Thursday, December 1, 2011

A few interesting Facts in Depuy's 10Q filing to the SEC for the third quarter and other tidbits

The 10-Q Report notes that as of October 2, 2011:
  •  There were approximately 3,500 pending lawsuits related to the ASR hip implants and
  • 560 with respect to the Pinnacle hip systems. 
  • litigation expenses and additional DePuy ASR hip recall costs of $223 million were recorded in the fiscal nine months of 2011.  
  • There was a 12 percent drop in its net earnings compared to the previous year.The revenue decline was greatly affected by the $922 million set aside in after-tax charges as a result of product recall. The $922 million was kept back by the company to represent the net impact of litigation settlements, product liability expense and costs associated with the DePuy ASR Hip recall.” Against its $24.6 billion worth of medical and diagnostics sold in 2010, a media report says that the $922 million amounted only a small percentage. 
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  • The Australian National Joint Registry was the first medical body to sound an alarm about the ASR devices after data showed a premature failure rate between 8 and 11 percent. Those findings were bolstered by the much-larger British joint registry, which determined that 12-13 percent of ’s ASR devices failed within 5 years.
  • After those findings became public in 2010, Orthopaedics recalled the devices. By that time they had been implanted in 93,000 patients worldwide.
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  • An estimated 37,000 (40%) of the 93,000 world wide of the recalled implants were sold in the United States and more than 3,500 individuals have already filed a DePuy ASR hip lawsuit
  • An estimated 5,500 Australians received the hip implants before they were recalled last year, and 430  of them have had revision surgery.

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