Medyssey Spine fourth-quarter 2010 sales increase 112%

Oct 5 2010

Medyssey Co., Ltd. (Medyssey Spine) today announced a record 112 percent increase in sales in Q4 2010 compared to Q3 2009. Medyssey Spine, privately held, reports year-to-date sales are up 73 percent over 2009, and the company is on pace to achieve its seventh consecutive year of market share growth in the spine market.  Company officials attributed the increases to completion of regulatory clearances and the addition of several key distributors in emerging markets, as well as the launch of its U.S. sales initiative. Medyssey's booth number at NASS is (2051) at the Orange County Convention Center in Orlando.  

Commenting on financial and operational results, Joseph Jin, Medyssey Spine's vice president said, "Our growth is a testament to the strength of our expanding global distribution footprint and launch strategies in markets such as Brazil, China, and the U.S." He added, "We are now in a strong position on a number of measures, including significantly increased cash flow, reduced debt, and robust products in the pipeline."

In the U.S., Mr. Jin said, "An aggressive launch cycle will continue with the regulatory clearance of products currently in submission with the FDA, and with the relocation of our U.S. Headquarters to Chicago, IL, and expected logistical efficiencies for our operations in Q1 2011. We remain extremely optimistic about continued growth and achieving our forecasts for 2011 as we officially launch our thoracolumbar portfolio and new product extensions at NASS."

Medyssey Spine recently marked a milestone of 2,200 instrumented cases of its WavefleX Posterior Semi-Rigid Rod System, a dynamic stabilization device indicated as an adjunct to fusion in Asia Pacific and the EU. "Surgeon response has been overwhelmingly favorable," said Mr. Jin.  "The key clinical differentiators of our technologies resonate with surgeons." He added, "Our portfolio evidences a philosophy of developing and commercializing effective, value-added spinal implants which are designed under the mantra of simple and reproducible."