Precision Spine, Inc. says it has finalized a major financial agreement that will enable the company to refinance its existing debt and pursue strategic acquisitions.
U.S. spinal device company Precision Spine is making sure we’re in no doubt it’s on the up, with two press releases in two days. In the first the company talks about its new financial underpinnings, which it expects will position it well for the future.
2014 saw Precision Spine expand its sales distribution and also release several innovative products, including the stand-alone Vault™ C Anterior Cervical Interbody Fusion Device, the Reform® Deformity (Adolescent) System, the MD-Max™ ULIF (Universal Lumbar Interbody Fusion) System, the extended tab SureLOK™ MIS Pedicle Screw System, and the ShurFit™ Oblique Lordotic TPLIF.
Indeed its the MD-Max ULIF system that is the subject of its second press release, which can be found here and features an eminent pediatric orthopedic surgeon celebrating the improved outcomes he sees from using the technique compared with a classic open approach to the disc space during fusion surgery. The surgeon, Dr Donald Kucharzyk, D.O is a board certified orthopedic surgeon as well as being a lead developer on the MD-Max ULIF program.
In an interview with the ORTHOWORLD publication ORTHOPRENEUR®, Dr. Kucharzyk stated; “The MD-Max ULIF System gives you (the surgeon) the ability to perform unilateral as well as bilateral distraction simultaneously, thereby opening up the disc space to give you a greater spacing in the disc, to place a bigger implant, and to give you greater distraction.”
He added; “It preserves the muscles, thereby not damaging the main muscle group, the multifidus.”
About the new financing, Jim Pastena, CEO and Chairman of the Board of Precision Spine stated; “The completion of this agreement caps five consecutive years of double-digit growth and represents the next phase in a business strategy designed to support our future growth.”
“Our full year sales increased 26% in 2014 over 2013, and 4th quarter 2014 sales alone grew 45% over the same period in 2013. With this financial agreement in place, we will be able to grow even more aggressively, not only by continuing organic product developments, surgeon training activities and expansion of our distributor network, but also by pursuing targeted acquisitions that will help position our company strategically in key markets.”
Rich Dickerson, President of the company stated; “We’re very confident that we will enjoy sustained success thanks to our aggressive product development plan that will continue to yield important enhancements to our product portfolio throughout 2015 and beyond.”
“It’s all part of our commitment to bringing our growing list of surgeon customers advancements that will help them achieve positive patient outcomes.”
Source: Business Wire