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Strategic Initiatives

JRI Orthopaedics Acquired by AK Medical -

JRI Orthopaedics, a U.K.-based manufacturer of hip and shoulder reconstruction devices, was acquired by China's AK Medical for £16.7MM (~US $23.7MM) in cash. AK Medical is the largest orthopaedic implant manufacturer in China, and was the first to commercialize 3D printing technology for joint and spine devices in the region. AK posts annual revenue of £42.0MM (~$59.5MM), and reported +30% growth for 2017 vs. 2016. JRI, founded in 1970 by orthopaedic surgeon Ronald Furlong, was in 1985 the first company to produce a hydroyapatite-coated hip. Its FURLONG H-AC Total Hip received FDA 510(k) clearance in 2004. Per public filings, JRI Orthopaedics posted FY2017 revenue of £14.2MM (~$17.7MM per historical exchange rate, fiscal year ending 3/31/17). (Business Quarter, 4/11/18)