<PAGE> 1
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 24, 1997
REGISTRATION STATEMENT NO. 333-27591
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
-----------------
UNITED STATES SURGICAL CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 13-2518270
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
150 GLOVER AVENUE, NORWALK, CONNECTICUT 06856
(203) 845-1000
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA
CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
THOMAS R. BREMER
SENIOR VICE PRESIDENT AND GENERAL COUNSEL
UNITED STATES SURGICAL CORPORATION
150 GLOVER AVENUE
NORWALK, CONNECTICUT 06856
(203) 845-1000
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF AGENT FOR SERVICE)
-----------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: from time
to time after the Registration Statement becomes effective.
-----------------
If the only securities being registered on this form are being offered
pursuant to divided or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. [X]
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
PROPOSED PROPOSED
MAXIMUM MAXIMUM
TITLE OF AMOUNT OFFERING AGGREGATE AMOUNT OF
SECURITIES TO BE TO BE PRICE OFFERING REGISTRATION
REGISTERED REGISTERED PER SHARE PRICE FEE
<S> <C> <C> <C> <C>
COMMON STOCK,
PAR VALUE
$.10 PER SHARE 84,874 SHARES $31.25 $2,652,312.50 $803.73
</TABLE>
The registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
____________
Registration fee previously paid.
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PROSPECTUS
[LOGO]
UNITED STATES SURGICAL CORPORATION
84,874 SHARES OF COMMON STOCK
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This prospectus relates to 84,874 shares of Common Stock, par value $.10
per share (the "Common Stock") of United States Surgical Corporation, a Delaware
Corporation ("USSC" or the "Company"), which may be offered by the persons
listed under the heading "Selling Stockholders". The Common Stock been acquired
by the Selling Stockholders as consideration in connection with an acquisition
of their interests in a privately held company. The Common Stock may be offered
for sale by the Selling Stockholders from time to time in ordinary brokerage
transactions on the New York Stock Exchange, Inc. (the "New York Stock
Exchange") at market prices prevailing at the time of the sale or in one or more
negotiated transactions at prices acceptable to the respective Selling
Stockholders. In addition, the Common Stock may be sold through or to brokers in
the over-the counter market.
The Common Stock will be listed on the New York Stock Exchange.
See Discussion as to Risk Factors on page 3 of this Prospectus.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS . ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
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No dealer, salesman or any other person has been authorized to give any
information or to make any representation other than as contained herein in
connection with the offering contained in this Prospectus and, if given or made,
such information or representation must not be relied upon. This Prospectus does
not constitute an offering by the Selling Stockholders of any securities other
than those to which it relates or in any jurisdiction in which such offering may
not lawfully be made. Neither the delivery of this Prospectus nor any sale made
hereunder shall, under any circumstances, create any implication that there has
been no change in the affairs of the Company or the information herein since the
date hereof.
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The date of this Prospectus is June , 1997.
<PAGE> 3
AVAILABLE INFORMATION
USSC is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and in accordance
therewith files reports and other information with the Securities and Exchange
Commission (the "Commission"). Reports, proxy statements and other information,
as of particular dates, concerning directors and officers, their remuneration,
options granted to them, the principal holders of securities of USSC and any
material interest of such persons in transactions with USSC, is distributed to
stockholders of USSC, and filed with the Commission. Such reports, proxy
statement and other information can be inspected and copied at the office of the
Commission at prescribed rates, at Room 1024, 450 Fifth Street N.W., Washington,
D.C. 20549; Room 3190, Kluczynski Federal Building, 230 South Dearborn Street,
Chicago, Illinois 60604; and 14th Floor, 75 Park Place, New York, New York
10007. The Commission maintains a Web site that contains reports, proxy and
information statements and other information regarding Registrants that file
electronically with the Commission. The address of the Commission's Web site is
http://www.sec.gov. Such reports, proxy statements and other information
concerning USSC also may be inspected at the offices of the New York Stock
Exchange, Inc., on which the Company's Common Stock is listed.
This Prospectus, which constitutes part of a registration statement (the
"Registration Statement") filed by the Company with the Commission under the
Securities Act of 1933, as amended (the "Securities Act"), omits certain of the
information contained in the Registration Statement. Reference is hereby made to
the Registration Statement and to the exhibits relating thereto for further
information with respect to the Company. Statements contained herein concerning
the provisions of documents are necessarily summaries of such documents and each
such statement is qualified in its entirety by reference to the copy of the
applicable documents filed with the Commission.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents that have been filed by the Company with the
Commission (located in SEC File No. 1-9776) are hereby incorporated by reference
in this Prospectus and made a part hereof:
(i) Annual Report on Form 10-K for the year ended December 31, 1996;
(ii) Current Report on Form 8-K filed March 13, 1997;
(iii) Quarterly Report on Form 10-Q for the quarter ended March 31,
1997;
(iv) The description of the Company's Common Stock contained in the Form
8-B Registration Statement declared effective by the Commission on August 3,
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<PAGE> 4
1990, as amended by the Certificate of Amendment to the Company's Certificate of
Incorporation filed as Exhibit 3(e) to Item 14c of (i) above.
In addition, all documents filed by the Company pursuant to Section 13(a),
13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this Prospectus
and prior to (a) the filing of a post-effective amendment that indicates that
all Common Stock offered hereby has been sold or which deregisters all Common
Stock then remaining unsold, or (b) the termination of the offering of the
Common Stock, shall be deemed to be incorporated by reference into this
Prospectus and to be a part hereof from the respective dates of filing of such
documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Prospectus to the extent that a statement contained herein
or in any other subsequently filed document that also is or is deemed to be
incorporated by reference herein, modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Prospectus.
The Company will provide without charge to each person to whom this
Prospectus is delivered, at the request of any such person, a copy of any or all
of the foregoing documents incorporated herein by reference (other than exhibits
to such documents). Written or telephone requests should be directed to Pamela
Komenda, Corporate Secretary, United States Surgical Corporation, 150 Glover
Avenue, Norwalk, Connecticut 06856, telephone (203) 845-1290.
Statements in this Prospectus which are not historical are forward
looking, involving risks and uncertainties, and may or may not be realized by
the Company. The Company undertakes no duty to update such forward looking
statements. Many factors could cause actual results to differ from these forward
looking statements, including loss of market share through competition,
introduction of competing products by other firms, pressure on prices from
competition or purchasers of the Company's products, regulatory obstacles to
introduction of new products which are important to the Company's growth, lack
of acceptance of new products by the health care market, slow rates of
conversion by surgeons to procedures which utilize the Company's products,
changes in distribution of the Company's products, consolidation in the health
care market, and interest rate and foreign exchange fluctuations.
RISK FACTORS
Prior to making an investment decision with respect to the shares of
Common Stock offered hereby, prospective investors should carefully consider the
specific factors set forth below, together with all of the other information
appearing herein or in the Prospectus Supplement or incorporated by reference
herein or
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therein, in light of their particular investment objectives and financial
circumstances.
COMPETITION
There is intense competition in the markets in which USSC engages in
business and no assurance can be given as to USSC's competitive position. The
impact of competition will likely have a continuing effect on sales volumes and
on prices charged by USSC. In addition, increased cost consciousness has revived
competition from reusable instruments, but the Company cannot predict the extent
to which reusable instruments will competitively impact USSC. USSC, however,
also offers reusable instruments.
HEALTH CARE MARKET
The health care industry continues to undergo change, led primarily by
market forces which are demanding greater efficiencies and reduced costs.
Federal government proposed health care mandates in the United States have not
occurred, and it is unclear whether, and to what extent, any future government
mandate will affect the domestic health care market. Industry led changes are
expected to continue irrespective of any governmental efforts toward health care
reform. The scope and timing of any further government sponsored proposals for
health care reform are presently unclear.
Changes in the health care industry and the trend toward cost containment,
along with competition, have contributed to continuing reductions in prices for
USSC 's products and, in the near term, to slower acceptance of more advanced
surgical procedures in which USSC 's products are used, given hospitals and
surgeons concerns as to the costs of training and reimbursement by payors. While
USSC is implementing programs to assist hospitals in cost containment through
more efficient surgical practices and application of minimally invasive surgery,
there can be no assurance that USSC will not continue to be adversely affected
by these matters.
The costs of training for newer, more complicated procedures and concerns
as to reimbursement for newer procedures in view of changes in the health care
system have affected the rate at which the surgical community is learning the
more advanced laparoscopic procedures. More advanced applications of laparoscopy
may become specialized rather than practiced broadly by the general surgical
community. In addition, specialty surgeons may not be experienced in minimally
invasive surgery and may require familiarization with this approach prior to
acceptance in their practices.
An undue focus on discrete costs or similar limits which fails to consider
the overall value of minimally invasive surgery could adversely impact USSC, and
there can be no assurance as to the impact of cost containment on future
operations.
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<PAGE> 6
Some hospitals may also lose per night revenues through reduced post-operative
care requirements as to procedures performed by laparoscopy, which could
influence their acceptance of newer procedures. In addition, the rapid changes
in the market for surgical devices, along with competition, could affect both
prices and volumes of sales.
DIVERSIFICATION STRATEGY
Although USSC believes that new areas of surgical practice it is entering
offer significant opportunities for revenue growth and profitability,
considerable risks may be involved and there can be no assurance that favorable
results will be achieved. Costs of acquiring or developing technologies or
instruments for use in specialty applications may be significant, which could
adversely affect both near term and longer term results if successful products
are not developed and introduced. In addition, considerable competition exists
for products used in these surgical specialties, including competitors
developing other techniques and from sources of more traditional products.
Further, acceptance of newer techniques, even with demonstrated clinical
advantages, may be slow given concerns as to expenditures for newer practices by
health care payors and requirements for extensive training with newer
approaches.
While USSC believes its products may be useful in coronary surgery,
surgeons practicing in this field have not traditionally performed minimally
invasive surgery or used disposable instruments extensively and no assurance can
be given as to the acceptance of such products or techniques in this area.
USSC expects intense competition in sales of products for specialty
surgical applications. A broad range of companies, including the Ethicon
division of Johnson & Johnson, presently offer products for use in
cardiovascular, urologic, orthopedic, and oncological procedures. Many of such
companies have significantly greater capital than USSC and are expected to
devote substantial resources to development of other new technologies which
would be competitive with products which USSC may offer. There are also a number
of smaller companies engaged in the development of surgical specialty devices,
and products developed by such firms could present additional competition.
BUSINESS OF USSC
USSC is a Delaware corporation which develops, manufactures and markets a
proprietary line of technologically advanced surgical products, specializing in
minimally invasive technologies, which are designed to improve patient care and
reduce healthcare costs. USSC also sells to distributors, domestically and
internationally. USSC currently operates domestically and internationally
through subsidiaries, branches and divisions.
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USSC manufactures and markets innovative mechanical products for the wound
closure market. In this category, its principal products consist of a series of
surgical stapling instruments (both disposable and reusable), disposable
surgical clip appliers and disposable loading units ("DLU"s) for use with
stapling instruments. The instruments are an alternative to manual suturing
techniques utilizing needle/suture combinations and enable surgeons to reduce
blood loss, tissue trauma and operating time while joining internal tissue,
reconstructing or sealing off organs, removing diseased tissue, occluding blood
vessels and closing skin, either with titanium, stainless steel, or proprietary
absorbable POLYSORB(TM) copolymer staples or with titanium, stainless steel, or
absorbable POLYSURGICLIP(TM) clip appliers with copolymer clips. Surgical
stapling also makes possible several surgical procedures which cannot be
achieved with surgical needles and suturing materials. The disposable
instruments and DLUs are expended after a single use or, in the case of
reloadable disposable instruments, after a single surgical procedure.
USSC manufactures and markets specialized wound management products
designed for use in the field of laparoscopic (also referred to as endoscopic)
surgery. This minimally invasive surgical technique requires incisions in the
patient of up to one-half inch through which various procedures are performed
using laparoscopic instruments inserted through ports known as trocars, and
optical devices, known as laparoscopes, for viewing inside the body cavity.
Laparoscopy generally provides patients with significant reductions in
post-operative hospital stay, pain, recuperative time and hospital costs, with
improved cosmetic results, and with the ability to return to work and normal
life in a shorter time frame. USSC has developed and markets disposable surgical
clip appliers and stapling instruments designed for laparoscopic uses in a
variety of sizes and configurations. USSC's products in this area also include
trocars and a line of instruments which allows the surgeon to see, cut, clamp,
retract, suction, irrigate or otherwise manipulate tissue during a laparoscopic
procedure. USSC also designs and markets laparoscopes. Applications for
minimally invasive surgery currently include cholecystectomy (gall bladder
removal), hysterectomy, hernia repair, bladder suspension for urinary stress
incontinence, anti-reflux procedures for correction of heartburn, and various
forms of bowel, stomach, gynecologic, urologic, and thoracic (chest) surgery.
Laparoscopic products are offered individually, in pre-assembled kits and
in custom kits designed for specific surgical procedures such as
cholecystectomy, hernia repair, laparoscopically assisted vaginal hysterectomy,
bowel and other procedures. Kits are intended to offer the surgeon and operating
room staff convenience and ease of accessibility to instruments, and provide a
cost efficient means of purchasing USSC's products for hospital materials
management departments.
Numerous studies have shown that, in addition to reduced patient recovery
time, laparoscopy is a safe and efficacious technique. However, and particularly
in more complex surgical procedures, surgeons must receive adequate training
before achieving competency to perform laparoscopy. USSC supports certification
of surgeons in this technique to ensure that USSC's products are used properly.
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<PAGE> 8
USSC offers certain of its products in both disposable and reusable
versions. Disposable instruments, as described in the preceding paragraphs,
reduce the user's capital investment, eliminate the risks and costs associated
with maintenance, sterilizing and repair of reusable instruments, and provide
the surgeon with a new sterile instrument for each procedure, offering more
efficacious and safer practice for both patients and operating room personnel.
Reusable instruments provide an alternative for surgeons and hospitals
preferring this approach. The Company also offers resposable versions of certain
instruments, in which certain components may be reused, offering the advantages
of disposable devices with cost savings realized through multiple use of parts
of the instrument.
USSC continues to expand manufacturing and marketing of its line of
sutures products, which was introduced in 1991. USSC believes that sutures,
which represent a major portion of the wound closure market, are a natural
complement to its other wound management products. This market is currently
dominated by other manufacturers. Although USSC believes that its share of the
suture market increased last year, there can be no assurance that its market
share will continue to increase or that USSC will realize significant market
share in the near future.
The primary trend in the health care industry is toward cost containment.
Payors and managed care organizations have been able to exercise greater
influence through managed treatment and hospitalization patterns, including a
shift from reimbursement on a retrospective basis to prospective limits for
patient treatment. Hospitals have been severely impacted by the resulting cost
restraints and are competing for business and becoming more sophisticated in
management and marketing. The increasing use of managed care, centralized
purchasing decisions, consolidations among hospitals and hospital groups, and
integration of health care providers are continuing to affect purchasing
patterns in the health care system. Purchasing decisions are often shared by a
coalition of surgeons, nursing staff, materials managers, and hospital
administrators, with purchasing decisions taking into account whether a product
reduces the cost of treatment and/or attracts additional patients to a hospital.
USSC believes it could potentially benefit from this focus on cost
containment and on managed care. Stapling and minimally invasive surgery
decrease operating room time including patient time under anesthesia, patient
recovery time and in many cases are highly cost effective. Doctors, patients,
employers and payors all value decreased patient recovery time. This could lead
to potential increases in volume as surgical stapling and minimally invasive
procedures are selected over alternative techniques. USSC is adapting itself to
this new environment by promoting the cost effectiveness of its products, by
striving to efficiently produce the highest quality products at the lowest cost,
and by assisting hospitals and payors in achieving meaningful cost reductions
for the health care system while retaining the quality of care permitted by
USSC's products.
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<PAGE> 9
USSC has taken steps to diversify beyond the general surgery market and
explore new growth areas in surgery where it can utilize its manufacturing
expertise, research and development experience and the skills of its sales
force. To this end, USSC is building a line of surgical specialty
instrumentation and technology for cardiovascular, oncological, urological and
orthopedic procedures. USSC believes that minimally invasive instrumentation and
more advanced techniques can be applied to these specialty practices. USSC plans
to obtain such technologies through internal research and development and by
acquiring, investing in, or creating alliances with, other firms or persons who
have developed such technology.
The Company is continuing development of technology in women's healthcare
with its first new system which is designed for a comprehensive approach to
breast care. The Company's ABBI system, incorporating a stereotactic table and
the Company's ABBI system biopsy device, is used to perform core needle and
needle localization for advanced breast biopsy. This system allows a one-step,
minimally invasive process for breast biopsy, offering the surgeon increased
accuracy and control, and helping hospitals reduce procedural and operating room
costs. The one piece larger specimen obtained by the ABBI system provides
pathologists with pattern recognition which aids in the diagnosis of different
cancers and facilitates physicians' decision making for improved results. The
Company offers the stereotactic tables under a strategic alliance with Lorad, a
unit of Trex Medical Corporation and a leading manufacturer of stereotactic
equipment.
USSC continually explores and conducts discussions with regard to
acquisitions and other strategic corporate transactions. USSC currently has no
agreements, commitments or understandings with respect to any particular
transactions. However, USSC had an all cash tender offer ("First Offer") for all
outstanding shares of Circon Corporation ("Circon"), a California based surgical
device manufacturer. On June 16, 1997, USSC extended and amended its cash tender
offer. Under the amended tender offer, USSC is offering to purchase on a pro
rata basis up to an aggregate of 973,174 shares of Circon which would bring
USSC's ownership to 14.9% of the outstanding Circon shares. Following the
amended tender offer, USSC intends to seek to negotiate with Circon a definitive
merger agreement. If such negotiations are unsuccessful, USSC intends to
commence another tender offer ("the Second Offer") to purchase all outstanding
shares of Circon not owned by USSC. The First Offer was not solicited by Circon
and was made in the form of a tender offer directly to Circon's stockholders.
Circon recommended that its shareholders not accept the Original Offer and has
implemented various defensive measures designed to prevent acceptance by USSC of
tendered shares. USSC can not predict whether it will be successful in acquiring
Circon or the time period in which any transaction will be concluded or
abandoned. At present, the amended tender offer terminates on July 14, 1997. If
the offer were concluded on the current terms of the amended tender offer and
the Second Offer, USSC estimates that the cost of the acquisition would be
approximately $230 million. The source of funds for payment of the aggregate
purchase price in the
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amended tender offer and the Second Offer would be committed credit facilities,
cash on hand and cash generated from future operations. No assurance can be
given with respect to the timing, likelihood or financial or business effect of
any other possible transaction.
Except where the context otherwise requires, the term Company includes
USSC's subsidiaries, branches and divisions. USSC's principal executive offices
are located at 150 Glover Avenue, Norwalk, Connecticut 06856; telephone (203)
845-1000.
In the action by Applied Medical Resources Corporation ("Applied Medical")
against the Company in the United States District Court for the Eastern District
of Virginia, alleging infringement by the Company of patents related to trocar
seal systems (see Item 3 of Part I of the Company's Annual Report on Form 10-K
for the year ended December 31, 1996, and Item 1 of Part II of the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 1997), a jury
verdict was rendered on April 29, 1997 in favor of Applied Medical, finding that
certain of the Company's products infringe Applied Medical's patents, certain of
Applied Medical's products do not infringe the Company's patent relating to
trocar safety mechanisms. The Court denied the Company's motion to overturn the
jury verdict and an injunction against the Company involving such products in
the domestic market became effective on May 20, 1997. Judgment on the verdict,
including the damages, has been entered by the Court for approximately $20.5
million. The Company intends to appeal the verdict.
USE OF PROCEEDS
The Company will not receive any of the proceeds from the sale of Common
Stock being offered by this Prospectus.
ISSUANCE OF RESALE SECURITIES TO SELLING STOCKHOLDERS
On April 25, 1997, The Company issued 84,874 shares of Common Stock, in an
exchange offering exempt from registration under the Securities Act, at an
offering price in the exchange of $32.99 per share.
SELLING STOCKHOLDERS
SHARES
COMMON STOCK SHARES OF COMMON
BENEFICIALLY STOCK BENEFICIALLY
OWNED PRIOR TO SHARES OWNED AFTER THE
NAME OF SELLING STOCKHOLDER OFFERING (1) OFFERED HEREBY OFFERING(1)
- --------------------------- ------------ -------------- -----------
Jerry I. Hirsch (2) 0 84,874 0
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<PAGE> 11
(1) Assumes sale of all Resale Securities offered hereby and no other purchases
or sales of Common Stock. See "Plan of Distribution."
(2) The Selling Stockholder, Jerry I. Hirsch, is not related to or otherwise
affiliated with Leon C. Hirsch, the Chairman and Chief Executive Officer of the
Company.
The Company and the Selling Stockholders have agreed to indemnify each
other against certain civil liabilities under the Securities Act.
PLAN OF DISTRIBUTION
The distribution of the Common Stock by the Selling Stockholders may be
effected from time to time in ordinary brokerage transactions on the New York
Stock Exchange or other exchanges at market prices prevailing at the time of
sale or in one or more negotiated transactions at prices acceptable to the
respective Selling Stockholders. In addition, the Selling Stockholders may sell
the Common Stock through or to brokers or dealers in the over-the-counter
market, or through underwriters. The Selling Stockholders and any underwriters,
agents, brokers or dealers through or to whom the Common Stock may be sold may
be deemed underwriters of the shares within the meaning of the Securities Act,
in which event all brokerage commissions or discounts and other compensation
received by such brokers or dealers may be deemed to be underwriting
compensation. The Company will bear all expenses of the offering, except that
the Selling Stockholders will pay any applicable brokerage fees or commissions
and transfer taxes.
LEGAL MATTERS
Certain legal matters with respect to the Common Stock offered hereby have
been passed upon for the Company by Thomas R. Bremer, Senior Vice President and
General Counsel, USSC, 150 Glover Avenue, Norwalk, Connecticut 06856. Mr. Bremer
may be deemed to own beneficially 249,710 shares of USSC, including 234,333
shares which are subject to options exercisable within 60 days from the date of
this prospectus.
EXPERTS
The financial statements and the related financial statement schedule
incorporated in this prospectus by reference from the Company's Annual Report on
Form 10-K (for the year ended December 31, 1996) have been audited by Deloitte &
Touche LLP, independent auditors, as stated in their report, which is
incorporated herein by reference, and has been so incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and
auditing.
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TABLE OF CONTENTS
PAGE
----
Available Information 2
Incorporation of Certain Documents by Reference 2
Risk Factors 3
Business of USSC 5
Use of Proceeds 9
Issuance of Resale Securities to Selling Stockholders 9
Selling Stockholders 9
Plan of Distribution 10
Legal Matters 10
Experts 10
UNITED STATES SURGICAL CORPORATION
84,874 Shares
Common Stock
(par value $.10 per share)
<PAGE> 13
PART II
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The estimated expenses to be incurred in connection with the issuance and
distribution of the securities covered by this Registration Statement, all of
which will be paid by the Registrant, are as follows:
<TABLE>
<S> <C>
Registration Fee $803.73
Printing and Engraving Expenses 500.00
Accounting Fees and Expenses 10,000.00
Legal Fees and Expenses 500.00
Miscellaneous 1,000.00
----------
Total $12,803.73
==========
</TABLE>
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Subject to certain procedures and limitations set forth therein, the Delaware
General Corporation law permits the Company to indemnify any person against
expenses (including attorney's fees), judgments, fines and settlements actually
and reasonably incurred in connection with any threatened, pending, or completed
action, suit or proceeding in which such person was, is, or is threatened to be
made a party by reason of his being or having been a director, officer, employee
or agent of the Company, if he or she acted in good faith and in a manner he or
she reasonably believed to be in, or not opposed to, the best interests of the
Company and, with respect to any criminal action or proceeding, if he or she had
no reasonable cause to believe his or her conduct was unlawful. The statute
provides that indemnification to which a person may be entitled under any
by-law, agreement, vote of stockholders or disinterested directors or otherwise.
The Company's By-laws generally state that the Company's officers, directors,
employees and agents shall be provided the indemnification permitted under the
Delaware statute.
The Company maintains a directors and officers liability insurance policy which
provides for the payment of certain liabilities and expenses and for
reimbursement to the Company of indemnification payments made by the Company to
its officers and directors.
ITEM 16. EXHIBITS
(5) Opinion of Thomas R. Bremer - Filed herewith.
(15) Letter re Unaudited Interim Financial Information
(23) (a) Consent of Deloitte & Touche LLP - Filed herewith.
(b) Consent of Thomas R. Bremer - Included in Exhibit 5.
(24) Powers of Attorney - Filed herewith.
II-1
<PAGE> 14
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ITEM 17. UNDERTAKINGS.
(a) The Company hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by section 10 (a) (3)
of the Securities Act of 1933.
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement.
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; provided
however, that paragraphs (a) (1) (i) and (a) (1) (ii) do not apply if the
information required to be included in a post effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
section 13 or section 15 (d) of the Securities Exchange Act of 1934 that are
incorporated by reference in this registration statement;
(2) That, for the purpose for determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the Securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b) The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Corporation's
annual report pursuant to section 13 (a) or section 15 (d) of the Securities
Exchange Act of 1934 that is incorporated by reference in the registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(h) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in that
Act and is, therefor, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
II-2
<PAGE> 15
Corporation of expenses incurred or paid by a director, officer or controlling
person of the Corporation in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with securities being registered, the Company will, unless in the
opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
II-3
<PAGE> 16
SIGNATURES
Pursuant to the Requirements of the Securities Act of 1933, registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing Form S-3 and has duly caused this Amendment No. 1
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Norwalk, State of Connecticut, on the 24th day
of June, 1997.
UNITED STATES SURGICAL CORPORATION
(REGISTRANT)
By: /s/ Thomas R. Bremer
-----------------------------------------
Thomas R. Bremer
Senior Vice President and General Counsel
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the dates indicated.
SIGNATURE TITLE DATE
- --------- ----- ----
* Chairman of the Board June 24, 1997
- -----------------------------
(Leon C. Hirsch) and Chief Executive Officer
(Principal Executive Officer)
and Director
* Director June 24, 1997
- -----------------------------
(Julie K. Blake)
* Director June 24, 1997
- -----------------------------
(John A. Bogardus, Jr.)
* Director June 24, 1997
- -----------------------------
(Thomas R. Bremer)
* Director June 24, 1997
- -----------------------------
(Turi Josefsen)
* Director June 24, 1997
- -----------------------------
(Douglas L. King)
* Director June 24, 1997
- -----------------------------
(William F. May)
* Director June 24, 1997
- -----------------------------
(James R. Mellor)
* Director June 24, 1997
- -----------------------------
(Howard M. Rosenkrantz)
II-4
<PAGE> 17
* Director June 24, 1997
- -----------------------------
(Barry D. Romeril)
* Director June 24, 1997
- -----------------------------
(Marianne Scipione)
* Director June 24, 1997
- -----------------------------
(John R. Silber)
* Senior Vice President and June 24, 1997
- -----------------------------
(Richard A. Douville) Chief Financial Officer
(Principal Financial Officer)
* Vice President and Controller June 24, 1997
- -----------------------------
(Joseph C. Scherpf) (Principal Accounting Officer)
*By Power of Attorney
II-5
<PAGE> 18
EXHIBIT INDEX
Item No. Description
- -------- -----------
(5) Opinion of Thomas R. Bremer - Filed herewith.
(15) Letter re Unaudited Interim Financial Information
(23) (a) Consent of Deloitte & Touche LLP - Filed herewith.
(b) Consent of Thomas R. Bremer - Included in Exhibit 5.
(24) Powers of Attorney - Filed herewith.
<PAGE> 1
EXHIBIT NO. 5
<PAGE> 2
June 24, 1997
United States Surgical Corporation
150 Glover Avenue
Norwalk, Connecticut 06856
Dear Sirs:
I refer to Amendment No. 1 to the Registration Statement on Form S-3 (the
"Registration Statement") to be filed by United States Surgical Corporation, a
Delaware corporation (the "Company"), on or about the date hereof with the
Securities and Exchange Commission in connection with the registration under the
Securities Act of 1933, as amended, of an aggregate of 84,874 shares of the
Company's common stock, par value $.10 per share (the "Common Stock"), for
resale by the Selling Stockholders included in such Registration Statement.
I am familiar with the Certificate of Incorporation and By-laws of the
Company and have examined copies of the Plan, the resolutions adopted by the
Company's Board of Directors with respect to the Plan and originals or copies,
certified or otherwise identified to my satisfaction, of such other instruments,
and have made such other investigations of law and fact, as I have deemed
necessary or appropriate for the purposes of this opinion.
Based upon the foregoing, it is my opinion that the 84,874 shares of
Common Stock authorized for issuance pursuant to the Plan have been duly
authorized and, when issued in accordance with the Plan and upon payment of the
purchase price therefor, will be validly issued, fully paid and nonassessable.
I hereby consent to the use of this opinion in Amendment No. 1 to the
Registration Statement.
Very truly yours,
Thomas R. Bremer
Senior Vice President
and General Counsel
<PAGE> 1
EXHIBIT NO. 15
<PAGE> 2
United States Surgical Corporation
150 Glover Avenue
Norwalk, CT 06856
We have made a review, in accordance with standards established by the American
Institute of Certified Public Accountants, of the unaudited interim consolidated
financial information of United States Surgical Corporation and subsidiaries for
the periods ended March 31, 1997 and 1996, as indicated in our report dated
April 15, 1997; because we did not perform an audit, we expressed no opinion on
that information.
We are aware that our report referred to above, which is included in your
Quarterly Report on Form 10-Q for the quarter ended March 31, 1997 is being used
in this registration statement.
We also are aware that the aforementioned report, pursuant to Rule 436(c) under
the Securities Act of 1933, is not considered a part of the Registration
Statement prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.
Deloitte & Touche LLP
Stamford, Connecticut
June 24, 1997
<PAGE> 1
EXHIBIT NO. 23(a)
<PAGE> 2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Amendment No. 1 to
Registration Statement No. 333-27591 of United States Surgical Corporation on
Form S-3 of our report dated January 21, 1997, appearing in the Annual Report on
Form 10-K on page F-2 of United States Surgical Corporation for the year ended
December 31, 1996 and to the reference to us under the heading "Experts" in the
Prospectus, which is part of this Registration Statement.
DELOITTE & TOUCHE LLP
Stamford, Connecticut
June 24, 1997
<PAGE> 1
EXHIBIT NO. 24
<PAGE> 2
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and
directors of UNITED STATES SURGICAL CORPORATION, a Delaware corporation (the
"Company"), in connection with the filing with the Securities and Exchange
Commission, Washington, D.C., under the provisions of the Securities Act of
1933, as amended, (the "Act") of a Registration Statement on Form S-3 with
respect to the registration under the Act of 84,874 shares of the Company's
common stock, par value $.10 per share, issued in connection with the
acquisition of Hirsch Industries, Inc. and registered for resale, hereby
constitutes and appoints Thomas R. Bremer and Richard A. Douville such
undersigned's true and lawful attorneys-in-fact and agents, and each of them
with full power to act without the other as such undersigned's true and lawful
attorney-in-fact and agent, for and in the name, place and stead of such
undersigned, in any and all capacities, to sign said Registration Statement and
any and all future amendments thereto and to file said Registration Statement
and each such future amendment, and any supplements thereto, and with all
exhibits thereto, and any and all other documents in connection therewith, with
the Securities and Exchange Commission, hereby granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform any and all acts and things requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as such undersigned
might or could do in person, hereby ratifying and confirming all the said
attorneys-in-fact and agents, or either or them, may lawfully do or cause to be
done by virtue hereof.
<PAGE> 3
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and
seals this 1st day of May, 1997.
/s/ Leon C. Hirsch
- ----------------------------------- -------------------------------------
Leon C. Hirsch James R. Mellor
Chairman of the Board and Director
Chief Executive Office and Director
(Principal Executive Officer)
/s/ Howard M. Rosenkrantz
-------------------------------------
/s/ Julie K. Blake Howard M. Rosenkrantz
- ----------------------------------- Director
Julie K. Blake
Director
/s/ Marianne Scipione
-------------------------------------
Marianne Scipione
Director
/s/ John A. Bogardus
- -----------------------------------
John A. Bogardus
Director
/s/ Barry D. Romeril
-------------------------------------
/s/ Thomas R. Bremer Barry D. Romeril
- ----------------------------------- Director
Thomas R. Bremer
Director /s/ John R. Silber
-------------------------------------
John R. Silber
Director
- -----------------------------------
Turi Josefsen
Director
/s/ Richard A. Douville
-------------------------------------
/s/ Douglas L. King Richard A. Douville
- ----------------------------------- Senior Vice President and
Douglas L. King Chief Financial Officer
Director (Principal Financial Officer)
/s/ William F. May /s/ Joseph C. Scherpf
- ----------------------------------- -------------------------------------
William F. May Joseph C. Scherpf
Director Vice President and Controller
(Principal Accounting Officer)
