Seeking Alpha: Tornier's In The Right Market, But Expectations Are High

It seems pretty clear that extremities are the next big growth opportunity in orthopedics. Of course, "big" is a relative statement - the market for implants and tools to repair shoulders, elbows, ankles, and feet is only about 10% the size of the market for spine care, and only about 25% of the size of the spinal fusion market. Even so, double-digit market growth tends to attract attention, and that could be a good thing for Tornier (TRNX) - an extremities-focused small cap with strong share in this emerging market.

Right now, Tornier is still a company in transition. Not only did the company see a rather sudden CEO/CFO change a year ago, but Tornier is also still in the midst of a sales force transition, the integration of a large acquisition, and the introduction of a significant new product. And while I do believe Tornier is likely to start posting better results, I do wonder if the Street isn't a little too enamored of the company's market share and the double-digit growth of the extremities market.

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Tornier's In The Right Market, But Expectations Are High