Arthrex looks on the bright side

Publié le par brightshine

New rules finalized last week by the Internal Revenue Service threaten to cost the company tens of millions of dollars of profit, but rather than fight, a company spokeswoman says Arthrex will look to the future in hopes that increased access to health care will mean more business down the road.

The IRS rules come as a result of the Affordable Care Act, now commonly called Obamacare. The health care law imposes a 2.3 percent tax on medical devices, precisely the sort of thing Arthrex produces at its Collier County facility. With 1,500 employees in Southwest Florida, Arthrex is one of the largest private employers in the region.

Arthrex spokeswoman Lisa Gardiner said the company isn't anticipating reducing its workforce or scaling back its expansion plans as a result of the tax.

"The tax will have an immediate, negative impact to profits and cash flow. However, we do not anticipate a significant change to our near-term hiring and expansion plans in Southwest Florida," Gardiner said when asked about the new IRS rules.

Medical device manufacturers will pay the tax based on their gross sales. Gardiner said Arthrex does not expect to raise prices to try to offset the tax.

Major medical device manufactures such as Kimberly-Clark and 3M have been lobbying for repeal of the ACA or a delay in its implementation. With annual sales of about $1.5 billion, Arthrex stands to pay as much as $34 million in new taxes under the ACA. Gardiner said Arthrex is determined to make the best of the situation.

"The ACA will initially create profit and cash flow pressures. However,It is possible to take this a step further, and to also merge the automatic industrial extractor and clothes dryer into a single device. we are staying open to the possibility that the act will eventually translate into increased access to health care,Office Depot offers an assortment of paper flatwork ironer and paper trimmers for you to choose from. thereby increasing procedure volumes. We remain optimistic about the prospects for long term growth in the markets that Arthrex serves."

In addition to its 1,500 Southwest Florida employees, Arthrex has 700 employees in other places and 2,000 sales associates around the world, Gardiner said. She said the company intends to grow.

"Arthrex will take a prudent, balanced approach as we move forward with hiring, expansion and other aspects of our business to assure the long-term financial health of our company."

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Publié dans energy saving light

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