Precision Spine Acquires Spinal USA and Precision Medical of Mississippi
Precision Spine Inc., based in Parsippany, N.J, has acquired Spinal USA LLC and Precision Medical of Mississippi LLC, both based in Pearl, Miss., for $72 million. According to a statement released by the company, Precision Spine will expand on the market growth the two companies already have achieved with the release of the Vault Stand Alone ALIF (anterior lumbar interbody fusion) System and the S-Lok PC Posterior Cervical System in 2011. Precision Spine claims to have several new products in the pipeline this year.
The Vault system is used with autogenous bone graft and indicated for intervertebral body spinal fusion in patients with degenerative disc disease up to Grade I spondylolisthesis (where a vertebra in the lower spine slips out of place). The S-Lok system fuses the cervical and thoracic spine, and is indicated for treatment of degenerative disc disease, spondylolisthesis, fracture and dislocation, revision of previous cervical spine surgery, and tumor procedures.
“Precision Spine is well positioned in this challenging economy to better address the needs of the aging population in a cost effective manner,” Precision Spine CEO James Pastena said, noting the orthopedic sector will experience significant growth due to aging populations. “Our subsidiaries have a proven track record of lowering manufacturing costs while delivering high quality medical products and reducing costs for local and national health care providers and their respective patients. These achievements have driven a growth rate of more than 30 percent in a market experiencing overall negative growth. We believe we can accelerate that rate, with several initiatives planned that will build on our strengths, expand our product lines and allow us to deliver even greater value to communities hard hit by the current economy.”
Gil Aust, M.D., former board chairman of Spinal USA and Precision Medical, highlighted the companies’ dedication to low-cost products.
“We are proud to have built these companies for the benefit of patients who are struggling with the costs of healthcare and providers who are trying to deliver the best medical care for their patients at the greatest value proposition,” he said. “Precision Spine recognizes our vision and shares our goals for giving back to the community.”
Aust also is a spinal surgeon at the Campbell Clinic in Memphis, Tenn.
Precision Spine provides spine products that help treat serious medical conditions.