Gorsky's Renewed Commitment to Orthopaedics?

Gorsky was as committed to the medical device business as I've ever heard him yesterday on the earnings call. Usually pharma is the focus with a sprinkle of consumer and medical devices thrown in to appease the crowd.

Yesterday was different. He actually conceded that the performance hasn't been uniform across the entire medical device portfolio and committed to improving specifically in Orthopaedics. He was happy with the knee and spine performance in 2018 and says the business is setup well for 2019, returning to above-market growth in 2020.

Is this more smoke and mirrors from management or do you think the future is brighter for Depuy Synthes based on what you're seeing at the field level?

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We are seeing nothing in the field to make us think that all of sudden JNJ is excited about the future of their spine division. This is 100% smoke and mirrors. When I read his comments, as a senior spine rep, he doesn't seem to understand what he is speaking to. Gorsky stated "In spine, we continue to focus on areas such as severe deformity, degeneration as well as others. We have a number of new launches that we have coming out including the interbody cage. Biomaterials is an area of interest to us as well." Nothing specific - Number of new launches? Really? "the interbody cage"?!? What the cage that everyone's had for 3 years now? We're lucky no one asked a follow up question focused on specifics. We continue to lose share year after year after year. I can't speak to the Ortho or Trauma side but we are getting killed on the spine side.

I know many won't agree but a lack of robotics in Spine is killing us.

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We are seeing nothing in the field to make us think that all of sudden JNJ is excited about the future of their spine division. This is 100% smoke and mirrors. When I read his comments, as a senior spine rep, he doesn't seem to understand what he is speaking to. Gorsky stated "In spine, we continue to focus on areas such as severe deformity, degeneration as well as others. We have a number of new launches that we have coming out including the interbody cage. Biomaterials is an area of interest to us as well." Nothing specific - Number of new launches? Really? "the interbody cage"?!? What the cage that everyone's had for 3 years now? We're lucky no one asked a follow up question focused on specifics. We continue to lose share year after year after year. I can't speak to the Ortho or Trauma side but we are getting killed on the spine side.

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