SpineGuard Reports Six-Month 2016 Financial Results

September 14, 2016

PARIS & SAN FRANCISCO–(BUSINESS WIRE)–SpineGuard (FR0011464452 – ALSGD), an innovative company that designs, develops, and markets disposable medical devices intended to make spine surgery safer, announced today financial results for the half year ending June 30, 2016, as approved by the Board of Directors on September 13, 2016.

Pierre Jérôme, CEO of SpineGuard, said: “We are very pleased with these results for the first half of 2016. The combination of sustained strong growth in sales with good operating cost control allowed us to invest further in the deployment of our Dynamic Surgical Guidance platform. At the same time, we improved our operating results. In a market constantly seeking innovation and better clinical outcomes, SpineGuard continues to demonstrate the great medico-economic value of its DSG™ technology, unique in its ability to enable surgeons to make spine surgeries safer.”

€ thousands – IFRS H1 2016 H1 2015
Revenue 3,633 2,970
Gross margin 3,105 2,557
Gross margin (% of revenue) 85,5% 86,1%
Sales, distribution, marketing -3,477 -3,098
Administrative costs -1,076 -1,146
Research & Development -764 -646
Operating profit / (loss) -2 ,212 -2,332
Pre-tax profit / (loss) -2,472 -2,180
Net profit / (loss) -2,472 -2,180

NB : unaudited

Sales growth and reduced operating loss

For H1 2016, the Company reported revenue of €3,633k, up 22% (cc) compared with H1 2015.

Revenue in the United States increased 26% (26% cc) to €2,866k in the first half of 2016, compared with €2,274k in the first half of 2015. In the rest of the world, revenue increased 10% during the first half of 2016 to €767k compared with €696k in the first half of 2015.

4,351 PediGuard units were sold in the first half of 2016 compared with 3,716 in the first half of 2015, including 2,441 in the United States, representing 56% of total units sold.

Gross margin of 85.5% at June 30, 2016, compared with the prior year of 86.1% and remains solid. The change mainly reflects the lower ASP with the US stocking distributors but this is offset by the absence of sales commissions. Excluding stock distributors, ASP remained flat in the US while ASP was down 4% OUS due to a different country mix compared to the same period of 2015.

Operating expenses were €5,318k compared with €4,890k for H1 2015, an increase of €428k compared with June 30, 2015. This increase is due to the agents’ commissions proportioned to sales, to the hires made in sales R&D, to the gathering of the scientific advisory board in the first half of 2016 and to the accrual of variable compensation in line with the performance of the company.

Working capital requirements were €728k compared with € -65k at December 31, 2015. This continues to illustrate the relatively low operating cash needs of the Company and the efficient management of its financial resources. It should also be noted that the Company; i) sourced several raw materials and finished products in order to cover manufacturing requirements for the entire product line, and ii) is impacted by longer payment terms agreed upon for the Saudi tender that are secured by letters of credit, of which €105k was paid on July 25, as anticipated.

At June 30, 2016, cash and cash equivalents were €3,257k compared with €3,229k at December 31, 2015, and is explained as follows:

  • The operating cash flow of €(2,732)k compared with the same period last year of €(1,943)k.
  • The payment of interests to IPF Partners of €145k and to Bpifrance of €22k.
  • The on-going repayment of the BPI Innovation loan, of €63k.
  • The second draw of the IPF Partners bonds for a gross amount of €1,500k.
  • The Innovation loan received from Bpifrance for a gross amount of €1,500k.

The Company also has access to the following financing:
a) Tranche C of the loan with IPF Partners for an amount of 1,500 K€ by December 31, 2016 with the condition of attaining a 12-month rolling revenue threshold;
b) An equity line (Paceo) in place since 2014 for a maximum number of 265,000 shares.

The Company’s workforce count is 28 at H1 2016, compared with 26 at the end of December 2015.

Recent events and outlook:

The half-year revenue for 2016 is encouraging and follows the excellent performance of 2015. PediGuard® Threaded, which was launched in May at the international SpineWeek congress and cleared by the US FDA mid-June, has started to contribute to revenue growth, confirming the excellent feedback received by the surgeons who performed the first cases.

The commercial launch of the PediGuard® Threaded in the USA will occur at the NASS (North American Spine Society) annual conference at the end of October in Boston. Prior to NASS, the DSG™ screw will be presented in a symposium at the European congress for spine surgery (Eurospine), and its US-FDA clearance is progressing well with the company planning to file the 510k in the third quarter of 2016.

Next financial press release: 2016 third quarter revenue, October 12, 2016.

SpineGuard will participate at the Large & Midcap Event 2016 on October 5 and 6 in Paris.

SpineGuard will participate at Actionaria on November 18 and 19 in Paris.

About SpineGuard®
Co-founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard’s mission is to make spine surgery safer by bringing real-time digital technology into the operating room. Its primary objective is to establish its proprietary DSG™ (Dynamic Surgical Guidance) technology as the global standard of surgical care, starting with safer screw placement in spine surgery and then in other surgeries. PediGuard®, the first device designed using DSG, was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. It is the world’s first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Over 47,000 surgical procedures have been performed worldwide with PediGuard. Numerous studies published in peer-reviewed medical and scientific journals have demonstrated the multiple benefits that PediGuard delivers to patients, surgical staff and hospitals. In 2015, SpineGuard started to expand the applications of DSG into pedicle screws through partnerships with innovative surgical companies in France and the US. SpineGuard has offices in San Francisco and Paris.

For further information, visit www.spineguard.com.

Disclaimer

The SpineGuard securities may not be offered or sold in the United States as they have not been and will not be registered under the Securities Act or any United States state securities laws, and SpineGuard does not intend to make a public offer of its securities in the United States. This is an announcement and not a prospectus, and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States in which such offer, solicitation or sale would be unlawful prior to registration or exemption from registration.

Contacts

SpineGuard
Pierre Jérôme, +33 (0)1 45 18 45 19
Chief Executive Officer
p.jerome@spineguard.com
or
Manuel Lanfossi
Chief Financial Officer
m.lanfossi@spineguard.com
or
Europe / NewCap
Investor Relations & Financial Communication
Florent Alba / Pierre Laurent, +33 (0)1 44 71 94 94
spineguard@newcap.fr
or
US
Ronald Trahan Associates Inc.
Ronald Trahan, APR, +1-508-359-4005, x108

Stryker announces definitive agreement to acquire the assets of Instratek

MAHWAH, N.J., USA, Sept. 14, 2016 /PRNewswire/ — Stryker announced today a definitive agreement to acquire the assets of Restore Surgical LLC, d/b/a Instratek.

Founded in 1991, Instratek is a privately held business headquartered in Houston, Texas. Instratek offers a portfolio of staple and hammertoe implants and minimally invasive soft tissue recession instrumentation for foot, ankle and upper extremity procedures.

“This acquisition supports our commitment to growth in extremities with products that complement our existing portfolio, strengthen our leadership in the forefoot segment and provide immediate access into minimally invasive soft tissue recession procedures,” said David Floyd, Group President, Orthopaedics.

The transaction is expected to close in the fourth quarter of 2016 and is subject to customary closing conditions.

About Stryker
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.

Media contact
Jeanine Guilfoyle
Stryker Orthopaedics
201-831-6277
jeanine.guilfoyle@stryker.com

Logo – http://photos.prnewswire.com/prnh/20140106/PH40722LOGO

SOURCE Stryker

Related Links

http://www.stryker.com

Acelity Announces Pricing of $1,750 Million of 9.625% Second Lien Senior Secured Notes

September 13, 2016

SAN ANTONIO–(BUSINESS WIRE)–Acelity L.P. Inc. (“Acelity”), a global advanced wound care and regenerative medicine company, announced today the pricing of the private offering by its wholly-owned subsidiaries, Kinetic Concepts, Inc. (“KCI”) and KCI USA, Inc. (together with KCI, the “Issuers”), of $1,750.0 million in aggregate principal amount of 9.625% second lien senior secured notes due 2021 (the “Notes”).

The Issuers intend to use the gross proceeds from the Notes offering, together with proceeds of a $100.0 million equity contribution by Acelity’s sponsors (the “Equity Contribution”) and cash on hand (including borrowings under the Issuers’ revolving credit facility), to redeem $1,750.0 million in aggregate principal amount of their outstanding 10.5% second lien senior secured notes due 2018 and to pay the fees and expenses related to such offering, redemption, the Equity Contribution and other financing transactions. The consummation of the Notes offering is conditioned upon the substantially concurrent consummation of the Equity Contribution.

The Notes offering is expected to close on September 20, 2016, subject to customary closing conditions.

The offering of the Notes will be made in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), only to “qualified institutional buyers” in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.

This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes and the related note guarantees have not and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States to, or for the benefit of, U.S. persons except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

Forward-Looking Statements

Certain statements included in this press release may be considered “forward-looking statements”, which are based on information available to Acelity on the date of this release. Words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative versions of these words and/or similar terms and phrases are used to identify these forward looking statements. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties. Acelity cannot assure you that future developments affecting Acelity will be those that have been anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market regulatory and other factors, many of which are beyond Acelity’s control, as well as other risks described from time to time under “Risk Factors” in Acelity’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Any forward-looking statement speaks only as of the date of this press release. Factors or events that could cause Acelity’s actual results to differ may emerge from time to time, and it is not possible to predict all of them. Acelity may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. Acelity’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions Acelity may make. Acelity undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contacts

Acelity L.P. Inc.
Corporate Communications:
Cheston Turbyfill, +1-210-515-7757
cheston.turbyfill@acelity.com
or
Investor Relations:
Caleb Moore, +1-210-255-6433
caleb.moore@acelity.com

EOS imaging Announces New Sale into Carolinas HealthCare System

September 13, 2016

PARIS–(BUSINESS WIRE)–EOS imaging (Paris:EOSI) (Euronext, FR0011191766 – EOSI), the pioneer in 2D/3D orthopedic medical imaging, today announced the sale of an EOS system to the Carolinas HealthCare System. The system will be located at a dedicated imaging center in Carolina HealthCare’s Morehead Medical Plaza campus in Charlotte, NC. It will be available for pediatric and adult patients in the Carolinas HealthCare System, including those served at the Levine Children’s Hospital, which is also located in the Morehead Medical Plaza. The Levine Children’s Hospital was named a Best Children’s Hospital by U.S. News & World Report in orthopedics1.

Carolinas HealthCare System is one of the leading healthcare organizations in the Southeast and one of the most comprehensive systems in the country. The organization includes more than 900 care locations and 7,500 beds throughout North and South Carolina.

Marie Meynadier, CEO of EOS imaging, said, “We are pleased that the unique benefits of the EOS system and services will soon be available to patients in the North and South Carolina area. Adoption by such a prestigious group further validates our technology. In addition, this sale marks the entry into another large hospital network in the U.S., which further expands patient access to the EOS technology and provides incremental growth potential within the hospital network.”

For more information, please visit www.eos-imaging.com.

EOS imaging has been chosen to be included in the new EnterNext© PEA-PME 150 index, composed of 150 French companies and listed on Euronext and Alternext markets in Paris.

EOS imaging is listed on Compartment C of Euronext Paris
ISIN: FR0011191766 – Ticker: EOSI

About EOS imaging

EOS imaging designs, develops, and markets EOS®, an innovative medical imaging system dedicated to osteoarticular pathologies and orthopedics, as well as associated solutions. The Company is authorized to market in 51 countries, including the United States, Japan, China, and the European Union. The Group posted 2015 revenues of €21.8 million and employs 122 people. The Group is based in Paris and has five subsidiaries in Besançon (France), Cambridge (Massachusetts), Montreal (Canada), Frankfurt (Germany) and Singapore.

1 http://www.carolinashealthcare.org/about-us

Contacts

EOS imaging
Anne Renevot
CFO
+33 (0)1 55 25 61 24
investors@eos-imaging.com
or
NewCap
Financial communication and investor relations
Valentine Brouchot
+33 (0)1 44 71 94 96
eosimaging@newcap.eu
or
The Ruth Group (US)
Press relations / Joanna Zimmerman
646-536-7006
jzimmerman@theruthgroup.com

Empire BlueCross BlueShield Joins National Comprehensive Primary Care Plus Initiative

September 13, 2016

NEW YORK–(BUSINESS WIRE)–Empire BlueCross BlueShield has been selected as a payer participant in the Centers for Medicare & Medicaid Services’ Comprehensive Primary Care Plus (CPC+) initiative, a five-year multi-payer model that’s the largest federal investment in primary care transformation to date.

“Empire’s involvement in CPC+ reflects our belief in the important role that the primary care doctor can play as caregiver and navigator by providing physicians with actionable information, tools and value-based payments that reward physicians for improved quality, patient experience and affordability,” said Larry Schreiber, president and CEO, Empire BlueCross BlueShield.

Empire currently participates in the Capital District-Hudson Valley Region Comprehensive Primary Care Initiative (CPCi), a pilot that launched in 2012 and will sunset at the end of 2016. CPC+ represents an opportunity to build on the success of CPCi along with the other value-based, patient-centered care programs that Empire has grown over the last four years under its provider collaboration work, known as Togetherworks.

“Empire has demonstrated our commitment to payment innovation and provider collaboration and transformation,” added Schreiber. “Empire’s selection as a payer participant in CPC+ presents an opportunity to collaborate with CMS, providers and other payers to continue to shift our delivery system to one that rewards quality and value.”

Empire works with nearly 10,200 providers across New York under its own value-based, patient-centered care program. By 2018, Empire and its affiliated health plans in 13 other states aim to have more than half of their combined spending in alternative payment models rather than traditional fee for service arrangements.

Building on the medical home concept, CPC+ intentionally aligns multi-payer payment reform with practice transformation, holding practices accountable for total cost of care and improved quality. Under this initiative, practices will be able to engage in systematic data sharing and collaborative learning experiences and will also have an opportunity to share savings achieved. CMS sought to collaborate with other payers in 20 markets and will work with health information technology vendors to provide products to advanced CPC+ practices.

New York providers who want to participate in CPC+ must apply to CMS and will be announced later this year.

About Empire BlueCross BlueShield

Serving New Yorkers for 80 years, Empire BlueCross BlueShield is the largest health insurer in New York supporting more than four million members and more than 38,000 business, union and small employers in New York. Empire BlueCross BlueShield (Empire) is the trade name of Empire HealthChoice Assurance, Inc., and Empire Blue Cross Blue Shield HMO is the trade name of Empire HealthChoice HMO, Inc., independent licensees of the Blue Cross Blue Shield Association, serving residents and businesses in the 28 eastern and southeastern counties of New York State. Additional information about Empire is available at www.empireblue.com. Also, follow us on Twitter at @empirebcbs.

Contacts

Empire BlueCross BlueShield
Media Contact:
Sally Kweskin, 212-476-1421
sally.kweskin@empireblue.com
@empirebcbs

CMS wants surgeons to code every 10 minutes of certain work. Some aren’t happy about it.

11:30 AM – September 13, 2016 – Advisory Board

Many medical organizations are protesting a new CMS proposal that would require surgeons to document every 10 minutes of their post-operative patient care activities for certain procedures.

Background

According to Medscape, Medicare reimburses for about 4,200 surgical procedures via global surgical “packages”—lump sum payments for 10 or 90 days that include funds for pre-op care, surgery, and post-op care.

In the final rule for the 2015 physician fee schedule, CMS proposed scaling back global packages so that doctors instead would bill separately for post-op visits after the day of surgery, out of concern that the packages cover a higher-than-average number of post-op visits. However, Congress in the Medicare Access and CHIP Reauthorization Act (MACRA) late last year blocked that CMS proposal, but directed the agency to collect more information about post-op patient visits.

In July 2016, CMS in its proposed Medicare Part B fee schedule for 2017 put forward its plan to gather that data by requiring all surgeons to report one of eight G-codes—care codes that indicate the type and complexity of the visit—for every 10 minutes of post-op care. For instance, GXXX1 would represent a typical inpatient visit, GXXX2 would a complex inpatient visit, and GXXX3 would represent an inpatient visit related to a critical illness.

MACRA authorizes CMS to withhold up to 5 percent of reimbursement from physicians who do not report G-codes.

Reaction

Many medical groups, including the American College of Surgeons (ACS), the American Association of Orthopaedic Surgeons, the American Association of Neurological Surgeons, and the American Medical Association (AMA), have filed complaints with CMS against the proposal.

In a letter to CMS, ACS indicated that patient care cannot easily be coded into 10 minutes increments. For example, a surgeon may review patient files throughout the day, switching from task to task.

“The surgeon would have to stop the timer on the first patient’s pathology review, start and stop timers on the second and third patients when answering the phone, and then restart the timer on the first patient in the office,” the letter said. “This often happens many times in a day.”

The American Association of Neurological Surgeons and the Congress of Neurological Surgeons in a separate letter to CMS said that surgeons would burn out if they had to track every 10 minutes of their non-OR time. In the letter, the groups quoted an unnamed neurosurgeon who called the proposal “soul-crushing.”

Meanwhile, AMA said, “Asking physicians and their staff to use 10-minute increments to document all their non-operating room patient care activities is by itself an incredible burden, and especially so during MACRA implementation—the most significant payment system change in 25 years.”

AMA called on CMS to limit the data collection process to only certain services, noting that “many surgical codes are low volume, which would make it difficult to find a meaningful sample.” The group also urged the agency “to adopt a data collection method that is limited in scope and uses a representative sample to better understand the necessary post-operative visits” (Gooch, Becker’s Hospital CFO, 9/9; Lowes, Medscape, 9/8; AMA statement, 9/9; RAND report, accessed 9/12).

How to improve physician documentation

The transition to ICD-10, value-based purchasing, and emerging public quality metrics make accurate documentation more critical than ever. That’s why over 80 percent of hospitals have a clinical documentation program in place and are working to correct inaccurate documentation.

However, most are investing significant resources in a strategy that focuses on querying rather than sustainable changes in physician behavior. This leaves a lot of money on the table—a 250-bed hospital with superior documentation performance captures $5 million in revenue in a single year over average-performing peers.

We developed the Physician Documentation Improvement Toolkit with strategic and project management resources that map to the four key steps physician champions must execute to advance documentation improvement.

GET THE TOOLKIT

Intuitive Surgical Reports New Employee Option Grants for September 2016

SUNNYVALE, Calif., Sept. 09, 2016 (GLOBE NEWSWIRE) — Intuitive Surgical, Inc. (ISRG) today reported that equity awards approved by the Compensation Committee of the Board of Directors, which consists entirely of Independent Directors, were made to 86 new employees. Pursuant to NASDAQ Marketplace Rule 5635(c)(4), the equity awards were granted under the Intuitive Surgical, Inc. 2009 Commencement Incentive Plan, which the Board of Directors of Intuitive Surgical, Inc. adopted for the granting of equity awards to new employees. In accordance with NASDAQ rules, these grants were made under an equity incentive plan without shareholder approval. NASDAQ rules require a public announcement of equity awards to be made under this type of plan.  86 employees were granted a combination of Restricted Stock Units (RSUs) and Stock Options to purchase an aggregate of 10,245 shares of the Company’s common stock; 4,816 of the shares granted were Stock Options and 5,429 of the shares granted were RSUs. Both the RSUs and Stock Options vest over four years.  The Stock Options expire in 10 years assuming continued employment. No officers received any award under this plan. The exercise price for the Stock Options granted is $691.15 which was the closing price of Intuitive Surgical, Inc.’s common stock on the NASDAQ Global Market as such price was reported by NASDAQ on September 8, 2016. The Company’s policy is to issue RSUs and Stock Option grants to new employees, where equity makes sense, on the fifth business day of every calendar month.

About Intuitive Surgical, Inc.

Intuitive Surgical, Inc. (ISRG), headquartered in Sunnyvale, California, is the global technology leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures and markets robotic technologies designed to improve clinical outcomes and help patients return more quickly to active and productive lives. The Company’s mission is to extend the benefits of minimally invasive surgery to the broadest possible base of patients. Intuitive Surgical – Taking surgery beyond the limits of the human hand™.

About the da Vinci® Surgical System

The da Vinci® System is a breakthrough surgical platform designed to enable complex surgery using a minimally invasive approach. The da Vinci® System consists of an ergonomic surgeon console, a patient-side cart with four interactive robotic arms, a high-performance vision system and proprietary EndoWrist® instruments. Powered by state-of-the-art robotic and computer technology, the da Vinci® System is designed to scale, filter and seamlessly translate the surgeon’s hand movements into more precise movements of the EndoWrist® instruments. The net result is an intuitive interface with breakthrough surgical capabilities. By providing surgeons with superior visualization, enhanced dexterity, greater precision and ergonomic comfort, the da Vinci Surgical System makes it possible for more surgeons to perform minimally invasive procedures involving complex dissection or reconstruction. This ultimately has the potential to raise the standard of care for complex surgeries, translating into numerous potential patient benefits, including less pain, a shorter recovery and quicker return to normal daily activities.

Intuitive®, da Vinci®, da Vinci S®, da Vinci® Si™, InSite® and EndoWrist® are trademarks or registered trademarks of Intuitive Surgical, Inc.

For more information, please visit the company’s web site at www.intuitivesurgical.com.

Jefferson Receives $1 Million from Businessman and Philanthropist Jamie Maguire and the Maguire Foundation to Endow Professorship in Spine Research

(PHILADELPHIA) – Jamie Maguire, chairman of Philadelphia Insurance Companies (PHLY), and the Maguire Foundation, have generously funded a new orthopaedics professorship at Thomas Jefferson University.

The gift of $1 million will be matched dollar for dollar by the Sidney Kimmel Foundation Matching Program at Jefferson to establish the James J. Maguire, Jr. Endowed Professorship for Spine Research.

“We are incredibly grateful for this gift and for Jamie’s personal advocacy efforts related to health and wellness,” said Alexander R. Vaccaro, MD, PhD, MBA, the Richard H. Rothman Professor and Chair of Orthopaedic Surgery at Sidney Kimmel Medical College at Thomas Jefferson University and President of the Rothman Institute. “The Maguire family’s support will help us fulfill our mission to advance orthopaedic science and technology to benefit patients of all ages—in this case, specifically those with debilitating spinal conditions and injuries.”

Maguire’s passion for advancing orthopaedic research and clinical care stems from his personal experience recovering from a cycling accident. A longtime Ironman competitor, he was training for a race in 2014 when he crashed into a fallen tree and became paralyzed from the neck down. With four broken vertebrae in his neck, Maguire underwent emergency surgery with a team from the Rothman Institute at Jefferson. Three days later, he had regained movement and was recovering at home. Today, he has full range of motion in his neck is back to participating in endurance sport events, including Ironman.

“Giving back is a mantra that I’ve lived by all my life,” said Maguire. “Jefferson gave me a second chance at living and enjoying my life, and I wanted to do something to help them do the same for other patients in need.”

“The Spine program at Jefferson, under the leadership of Dr. Alex Vaccaro and the Rothman Institute, is internationally recognized for its excellence. But that pales in comparison to the level of impact that the clinical care and research can have on an individual’s life,” said Stephen K. Klasko, MD, MBA, president and CEO of Thomas Jefferson University and Jefferson Health. “Jamie Maguire and the Maguire Foundation’s generous investment will recognize the achievements of an exceptional faculty member while providing sustained resources for breakthrough treatments, diagnoses and new cures for years to come.”

In addition to his philanthropic support, Maguire serves as a Rothman Ambassador, sharing his story to help spread awareness about the research, care and compassion provided by the Rothman Institute at Jefferson. Watch his story here:https://www.rothmaninstitute.com/stories/ambassadors.

Media Contact
Gianna DeMedio
Gianna.DeMedio@Jefferson.edu
Phone: 215-955-5507

EOS imaging Reports First-half 2016 Results

September 08, 2016 12:29 PM Eastern Daylight Time

PARIS–(BUSINESS WIRE)–EOS imaging (Paris:EOSI) (Euronext, FR0011191766 – EOSI – Eligible for PEA-PME savings schemes in France), the pioneer in 2D/3D orthopedic medical imaging, announced today consolidated results for the six months ended June 30, 2016, as approved by the Board of Directors on September 8, 2016.

In millions of euros   First-half 2016   First-half 2015
   
Operating income
Revenue 14,1 10,2
Other income   1,17   0,96
Total income   15,3   11,2
Operating expenses
Direct cost of sales   -7,64   -5,19
Gross margin 6,51 5,01
as a % of revenues   46,0%   49,1%
Indirect cost of production and services -1,71 -1,47
Research & development -1,78 -1,71
Sales & marketing -3,62 -3,08
Regulatory expenses -0,35 -0,36
Administrative costs   -1,70   -1,74
Total operating expenses (excluding direct cost of sales and share-based payments)   -9,17   -8,36
Share-based payments   -0,24   -0,11
Total operating expenses   -17,04   -13,66
Net operating income/(loss)   -1,73   -2,51
Financial Income   -0,67   -0,11
Net income/(loss)   -2,40   -2,62
 
  • Strong sales growth in the first half of 2016: up 39% to €14.1 million

The Company sold 28 EOS® systems during the first half of the year, as compared to 20 during the same period last year. Revenues from sales of equipment totalled €11.45 million, an increase of 35%.

Sales of maintenance contracts increased 68% to €2.22 million, reflecting the continued increase in the installed base of EOS systems under contract.

Sales of consumables and services were €0.46 million in the first half of 2016, an increase of 23%.

The Company also recorded €1.17 million in other income consisting of public financing in support of its innovation (research tax credit and subsidies).

  • Gross margin: €6.5 million representing 46% of revenues

Gross margin for the first half of 2016 was 46% of revenues, as compared to 49% during the same period last year. This reflects a lower average selling price of equipment as compared to the first half of 2015.

  • Controlled increase in operating expenses

Operating expenses, excluding the direct cost of sales and share-based payments, were €9.17 million in the first half of 2016, up from €8.36 million in the first half of the previous year, representing an increase of 10%. This compares favorably to the 39% growth in revenue during the first half of 2016.

Sales & marketing expenses increased 18% in the first half of 2016, reflecting increased resources to support business growth. The 16% increase in indirect costs of production and services reflects the investments in support functions (quality and supply chain). The trend for other operating expenses (-3% to +4%) reflects controlled utilization of resources to support business growth.

Including the impact of share-based payments, the Company’s operating loss was €1.73 million in the first half of 2016, representing a reduction of the operating loss of 31% compared to an operating loss of €2.51 million in the same period last year.

The Company’s net loss for the six months ended June 30, 2016 was €2.40 million, compared with €2.62 million in the same period of 2015.

The Company had 128 employees as of June 30, 2016, compared with 122 employees as of December 31, 2015.

  • Cash position and balance sheet

The Company’s net cash position at June 30, 2016 was €14.4 million, compared with €14.1 million at December 31, 2015. Cash burn from operations was €3.6 million, with the increase in the working capital requirement limited to €2.1 million. A third and last €5.0 million tranche of convertible bonds was subscribed in June 2016 to support the execution of growth.

Equity at June 30, 2016 was €25.5 million compared with €27.8 million at December 31, 2015 as a result of the loss posted for the first half of 2016.

  • Half-year financial report

EOS imaging’s half-year financial report can be downloaded from its web site at www.eos-imaging.com by selecting Documentation, then Financial reports from the Investors menu.

Marie Meynadier, CEO of EOS imaging, commented: “The first half of 2016 was highlighted by excellent sales momentum and the establishment of strategic and technology partnerships that we expect to drive our business. We are executing on our growth and innovation strategy while maintaining a strong focus on cost control, which is reflected in the significant improvement in our half-year financial results. We are committed to continuing in this direction as we work to position the EOS platform as a standard of care that combines accurate and low-dose imaging and patient-specific surgical planning for a growing number of patients around the world.”

For more information, please visit www.eos-imaging.com.

About EOS imaging

EOS imaging designs, develops, and markets EOS®, an innovative medical imaging system dedicated to osteoarticular pathologies and orthopaedics, as well as associated solutions. The Company is authorized to market in 51 countries, including the United States (FDA), Japan, China and the European Union (EC). The Group posted 2015 revenues of €21.8 million and employs 122 people. The Group is based in Paris and has five subsidiaries in Besançon (France), Cambridge (Massachusetts), Montreal (Canada), Frankfurt (Germany) and Singapore.

EOS imaging has been chosen to be included in the new EnterNext© PEA-PME 150 index, composed of 150 French companies and listed on Euronext and Alternext markets in Paris.

EOS imaging is listed on Compartment C of Euronext Paris
ISIN: FR0011191766 – Ticker: EOSI

Next press release: 2016 Third-quarter sales: Thursday October 27, 2016 (after market close)

Contacts

EOS imaging
Anne Renevot, +33 (0)1 55 25 61 24
CFO
investors@eos-imaging.com
or
NewCap
Communication Financière et Relations investisseurs
Valentine Brouchot, +33 (0)1 44 71 94 96
eosimaging@newcap.eu
or
Relations presse
Annie-Florence Loyer, +33 (0)1 44 71 00 12/ +33 (6) 88 20 35 59
afloyer@newcap.fr
or
Daphné Boccara, +33 (0)1 44 71 94 93
dboccara@newcap.fr
or
The Ruth Group (US)
Relations presse
Joanna Zimmerman, 646-536-7006
jzimmerman@theruthgroup.com

Medtronic Recognized as a Sustainability Leader

DUBLIN – September 8, 2016 – Medtronic plc (MDT) was recognized today as one of the world`s leading companies for sustainability with its ranking on the Dow Jones Sustainability North America Index (DJSI North America) for the ninth consecutive year.  DJSI North America analyzes companies on a variety of sustainability criteria, including economic performance, environmental stewardship and social responsibility. This adds to the recognition Medtronic received earlier this year through its continued inclusion in the FTSE4Good Index Series.

Medtronic is committed to advancing sustainability by strategically focusing on issues identified as most material to long-term success, including access to healthcare, product quality and patient safety, ethical business practices, responsible supply management, employee engagement and development, human rights, and environmental stewardship.

“We are honored to once again be recognized as a global leader in environmental, social, and corporate governance (ESG) initiatives.  Strong and sustainable ESG practices and our efforts to address chronic disease are important drivers of delivering long-term consistent growth for all of our stakeholders,” said Omar Ishrak, Medtronic chairman and CEO.  “We are pleased to be recognized for these efforts by our inclusion on the DJSI North America Index.”

As part of the company`s sustainability commitment to expand access to care worldwide, Medtronic leverages global partnerships that allow us to scale our impact and connect more patients with the care they need.

For information about Medtronic`s comprehensive sustainability efforts, please visit http://www.medtronic.com/us-en/about/citizenship.html and access our Integrated Performance Report.

Medtronic also continues to be recognized by the FTSE4Good Index and Corporate Responsibility Magazine`s 100 Best Corporate Citizens list, both announced earlier this year. Companies in the FTSE4Good Index Series have met stringent environmental, social and governance criteria, and are positioned to capitalize on the benefits of responsible business practices. More information can be found at
http://www.ftse.com/products/indices/FTSE4Good .

The Dow Jones Sustainability Indices were launched in 1999 as the first global sustainability benchmarks. More information about the DJSI can be found at sustainability-indices.com.

About Medtronic

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world`s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 88,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic`s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

-end-

Contacts:

Fernando Vivanco
Public Relations
+1-763-505-3780

Ryan Weispfenning
Investor Relations
+1-763-505-4626

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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: Medtronic plc via GlobeNewswire

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