RTI Surgical today announced it appointed Chad Croasdale as chief commercial officer. Croasdale has more than 20 years of commercial and financial experience in the medtech industry. He will oversee the tissue reconstruction company’s growth strategy and corporate development. “We are delighted to welcome Chad to RTI. His extensive experience in driving commercial success will […]
RTI Surgical
RTI Surgical wins FDA IDE approval for Cortiva Allograft Dermis in breast reconstruction
RTI Surgical today announced it received investigational device exemption approval from the FDA to study its Cortiva Allograft Dermis. The Alachua, Florida-based company plans to initiate a study to confirm the safety and effectiveness of Cortiva in implant-based breast reconstruction. Cortiva is processed using the Tutoplast tissue sterilization process and the implants are currently regulated […]
Surgalign settles on OEM business sale, posts Q2 earnings miss
Surgalign (Nasdaq:SRGA) shares are down today on the news of its second-quarter financial results and a global settlement agreement. Shares of SRGA were down 8.3% at $5.50 apiece before the market opened this morning. They sank even further after the market opened, with shares trading down 20.5% at $4.77 in the early hours. (MassDevice‘s MedTech 100 […]
Surgalign settles with SEC for $2M over alleged misreported revenue numbers
Surgalign (Nasdaq:SRGA) announced that it reached a settlement with the U.S. Securities and Exchange Commission (SEC). The settlement concludes and resolves in its entirety an SEC investigation related to activities including pulling sales forward from future quarters to address projected quarterly revenue shortfalls. Activities evaluated in the investigation occurred between 2015 and 2019, back when […]
How medtech fared in the first waves of the pandemic
Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data. Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial […]
RTI Surgical, Exactech form partnership to develop biologic bone substitutes
RTI Surgical announced a long-term agreement with Exactech for the development and supply of biologic bone substitutes. The deal, announced today, includes RTI Surgical acquiring Exactech’s FDA-cleared Optecure demineralized bone matrix, used as a bone graft extender in the spine, pelvis, and extremities. RTI Surgical officials think Optecure will complement their portfolio of bone graft […]
MedTech 100 roundup: Stocks tick back up to open July
After a solid start to July, the medtech industry continues to experience a stock market roller coaster amid the COVID-19 pandemic. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 84.25 points at the end of last week (July 3). That total represents a 2.9% increase from […]
RTI Surgical posts losses ahead of potential OEM business sale
RTI Surgical (NSDQ:RTIX) shares dipped today on first-quarter results that fell short of the consensus forecast. The Deerfield, Ill.-based company posted losses of -$17.9 million, or -24¢ per share, on sales of $73.7 million for the three months ended March 31, 2020, for a 91% bottom-line slide on sales growth of 5.3%. Adjusted to exclude one-time […]
RTI Surgical selling OEM business for $490m
RTI Surgical (NSDQ:RTIX) announced that it entered into a definitive agreement to sell its original equipment manufacturing (OEM) business to Montagu Private Equity in a deal worth $490 million. The deal, which is expected to close in the first half of 2020, includes $480 million in cash from United Kingdom-based Montagu to RTI Surgical, plus certain […]
RTI Surgical shares rise on Q1 earnings beat
Shares in RTI Surgical (NSDQ:RTIX) are rising today after the medical device maker beat expectations on Wall street with its first quarter 2019 earnings release. The Deerfield, Ill.-based company posted losses of approximately $9.1 million, or 14¢ per share, on sales of $69.7 million for the three months ended March 31, seeing losses grow over 800% […]
RTI Surgical closes $300m Paradigm Spine buy
RTI Surgical (NSDQ:RTIX) said last week that it closed the $300 million acquisition of Paradigm Spine and its Coflex lumbar stenosis device. The cash-and-stock deal, originally announced last November, called for RTI to pay $100 million in cash and more than 10.7 million shares of its own stock worth $50 million, with the $150 million balance pegged to […]
