With Zimmer (NYSE:ZMH) still reeling from a 10% slide in its spine business, the orthopedic device maker announced a deal with SpineCraft, maker of the Apex spine correction device.
The long-term distribution deal allows Zimmer Spine to market Apex in the U.S., Canada, New Zealand and Australia, according to a press release.
SpineCraft’s Apex device, which won FDA 510(k) clearance in 2006, is a screw system that stabilizes spinal deformities. Zimmer said the deal is part of an expanding portfolio for its spine department.
"The Apex Spine System represents a true union of intuitive design and engineering excellence,” said Zimmer Spine president Steve Healy in prepared remarks. “These innovative implants and instrumentation offer powerful correction capabilities with excellent intraoperative flexibility."
Zimmer Spine, located in Minneapolis, Minn., is a subsidiary of Zimmer Holdings. Despite meeting Q1 2013 expectations in April, Zimmer predicted its spine division would continue to struggle amid pressure on pricing, reimbursement rates and utilization of particular procedures.