The developer of technology for the minimally invasive treatment of vertebral fractures reports a 19 percent increase in revenue for the first quarter of 2017, ended March 31. Sales reached 4.7 million euros for the period, compared with 3.95 million euros during the first three months of 2016.
"Vexim's sales performance in Q1 is in line with our expectations. Vexim continues to gain market share in Europe and internationally with a market growing around 5 percent," CEO Vincent Gardès said. "Our German business is also progressing and we remain confident to reach at least 5 million euros in sales there and rank among the top three market leaders. We maintain our guidance of 30 percent to 35 percent growth of sales and aim at reaching profitability for the full year 2017."
In Europe, Vexim’s business continued to grow in Q1, with the SpineJack becoming the standard of care for vertebral fractures. In France, its domestic market, Vexim continued to grow and increased its market shares. In Germany, the biggest market in Europe (worth 70 million euros per year), Vexim increased the size of its salesforce to meet growing demand for its products. With the addition of Masterflow Plus, Vexim’s secondary product specifically designed for the German market and to address a large potential of patients suffering from osteoporotic compression fractures, Vexim also gained access to Clinicpartners, Agaplesion, AGKAMed and Paul Gerhard Diakonie, counting for more than 250 clinics as potential customers. Vexim will furthermore initiate a clinical study in Germany where the Spinejack will be more evidence-based towards a wider range of indications to follow. In Germany, Vexim is then pursuing the objective of achieving 5 million euros in sales in 2017, and ranking among the top three market leaders in the country.
Italy will see Vexim grow to achieve a 20 percent market share position. With the approval by Sanitas in Spain, one of the largest insurance companies, Vexim expects to see a major step forward in its market expansion this year.
Outside of Europe, where first-quarter sales skyrocketed 114 percent compared with last year, Vexim continues to see growing interest in the SpineJack technology. Vexim is in the process of launching Spinejack products in Brazil, Australia, and South Korea in the coming months.
Since its launch in 2011, the Spinejack has been implanted in more than 46,000 patients— nearly 22,000 surgeries.
First-quarter revenues are in line with Vexim’s expectations. The group confirms his guidance for full year 2017: Organic sales growth of more than 30 percent to 35 percent; positive operating and net income throughout the full year; and 5 million euros in German sales, ranking among the top three market leaders.
Based in Balma, near Toulouse, France, Vexim was founded in February 2006. The company specializes in the creation and marketing of minimally invasive solutions for treating traumatic spinal pathologies. Benefitting from the financial support of it longstanding shareholder, Truffle Capital, and from OSEO public subsidies, Vexim has designed and developed the SpineJack, an implant capable of repairing a fractured vertebra and restoring the balance of the spinal column. The company currently has 66 members on its staff.
Founded in 2001 in Paris, France, Truffle Capital is an independent European private equity firm. It is dedicated to investing in and building technology leaders in the IT, life sciences and energy sectors. Truffle Capital manages 550 million euros in investments through FCPRs and FCPIs, the latter offering tax rebates (funds are blocked from seven to 10 years).
The SpineJack is designed to restore a fractured vertebra to its original shape, restore the spinal column’s optimal anatomy and thus remove pain and enable the patient to recover his or her functional capabilities. Thanks to a specialized range of instruments, inserting the implants into the vertebra is carried out by minimally invasive surgery, guided by X-ray, in approximately 30 minutes, which is intended to enable the patient to be discharged shortly after surgery. The SpineJack range consists of three titanium implants with three different diameters, thus covering 95 percent of vertebral compression fractures and all patient morphologies. SpineJack technology benefits from the support of international scientific experts in the field of spine surgery and worldwide patent protection through to 2029.