Globus Medical Announces Acquisition of Transplant Technologies of Texas
October 23 2014 - 4:25PM
Business Wire
Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal
implant manufacturer, today announced that it has acquired
allograft tissue processor Transplant Technologies of Texas, Ltd.
(TTOT). Based in San Antonio, TTOT is a provider of human tissue
products including bone allografts, biomaterials, and soft tissue
products for spine, orthopedics, sports medicine, dental, and wound
care markets.
“This acquisition of TTOT will complement the Globus biologics
product portfolio and represents a key step in fulfilling our
strategy of building a broad business in regenerative biologics.
TTOT’s products and capabilities will better position Globus in
existing allograft markets while also providing a dedicated source
of supply for our extensive pipeline of products utilizing human
allograft tissue. We expect to continue our mission of bringing
health to patients with musculoskeletal disorders through the gift
of life from donors,” said David Paul, Chairman and CEO of Globus
Medical.
“Since our inception our mission has been to lead the transplant
community through excellence and innovation for the benefit of
fellow man, and view every donation as an opportunity to serve. I
am glad that we have partnered with a company such as Globus that
shares our mission regarding patient care and values the gift of
life from donors. We are excited about the opportunity to expand
the reach of our current products and to continue developing
innovative new products. Having spent a great deal of time with
David and the Globus team, I am encouraged by the complementary fit
of our organizations,” commented Joe Mims, CEO of Transplant
Technologies of Texas.
Transplant Technologies of Texas processes sterile human tissue
and distributes a wide range of allograft implants including
machined spine implants, demineralized bone matrix, sponge
allografts, as well as traditional bone allografts. TTOT also
processes and distributes sports medicine tendons, birth tissue
allografts, and dermal allografts. Globus plans to maintain and
grow TTOT’s operations in Texas and maintain the existing
relationships with its distribution partners. Globus also expects
to leverage and grow TTOT’s product portfolio, bringing new
tissue-based products to market through the Globus worldwide
salesforce.
Globus anticipates TTOT to contribute approximately $2 million
in additional sales and to be neutral to fully diluted earnings per
share for the fourth quarter 2014. For 2015, Globus anticipates a
contribution from TTOT of approximately $12 million in annual sales
and a neutral impact to fully diluted earnings per share for the
year.
The company will provide additional details about the
transaction during its previously announced quarterly earnings
conference call on October 30, 2014.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal implant
company based in Audubon, PA. The company was founded in 2003 by an
experienced team of professionals with a shared vision to create
products that enable surgeons to promote healing in patients with
musculoskeletal disorders. Additional information can be accessed
at www.globusmedical.com.
About Transplant Technologies of Texas, Ltd.
Transplant Technologies of Texas, Ltd., founded in 1993, is a
family of companies dedicated to the manufacturing of biological
solutions for treating disease and defects in humans. Their focus
is on technologies for musculoskeletal augmentation and wound
regeneration, with a mission to enhance the quality of patient care
by providing safe, high quality allograft tissues to health care
professionals for both transplant and research. Since 1993, the
company has helped surgeons and their patients with over six
hundred thousand successful implantations.
Safe Harbor Statements
All statements included in this press release other than
statements of historical fact are forward-looking statements and
may be identified by their use of words such as “believe,” “may,”
“might,” “could,” “will,” “aim,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “plan” and other similar terms.
These forward-looking statements are based on our current
assumptions, expectations and estimates of future events and
trends. Forward-looking statements are only predictions and are
subject to many risks, uncertainties and other factors that may
affect our businesses and operations and could cause actual results
to differ materially from those predicted. These risks and
uncertainties include, but are not limited to, factors affecting
our quarterly results, our ability to manage our growth, our
ability to sustain our profitability, demand for our products, our
ability to compete successfully (including without limitation our
ability to convince surgeons to use our products and our ability to
attract and retain sales and other personnel), our ability to
rapidly develop and introduce new products, our ability to develop
and execute on successful business strategies, our ability to
comply with laws and regulations that are or may become applicable
to our businesses, our ability to safeguard our intellectual
property, our success in defending legal proceedings brought
against us, trends in the medical device industry, general economic
conditions, and other risks. For a discussion of these and other
risks, uncertainties and other factors that could affect our
results, you should refer to the disclosure contained in our most
recent annual report on Form 10-K filed with the Securities and
Exchange Commission, including the sections labeled “Risk Factors”
and “Cautionary Note Concerning Forward-Looking Statements,” and in
our Forms 10-Q, Forms 8-K and other filings with the Securities and
Exchange Commission. These documents are available at www.sec.gov.
Moreover, we operate in an evolving environment. New risk factors
and uncertainties emerge from time to time and it is not possible
for us to predict all risk factors and uncertainties, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on any
forward-looking statements. Forward-looking statements contained in
this press release speak only as of the date of this press release.
We undertake no obligation to update any forward-looking statements
as a result of new information, events or circumstances or other
factors arising or coming to our attention after the date
hereof.
Globus Medical, Inc.Ed Joyce,
610-930-1800investors@globusmedical.comwww.globusmedical.com
Globus Medical (NYSE:GMED)
Historical Stock Chart
From Aug 2024 to Sep 2024
Globus Medical (NYSE:GMED)
Historical Stock Chart
From Sep 2023 to Sep 2024