The global cervical total disc replacement devices market is expected to surpass $5.3 billion by 2027, demonstrating a compound annual growth rate of 21.7 percent, according to Coherent Market Insights.
Spinal Tech
Orthofix is temporarily reducing the salaries of its U.S. employees, with the largest cuts being implemented at the executive and board level.
Alphatec Holdings reported its first quarter revenue grew 25 percent to 26 percent based on its preliminary results, but the coronavirus has forced the company to make some changes.
Smith+Nephew named a new CFO to oversee the company's finances.
Spine and orthopedic device companies are implementing cost-cutting measures such as cutting salaries, furloughing employees and enacting hiring freezes to maintain liquidity and power through this challenging financial period caused by the coronavirus pandemic.
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Here are six key notes on spine and orthopedic device companies:
Precision Spine on April 8 launched its Reform Ti titanium pedicle screw system.
Zimmer Biomet CEO Bryan Hanson is giving up 100 percent of his salary as the company takes several measures to curb the financial impact of COVID-19.
The FDA on April 7 provided OrthoSensor 510(k) clearance for its alignment technology with Verasense when used with Zimmer Biomet's Persona knee system.
The FDA cleared 36 orthopedic devices in March.