Healthcare Industry News: Novation
News Release - April 15, 2010
Exactech Approved to Begin Marketing Novation(R) Hip System in High Demand Asian MarketGAINESVILLE, Fla.--(HSMN NewsFeed)--Exactech, Inc. (Nasdaq: EXAC ), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today that the company has been granted approval to market its Novation® primary hip replacement system in Japan, a robust orthopaedics market where hip replacement surgeries outnumber knee replacement procedures.
“Expanding our hip implant sales in Japan is a significant opportunity and one for which we are well positioned,” said Exactech President David Petty. “We have been providing total knee replacement products in Japan for more than a decade. In January 2008 we established a direct distribution operation for the Japanese market, and the addition of our Novation hip line allows us to further leverage that investment.”
According to a report from Millennium Research Group in November 2009, Japan has the largest proportion of people over age 65 in the world, and will continue to be a source of steady revenues in the large-joint reconstructive implant market.
Japan’s Ministry of Health, Labour and Welfare granted Exactech the approval to market elements of the Novation comprehensive hip system, including the tapered femoral hip stem, femoral heads and bi-polar implants. Used by orthopaedic surgeons for primary hip replacement surgery, these implants represent one of the largest segments of the Japanese hip market. The Novation hip system is designed to provide stability and excellent range of motion for the patient and ease-of-use for the surgeon. The company is also pursuing approval for additional components within the product line, to support femoral and acetabular reconstruction.
Total hip replacement, also called total hip arthroplasty, involves removing a patient’s damaged bone and cartilage and replacing it with orthopaedic implants. A femoral stem implant is inserted into the hollow part of the thighbone. Femoral heads, bi-polar implants and acetabular components replace parts of the “ball and socket” that comprise the hip joint.
Based in Gainesville, Fla., Exactech is celebrating its 25th anniversary developing and marketing orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech’s orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States and Australia, in addition to more than 30 markets in Europe, Asia and Latin America. Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactech’s press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.
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This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
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