Stryker lands Defense Department contract worth up to $85M (Mass Device)
The U.S. Department of Defense hands Stryker a 1-year contract worth up to $85 million for hip and knee products.
Stryker (download 4-page analysis of Stryker HERE) and the U.S. Department of Defense inked an deal for the company’s hip and knee orthopedic products, valued at a maximum of $85.5 million.
Stryker’s “procedural packages,” which include the entire surgical kit of implants, instrument sets and other associated devices, will go to the U.S. Army, Navy, Air Force and Marine Corps, according to a DoD notice.
The DoD’s multi-million dollar deal with Stryker Orthopedics is a fixed price, indefinite-delivery/indefinite-quantity contract that is set to expire in August 2014, funded by 2014 Defense Working Capital budgets.
The contract is good news for Stryker, which has in recent weeks faced a few wins and losses alike. This week a federal judge tripled Stryker’s $70 million award after a jury ruled that rival Zimmer (NYSE:ZMH) infringed on its patents. The Kalamazoo, Mich.-based medical device company posted some disappointing 2nd quarter earnings, blaming the results on an unexpected $170 million hit related to its recalled Rejuvenate hip implant.