not to admit to the hospital and treatment is done outside the hospital premises.

Ambulatory surgery centers segmented on the basis of types which consist Hospital emergency departments (EDs), Primary care offices, Hospital-based outpatient departments (OPDs), physician private practices, Community Health Centers, Ambulatory surgery centers (ASCs), Urgent Care Centers, and Others. Primary care office segment is growing rapidly and it holds largest market share in ambulatory market. Ambulatory surgery center provides many affordable healthcare services such as pain management, orthopedic, ophthalmology, dermatology, gastroenterology, and others. Government initiative to overcome high healthcare cost and provide affordable medical facilities are driving the growth for ambulatory services market. Increasing aging population and chronic diseases are also major factors which leading the growth for the market. Global Ambulatory Services Market is expected to reach USD 2455.2 billion by 2022 at a CAGR of 4.7%.

North America is the largest market for Ambulatory Services and expected to grow significant rate during the forecast period. Europe is the second largest market for Ambulatory Services and expected to grow steadily during forecasting period. Due to improving healthcare infrastructure and government initiative to provide affordable healthcare facilities in Asia-Pacific region, the market for ambulatory services is expected to grow significantly during the forecast period.

Request a Sample Copy of Report @ https://www.marketresearchfuture.com/sample_request/2491

Global Ambulatory Services Market Players:

  • AmSurg Corp. (US),
  • Surgical Care Affiliates (US),
  • Surgery Partners (US),
  • SurgCenter (US),
  • Symbion Inc. (US),
  • Hospital Corporation of America (HCA)
  • Holding (US),
  • Healthway Medical Corporation Limited (Singapore),
  • HCA Holdings, Inc. (US)

Market Segmentation:

Ambulatory Services market has been segmented on the basis of product type which comprises of Hospital emergency departments (EDs), Primary care offices, Hospital-based outpatient departments (OPDs), physician private practices, Community Health Centers, Ambulatory surgery centers (ASCs), Urgent Care Centers, and Others.

Access Report Details @ https://www.marketresearchfuture.com/reports/ambulatory-services-market-2491

Regional Analysis:

Depending on geographic region, Ambulatory Services market is segmented into four key regions: Americas, Europe, Asia-Pacific, and Middle East & Africa. Considering the global scenario of the market, North America comprise largest market share in global Ambulatory Services market. Moreover the European market is also growing continuously. On the other hand, Asia-Pacific market is expected to grow at the significant rate in the Ambulatory Services market segment during the forecasted period. Rest of the World is likely to have a limited but steady growth in the market.

Browse Related Report

Wearable Sensors Market Information, by Types (Motion Sensors, Medical Based Sensors, Image sensors, Position Sensors, Pressure Sensors, Inertial Sensors and Others), by Application (Smart Wristwear, Smart Glasses, Smart Bodywears, Smart Footwear and Other Wearable Devices) by End User (Consumer, Healthcare, Enterprise and Industrial and Others) – Forecast to 2020

https://www.marketresearchfuture.com/reports/wearable-sensors-market

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact
Akash Anand,
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: akash.anand@marketresearchfuture.com

SOURCE Market Research Future

Related Links

https://www.marketresearchfuture.com

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Anika to Issue First-Quarter 2017 Financial Results and Business Highlights on Wednesday, May 3

Posted On April 20, 2017 By OrthoSpineNews In Financial /  

April 19, 2017

BEDFORD, Mass.–(BUSINESS WIRE)–Anika Therapeutics, Inc. (NASDAQ: ANIK) today announced that the Company plans to issue its first-quarter 2017 financial results after the close of the market on Wednesday, May 3, 2017 and to hold a conference call the next day, Thursday, May 4, 2017, at 9:00 a.m. ET to discuss its financial results, business highlights, and outlook.

The conference call can be accessed by dialing 1-855-468-0611 (toll-free domestic) or 1-484-756-4332 (international). A live audio webcast will be available in the “Investor Relations” section of Anika’s website, www.anikatherapeutics.com. An accompanying slide presentation also can be accessed via the Anika Therapeutics website. The call will be archived and accessible on the same website shortly after its conclusion.

About Anika Therapeutics, Inc.

Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology. Anika’s orthopedic medicine portfolio includes ORTHOVISC®, MONOVISC®, and CINGAL®, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST®, a solid HA-based scaffold to aid cartilage repair and regeneration. For more information about Anika, please visit www.anikatherapeutics.com.

Contacts

For Investor Inquiries:
Anika Therapeutics, Inc.
Sylvia Cheung, 781-457-9000
Chief Financial Officer
or
For Media Inquiries:
Pure Communications, Inc.
Katie Engleman, 910-509-3977

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Mazor Robotics to Report First Quarter Financial Results on May 10, 2017

Posted On April 20, 2017 By OrthoSpineNews In Financial /  

April 20, 2017

CAESAREA, Israel–(BUSINESS WIRE)–Mazor Robotics Ltd. (TASE:MZOR; NASDAQGM:MZOR), a pioneer and a leader in the field of surgical guidance systems, announced today that it will report financial results for the first quarter ended March 31, 2017, before the U.S. markets open on Wednesday, May 10, 2017.

The company will host a conference call to discuss these results on Wednesday, May 10, 2017, at 8:30 AM ET (3:30 PM IST). Investors within the United States interested in participating are invited to call 888-298-3457. Participants in Israel can use the toll-free dial-in number 1 80 924 5906. All other international participants can use the dial-in number 719-457-2689. For all callers, refer to Conference ID 8737181.

A replay of the event will be available for two weeks following the conclusion of the call. To access the replay, callers in the United States can call 1-866-375-1919 and reference the Replay Access Code: 8737181. All international callers can dial +1 719-457-0820, using the same Replay Access Code. To access the webcast, please visit www.mazorrobotics.com and select ‘Investor Relations.’

About Mazor

Mazor Robotics (TASE: MZOR; NASDAQGM: MZOR) believes in healing through innovation by developing and introducing revolutionary technologies and products aimed at redefining the gold standard of quality care. Mazor Robotics Guidance Systems enable surgeons to conduct spine and brain procedures in an accurate and secure manner. For more information, please visit www.MazorRobotics.com.

Contacts

U.S. Contacts:
EVC Group
Investors
Michael Polyviou, 212-850-6020
mpolyviou@evcgroup.com
Doug Sherk, 415-652-9100
dsherk@evcgroup.com
or
Financial Media Contact
Tom Gibson, 201-476-0322
tom@tomgibsoncommunications.com

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RTI Surgical® Schedules 2017 First Quarter Earnings Call for April 27, 2017

Posted On April 20, 2017 By OrthoSpineNews In Financial /  

April 20, 2017

ALACHUA, Fla.–(BUSINESS WIRE)–RTI Surgical Inc. (RTI) (Nasdaq: RTIX), a global surgical implant company, announced today that it plans to release financial results from the first quarter 2017 on Thursday, April 27, 2017, prior to the market open.

RTI will host a conference call and simultaneous audio webcast to discuss first quarter results at 8:30 a.m. ET the same day. The conference call can be accessed by dialing (877) 383-7419 (U.S.) or (760) 666-3754 (International). The webcast can be accessed through the investor section of RTI’s website at www.rtix.com. A replay of the conference call will be available on RTI’s website for one month following the call.

About RTI Surgical Inc.

RTI Surgical is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, general surgery, spine, orthopedic, trauma and cardiothoracic procedures and are distributed in nearly 50 countries. RTI is headquartered in Alachua, Fla., and has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com.

Forward Looking Statement

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, except for historical information, any statements made in this communication about anticipated financial results, growth rates, new product introductions, future operational improvements and results or regulatory approvals or changes to agreements with distributors also are forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company’s SEC filings may be obtained by contacting the company or the SEC or by visiting RTI’s website at www.rtix.com or the SEC’s website at www.sec.gov.

Contacts

RTI Surgical Inc.
Robert Jordheim
Chief Financial Officer
rjordheim@rtix.com
or
Roxane Wergin, 386-418-8888
Director, Corporate Communications
rwergin@rtix.com

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Oxford Finance Provides $20 Million Senior Debt Facility to Cerapedics Inc.

Posted On April 19, 2017 By OrthoSpineNews In Financial, Top Stories /  

ALEXANDRIA, Va. and WESTMINSTER, Colo., April 19, 2017 /PRNewswire/ — Oxford Finance LLC (“Oxford”), an industry-leading specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $20 million senior secured term loan with Cerapedics Inc. (“Cerapedics”) a privately-held orthobiologics company engaged in the development and commercialization of bone graft substitute products for the treatment of orthopedic injuries.

Cerapedics’ lead product, i-FACTOR Peptide Enhanced Bone Graft, is the only biologic bone graft that uses a unique small peptide attachment factor (P-15) bound to anorganic bone mineral (ABM). The i-FACTOR is the first and only FDA-approved product for Anterior Cervical Discectomy and Fusion (ACDF) and is the first device to demonstrate superiority versus autograft.

Loan proceeds are being used to support the ongoing commercialization of i-FACTOR’s use in cervical spine procedures and help fund a FDA study on its application in Transforaminal Lumbar Interbody Fusion (TLIF.)

“We are encouraged by the strength of i-FACTOR’s clinical safety and efficacy data,” said Christopher A. Herr, senior managing director at Oxford Finance. “Oxford is pleased to provide capital to help Cerapedics continue to enhance the science of bone repair.”

“We are pleased to be working with a strong partner in Oxford Finance in executing on our key growth initiatives,” said Glen Kashuba, chief executive officer of Cerapedics.

About Oxford Finance LLC

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Oxford has originated over $4 billion in loans, with credit facilities ranging from $5 million to $100 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in San Diego, California; Palo Alto, California; Salt Lake City, Utah and the greater Boston area. For more information, visit oxfordfinance.com.

About Cerapedics Inc.

Cerapedics is an orthobiologics company focused on developing and commercializing its proprietary synthetic small peptide (P-15) technology platform. i-FACTOR Peptide Enhanced Bone Graft is the only biologic bone graft in orthopedics that incorporates a small peptide as an attachment factor to stimulate the natural bone healing process. This novel mechanism of action is designed to support safer and more predictable bone formation compared to commercially available bone growth factors. More information can be found at cerapedics.com.

Media Contacts:

Amanda Stern 

Troy Wilford

Oxford Finance LLC 

Cerapedics Inc.

Tel: (888)471-0174 

Tel: (484)247-8054

astern@oxfordfinance.com 

twilford@cerapedics.com

 

SOURCE Oxford Finance Corporation

Related Links

http://www.oxfordfinance.com

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