This is a Special Bulletin! Could Parsippany, New Jersey become the Silicon Valley of the Spine Industry? Who knows? Maybe NASS and AAOS could produce a reality television show. We could have Kashuba, Pastena, Gannoe, and Abdelgany stranded in Parsippany at a local taxi station attempting to play a game of survivor. Who will be Louie DePalma? Latka Gravas? The Reverand Jim or Bobby Wheeler? We'll get Simka out of retirement to judge who actually comes up with something innovative. TSB can envision a new era where downtown Skyscrapers dwarf the landscape of Parsippany. First it was EBI, aka Biomet Spine, then we had Closet Spine, aka Custom Spine, then Extremity Medical, and now we have Precision Spine. The recent acquisition of Spinal USA and Precision Medical left many people shaking their heads, let alone asking who is insane to pay $72 million for Spinal USA and Precision Medical which were companies that were located in Pearl, Mississippi, let alone fund this thing?
Could this be a wolf of a different cloth? Upon evaluating the management team at Spinal USA, one has to ask whether this is a spine renaissance made up of the old vanguard from EBI/Biomet? It's like being stuck in a time warp, where's Doc Brown when you need him? I could see one of those guys driving a Delorean. Who knows Kim Kardashian might even show up at the Precision Spine booth at NASS 2012 as a spokesmodel touting the companies innovation and technological advancements, and Kanye can provide the entertainment?
In their press release, Precision Spine's announced that it is positioning itself to address the needs of the aging population. Haven't we heard that before? Think AlphaWreck. Obviously an original line if there ever was one. It seems that PS is going to accelerate its growth with several new initiates. The company grew 30%, but then again 30% of what? TSB must ask our readers, what do they think those initiatives will be, considering that Spinal USA made the big time not too long ago gracing the Wall Street Journal in a physician owned company expose? If one looks at the current portfolio what you see is something old, something borrowed, something blue. Not much innovation on the home front, now is there?
Well if ever there was a sign that we are commoditizing ourselves to death, here is another example that doesn't offer anything by way of innovation. Where is the innovation? Oh we've heard that before,"it's coming." And then we wonder why hospitals are squeezing everyone on pricing, commissions are dropping, and in the end there won't be a need for a sales rep, an R&D team, or any upstream marketing, we will just copy, copy, copy and work around the intellectual property issues, and deliver the implants and place them in a vending machine.
To quote the infamous Dr. Emmett Brown; : "if you're going to build a time machine into spinal implants, why not do it with style?"
To quote the infamous Dr. Emmett Brown; : "if you're going to build a time machine into spinal implants, why not do it with style?"
First...from the Original "First" guy
ReplyDeletehaha, I like your style...Were you the one that got second and thought you got first on yesterdays post?...from the "ME TOO Original First Guy".
DeleteTSB how funny are you. Pastena could play Louie DePalma, Abdelgany can play the Reverend Jim, Kashuba can play Bobby Wheeler and JG can play Latka. Parsippany here we come.
ReplyDeleteRoads? Where we're going we don't need...roads!
ReplyDeleteThese press releases from private spine companies are bordering that fine line between comedy and fraud. There is no way to verify any of it. "30% increase?" SPUSA is not a publicly traded company, they can say anything they want. No one believes that $72 million traded hands in that transaction. Lifespine is another with their announcements of "record quarters." Lifespine's most recent press release: "Life Spine announced today that it has been recognized for achieving the highest patent output per employee in the Chicago area for 2011" Seriously? How arcane is that? How about "highest methane output of any CEO in the greater Chicago area?" No verification required.
ReplyDeleteIt's almost as entertaining as VTI, 2,000 cases half done by investing surgeons, crappy instrument, implant breakage, and the next coming of Earl Bakken running the company, talk about methane.
ReplyDeleteDoes anybody really believe some unknown entity suddenly showed up out of the blue and dropped 72 million dollars in cash on the table for THAT company?
ReplyDeleteC'mon people, use your common sense and try to be smarter.
Per one of the surgeon/owner 2012 bankruptcy pleadings:
ReplyDelete"distributions from Spinal USA have been reduced by over 30%, due to pending investigations of Spinal USA and adverse publicity in the Wall Street Journal"
Doesn't matter, we're all Barack Husein's employees now. Game over, moving to the Bahamas where freedom still rings.
ReplyDeleteWhy don't you move to the Cayman's with your tax evading friends and banksters like Sanford, you'll find out how much you miss this socialist country. Better yet, go to Angola or Kenya.
ReplyDeleteThis November Barack Hussein is getting sent back to Angola or Kenya.
Deleteracist
DeleteRacist? Don't believe me, ask Barack Hussein's publicist as late as 1991 about his being born in Kenya:
Deletehttp://www.westernjournalism.com/obama-literary-agent-obama-born-in-kenya/
Ya ya, I know I'm some nutty birther, blah blah... I actually beilieve he just did it to shamelessly promote himself as an incredible story about an immigrant who made it and beat the odds, etc until he had to jettison the story so he could run for Prez and F up our healthcare system.
Taxi references? Really? That show went out in what, 83'? How old are you people?
ReplyDeleteThat's when there was real television, not the reality bulls**t you entitlement people watch.
ReplyDeleteReal television, like what, Leave it to Beaver?
ReplyDeleteDidn't SCOTUS also rule on the stolen valor suit? If average Joe's can pad their resumes and lie to say they are congressional medal of honor winners, Purple heart recipients, etc....then why can't Spinal USA lie about their value and/or sales price?
ReplyDeleteJust out of curiosity, is there a consensus on what company is the biggest joke in this industry?
ReplyDeleteJust out of curiosity, why are you a trolling tool? The answer will be whatever company most recently took someones customer. Or perhaps a company with a disgruntled ex employee who spend their jobless time on this blog, or maybe a company for which someone holds a grudge.
DeleteIn spine everything is personal.
I would say any company not generating profits. If a company cannot make money now the next 5-10 years are not going to be good. This includes big and small companies.
DeleteI think you were looking for an answer that would bash a specific company and somehow make you feel good. If you work for a legacy company the only joke will be your income 2 years from now.
consensus
Deletenoun, con·sen·sus
1. majority of opinion
2. general agreement or concord; harmony.
Or said company could be working on something amazing and scientifically relevant but ya'll would still cast a critical eye because they weren't paying you enough... I'm often amazed at the fickle nature of the medical medical industry, having been a former employee and now looking back from the outside in....
ReplyDeleteIf the gravy train ain't broke don't fix it. Innovation? They don't want no stinking innovation!
ReplyDeletePROPAGANDA TIME
ReplyDeleteWalter Eisner • Tue, Jun 26th, 2012
Spinal USA, LLC and Precision Medical of Mississippi, LLC, have been sold to Precision Spine, Inc. of Parsippany, New Jersey.
The transaction is valued at approximately $72 million. A statement from Precision Spine said the company plans to continue the growth fueled by the 2011 releases of the Vault Stand Alone ALIF System and the S-LOK PC Posterior Cervical System, and aims to offer several additional new products in the second half of 2012.
Spinal USA is the physician-founded spine company unfairly scorched by the Wall Street Journal last October when Adam Lewis, M.D., a neurosurgeon investor in the company was accused of allegedly performing unneccesary surgery because he was using the company's devices.
The Journal, in an ongoing critique of physician-owned health care business, cited Charles Rosen, M.D., founder of the Association for Medical Ethics, who reviewed the medical records of one of Dr. Lewis' patients and said the patient was a poor candidate for a 360-degree spinal fusion.
James Pastena, president and CEO of Precision Spine said the company is well positioned to address the needs of the aging population in a cost effective manner. "Our subsidiaries have a proven track record of lowering manufacturing costs while delivering high quality medical products and reducing costs for local and national health care providers and their respective patients. These achievements have driven a growth rate of more than 30% in a market experiencing overall negative growth. We believe we can accelerate that rate, with several initiatives planned that will build on our strengths, expand our product lines and allow us to deliver even greater value to communities hard hit by the current economy."
Spinal USA was founded in March of 2005, by a group of medical professionals.
Pastena, according Spinal USA, was president of EBI, and a corporate vice president of Biomet, Inc., its parent company. During his tenure with EBI he lead the company growth from $85 million in 1993, to $500 million with a +20% return at his departure. The company also says Pastena brought the company spine segment to the #4 market share position in the world. They say he organized the largest company owned hybrid direct sales force in orthopedics, and established unilateral external fixation for limb lengthening, trauma and Colles’ fracture repair as standards of orthopedic care, resulting with EBI becoming the market leader.
Precision Spine, Inc. is a privately held company and is the parent company of its wholly owned subsidiaries, Spinal USA, Inc. and Precision Medical, Inc.
Thank you.
DeleteWalter Eisner
Silicone Valley or Silicone Implants? Precision Spine buying Spinal USA is like putting fake tits on an ugly, dirty, whore. Guess what, your still a ugly, dirty whore you just have fake tits.
ReplyDeleteI apologize in advance to the women, I am not disparaging any of you. If you take offense to the analogy it obviously hits to close to home. I truly feel sorry for women in prostitution, their lifestyle is most likely going to lead to drug abuse, incarceration and/or an early death. In addition, they must live with a deep sense of despair for compromising their moral integrity. You could probably say the same for Precision USA. Notice how none of the officers changed and they kept their old Spinal USA email addresses. I think Inspector Clouseau could crack this case.
Anyone else find it humorous that Fat Basturd mentioned GRAVY? Hahaha
ReplyDeleteBut seriously, with this purchase will SPUSA still be intensively involved in its POD's?
You have nothing and that's why you have to cheap shot Fat Bastard.
DeleteThe spine industry is a corporate cesspool and you know it.
Jim has a B.S. degree in Marketing... Does this not say it all?
ReplyDeleteNicely put!
DeleteIs Marketing a science?
I always thought it was the last of the dark arts
I like that he led Biomet from 85 million to 500 million with a 20% return and the # 4 player in spine. What are they now, the number 11 player? Fist off they went to 500 million through several acquisitions, Biolectron, Interpore Cross, etc. second off while he was at EBI/Biomet not counting acquisitions they never had double digit spine hardware growth. The 4 player in spine, come on, maybe briefly if you counted bone stimulators, trauma and bracing. Talk about padding your resume. Does this man or company have no shame? There have been college coaches fired for much smaller exaggerations on their resumes.
DeleteWhat was the connection between precision spine and precision medical before the acquisition? What is the nature of precision medical of Mississippi's business?
DeleteDoes anyone know what the status is of the Huntsville Spinal USA POD? Some say it has gone away, but I don't think so.
Spinal USA was sales and distribution.
DeletePrecision Medical of MS was manufacturing of most of the company's implants at the time at the time of the purchase.
Sister companies, next door to each other.
The Board of Directors relieved one of its own from the company leadership position. Temp leadership was put into place, then relieved of his duties. Pastena was brought in as new leadership. He began to develop a team. With this new team in place they formed a new company with the goal of purchasing the 2 Pearl, MS companies. Other details are hazzy and others I won't post because it's nun ya. :)
8:48 I read that and almost fell out of my chair laughing. What legitimate CEO has a B.S. in Marketing. I realize your making a joke about BS - BullShit but the truth is even more funny. Guy can't even come up with a Masters from some bullshit night school. My wife has a Masters and she doesn't work! Only in America.
ReplyDeleteLouie DePalma has a BS in Marketing
DeleteSo Penile USA talked somebody into coughing up 72 million? That means they have to find a way to pay about 50 more surgeons for their business to break even. I'd say the best place to go whoring is in Palm Beach to Miami, they'd get 100 just there.
ReplyDeleteNobody coughed up $72mm. This is a complete fabrication. Hey - I have an idea. I'll invest $1,000 in your company for an ownership stake of .001%. That implies a valuation of $100 million dollars. Press release it! Oh, can I borrow $1,000?
DeleteToday I gave $500 each to my Romney, my senator and congressman to repeal Obamacare's monstrosity of taxes, death panels, gov't dictates, and loss of freedom. What have you done?
ReplyDeleteNot only are you deluded you need to be institutionalized. If you handing our money send some to me, I could always use a little pocket change
DeleteI'll give you stacks of money if you can repeal this Communist POS Obamacare. BTW, I refuse to be institutionalized under this "free" healthcare system that Obama and the Jackass party now OWN.
Delete500? Looks like you got what you paid for! Nothing. Dont know about you, but I like the sound of 30-40 million new customers......
DeleteLiterally from Moleston's 2012 bankruptcy pleadings filed by SPINAL USA re: Motion to Quash the company's subpeoned financials.
ReplyDelete"the impact of the New's Journal's attack has significantly reduced the company's sales..."
"now receives reduced distributions from Spinal USA"
Lanx will come out with groundbreaking technology before the end of the year!
ReplyDeleteI saw it...It will blow your mind.
DeleteHow would you know? Your mind is already permanently blown.
DeleteWow, I wish I was as cool as Lanx and Dr. Latte, or French Roast or, Frappachino, whatever.
ReplyDeleteIs it true they are moving full throttle towards catering to PODS?
ReplyDeleteSounds like this whole thing could just be smoke and mirrors.
ReplyDeleteLANX ha ha ha ha ha ha ha ha.
ReplyDeleteNobody coughed up $72mm. This is a complete fabrication. Hey - I have an idea. I'll invest $1,000 in your company for an ownership stake of .001%. That implies a valuation of $100 million dollars. Press release it! Oh, can I borrow $1,000?
ReplyDeleteyep probably 72 mil in promissory notes with insignificant assets to back it up come recourse
DeleteSearch SEC.gov for Spinal USA LLC. A lot of interesting details.
ReplyDeletehttp://www.sec.gov/Archives/edgar/data/1462841/000146284112000001/xslFormDX01/primary_doc.xml
Where did they get $72 million? The offering amount is for $1.8 million of which only $258K has been subscribed. I don't understand the overwhelming need to hype these guys.
DeleteHey what ever happened to Closet Spine TSB? Heard from an investor the company is going nowhere, that CEO has stones for ears lol
ReplyDeleteThe only thing innovative about Lanx is ......... That company won't be here next year. New ownership is running it into the ground.
ReplyDeleteGood info and thanks for sharing. What you think about Spinal Inc? Get to know they also expert on Schroth Method and CLEAR’s treatment. I have see a review for Spinal Inc about their physiotherapy treatments at:
ReplyDeletehttp://kidbuxblog.com/spinal-inc-helps-correction-of-adolescent-idiopathic-scoliosis/