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Monthly compilations are available in PDF form.

Quarterly Review

2Q14 Revenue: Symmetry Medical

$101.3MM, +2.3%

  • Instruments $29.8MM, +6%
  • Implants $29.4MM, +5%
  • Cases $17.3MM, +1%
  • Other $4.4MM, +29%
  • Surgical $20.4MM, -9%

 

  • Announced proposed sale of OEM Solutions business to Tecomet for $450MM in cash; will offer Tecomet additional capabilities and expanded global reach; slated to close by year-end
  • Current OEM Solutions customers include Biomet, DePuy Synthes, Kyocera, Medtronic, Smith & Nephew, Stryker, Tornier, etc.
  • Will spin off Symmetry Surgical (SSI) to shareholders; unit provides proprietary general reusable instruments to surgery and academic medical centers, community hospitals
  • Steps taken in response to OEM customer consolidation that could result in conflict with SSI customers; will also obviate the impact of volatility in customer capital spending and allow SSI to pursue broader surgical instrument market; will employ direct sales in U.S. and distribution partners in >100 countries
  • Post-transaction 5-year supply agreement will provide SSI access to “Symmetry Tecomet” manufacturing, as needed (e.g., for sterilization cases/trays, arthroscopy instruments)
  • SSI competitors include Aesculap, Integra’s Jarit/Miltex division, CareFusion/V. Mueller, etc.; instruments address multiple specialties, including arthroscopy, general orthopaedic and spine (as well as non-ortho)