Healthcare Industry News: Symmetry Medical
News Release - July 1, 2009
ArthroCare Names Andrew Miclot Senior Vice President, General Manager of ENT BusinessAUSTIN, Texas--(HSMN NewsFeed)--ArthroCare Corp. (PINK SHEETS: ARTC ) today announced that Andrew Miclot has joined ArthroCare as Senior Vice President, General Manager of ArthroCare’s Ear, Nose and Throat [ENT] Business effective June 29, 2009.
In this role, Andrew will have worldwide responsibility for management of ArthroCare’s ENT product lines, which are used by surgeons to perform thousands of tonsillectomies and adenoidectomies annually, as well as turbinate reductions for the treatment of snoring. ArthroCare’s Coblation® technology is recognized as a leader in this field.
David Fitzgerald, Acting President and Chief Executive Officer, said, “We are pleased to welcome Andrew, a seasoned executive, to ArthroCare’s team. His vast experience in the medical device industry will help further our strong position in this field.”
Andrew has more than 25 years of executive management experience within the medical device industry. Most recently, he was President and CEO of Ascension Orthopedics. Prior to this, he held senior level positions at Orthofix, Symmetry Medical, DePuy Orthopaedics and Zimmer, among others. During his thirteen years at Symmetry, Andrew held several positions including Senior Vice President and Investor Relations Officer. Andrew earned a Bachelors degree in Speech and Hearing Sciences and a M.A. in Audiology from Indiana University. In addition, he earned a M.B.A. from the Lake Forest Graduate School of Management.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
The information provided herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on beliefs and assumptions by management and on information currently available to management. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Additional factors that could cause actual results to differ materially from those contained in any forward-looking statement include, without limitation: the Company’s final determination whether to challenge the arbitration panel’s interim decision or award in the arbitration between Gyrus Group, PLC, Ethicon, Inc. and ArthroCare; other pending litigation; the potential exercise by the lenders under the Company’s Credit Agreement dated January 13, 2006, as subsequently amended (the “Credit Agreement”), of any available rights, powers or remedies of the lenders, including the lenders’ right to accelerate the maturity of the indebtedness currently outstanding under the Credit Agreement; unanticipated accounting issues or audit issues regarding the financial data for the periods being restated in the Company’s previously announced restatement; the ability of the Company and its independent registered public accounting firm to confirm information or data identified in the review of the Company’s internal controls and the review of insurance billing and healthcare fraud-and-abuse compliance practices being conducted under the supervision of the Audit Committee of the Board of Directors (the reviews of internal controls and insurance reimbursement practices are collectively referred to herein as the “Review”); the likelihood that deficiencies in the Company’s internal controls constitute material weaknesses in the Company’s internal control over financial reporting; unanticipated issues regarding the Reviews that prevent or delay the Company’s independent registered public auditing firm from relying upon the Reviews or that require additional efforts, documentation, procedures, review or investigation; the Company’s ability to design or improve internal controls to address issues detected in the Reviews or by management in its reassessment of the Company’s internal controls; the impact upon the Company’s operations of the Reviews, legal compliance matters or internal controls, improvement and remediation; difficulties in controlling expenses, including costs of the Reviews, legal compliance matters or internal controls review, improvement and remediation; the Company’s ability to become current in its SEC periodic reporting requirements; the outcome of pending litigation and the anticipated arbitration proceeding; the results of the investigations being conducted by the SEC and the United States Attorneys’ offices in Florida and North Carolina; the impact on the Company of additional civil and criminal investigations by state and federal agencies and civil suits by private third parties involving the Company's financial reporting and its previously announced restatement and its insurance billing and healthcare fraud-and-abuse compliance practices; general business, economic and political conditions; competitive developments in the medical devices market; changes in applicable legislative or regulatory requirements; the Company’s ability to effectively and successfully implement its financial and strategic alternatives, as well as business strategies, and manage the risks in its business; and the reactions of the marketplace to the foregoing.
Founded in 1993, ArthroCare Corp. is a highly innovative, multi-business medical device company that develops, manufactures and markets minimally invasive surgical products. With these products, ArthroCare targets a multi-billion dollar market opportunity across several medical specialties, significantly improving existing surgical procedures and enabling new, minimally invasive procedures. Many of ArthroCare’s products are based on its patented Coblation technology, which uses low-temperature radiofrequency energy to gently and precisely dissolve rather than burn soft tissue — minimizing damage to healthy tissue. Used in more than four million surgeries worldwide, Coblation-based devices have been developed and marketed for sports medicine; spine/neurologic; ear, nose and throat (ENT); cosmetic; urologic and gynecologic procedures. ArthroCare also has added a number of novel technologies to its portfolio, including Opus Medical sports medicine, Parallax spine and Applied Therapeutics ENT products, to complement Coblation within key indications.
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