Spineart reaches definitive agreement to acquire Meditech Spine LLC.
Spineart, a global spine player with headquarters in Geneva, Switzerland and US operations in Laguna Hills, California, has agreed to acquire 100% of Atlanta-based Meditech Spine LLC. Spineart has been a distributor of Meditech Spine’s products in the US since 2019. The companies anticipate significant synergies between the two organizations. As part of the transaction, Meditech Spine’s co-founder and chief executive officer, Eric Flickinger, will join Spineart’s senior management team in the US. Meditech manufactures and markets a portfolio of sterile-packed, barcoded CURE® plates and TALOS® PEEK-HA cages in the US. Spineart manufactures and markets a comprehensive portfolio of sterile-packed, barcoded spinal posterior fixations, 3D-printed Ti-LIFE cages, artificial disc prosthesis and biologics in 50 countries. The transaction is expected to close in July 2020. Download the press release
Spineart secured CHF 50 million investment from EGS Beteiligungen AG, a swiss growth equity fund.
Spineart today announces that it secured a CHF 50 million investment from EGS Beteiligungen AG, which thus becomes a cornerstone investor in the company next to the Management and Gimv, its largest shareholder. These proceeds will be used to implement strategic clinical studies, accelerate Spineart’s organic growth in key markets, seize selective acquisition opportunities and for continued development and launch of superior technologies. Download the press release
Spineart announces acquisition of Eden Spine Europe’s assets
Spineart SA is pleased to announce that it has recently acquired assets from Eden Spine Europe SA, a Geneva based company specializing in spinal implants. This acquisition complements Spineart’s existing portfolio in particular with a cervico-thoracolumbar VBR system and an Antero-Lateral Plate.
Spineart announces Executive Appointment
Alex Moussa joins Spineart as Chief Operating Officer. Spineart is pleased to announce the arrival of Dr. Alex Moussa as Chief Operating Officer, effective November 11th, 2019. Alex is a senior Executive Leader in the Medical devices industry, with a PhD in Pharmaceutical Sciences and a track record of success in building new business ventures, accelerating growth and in re-invigorating mature businesses. Alex spent the last 17 years at Medtronic where he led regional business units in diabetes, spine, biopharma and cardiology before serving as Vice President and President of Kanghui Orthopedics in China and VP of Cardiac Rhythm & Heart Failure in EMEA. «Attracting a professional of the calibre and experience of Alex to the key role of COO is a testament to the commitment of Spineart to sustained growth and success. We are delighted to welcome him to Spineart.» said Stéphane Mugnier-Jacob, Co-CEO & Co-Founder of Spineart. Alex added «I’m thrilled to join such a dynamic and talented team that has made this company one of the most innovative challengers in the spine industry.» About Spineart
Spineart Announces Third Quarter Results
Outstanding Growth: Spineart Group revenues increased 28% for the third quarter 2019 and 28% for the first 3 quarters of 2019. Company growth is well balanced among all the product lines and geographical areas. The company growth is fueled by the US and new product launches. The US represented 47% of Spineart’s revenues for the third quarter and 44% for the first 3 quarters of 2019. New product launches and expert phases had also a fantastic impact, representing 61% of the company growth for the first 3 quarters of 2019. International Spine Summit in Madrid: The International Spine Summit, held in Madrid on June 27th and 28th was the biggest Spineart event ever organized.
Spineart Announces Second Quarter and Half-Year Results
Spineart Group revenues increased 34.5% for the second quarter 2019 and 28% for the first half of 2019. Company growth is well balanced among all the product lines and geographical areas. The US market represented 43% of Spineart’s revenues for the second quarter and 42% for the first half of 2019. Spineart USA Inc. reported record second quarter and half-year revenues. Revenues increased 74% (60% in constant currency) for the quarter and 54% (43% in constant currency) for the first half of 2019. Revenues from interbodies incorporating Ti-LIFE Technology, a proprietary 3D-printed trabecular structure, grew 176% (156% in constant currency) for the first half of 2019. In 2019, Spineart USA was selected as one of only six authorized vendors for spinal implants within the Providence Health System, one of the largest integrated delivery networks in the country. In the second part of the year, Spineart USA will proceed with the full commercial release of SCARLET AL-T, its secured anterior lumbar titanium cage with Ti-LIFE Technology. Thus far in 2019, Spineart has received four new 510(k) clearances from the FDA.