ST. PAUL, Minn.–(BUSINESS WIRE)–Synovis Life Technologies, Inc. (NASDAQ: SYNO), a leading biomaterial and surgical products company founded in 1985, today celebrates its 25th anniversary. Through the years, Synovis has developed and acquired innovative, clinically proven products for soft tissue repair and reconstruction, and is well positioned to continue to address new and existing opportunities in this large, expanding area of surgical intervention.
“There are statistics that of the approximately 500,000 new companies established in 1985, about 50 percent did not survive past the five year mark. Other studies indicate that the average “life expectancy”
“Synovis has a long and strong record of growth and profitability,” said Richard W. Kramp, Synovis Life Technologies president and chief executive officer. “Today, we are celebrating our 25 years of serving surgeons and their patients, and recognizing the dedication and accomplishments of all our employees, past and present. The entire Synovis team is proud to offer surgeons and patients a broad spectrum of soft tissue repair solutions that are reliable, improve patient outcomes and ultimately reduce costs. In recent years, we have developed and grown a direct U.S. sales force, and acquired technologies to expand our strong product portfolio and capture larger opportunities in soft tissue repair markets. We look forward to continuing to establish and expand relationships with the customers we serve based on trust, mutual respect, high communication and a spirit of cooperation.”
Synovis’ revenue for the fiscal year ended Oct. 31, 2009, rose to $58.2 million – more than double 2006 levels. For the first half of fiscal 2010, revenue grew 16 percent from a year ago. The company offers a portfolio of proprietary biomaterial and mechanical products for a wide range of surgical applications.
Veritas® Collagen Matrix, a unique reconstructive biomaterial, was launched in 2007 for ventral hernia repair and in 2008 for breast reconstruction in the United States. Late in 2009, the company received CE Mark approval for Veritas in hernia repair and breast reconstruction, and is now marketing the product in Europe. Revenue from Veritas doubled in fiscal 2009 compared to the prior year, and sales of Veritas in the most recent fiscal quarter annualized at a rate of $16 million.
Peri-Strips®, a Synovis innovation used to reinforce surgical staple lines, were introduced in 1995 for lung volume reduction surgery. Today, through continuous innovation and product expansion, Peri-Strips are used in a variety of bariatric and thoracic surgeries, and generated $19.4 million in revenue in fiscal 2009. Tissue-Guard products, used to treat soft tissue defects in vascular, thoracic and neuro applications, were introduced in the early 1990s and have already helped more than 900,000 patients.
Microsurgical products focus on the needs of the micro-surgeon, mainly in breast reconstruction, head and neck, and hand applications. The primary microsurgical product is the Coupler, a mechanical device used to reliably connect extremely small blood vessels in much less time than hand suturing. Synovis acquired the Coupler in 2001, with additional sizes and improved functionality developed post-acquisition. In early 2010, Synovis received FDA marketing clearance for the Flow Coupler, a next-generation product that not only connects vessels, but also verifies blood flow. Fiscal 2009 revenue of $8.7 million from microsurgical products was more than double fiscal 2006 revenue.
In July 2009, Synovis acquired the assets of Pegasus Biologics and formed Synovis Orthopedic and Wound based in Irvine, Calif. – a major move to broaden and reinforce Synovis’ leadership in soft tissue repair. This group has fully approved biomaterial products for applications in orthopedic procedures and care of chronic wounds – large, growing sectors of the soft tissue repair market that significantly expand Synovis’ growth opportunities.
Kramp concluded, “There are statistics that of the approximately 500,000 new companies established in 1985, about 50 percent did not survive past the five year mark. Other studies indicate that the average “life expectancy” of all firms, big and small, is between 10 and 15 years. We are both proud and grateful to be celebrating our 25th year in business as a public company: proud of the employees who dedicated their time and talents to making Synovis a leader in its fields and grateful for the loyalty of our customers, the guidance of our board of directors and the support of our shareholders. Stay tuned – there is more to come.”
For additional information on Synovis Life Technologies and its products, visit the company’s website at www.synovislife.com.