Stryker (NYSE:SYK) added another product to its spine division, following a new 510(k) clearance from the FDA.
Regulators gave their sign-off for the Kalamazoo, Mich.-based medical device company’s Lite Plate System, an anterior and lateral lumbar plate system designed to treat spinal conditions. It is made with 5 1-level slim lumbar plates and a state-of-the-art WingSpring locking mechanism, according to the company.
Surgeons also gain a high level of screw angulation and simplified instrumentation with the new implant, Stryker said.
"Our growing platform of [anterior lumbar interbody fusion] products is the result of our strategic focus to add value to our procedural solutions," Stryker Spine marketing vice president John Mayor said in prepared remarks. "The addition of the Lite plate system introduces a critical fixation component to our ALIF portfolio. We will continue to leverage our innovative approach to develop differentiated products within the ALIF space for surgeons and their patients.”
Earlier in March, Stryker announced that its board of directors authorized a share repurchasing program worth up to $2 billion, on top of the $583 million in stock buybacks still authorized under a previous initiative.
Chairman & CEO Kevin Lobo said at the time that the company is continuing a strategy of boosting value that includes share repurchases, acquisitions and dividends.
"This new authorization recognizes the strength of our balance sheet is sufficient to enable more significant share repurchases," Lobo said. "We believe that efficiently deploying our balance sheet will enable growth in sales and earnings and maximize shareholder returns."
