Howie Mandell and I just got off the phone, and he asked whether TSB's readers would have answered, Deal or No Deal? Granted there are no beauties standing behind this attache case. Yet, TSB has been inundated with e-mails from loyal readers regarding the Exactech acquisition of the Silverbolt Minimally Invasive System, a valuable asset that Vertiflex was looking to divest itself of, in layman's terms, sell off? Before providing TSB readers with our analysis of the deal, one question must be posed to our readers, how valuable of an asset was Silverbolt if you were looking to divest yourself of this platform? An asset is usually something useful, desirable, and convertible into cash. Yes, Nation, the deal was done and that's all that truly matters to Vertiflex. But, if it was a true asset why would you get rid of it? The obvious answer would be that someone else thought your MIS platform was worth more than you did. It is even funnier when Canaccord Genuity's analysts' state that this acquisition further strengthens Exactech's spine portfolio. No offense, but did anyone really believe that Exactech had a strong spine portfolio to begin with?
In all likelihood, the reason Vertiflex sold off Silverbolt is because it was looking to transform itself into a company known for its focus, dedicating their cause to the full commercial launch of Superion, with the intent of selling that off. In addition, they probably need capital to subsidize an executive team that has more lieutenants than Tony Soprano did. At least the Banda Bing provided some social utility. But how can anyone blame Vertiflex? This is not a bad strategy in today's market where capital is scarce and tantamount to survival. Silverbolt was probably an Aerialbot that Optimus Prime, is that Earl Fender or Moti Altarac, could not breathe life into. So how much of Vertiflex did Exactech exactly purchase? How much did they pay for a platform that had minimal market share? Does the stock have any value? Do any of our readers think that the image OrthoSpineNews utilitzed on theirs blog site was a subliminal message? A fish taking the bait? TSB wants to know what our readers think?
Bill and Betty and a great day in the OR = blech.
ReplyDeleteI think this is hilarious. I'm especially amused at the poor bastards that signed up to sell for VertiFlex and Earl Fender, and didn't know that they were getting a pig in a poke.
ReplyDeleteIt was like an info-mercial. And not only that, look, we will give you our office furniture, too!
ReplyDeleteHowever, now that Sourpuss (Moti) and Shrek(Keegan) are out of the picture that product might actually sell.
MM- you are dead on with your comments. In fact the last blog you talk about the companies not being loyal to the reps. This is Fender's MO. I don't need to bury him on this blog just ask anybody who knows his past and the great jobs he hasn't done. My question is how do the same people end up on top all the time when they are getting fired and always making poor company decisions? Is the talent pool so small that we can only find the same recycled boobs? I sometimes just sit here and scratch my head wondering, but not for too long!
ReplyDeleteAnonymous 4:35pm, I agree with your comments as well. I too have often been blown away at various top managers that butcher a job and then show up at another company as if nothing happened. Blows my mind
ReplyDeleteNever cared for what they say
ReplyDeleteNever cared for games they play
Never cared for what they do
Never cared for what they know
and I know
http://www.metacafe.com/watch/2509770/shamwow_song_lyrics_from_vince_offer/
Another great opportunity to short (EXAC). Thanks TSB!
To all the people on this blog I wish to introduce myself. My name is Bill Del Russo and I wish to clear something up. This is my very first response to this Blog and it will also be my last regardless of whatever mud gets slung my way which I am certain by the caliber of some of the people on this Blog will be sure to follow.
ReplyDeleteI am certain I know who these people are saying these terrible things.Some are former employees of our company.I would have hoped that one would have had more class and dignity since he was a member of our military in a very elite division but I was wrong. I was alerted to the blogs a couple of weeks ago and have read it and actually been amused by the content. To the people who have responded and answered in my defense I truly appreciate it. It is nice that there are still decent people in our industry who will stand up for what is not right especially when people are engaging in character attacks that are completely untrue. My reputation over the past 13 years has been one of hard work and impeccable honesty and I challenge anyone to say that isn’t true and then back it up with facts. We have built Alphatec the exact same way EVERY company has built their organizations. Some may feel that since the early pioneers did it all by grass roots that this is the way we should do it. The fact is that unless you are bringing a new technology to the market place it is suicide to try and recreate the wheel. Some on this blog feel bringing established distributors over is not right so I must question their business acumen. My guess is that their disdain for Alphatec stems from the fact we probably have taken business from some of you and you are not happy about it. I further suggest you look at the disclosure books that are disseminated at NASS, the AAOS, CNS, etc. and see who has the most surgeons affiliated with their company. I assure you it will not be Alphatec. I would even go as far to say that we wouldn’t even be in the top ten! Since many of you seem to know so much about me then I would say have the courage of your convictions to come up to me at the next meeting and tell me to my face the things you so spinelessly say on this blog. At least have the courage of your convictions. I know who I am and have lived my life on my terms. I have helped many, many people in our industry and have grown markets through hard work and sweat equity. I am one member of a team that has taken this company from obscurity to where we stand in sales now. I am certain the allegations will be proven false against our organization because I know the character of the people I am associated with. I also know the character of the people casting aspersions against me and my sales team. For the record; we were one of only three companies that actually grew in spine last quarter! Well, enjoy the feeding frenzy folks that I assure you will follow this post. Spine Blogger, thanks for giving me a forum to respond.
it's bc you are too lazy and fat to try and challenge yourself and move to the top level
ReplyDeleteGood move for Vertiflex Spine! They did something right considering their track record and credibility.
ReplyDeleteBill: Thanks for your commentary and thanks for following the blog, now back to our regularly scheduled program.
ReplyDeleteTo my fellow anonymites (sounds like a cult following), TSB also marvels at the people that investors and board of directors hire into these positions, but what does it say about those people? Just because you have money doesn't make you a good judge of character, it only makes you rich. An acquaintance of TSB's has labeled these individuals "the Emperors with no clothes." Let's get serious, investors think that because someone had a successful run at a legacy company, they have the acumen to run a start-up or early-growth stage company. Insanity. Two different animals with two different personalities, not only from a structural sense, but, also from a product offering. So what do these people do when they get hired? They surround themselves with all the kings horses and all the kings men so that they can put humpty-dumpty back together again, and then they start firing people, so it looks like they are doing something when in reality all they are doing is breaking up the momentum and continuity that an organization had. As for Fender, he gets way too much credit for building DePuy Spine and Synthes. It takes a village to build a company, and the village is the hard working design engineers, regulatory people, product managers and marketeers, financial professionals and sales people that drive the car. Collectively, they make things happen. Unfortunately, leadership is overrated, like the Kardashian's (but they do know how to flaunt their attributes). If Fender and his band of gypsies were such rain makers, why did they sell off a platform that they raved about, no less to a company like Exactech? But then again, these are the same people that love to piss on your shoes and tell you that it is raining.
MM, well put. Two different animals is right It is the same reason why an amazing sales rep doesn't always make a good sales manager/director, or a brilliant engineer or R&D individual shouldn't be automatically promoted to managing the same. These skill sets are independent and one does not automatically beget the other
ReplyDeleteWould someone tell me why this guy from alphatec is blabbing on in a Vertiflex - Exactech post? Makes me wonder how sharp this dude is if he can't post in the relative forum.
ReplyDelete10:27 I was wondering the exact same thing, did he read the title of the post at all????
ReplyDeletewho is bill del russo?
ReplyDeleteEastern Regional Manager--ATEC
ReplyDeleteThis from Cannacord, which is confusing. They purchased several product lines that included Silverbolt but not all? And 2.5 MM....Is Fender that short of cash and does he truly think Vertiflex can survive on just one interspinous spacer, for which there are at least 6 competitors?
ReplyDelete"Exactech announced that it has purchased several product lines
from VertiFlex (private) for $2.5M upfront and earn-out payments of
up to $1.0M.
• The acquisition includes the Silverbolt minimally invasive pedicle
screw system.
• While Silverbolt garnered ~$7M in worldwide sales in 2009, we
project only $3M - $4M going forward as Exactech did not purchase
the whole product line."
it's all about love
ReplyDeletewho does the alphatec guy's rant have anything to do with what we're discussing? i'm confused
ReplyDeleteSorry to digress from the digressions, but I for one hate the new "Nation" at the beginning of your posts MM. Sounds too much like a full of himself talk show host, and suggests a leader addressing followers, which I don't think is your intention. Just my two cents, and kudos for a fantastic blog otherwise.
ReplyDeleteI address our readers sometimes in homage to one of our biggest fans, and I will leave it at that.
ReplyDeleteSteven Colbert?
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeletei love this doomsday blog!!!
ReplyDelete