Titan Spine, a Mequon-based medical device surface technology company, today announced that it has achieved more than 50 percent sales revenue growth from Jan. 1 through June 30, compared to the same period in 2014. Titan Spine attributes the growth to “the ongoing rapid surgeon adoption” of its titanium spinal interbody fusion devices.
Titan Spine is also projecting to exceed $32 million in sales and to implant more than 10,000 devices this year.
“The first six months of 2015 have seen the greatest accelerated sales growth and surgeon adoption rate in Titan Spine’s history,” said Titan Spine president Kevin Gemas. “Not only is the interbody fusion market gravitating toward titanium, but specifically toward titanium devices like ours that have the necessary surface structure to promote osteogenesis and that is validated with science.
“As a result, our sales revenue is rapidly accelerating, and most telling is the fact that our surgeon retention rate has soared to approximately 85 percent. Physicians’ rapid rate of adoption of our Endoskeleton line of titanium spinal implants, combined with our planned launch of the full line of implants featuring our new nanoLOCK surface technology in the fourth quarter of this year, has resulted in the need for additional resources to increase manufacturing. This accelerated growth and market shift toward titanium implants has led to further investment from our current investors in order to meet demand.”
In addition to its record growth in the first half of 2015, Titan Spine said it accumulated more than 330 surgeon customers in the first and second quarters of the year and that it is exceeding 100 U.S. distributors.
