Healthcare Industry News: GRAFTJACKET
News Release - April 3, 2008
Wright Medical Completes Acquisition of INBONE Technologies, Inc.Inbone's Novel Total Ankle and Bone Fusion Product Lines Represent Key Additions to Wright's Portfolio of Products for the Rapidly Expanding Foot and Ankle Surgery Market
ARLINGTON, Tenn.--(HSMN NewsFeed)--Wright Medical Group, Inc. (NASDAQ: WMGI ), a global orthopaedic manufacturer, announced today that it has completed its acquisition of INBONE Technologies, Inc., for an initial cash payment of $24 million, guaranteed minimum future payments of $3.7 million and potential additional cash payments based upon the future operational and financial performance of the company. The INBONE acquisition marks the seventh business development initiative targeted for the foot and ankle surgery market that Wright has executed in the past 12 months. The combination of these business development initiatives, internal new product development and sales force specialization has positioned Wright as a leader in this rapidly expanding market.
INBONE is the manufacturer of both the INBONE™ Total Ankle System and the INBONE™ Intra-osseous Fusion Rod and Plate System. With the acquisition now complete, Wright has initiated the distribution of the INBONE™ product line through its U.S. distribution network. Select international markets will follow upon receipt of required regulatory clearances.
The INBONE™ product line joins Wright’s industry leading portfolio of foot and ankle products including: the SWANSON line of silicone digit implants, the CHARLOTTE™ line of stainless steel plates and screws, the DARCO® line of titanium locked plates and headed screws, the SIDEKICK™ comprehensive line of external fixators, the AM™ Surgical endoscopic tissue release systems, the BIOARCH™ subtalar implant, as well as biologics including the GRAFTJACKET® regenerative tissue matrix, CANCELLO-PURE™ bone wedges, and ALLOMATRIX® DBM and PRO-DENSE® injectable synthetic bone graft substitute.
As previously announced, excluding acquisition-related costs such as integration charges and non-cash inventory step-up expenses, this acquisition is expected to be accretive to Wright’s earnings in 2009 and thereafter and is expected to be $.03 dilutive to Wright’s 2008 adjusted earnings per share. More detailed guidance regarding the financial aspects of the transaction and its expected impact on Wright's future financial results will be provided in connection with the Company's announcement of its first quarter 2008 financial results on April 24, 2008.
About Wright Medical Group
Wright Medical Group, Inc. is a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics. The Company has been in business for more than 50 years and markets its products in over 60 countries worldwide.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, beliefs, estimates, and expectations and express management's current views of future performance, results, and trends and may be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” and other similar terms. The Company wishes to caution readers that actual results might differ materially from those described in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed in the Company’s filings with the Securities and Exchange Commission (including the Company’s annual report on Form 10-K for the year ended December 31, 2007, under the heading, “Risk Factors”), which could cause the Company’s actual results to materially differ from those described in the forward-looking statements. Although the Company believes that the forward-looking statements are accurate, there can be no assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a representation by the Company that the results described therein will be achieved. The Company wishes to caution readers not to place undue reliance on any forward-looking statement. The forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update any forward-looking statement after this date.
Source: Wright Medical Group
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