GlobeNewswire01.18.21
OrthoPediatrics Corp., a company focused exclusively on advancing the field of pediatric orthopedics, today announced the expansion of its agent network in Germany, Austria, and Switzerland.
As part of its previously communicated strategy, OrthoPediatrics has broadened its reach into the largest European market of Germany, Austria and Switzerland by converting long-standing distributor partners there to sales agencies. Under the agency model, the Company continues to benefit from the commercial relationships established by stocking distributors while it directly consigns instrument and implant sets to hospitals. This relieves the former distributors from significant capital investment requirements and removes a significant bottleneck to the Company’s growth in those markets. As a result of these agreements, OrthoPediatrics will recognize top line revenue by billing hospitals directly in these three important geographies.
This increases from 8 to 11 the number of countries where OrthoPediatrics has implemented the agency model as part of its commitment to international expansion around the world. During 2020, agencies were the most important revenue growth contributor for international sales.
David Bailey, OrthoPediatrics’ President, stated, “We are excited about the opportunity to continue serving the pediatric orthopedic communities and their patients in Germany, Austria, and Switzerland with increased commercial focus through dedicated partners we have worked with for years. We also plan to broaden our product portfolio in these markets to include new technologies such as Orthex and ApiFix to expand our ability to improve the lives of children in the region."
As part of its previously communicated strategy, OrthoPediatrics has broadened its reach into the largest European market of Germany, Austria and Switzerland by converting long-standing distributor partners there to sales agencies. Under the agency model, the Company continues to benefit from the commercial relationships established by stocking distributors while it directly consigns instrument and implant sets to hospitals. This relieves the former distributors from significant capital investment requirements and removes a significant bottleneck to the Company’s growth in those markets. As a result of these agreements, OrthoPediatrics will recognize top line revenue by billing hospitals directly in these three important geographies.
This increases from 8 to 11 the number of countries where OrthoPediatrics has implemented the agency model as part of its commitment to international expansion around the world. During 2020, agencies were the most important revenue growth contributor for international sales.
David Bailey, OrthoPediatrics’ President, stated, “We are excited about the opportunity to continue serving the pediatric orthopedic communities and their patients in Germany, Austria, and Switzerland with increased commercial focus through dedicated partners we have worked with for years. We also plan to broaden our product portfolio in these markets to include new technologies such as Orthex and ApiFix to expand our ability to improve the lives of children in the region."