Share prices for orthopedic and spine device companies have been on the downturn since last weekend, when the Centers for Medicare and Medicaid Services released a new pre-reimbursement review project, according to a Mass Device report.
The new program requests that physicians provide up-front justification for certain medical equipment, which has a big impact on orthopedic and cardiac devices, according to the report. The news became public on Friday, and stock prices fell 1 percent for Smith & Nephew and about 4 percent for both Zimmer and Stryker.
Over last weekend, Medtronic shares dropped 6 percent, according to the report. Today's prices are significantly lower than the closing prices last Friday. Stryker fell from $47.85 closing on Friday to $46.90 opening today; Zimmer is down from $49.26 to 27.57; Smith & Nephew is down from $46.07 to $45.18.
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Over last weekend, Medtronic shares dropped 6 percent, according to the report. Today's prices are significantly lower than the closing prices last Friday. Stryker fell from $47.85 closing on Friday to $46.90 opening today; Zimmer is down from $49.26 to 27.57; Smith & Nephew is down from $46.07 to $45.18.
Related Articles on Orthopedic Devices:
Sanuwave's Technology Stimulates Adult Stem Cell Proliferation Within the Body
Baxter International Acquires Synovis for $325M
Stryker to Close Two Gaymar Industries Locations