aap Implantate, a German company specializing in trauma products, posted 3Q18 revenue of €2.8MM (US $3.4MM), +7.3% vs. 3Q17. Growth was driven by the company’s focused development of the German and International markets (the latter defined as global minus Germany and North America). Sales in Germany increased 8% year-over-year, while International sales increased 28% during the same period. North American sales declined 27% due to the loss of some distributors. However, aap has recruited 12 additional distributors in the quarter to begin offsetting the loss.
The company’s flagship product, the LOQTEQ plating system, will soon be expanded with the introduction of various polyaxial LOQTEQ products that are in the process of gaining CE Mark approval, while foot and periprosthetic systems have been submitted for FDA clearance. Additionally, aap’s antibacterial silver coating technology has produced convincing results in animal studies at AO Research Institute Davos and is expected to enter human clinical trials in 1H19.
ORTHOWORLD projects 2018 aap revenue of $13.6MM, +3.6% vs. 2017.
3Q18 and YTD segment sales and growth on an as-reported basis are as follows.
| 3Q18 | 3Q17 | $ Change | % Change |
| Trauma | $3.4 | $3.2 | $0.2 | 7.3% |
| YTD18 | YTD17 | $ Change | % Change |
| Trauma | $10.2 | $9.6 | $0.6 | 5.8% |
Sources: aap; ORTHOWORLD estimates. All revenue figures presented in USD $MM.
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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