Key Developments For Orthofix International N.V.
Orthofix International N.V. (OFIX.O) (Nasdaq)
Moody`s and S&P Improve Ratings Outlook For Orthofix International N.V.
Orthofix International N.V. announced that both Standard & Poor`s Rating Services and Moody`s Investor Services have improved their outlooks for the Company from negative to stable.
Arnold & Itkin Announces Lawsuit Against Orthofix International N.V. Over Defective Pain Pumps
The law firm Arnold & Itkin LLP has filed five lawsuits against the makers of pain pumps and related medications based on claims that many of the companies' defective devices are causing irreversible shoulder damage among patients. Currently, the attorneys at Arnold & Itkin are representing 28 people who received pain pumps to manage pain following shoulder surgery. According to the lawsuits, pain pump manufacturers were denied approval by the U.S. Food and Drug Administration to use the pumps to mitigate pain in shoulder joints, but the companies continued to promote their use in that way. Many former pain pump users say the companies were negligent in designing, researching and selling pain pumps that they should have known were dangerous. The legal filings include claims of fraud, breach of warranty and products liability against the defendant manufacturers. Plaintiffs allege that the pain pumps cause postarthroscopic glenohumeral chondrolysis (PAGCL), the progressive destruction of cartilage in the glenohumeral joint connecting the arm to the shoulder. Without the cartilage, bones grind together causing excruciating pain. Named as defendants are several pain pump manufacturers, including Stryker Corporation, Orthofix International N.V., I-Flow Corporation, Moog Inc., Sgarlato R.P. Inc., Breg Inc., Linvatec Corp., and DJO Inc. The lawsuits also name several pharmaceutical companies, including AstraZeneca PLC, Abbott Laboratories, APP Pharmaceuticals and Hospira, Inc.
Orthofix International N.V. Reaffirms FY 2009 Guidance
Orthofix International N.V. reiterated its fiscal 2009 revenue guidance of $535-$545 million and its EBITDA guidance of $93-98 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of $541 million for fiscal 2009.
Orthofix International N.V. Reaffirms FY 2009 Guidance
Orthofix International N.V. announced that based on its results for the first half of 2009, the Company reaffirmed its fiscal 2009 guidance.
Orthofix International N.V. Announces Development & Marketing Agreement With Stout Medical Group
Orthofix International N.V. announced that it has signed a license and product development agreement with Stout Medical Group, LP for the development and marketing of a new expandable vertebral body replacement (VBR) and corpectomy device. The initial term of the agreement is for 15 years, and gives Orthofix exclusive global licensing rights to the new device, which is expected to be introduced during the second half of 2010. The new device will be designed for use in corpectomy procedures during which one or more vertebral bodies are removed in connection with the removal of a tumor or due to a trauma to the spine. Expandable corpectomy devices provide in situ expansion, eliminate the need to cut the device to a specific size, and provide the surgeon with options for less invasive incisions.
