Florida medical device maker Exactech declares bankruptcy

Exactech, a Florida instrumentality shaper that faces much than 2,000 authorities and national lawsuits from patients who allege nan institution sold defective hep and knee implants, revenge for bankruptcy protection Tuesday.

The Gainesville-based institution said successful a statement it was restructuring and would beryllium sold to an investor group of backstage equity and "alternative asset" firms, which would supply astir $85 cardinal successful financing to money nan company's operations.

Darin Johnson, Exactech's president and main executive officer, said successful nan connection that nan instrumentality institution faces "unsustainable liabilities associated pinch knee and hep litigation related to nan packaging recalls we voluntarily initiated betwixt 2021 and 2022." The institution said it would proceed to run during nan bankruptcy proceedings.

"We return our committedness to diligent well-being very earnestly and person provided important out-of-pocket diligent reimbursements and surgeon support for related expenses," Johnson said.

The bankruptcy proceedings successful national tribunal successful Delaware will region nan lawsuits from patients seeking damages.

The astonishment action dismayed lawyers representing injured patients.

"Exactech's bankruptcy filing is simply a slap successful nan look to each nan joint-implant patients and doctors who trusted nan company. A aesculapian instrumentality institution that sells products for implantation successful nan quality assemblage has a typical work for nationalist health," said Joe Saunders, a Florida lawyer who has sued nan institution connected behalf of injured patients.

Saunders said nan bankruptcy "serves to screen up nationalist disclosure of nan institution putting profits up of safety."

Injured patients were expecting 1 of nan first assemblage tests against nan institution to statesman successful December successful nan circuit tribunal successful Alachua County, Florida. But nan bankruptcy filing "stops nan nationalist proceedings and conceals nan truth astir nan company's conduct," Saunders said.

Exactech, which grew complete 3 decades from a mini instrumentality shaper into a world entity, was nan taxable of a KFF Health News investigation published successful October 2023.

The investigation recovered that, successful hundreds of instances, nan institution took years to study adverse events to a national database that tracks instrumentality failures.

Many of nan lawsuits allege that nan company's knee and hep implants had an "unacceptable nonaccomplishment and complication rate." Exactech has denied nan allegations, and nan institution had nary remark connected nan lawsuits.

Exactech began a series of recalls of artificial knees, hips and ankles, starting successful August 2021. Exactech initially blamed a packaging defect making love backmost arsenic acold arsenic 2004 for perchance causing nan integrative constituent to deterioration retired prematurely successful astir 140,000 implants.

The KFF Health News study of much than 300 pending cases successful Alachua County recovered that surgeons removed astir 200 implants aft little than 7 years, acold sooner than nan 15 to 20 years these products typically last.

"I'm truthful angry. How did they [Exactech] deliberation they are not responsible for this?" said Sue Sacher, 76, a New Jersey resident. She said she had her correct knee replaced pinch an Exactech implant successful 2006 and nan near 1 done 3 years later, some astatine nan Hospital for Special Surgery successful New York.

Since then, she's had some implants replaced.

KFF Health News is simply a nationalist newsroom that produces in-depth publicity astir wellness issues and is 1 of nan halfway operating programs astatine KFF — nan independent root for wellness argumentation research, polling and journalism.