AUSTIN, Texas--(BUSINESS WIRE)--ArthroCare® Corp. (Nasdaq: ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced today that it has acquired OrtoConcept Scandinavia, a medical device distributor based in Aarhus, Denmark, and specializing in the distribution of sports medicine and spine devices to surgeons throughout Denmark, Norway and Sweden.
“The acquisition of OrtoConcept supports ArthroCare’s strategic objective of direct representation in key markets outside the United States. It further accelerates long term revenue growth potential, controls in-market focus and brand awareness while enhancing the operating income of the company’s international business,” said Sten Dahlborg, senior vice president and general manager of international operations for ArthroCare.
“The establishment of direct sales representation in Scandinavia through OrtoConcept’s extremely strong customer relations within the orthopedic community, experienced personnel and an exceptionally customer-oriented approach to sales, will further bolster our important relationships with Scandinavian surgeons.” Dahlborg adds “OrtoConcept’s employees are already intimately familiar with our products and processes, so the integration of the business should be relatively seamless and we are proud to have them on board our team.”
OrtoConcept entered the market and began distribution of ArthroCare’s products in 2002. Since then they have expanded their operations to include the Norwegian and Swedish markets as well.
ABOUT ARTHROCARE
Founded in 1993, ArthroCare Corporation (www.arthrocare.com) is a highly innovative, multi-business medical device company that develops, manufactures and markets minimally invasive surgical products. With these products, ArthroCare targets a multi-billion dollar market opportunity across several medical specialties, significantly improving existing surgical procedures and enabling new, minimally invasive procedures. Many of ArthroCare’s products are based on its patented Coblation® technology, which uses low-temperature radiofrequency energy to gently and precisely dissolve rather than burn soft tissue – minimizing damage to healthy tissue. Used in more than four million surgeries worldwide, Coblation-based devices have been developed and marketed for sports medicine; spine/neurologic; ear, nose and throat (ENT); cosmetic; urologic and gynecologic procedures. ArthroCare also has added a number of novel technologies to its portfolio, including Opus Medical sports medicine, Parallax spine and Applied Therapeutics ENT products, to complement Coblation within key indications.
SAFE HARBOR STATEMENTS
Except for historical information, this press release includes forward-looking statements. These statements include, but are not limited to, the Company’s stated business outlook for fiscal 2008, continued strength of the Company’s fundamental position, the strength of the Company’s technology, the Company’s belief that strategic moves will enhance achievement of the Company’s long term potential, the potential and expected rate of growth of new businesses, continued success of product diversification efforts, and other statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to the uncertainty of success of the Company’s non-arthroscopic products, competitive risk, uncertainty of the success of strategic business alliances, uncertainty over reimbursement, need for governmental clearances or approvals before selling products, the uncertainty of protecting the Company’s patent position, and any changes in financial results from completion of year-end audit activities. These and other risks and uncertainties are detailed from time to time in the Company’s Securities and Exchange Commission filings, including ArthroCare’s Form 10-K for the year ended December 31, 2007. Forward-looking statements are indicated by words or phrases such as “anticipates,” “estimates,” “projects,” “believes,” “intends,” “expects,” and similar words and phrases. Actual results may differ materially from management expectations.
Contacts
MediaLine Communications for ArthroCare Corp. Paul Williams, 949-916-6880 medialine2@aol.com
