Despite thousands of lawsuits against the manufacturers of metal-on-metal hip implants based on implant failure claims and other alleged defects, little impact has been seen in the operations of these companies. While people across the U.S. and the world suffer from hip implant failures, it appears to be business-as-usual for the makers of the devices.
If you or a loved one has suffered a metal-on-metal hip implant failure, contact Attorney Group for a free comprehensive case evaluation. We can answer your questions, and if you have a case, we can connect you with an affiliated hip implant failure attorney who can assist you throughout the legal process.
Business as Usual for Implant
Zimmer Holdings, manufacturer of the Zimmer Durom Cup, reported fourth-quarter losses and a slump for 2014 compared to 2013, according to Business Monitor Online. Revenue was reported higher in 2014 than 2013 but only with a 1.1 percent overall increase. While revenue growth was offset by expenses related to hip replacement lawsuits against the company, the acquisition of another manufacturer, Biomet, as well as other costs, Zimmer appears to be poised for continued growth in the future.
Stryker Corporation’s acquisition of OtisMed did not come without a cost. Both companies paid a combined $80 million to settle a complaint brought by the U.S. Department of Justice (DOJ) alleging the distribution and sale of devices by OtisMed without regulatory approval. While the activity occurred before the acquisition and without Stryker’s knowledge, Stryker was still involved in the proceedings.
According to the DOJ, OtisMed featured the OtisKnee, a tool to assist surgeons in making accurate bone cuts during knee replacements, in marketing and promotional materials before the product was approved by the U.S. Food and Drug Administration (FDA). In the end, the FDA rejected the company’s application, but OtisMed reportedly sold 18,000 units between May 2006 and September 2009 and generated $27.1 million in revenue. The company was fined $34.4 million, and Stryker entered into a settlement with the DOJ, but details were not released. Additionally, Stryker also announced a minimum $1.4 billion fund to settle hip implant failure lawsuits involving the company’s ABG II and Rejuvenate modular-neck hip stems.
Have You Suffered Implant Failure?
Contact Attorney Group if you or a loved one was fitted with a metal-on-metal hip replacement device and suffered complications. In a free consultation, we can answer your questions, and if you have a case, we can connect you with an affiliated metal on metal hip implant attorney who can help you seek the compensation to which you are entitled.