Monday, September 13, 2010

The Thrilla in Manilla - Is Centinel Spine on The Ropes

This time there may be no Ferdinand Marcos around to divert attention from the financial turmoil that one of spine's self-endorsed up and coming companies could be experiencing. There may not be a reprieve. Where's Muhammed Ali when you need someone to perform the rope-a-dope? It seems that word on the Street is that Centinel Spine has been swinging away and hitting nothing but air. Could Centinel be experiencing a liquidity crisis? Could this crisis be a by product of legal pressures from the Paradigm BioDevices lawsuit, in addition to a supposedly huge decrease in revenue attributed to legitimate competition from companies with a comprehensive portfolio? If there is any truth to the word that employees have been asked to take a pass on their compensation for a couple of months, the question must be asked, whom is managing the money? Could the foxes be guarding the hen house?

Maybe some employees will come to their senses that they don't want to work for the man anymore. Why would anyone in their right mind need to put themselves in a position of vulnerability? Being someone else's employee is essentially putting oneself at the mercy of someone else's whim. Many times people that actually run companies don't get it. Many times TSB has posted that companies just don't get it. Values of candor, informality and innovation must be essential ingredients in today's workplace. People in any organization need to feel as though they have a say regardless of their rank. If there's any truth to this story, it will be interesting to see what the fall out will be. TSB wants to know what our readers have heard on the street?

Looks like we won't be drinking Cristal and smoking Cohiba's this year.

28 comments:

  1. God, I surely hope so. I know Mike O'Neil. I have only the finest things to say about that crazy dude. Good job, Mike! See, the good guys do win in the end!!!

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  2. Seems liquidity crisis is hitting Paradigm Spine too.
    After the rise, then comes the fall . .

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  3. This comment has been removed by the author.

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  4. Unlike Centinel Paradigm is not at the point where its employees are working for free

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  5. They offered a $60K base for an RSM position. So not "for free" yet.

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  6. Finally a RSM makes what the are worth!

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  7. Is the Stalif-C product from Centinel any good?

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  8. Naw, I was'nt even worth $60K. I just had always been a rep and thought I would try something different.

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  9. is this a surgeon owned website?

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  10. What a joke....Mike O'Neill. One of the King rapers of the System. Every STALIF that went in during his tenure, MO made off personally with NET $4500 per level. I drank some of his wine until my PA heard that one. Where do you all get these guys?

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  11. Anonymous 8:10,

    If you are a free-marketeer, this is capitalism at its best. Regardless, whether you agree with it or not, a deal is a deal between the licensor and licensee. If there is any truth to your commentary, what does it say about the business acumen of SURGICRAFT? Could it be that like other people, you are envious that Mssr. O'Neill was successful? For arguments sake, let's say that your financial advisor came to you with an investment that had a 30% ROI, are you telling me that you would have walked away from the deal? I guess it's okay when the V Brothers allow you to drink their Cristal, when Lukianov buys you a bottle of Petrus, when Wyss takes his surgeon friends skiing, but when the little guy succeeds and beats the big boys at their own game its criminal. I'm not defending Mike, I am applauding him. You know what they say on the Street, Money NEVER Sleeps. Thanks for your commentary.

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  12. So Mike made the money versus the manufacturer. Big deal. Same margin, different person. If 8:10PM is mad about that, he should not use any product sold in this country.

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  13. Are you kidding me 8:10PM?? You used a product you thought was good until you found out someone was making money? That's a joke. BTW how's that Maserati Granturismo?

    like MM said it's a free market. Nobody forced anyone to buy the product. I'm sure Centinel lowered the price when they took over and that's why they're going out of business now and why they defaulted on the court ruling.

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  14. After failing miserably worldwide for 15 years, US sales went from $0 to over $20M in plastic wedges... Sounds pretty good to me. Its a miracle that anyone would screw that up, but I guess you can NEVER underestimate the tiny reptilian brains of snakes and lizards that slink around in the dark. Its funny when people convince themselves that they are smarter than everyone else. Touche! If you don't work for what you have, then you don't deserve it! Easy come, easy go.

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  15. Hey 8:10 - YOUR A JOKE! Operate on patients by your Hippocratic code not by the wine you fed, consulting agreements, stock options, POD arrangement, and other sleazy reasons you do what you do. For you to switch a product that you believed was best for your patients because of some rumor that you heard is very weak. Man-up you balloon-knot! You are very weak and pathetic!

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  16. Hey 8:10, you really touched a nerve. It looks like you corralled all those reps into the corner they deserve. TSB,trying to use capitalism to explain their gutter living attitudes?? TSB, you are nothing more than an aged version of what you lay to bare. You applaud him?? Keep living behind your QWERTY board. From my viewpoint of MO from below in the early days, I saw the greed in his eyes. He swindled the boys of SURGICRAFT with lies and wanted license to their rightly owned asset. He lost it the same way. In between, SURGICRAFT gave it to him for $1500 per level, MO sold it for $9000+ per level, commished his whores 30% and personally pocketed over $4500+ per level. After the scam, he wanted more. Then he changed camps again and again looking for the Grail. It's like being lured by the drug. TSB, capitalism....you're right! I'm sure you sleep well and you must look yourself in the mirror?!? REALLY? Keep up the dream!

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  17. IHey 10:46 Mr. Pioneer and Visionary

    Based on your reply, TSB must have really touched a nerve. Actually, I sleep with a clear conscience. I'm sure you're not questioning your, or financial advisors motives when it comes to your money. That's right, it's capitalism. I believe that you are jealous and envious that someone had an opportunity and capitalized on it. You probably work for Centinel by the level of animus that you exhibit. You know the old saying sometime you eat the bear, and sometimes the bear eats you. Have a great day, I'm off to work living the American dream.

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  18. 10:46

    You are a hypocrite. You would have come in your pants for a deal like that.

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  19. Anonymous 10:46 you must have either worked for Mike or are a current un-employee at Centinel to offer this much info. If this deal presented itself to you I guess you would have been more generous to the clowns at Centinel. Shame on you for your hypocrisy

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  20. 10:46

    You are a complete idiot and ignorant as well. Even if MO got the product for $1500 and sold it for $9000, and paid his dealers 30%, he still had to have had a lot more overhead. I know he had regional managers he paid, an office with staff, liability insurance (not cheap), access sets (he paid for), meeting attendance, literature, and on and on and on. It is no different than any manufacturer, which it seems he operated as. At the end of the day MO did not personally walk away with $4500, unless he did it all himself, with no help or expenses. At best I will bet his company netted about $2000 on each one. Plus, he is the guy who figured out how to sell a piece of shit hunk of plastic with some screws for a lot of money and created a market. I doubt if Surgicraft could have done that. In regards to swindling Surgicraft, I am sure he put a gun to their head to make them sign the agreement. I did not work for Mike, but do know him and a little about the Surgicraft business. Clearly 10:46 you have never run a company, and based on your stupidity never will.

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  21. Amen 7:38AM

    Your best point was "figured out how to sell a piece of shit hunk of plastic with some screws..."

    10:46 and 8:10 - how much did the alternative cost? Two LT cages and Sextant screws in the back is $20,000 - sounds like $9k is a bargain for healthcare.

    Or I guess it's OK that Medtronic made $3,283,000,000 net profit last year (yes that's right BILLION - public information available on their website).

    That's 22.5% profit same as $2000 profit on a $9000 product. Why don't you bitch about Medtronic? Or is it OK for them?

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  22. 11:36
    You hit the nail on the head. Perfect!

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  23. What the fudge are y'll talking about? I thought we was skewering Centinel? Who's this MO guy? Did he fudge up Centinel or what?

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  24. Where does this idiot get off calling distributors "whores..." This is the problem with some surgeons in the industry, especially those that flip-flop who they use based on a consulting agreements, trips to Alaska/Vail/Bahamas, stock, or the ever-legit royalty agreement. Our business cards state "distributor or agent," there is no mistake what we do - we sell stuff. Yours card says M.D. You are supposed to treat patients. You should not be selling your patient care to the highest bidder.

    Also, shame on this idiot if he is a manufacturer and views distributors in this manner. If not for us, the lights would not go on at the home office and you would go the route of IST, AST, Inion, Vertbron to name a few. Distribution drives your company. Without us, you have nothing and deep down you know it. This industry is not about products or companies anymore. It is about distribution. The distributor is your customer. Dealing with fickle, self-important, pompous, callous, and selfish surgeons is not easy. How about a little respect.

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  25. 2:38
    MO is Mike O'Neill. He is the guy who took the Stalif product from Surgicraft from $0 sales to $20 million in a couple of years. He got screwed when Surgicraft sold the company. He is now selling the Interplate line of products, and knowing Mike he will probably be just as successful with it.

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  26. Say what you will about MO, but he knows to invest in the FIELD sales efforts, not marketing folks that sit in the home office
    and try to act like they are busy bees. I have heard he has about 3 or 4 people working at his home office. 20 million run rate with STALIFT? Not to shabby! He will do better with
    the Interplate Device with the new codes approved for reimbursement. Cheers to a real sales pro who is not just a bean counter only.

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  27. The pricing claims should be investigated to verify it.

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