Several spine and orthopedic medtech companies have undergone major changes in the first few weeks of 2024.
Here are some recent developments:
Bankruptcy
InVivo Therapeutics, which focuses on spinal cord injury implants, filed for Chapter 11 bankruptcy. The company is asking the court to continue business practices and a potential sale of assets during the bankruptcy process.
Closures
Medtronic plans to close more than five manufacturing sites and six distribution centers by the end of April.
"We have no specifics to share right now," a spokesperson told Becker's. "Consistent with operations best practices, we are always evaluating our manufacturing and distribution footprint for efficiencies that improve our performance."
Layoffs
Zimmer Biomet is laying off 3% of its workforce as part of a global restructuring that is expected to save the company $200 million by 2025.
NuVasive is laying off 157 employees at its San Diego headquarters. The permanent layoffs go into effect March 3.
Wins
From new partnerships to financial milestones, several medtech companies have also seen major successes.
Think Surgical and Waldemar Link GmbH & Co. are partnering to support the TMini orthopedic robotic system, while Medtronic is partnering with Hall of Fame Health to expand access to spine and neurological care.
In January, Stryker reported that its full-year sales surpassed $20 billion in 2023, a first for the company. Also in January, Accelus closed a $20 million debt facility from Symbiotic Capital.