Orthofix pivots to spine, extremities (MassDevice)
Orthofix (NSDQ:OFIX) said yesterday that it’s planning a pivot to the spine and extremities market beginning next year, folding its biostim and biologics businesses back into the spine segment five years after it split them out in the first place.
In July 2013 Lewisville, Texas-based Orthofix split the spine segment into biostim and spine fixation divisions, promoting Brad Niemann from commercial operations SVP to lead the biostim biz. Later that month the company restated its financial results covering more than two years, after discovering improperly recognized revenues.
Today the company said it would maintain fiscal reporting with four divisions until the transition is complete, expected at the beginning of 2019, and named Niemann president of the spine division, which will encompass the biostim, spine fixation, biologics units plus the Spinal Kinetics business, acquired last month for $105 million. Spinal Kinetics developed the M6 cervical disc implant. Orthofix said Davide Bianchi will continue to lead the extremities business as president.
“In 2013, Orthofix segmented its business into four strategic business units to gain b...
