Here are eight things for spinal surgeons to know for Jan. 11, 2018.
Stryker sees $12.4B net sales in 2017; neurotechnology, spine sales reach $2.2B
Stryker reported its preliminary results for the fourth quarter and full year of 2017. The company reported a 10 percent boost of net sales to $3.5 billion in the fourth quarter of 2017. For the full year, net sales hit $12.4 billion, a 9.9 percent jump over 2016.
Tenet to cut 700 more jobs, says $1B divestiture plan is on track
Dallas-based Tenet Healthcare is under pressure from activist shareholders and is moving quickly to revamp its business. After reporting a net loss in the third quarter of 2017, Tenet launched a $150 million enterprisewide cost reduction initiative, which involved renegotiation of contracts with suppliers and vendors, as well as the elimination of about 1,300 jobs.
NuVasive's US procedure volumes stay slow in 2017, international revenue up
NuVasive expects 2017 revenue to hit $1.03 billion, in line with previously reported guidance with the lingering impact of Hurricane Maria factored in. NuVasive expects a 7 percent growth in 2017 full-year revenue, hitting $1.03 billion. The company expects fourth quarter revenue to be reported as $272 million, as U.S. procedure volumes remained "soft" in the aftermath of the 2017 hurricanes.
Titan Spine reports rapid growth, raises $7.5M in series D funding
Titan Spine, based in Mequon, Wis., raised another $7.5 million for its series D funding round, which is now at $15 million according to a December U.S. Securities and Exchange Commission Report. The funding came from Texas private equity firm Southlake Equity Group, according to Southlake's managing partner Tom Keene.
K2M expects 2017 revenue of $257M
K2M reported its 2017 preliminary fourth-quarter and full-year results. K2M will likely see revenue between $67.3 million and $67.9 million, reflecting a 9 percent to 10 percent year-over-year increase. The company's U.S. complex spine line grew 8 percent year-over-year and the minimally invasive surgery line grew 15 percent year-over year. The U.S. degenerative segment saw an 8 percent boost year-over-year.
RTI Surgical acquires Zyga Technology
RTI Surgical acquired minimally invasive treatment developer Zyga Technology. Details of the acquisition were not disclosed. RTI Surgical plans to fund the acquisition through cash and borrowing under its existing credit. Closing will occur following the filing of the Delaware Department of State.
USPI, Hospital for Special Surgery partner to open Florida ASC
United Surgical Partners International, a subsidiary of Tenet Healthcare, partnered with New York City-based Hospital for Special Surgery to open an ASC in West Palm Beach, Fla. The new outpatient care and surgery center will be located near Good Samaritan Hospital in West Palm Beach, which is also a Tenet facility.
Mazor reports 73 system orders in 2017, ahead of Medtronic assuming Mazor X worldwide distribution
For the full year, Mazor received 73 system purchase orders, 64 for the Mazor X system.
Mazor expects 2017 revenue will hit $65 million and reports the company sold 27 robotic guidance systems in the fourth quarter. Medtronic purchased 23 of the 27 robotic guidance systems sold in the past quarter and assumed exclusive worldwide distribution of Mazor X per the second phase of the commercial agreement between the two companies.