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Wright Medical Technology, Inc. by Heidi Vanni, Portfolio Manager and Securities Analyst From the Summer 2010 issue of Values“My knees bother me when I run.”
“My hips hurt when I bike.”
“My wrist aches after I play tennis.”
Are any of these complaints familiar to you? If so, you’re in good company. Every day, more than 20 million Americans feel some form of osteoarthritic pain. Osteoarthritis, also called degenerative joint disease, is a condition that results from the breakdown of cartilage in joints, limiting its shock absorption properties and causing joint aching and soreness, especially with movement. Osteoarthritis affects people of all ages but is most common among people over the age of 60. Heredity, injury, joint overuse, and obesity may contribute to the condition. Does this mean those severely afflicted are doomed to a life without physical activity? No! Joint function can be improved through orthopedic medical devices.
Founded more than 50 years ago, Wright Medical Technology, Inc. is one of the world’s premier orthopedic device companies. Wright specializes in the design, production, and marketing of reconstructive joint devices. The company seeks to restore active lifestyles through orthopedic innovation with products such as large joint implants for the hip and knee and smaller extremity implants for the hand, elbow, shoulder, foot, and ankle.
The last decade has witnessed rapid technological innovation in the orthopedic device market and patients have been the beneficiaries. Joint reconstructive surgical procedures used to be for people 65 years and older and who lived a sedentary lifestyle. Recipients of hip and knee implants are now generally 45 years of age and older. Recent product improvements such as more durable surfaces extend the expected life of joint replacements, allowing surgeons to feel more comfortable treating patients at a younger age. Furthermore, advances in minimally invasive surgical techniques have helped reduce postoperative recovery times, making joint replacement a more attractive treatment option for younger patients.
Hips and knees are the most common joints for reconstruction and approximately half of Wright’s business is geared towards these two joints. But Wright has differentiated itself in the extremity repair market by cultivating an expertise in foot and ankle repair. Historically, foot and ankle surgeons were forced to modify plate and screw systems originally intended for larger joints. Wright has developed a broad set of tools specifically for the foot and ankle surgeon including metal plates and fixation devices, which enable better outcomes.
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