Wright Medical Group Inc. (NSDQ:WMGI) said it agreed to extend a deferred prosecution agreement with federal prosecutors today, who accused the orthopedic device maker of running a kickbacks scheme drive up implant sales.
Orthopedics
Welcome to MassDevice's Orthopedics Hub, your resource for the latest in orthopedic news. Stay informed about the innovations and business news shaping the ortho device industry.
🦴 Narrow your focus with these categories:
Implants | Metal-on-Metal | Spine
Here are the top orthopedic device features from MassDevice and its sister publications (and scroll down to read the latest cardiology device news from MassDevice):
+ The biggest stories from AAOS 2024
+ The 10 largest orthopedic device companies in the world
+ The ZimVie Tether helps kids with scoliosis — if they can get it in time
+ Could 2023 be a boom year for orthopedic devices?
+ The top orthopedic device news out of AAOS 2023
🎙️ Tune in to the Ortho Innovation Talks podcast on the DeviceTalks podcast network.
Latest Orthopedics News
Integra LifeSciences Announces Agreement to Acquire Ascension Orthopedics
PLAINSBORO, N.J. and AUSTIN, Texas, Sept. 12, 2011 (GLOBE NEWSWIRE) — Integra LifeSciences Holdings Corporation (Nasdaq:IART) and Ascension Orthopedics, Inc. (“Ascension”) today announced an agreement for Integra to acquire Ascension, a provider of high quality, innovative products for the foot, hand and shoulder markets, for approximately $65 million in cash, subject to adjustments. When combined with Integra’s legacy business, the products will represent approximately 45% of Integra’s Orthopedics revenues.
Wright Medical to lay off 80
Wright Medical Group Inc. (NSDQ:WMGI) is cutting 80 positions, or about 6 percent of its total workforce, in a move aimed at raising its earnings per share, the Arlington, Tenn.-based orthopedic device maker said today.
The plan, initially slated to roll out over the next nine months, will see Wright try to re-shape its international operations, scaling back the products it offers overseas and "streamlining select aspects of its international selling and distribution operations," according to a press release.
Wright Medical Group, Inc. Announces Cost Restructuring Plan
ARLINGTON, Tenn.–(BUSINESS WIRE)–Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopaedic medical
device company and a leading provider of surgical solutions for the foot
and ankle market, announced today that it is implementing a cost
restructuring plan to foster growth, enhance profitability and cash
flow, and build shareholder value. Wright Medical expects that the
initial phase of this plan will be completed during the next nine
months, with additional efficiency initiatives to be implemented
throughout 2012 and beyond.
InVivo CEO hopes for FDA response by early 2012
InVivo Therapeutics (OTC:NVIV) hopes to hear back from the FDA within four weeks about its application to run the first human trials of its biodegradable scaffold for treating traumatic spinal cord injuries, according to CEO Frank Reynolds.
ArthroCare gets $8M to settle shareholder suit, denies wrongdoing
ArthroCare Corp. (NSDQ:ATRC) settled a shareholders’ lawsuit by agreeing to an $8 million payment from its insurers, more than a quarter of which will go to the plaintiffs’ lawyers, according to court documents.
The Austin, Texas-based surgical device maker copped in 2009 to a scheme by which personal injury lawyers would refer patients to doctors who would then use one of ArthroCare’s spinal surgery devices. The 2009 announcement also detailed restated earnings for the previous four years.
DePuy’s Floyd lands on his feet, GI Dynamics’ public début nears, Urologix & Medtronic ink prostate pact | MassDevice.com +3
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This latest feature of MassDevice.com’s coverage highlights our three biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.
Stryker ramps up Chinese efforts with a three-pronged approach and a lab on wheels
Stryker Corp. (NYSE:SYK) is betting on the Chinese market with a three-legged approach epitomized by the recent launch of a fully outfitted mobile training center.
Stryker or Biomet to buy Smith & Nephew?
Knee surgery performed with an iPod Touch | MassDevice.com On Call
MASSDEVICE ON CALL — A Mumbai patient was on his feet one day after a physician performed knee replacement surgery on him using an iPod Touch.
Using a Smith & Nephew plc (NYSE:SNN) implant, Dr. Arun Mullaji performed the first commercial non-experimental orthopedic surgery in Asia to use an iPod Touch with tiny instruments attached to itself.
The price of care: Physicians balk at cost of routine tests | MassDevice.com On Call
MASSDEVICE ON CALL — A list of common medical procedures and their prices may change the way physicians deliver care and determine referrals at Beth Israel Deaconess Medical Center in Boston, Mass.
Knowing the cost of procedures, intended to lead to reflection and conversation about what procedures are appropriate and in what situations, has some doctors concerned and even upset over some routine practices.