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Strategic Company Financials: Orthopaedics and Spine

ConMed
$480.5MM, +10% (MTF partnership revenue $28MM)

  • Arthroscopy $330.5MM, +14%
  • Powered Surgical Instruments $150.0MM, +1%

4Q12 revenue: $124.9MM, +12% (MTF partnership revenue $7MM)

  • Arthroscopy $86.6MM, +16%
  • Powered Surgical Instruments $38.3MM, +3%

 

DJO Global
$1,129.4MM, +7%

  • Bracing/Vascular $441.2MM, +8%*
  • Recovery Sciences $334.6MM, -2%
  • Surgical Implant $72.9MM, +12%
  • International $280.5MM, +6%

*Bracing/Vascular includes products serving the diabetes market.


Exactech
$224.3MM, +9% (U.S. $145.6MM, +9%; ex-U.S. $78.7MM, +9%)

  • Hips $40.8MM, +21%
  • Knees $81.4MM, +2%
  • Biologic & Spine $24.5MM, +1%
  • Extremity $52.1MM, +30%
  • Other $25.6MM, +6%

4Q12 revenue: $59.3MM, +12% (U.S. $38.3MM, +13%; ex-U.S. $21.0MM, +12%)

  • Hips $10.4MM, +12%
  • Knees $20.7MM, +3%
  • Biologic & Spine $6.4MM, +9%
  • Extremity $14.9MM, +35%
  • Other $6.9MM, +3%
  • Strong hip/knee performance in Asia; strong hip, knee, shoulder growth in Latin America
  • Encouraging results from limited release of Element hip line extension, Novation Crown Cup acetabular system
  • 4Q Extremity growth buoyed by new U.S. customer acquisition, notable Latin America growth
  • 2013 product launches include CR Constrained tibial insert, limited launch of neck-preserving stem (2Q), computer-assisted knee surgical system (2H13)


Globus Medical
$386.0MM, +16% (U.S. $355.6MM, +14%; ex-U.S. $30.4MM, +49%)

  • Fusion $238.7MM, +6%
  • Disruptive Technology $147.3MM, +38%

4Q12 revenue: $100.5MM, +14% (U.S. $91.9MM, +13%; ex-U.S. $8.6MM, +37%)

  • Fusion $58.2MM, +3%
  • Disruptive Technology $42.4MM, +35%
  • Key product launches include Secure-C, AFFIRM Kyphoplasty, RISE expandable lumbar fusion device inserted via endoscopic tube, SI-LOK sacroiliac fusion system, FORTIFY expandable titanium/PEEK corpectomy spacer, etc.


Greatbatch Medical
$122.0MM, -8% 

4Q12 revenue: $30.9MM, -2% flat

  • Stronger implant revenue offset decline in instrument sales due to transition of Swiss facility
  • Successfully completed key customer supplier certification audits, reached resolution on Zimmer lawsuit
  • Ceased Swiss manufacturing of reamers 1/31/13
  • Fort Wayne facility validation process on track (straight reamer handles on track for shipment, offset reamer handles and impactors undergoing process validation)


Integra LifeSciences
$369.3MM, +12% (U.S. $312.8MM, +15%; ex-U.S. $56.4MM, -1%)

  • U.S. Extremities $122.8MM, +25%*
  • U.S. Spine & Other $190.5MM, +9%

4Q12 revenue: $93.2MM, +4% (U.S. $78.9MM, +6%; ex-U.S. $14.3MM, -6%)

  • U.S. Extremities $31.2MM, +9%*
  • U.S. Spine & Other $47.7MM, +5%

*Extremities includes wound and skin products.

  • Spine hardware growth driven by new products : Malibu MIS and Daytona for deformity correction
  • Completed “small product line acquisition” in extremities in 1Q13, will formally launch modular shoulder with reversed option later in 2013 (to complement regenerative portfolio)


LISI Medical
€64.8MM (~US $86.7MM), -12%

  • Noted that business should become consolidated in 2013 with several project launches, focus on customers and segments that offer middle- and long-term growth


MAKO Surgical
$102.7MM, +22%

  • Procedures $50.9MM, +47%
  • Systems $41.2MM, -6%
  • Service $10.5MM, +78%

4Q12 revenue: $30.2MM, -8%

  • Procedures $14.2MM, +26%
  • Systems $12.7MM, -36%
  • Service $3.1MM, +84%

Highlights pertain to 2012.

  • 45 RIO systems sold worldwide (41 U.S., 4 ex-U.S.)
  • 47 MAKOplasty Total Hip Arthroplasty applications sold, -4%; >1,200 procedures performed
  • 3rd version of hip software slated for 2013 launch


Medtronic (for 3Q13 ended 1/25/13)
$753MM, -3% (U.S. $522MM, -6%; ex-U.S. $231MM, +3%)

  • Core Spinal $639MM, flat (U.S. $422MM, -1%; ex-U.S. $217MM, +3%)
  • Biologics $114MM, -21% (U.S. $100MM, -22%; ex-U.S. $14MM, -7%)
  • Excluding kyphoplasty, Core Spine +2% (U.S. +1%)
  • Quarter-end growth affected by supply constraint of sterile water that is component of Infuse kit; resolved with alternate supplier
  • Noted sequential stabilization in U.S. Core Spine
  • Closed acquisition of China Kanghui
  • Solera system generating strong surgeon interest
  • Ramping up surgeon training on Bryan ACD
  • Interbody growth driven by AMP products, Capstone Control
  • Results from Infuse study not expected until early FY14

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