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Year in Review

China Kanghui/Consensus Orthopedics

CHINA KANGHUI/CONSENSUS ORTHOPEDICS
As reported in ORTHOFLASH® 1/11, China Kanghui and Consensus Orthopedics entered into an exclusive partnership to manufacture and market joint implant products (both Kanghui- and Consensus-branded) in China and select ex-U.S. markets. Notes from the conference call update follow.

* Enables Kanghui to enter the Chinese domestic market with FDA-cleared hip and knee implants under the Kanghui brand
* Provides combination of FDA-cleared products with extensive clinical history, plus strengths of Kanghui brand and distribution in the region; will differentiate company and bodes well to enter many ex-U.S. markets
* Kanghui has not ruled out other acquisitions/partnerships to build on product line in China
* Management team has strong experience in sales, marketing and manufacturing to support launches in region
* Consensus brand will be focused on top-tier hospitals (with modular hip and Consensus-branded knee)
* Kanghui brand will comprise a taper-set hip and knee, both primary and revision, for mid-tier market
* Evaluating options for low-priced recon products as well
* Both companies will seek to secure shared purchasing of key components, take advantage reduced costs/improved efficiencies
* Consensus will receive an equity investment from Kanghui and will be eligible for royalties on certain products
* Over next 2-3 years will focus on gaining SFDA and other key regulatory clearances internationally, as well as establishing a supply chain for products; projecting SFDA clearance by end of 2013