Exactech Inc. (EXAC), a developer and manufacturer of bone as well as joint restoration products for knee, hip, spine, shoulder and biologic materials, recently acquired multiple spinal product lines from VertiFlex Inc, which develops less intrusive spinal surgery technologies that help preserve motion.
As part of the transaction (terms undisclosed), Exactech acquired the Silverbolt Percutaneous Pedicle Screw System and associated assets. The company believes that these less intrusive VertiFlex products will dovetail well with its own spinal product portfolio, which includes a range of cervical and lumbar fusion products. Exactech’s broader goal is to strengthen its role as a select company in the spinal business with surgically implanted products intended to reduce the length of inpatient stay.
According to Exactech, the Silverbolt Platform offers an innovative breakthrough for less intrusive spine surgery. For its part, VertiFlex stated that the asset divestiture will permit it to dedicate resources to its Superion Interspinous Spacer program. The Superion Interspinous Spacer is a titanium implant which fits into the lumbar spine.
San Clemente-based privately held medical device company VertiFlex is committed to promoting less intrusive and motion preserving technologies for spinal problems. The company is currently conducting a pivotal Investigational Device Exemption (IDE) trial for the next-generation Superion Interspinous Spacer. It was granted CE Mark approval in 2007.
Gainesville-based Exactech develops and markets orthopedic implant devices. Its orthopedic products are utilized in the restoration of bones as well as joints that have degenerated due to disease. Exactech competes with the likes of Wright Medical Group Inc. (WMGI), Stryker Corp. (SYK), Johnson & Johnson (JNJ), and Zimmer Holdings Inc. (ZMH), some of which are much larger in size.
Exactech reported second-quarter fiscal 2010 revenues of $47.6 million, up 10% year over year. Its adjusted earnings per share were 25 cents compared with 26 cents in the year-ago period.
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