BOCA RATON, Fla.–(BUSINESS WIRE)–US Spine® announced today that it has achieved record revenues for its 2009 fiscal year with top line growth exceeding 40% over fiscal 2008. The trend has continued in the current fiscal year with first quarter revenues increasing approximately 40% over the same quarter the prior fiscal year. The company, with its Facet Fixation System technology, is enjoying its strongest year yet and appears poised for exponential growth over the next couple years.
US Spine’s Facet Fixation technology consists of two parts, the Facet Gun and the Facet Bolt. The Gun enables the surgeon to lock the facet joint in two simple steps, while the Bolt is the first and only available locking facet implant, providing stiffness and strength equivalent to conventional devices, but simpler, faster and less invasive to use.
To date, surgeons have completed more than 5,300 surgical procedures utilizing US Spine technology, including over 1,600 Facet Bolts implanted in patients.
“It’s gratifying that even in this economy, our company has continued to grow significantly,” said Doris Blake, Vice Chairman and Founder of US Spine, which now boasts 40 employees and is eyeing a move to a larger facility early next year. “Our cornerstone Facet Fixation technology has been ushering in a new type of posterior fixation that allows surgeons to create a rigid posterior construct in a fraction of the time required by conventional devices.”
“With our growth comes a greater capability to reach a broader field of surgeons with a safe and reproducible alternative for posterior lumbar fixation,” said US Spine’s Executive Vice President Paul Sendro. “It’s a great sign that our investors and the surgeons we work with are as enthusiastic as they are regarding our technology.” Sendro also said that US Spine has just added two additional regional sales managers to support the company’s continued growth.
US Spine has received $2.3 million in debt financing during the current fiscal year and will be launching several innovative new spine surgery products in the next few months, including the Preference 2 Complex Spine System and the Phantom Plus Cage System in August, and the Lock-Tight Facet System and a new version of the Facet Gun in October.