Tuesday, April 17, 2012

Is The End Near?

Friday's TSB Case Study got us thinking. Maybe it was time to stop at the VTI (Vertebral Technologies) booth and visit with Dr. Galacto and his Space Monkey. So that's exactly what our roaming eyes on the Street decided to do in hopes of getting a Groupon ticket for a discount for using the InterFuse device in surgery. Much to our disappointment no one offered us the Groupon discount. It was also emphasized that  the monkey would not perform any tricks. So this got us thinking, didn't we write something about VTI on November 3, 2009, entitled, "Is VTI's UPLIF UPLIFting?" It's amazing how well the mind still works. Well fellow bloggers, at that time there were comments from a select group of surgeons that probably invested in the company, and were using the product. By the way, do any neurosurgeons actually use this product? So TSB decided to seek out  a few former employees, and some others that have sunk cash into this venture. What we found out is that the UPLIF is not quite as UPLIFting, as VTI would make you think. In addition, some of these investors are not even selling or using the product. So the question must be asked if its hot, why not? After three and a half years could VTI be stuck in a colloid hydrogel.  If you get a call from an investing surgeon asking you to invest because things are going great, run. Why? Well for one thing, if things were really going that well why would a surgeon be calling up and asking someone to invest in a company that is sooooooo hot? Have you ever met a surgeon willing to dilute his equity?  The problem seems to be that the CEO and a select group of the investors have placed a premium on getting the nucleus replacement device tested rather than focus on the challenge at hand, generating revenue for the UPLIF and TLIF.  From all reports, VTI's sales have been flatter than Twiggy's chest, and even the monkey has brought no magic. Poor leadership is well, poor leadership. Maybe OTW should send the CEO and new VP of Sales a copy of Nuts and Bolts, they just might learn how to develop some people skills. It has been reported that the company has had issues with their TLIF product,  this can be substantiated by an article published in OTW, dated January 2011, when the FDA gave VTI approval for their T implant. Limited launch? Hannibal and his army crossed the Alps faster than VTI can get their TLIF into the marketplace. 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16 months and counting. The word on the Street was that the original T design had become too difficult to implant using either an MIS or open approach, therefore they had to shelve the product and redesign.

Intra-operative challenges?  Why not send a company representative to each and every case, now there's great money management. While at the VTI booth at AANS, we evaluated the quality of their implants and instruments. What we found cheap looking prototypes that were designed in someone's machine shop, rather than manufactured by a "real" instrument maker. Hey, if you want to be a legitimate company, start acting like one. After performing further due diligence, it was interesting that this CEO has traveled down this road on multiple occasions only to blow out a tire here, and lose a tail pipe there. So, TSB must ask the proverbial question, is this the next company to go by the way of Cardo Medical? Vertebron? Archus? IST?  There are many similarities. You be the judge and jury.  As TSB stated, poor leadership is well, poor leadership.

A dysfunctional organization? Well you know what they say......  has a way of rolling down the hill.  




25 comments:

  1. Who is Captain Galacto?

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  2. Invest in VTI, c'mon TSB get serious, who would do that and why would anyone do that?

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  3. Experience

    Sr. Vice President of Sales and Marketing
    Vertebral Technologies, Inc.

    January 2012 – Present (4 months)
    Director of Sales, Biologics
    Alphatec Spine

    July 2010 – August 2011 (1 year 2 months)
    Vice President of Sales, Americas
    nSpire Health. Inc.

    June 2009 – December 2009 (7 months)
    Vice President of Sales
    SpineMedica

    June 2008 – May 2009 (1 year)

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  4. VTI is a lost cause.

    Anyone see anything new and interesting at the AANS?

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  5. Who is this guy? I looked up his resume 20 years of successful sales management experience advancing sales operations, you must be kidding this guts bounced around more than a spalding, by the way spell check your resume

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    Replies
    1. Dude...why don't you spell check your post as well. what a punk!

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  6. TSB do you EVER have anything positive to add to this business? I can't remember when the last time I read something that you wrote or dreamed up in that nugget you call your brain, that was of value or cast a positive light on this biz or a company. Why not be proactive and enlighten us to your thoughts on Dec 21, 2012? I am sure you have already thought of a good story for that day....the end of the world...LOL.

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    Replies
    1. Why don't you help the cause and point out all of the bright spots in this industry, especially since you are so bright, instead of trying to bash anyone who is being creative. If reality is negative, then it is negative. I am sure TSB would be as happy to write positive news, and has, when it is worth writing about. You can email him all of the golden nuggets that you have that need praise. Always remember, all that glitters isn't gold.

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    2. So give us the bright spots 6:34 your audience is waiting

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  7. With all the assholes running around in this industry, why would TSB have anything positive to say, get serious our industry is infected with more scam artists than any other industry. Have you read the WSJ lately 6:34 you should just go to www.ryotho.com you'll be right at home.

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  8. I guess the guy that took a plea this week and potentially will get five years in a federal prison that worked for Orthofix was some positive news, hey?

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  9. Watch the company's technique videos on their website. Visualize where the dura and nerves are and imagine what's happening to them during all the steps for insertion. Makes me nauseated just thinking about it. What did they do to deserve that? If this demonstration is a "best" case scenario, I can only image that it is a challenge in real life. If it is as easy as the surgeon testimonials say it is, then these demo videos must be a blooper reel.

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  10. AANS should have a shower for when u leave the floor. Sickening! What is the average amount of conpanies these corporate Johnny's work for over a ten year span. 5? 6?

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  11. Four jobs in four years, there's a great reason to hire someone to be a VP of Sales, how weak is the CEO? LOL

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    Replies
    1. ..and such distinguished companies he has worked with also

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  12. I need a locking dynamic cervical plate that compares to Zimmer/Abbott ACT-CER II plate. Anything out there similar? How does Rhausler compare? Need something a distributor can carry.

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  13. 6:54, 7:19 and eapecially 6:50...you are the reasons this industry is filled with a bunch of garbage!

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    Replies
    1. Aah! Did the great Aristotle get his undies in a bunch?

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  14. 9:36 a bit sensitive no? Don't worry just read the Secret and project your positive thoughts and everything will be okay today. Wow, you exhibit high anxiety.

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  15. Looking for a solid XLIF/DLIF/Latteral cage with solid instruments for the Sacramento area. Have over 12 years Spine exp and looking to pick up a soild system. Just the ones mentioned above. Please contact me at fixourspine@gmail.com

    thanks and happy hunting.

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  16. It is very scary to think that the author of this blog and the people who respond are professional people in the spine industry. I could never take any of you seriously. It is disappointing to think that some well educated people who hold jobs with a lot of responsibility in the spine industry can be so emotionally immature and angry. The industry is doomed if you represent the type of people who work in it.

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  17. Very true. You are such an aspiring entrepreneur.

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  18. LMAO an asspiring entrepreneur, a terrible CEO

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  19. word on the street is that one of the investing surgeons is calling around asking investors to re up with some more cash for the Titanic II

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