Kalamazoo, Michigan - December 19, 2016 - Stryker Corporation (SYK) announced that Howmedica Osteonics Corp. (referred to as "Stryker Orthopaedics"), a subsidiary of Stryker Corporation, and Court-appointed committees of attorneys representing Rejuvenate Modular-Neck and ABG II Modular-Neck plaintiffs in New Jersey Multicounty and Federal Multidistrict litigations reached an agreement to compensate additional eligible U.S. patients who had surgery to replace their Rejuvenate Modular-Neck hip stem and/or ABG II Modular-Neck hip stem, known as a revision surgery, prior to December 19, 2016. This follows an initial 2014 Settlement Program that covered patients who had a revision surgery prior to November 3, 2014. In that initial program, over 95% of eligible patients enrolled. Under this new agreement, additional patients are now eligible to participate and may apply for compensation.
The Settlement Agreement will help bring to a close significant Rejuvenate Modular-Neck and ABG II Modular-Neck litigation activity in the U.S. However, some lawsuits will remain and Stryker Orthopaedics will continue to defend against remaining claims. For more information about the Settlement Program, please visit strykermodularhipsettlement.com.
Based on the information that has been received to date, no additional charge to earnings is being recorded in connection with entering into the Settlement Agreement. The final outcome of this matter is dependent on many variables that are difficult to predict. The ultimate cost to entirely resolve this matter may be materially different than the amount of the current estimate. It is expected that a majority of the payments under the Settlement Agreement will be made by the end of 2017.
For eligible U.S. Patients Who Had Surgery to Remove Their Rejuvenate Modular-Neck Hip Stem and/or ABG II Modular-Neck Hip Stem Prior to December 19, 2016.The Settlement Program is available to eligible United States patients who had revision surgery for reasons related to the voluntary recall of the modular-neck hip stems prior to December 19, 2016. Patients eligible for compensation under the Settlement Program should speak with their attorney, if they have one, or contact the Settlement Program claims administrator at www.strykermodularhipsettlement.com or 1-855-382-6404. Patients do not need an attorney to participate in the Settlement Program.
For U.S. Patients Who Have Not Had Surgery to Remove their Rejuvenate Modular-Neck Hip Stem and/or ABG II Modular-Neck Hip Stem Prior to December 19, 2016. The existing Broadspire program offering support for recall-related care continues to be available. Patients are encouraged to visit patients.stryker.com/modularneckstems or call 1-888-317-0200 for more information. Patients do not need an attorney to participate in the Broadspire program.
Stryker is one of the world`s leading medical technology companies and, together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. Stryker is active in over 100 countries around the world. Please contact us for more information at www.stryker.com.
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Source: Stryker Corporation via GlobeNewswire