Such factors include, but are not limited to: the failure to satisfy any of the closing conditions, including the receipt of any required regulatory approvals or approval by K2M's stockholders of the merger; delays in consummating the merger; unexpected charges or expenses in connection with the acquisition of K2M; weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; potential supply disruptions; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions, including the acquisition of K2M; and our ability to realize anticipated cost savings. is a global leader of complex spine and minimally invasive solutions focused on achieving three-dimensional Total Body Balance. Stryker has agreed to buy K2M Group Holdings, a maker of products used in spinal surgery, for approximately $1.4 billion, or $27.50 a share. This site uses Akismet to reduce spam. In his 69th year and contemplating life after academia he sat down with one of his former fellows, Tom Errico, M.D., and said; “Tom, I’m looking for something to do.”, Dr. Errico thought about it, asked a few questions then strung together these five fateful words: “Maybe we should start a company.”. The following reconciles the non-GAAP financial measure discussed above with the most directly comparable GAAP financial measure. For 2019, and beyond, Stryker reaffirms its previously stated long-term financial goals for sales, operating margins and adjusted net earnings per diluted share. The “K” in K2M is Dr. John Kostuik, former President of North American Spine Society (NASS), Scoliosis Research Society, (SRS) and Chief of Orthopedics at Johns Hopkins. It’s like putting sharp objects in the hands of businessmen.
We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Kalamazoo, Michigan - August 30, 2018 - Stryker (NYSE: SYK) announced today a definitive merger agreement to acquire all of the issued and outstanding shares of common stock of K2M Group Holdings, Inc. (NASDAQ: KTWO) for $27.50 per share, or a total equity value of approximately $1.4 billion. “This acquisition underscores our commitment to the spinal market, which is the largest segment of Orthopaedics with significant unmet needs,” stated Kevin A. Lobo, Chairman and Chief Executive Officer, Stryker. In the early days of the company, surgeon advisors outnumbered employees. We believe that this non-GAAP measure provides meaningful information to assist investors and shareholders in understanding our financial results and assessing our prospects for future performance. Investors Bankroll Virtual-Care Startup 98point6 With $118 Million, Prophylactic PCI of Vulnerable Plaques? K2M was acquired by Stryker in 2018 for $1.4 billion, and Eric now serves as president of Stryker’s spine division. Are You GLP/GMP Compliant When it Comes to Pipetting? President of Stryker’s Spine Division. By providing your email address below, you are providing consent to Stryker to send you the requested Investor Email Alert updates. With the addition of K2M's proven product portfolio, consistent track record of execution and robust pipeline, Stryker Spine's business will be well-positioned to sustain innovation and provide its customers and employees with proven products. “Stryker’s established leadership in the orthopedic and neurosurgical market, combined with K2M’s culture of innovation and leadership in complex spine and minimally invasive solutions, represent a powerful opportunity for Stryker to strengthen its leadership in the $10 billion global spine market”. All Rights Reserved.
This site is governed solely by applicable U.S. laws and governmental regulations. Leesburg, VA. Director of Product Development K2M, Inc. Jan 2004 – Jan 2019 15 years 1 month. FH Ortho SAS moves its ESP disc replacement spine business to Spine Innovations SAS. Sep 22 – Nov 19, 2020, • Sales Consultant Community Customer Secure Login Page. The weighted-average diluted shares outstanding used in the calculation of non-GAAP net earnings per diluted share are the same as those used in the calculation of reported net earnings per diluted share for the respective period. The orthopedic device and medical instruments maker said K2M’s product portfolio, generating annual sales of about $300 million, will complement its own offerings in the roughly $10 billion spinal market. K2M's compelling product portfolio and sales force focus have driven a double-digit compounded annual growth rate over the past five years. That system and the ones that followed revitalized the deformity sector of the spine market. Stryker Corporation, Matthew Harrison The close of the deal comes after Stryker. On Stryker's third quarter earnings call, Stryker strategy and investor relations vice president Katherine Owen said K2M CEO Eric Major will be joining Stryker as president of its spine division. Bradley W. Paddock, the current President of Stryker's Spine division, will assist with transitioning his responsibilities to Mr. Major while also supporting the integration efforts. Eric, like Kostuik, was also looking for something to do. The proposed transaction is expected to close late in the fourth quarter of 2018. "This acquisition underscores our commitment to the spinal market, which is the largest segment of Orthopaedics with significant unmet needs," stated Kevin A. Lobo, Chairman and Chief Executive Officer, Stryker. The Kalamazoo, Michigan-based medical device firm says that the K2M acquisition will augment its own spine and neurotechnology offerings and allow it to grow its global presence. Save my name, email, and website in this browser for the next time I comment.  A reconciliation of expected net earnings per diluted share to expected adjusted net earnings per diluted share and other important information accompanies this press release.
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