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Product / Company Performance

Medicrea Reports 3Q18 Revenue of €7.3MM, +14.1% vs. 3Q17 -

By Mike Evers, ORTHOWORLD

Medicrea is a French company specializing in spinal surgery using patient-specific implants combined with a proprietary software platform called Adaptive Spine Intelligence (ASI) that integrates artificial intelligence and predictive modeling.

The company posted 3Q18 revenue of €7.3MM (USD $9MM), +14.1% vs. 3Q17, driven by a 90% acceleration of UNiD surgeries in the U.S. UNiD uses patient-specific rods to treat complex spine deformities like scoliosis. This acceleration comes on the heels of the 2017 restructuring of the U.S. salesforce that has led to strong UNiD performance in 2018. In the third quarter, 16 new surgeons performed their first UNiD surgery. Outside of the U.S. in 2018, Medicrea incorporated a Belgian subsidiary and launched a distribution subsidiary in Australia, a market that leadership notes has attractive, stable pricing for premium products.

After the close of the third quarter, the company reached the milestone of 3,000 UNiD ASI surgeries completed. October 2018 saw the highest monthly number of UNiD ASI implants ever, with 121 surgeries performed. ORTHOWORLD projects 2018 Medicrea revenue of $38.7MM, +15.9% vs. 2017.

ORTHOWORLD estimates 3Q18 and YTD segment sales and growth on an as-reported basis as follows.

  3Q18 3Q17 $ Change % Change
Spine $7.6 $6.7 $1.0 14.5%
Orthobiologics $1.3 $1.2 $0.1 11.8%
Total $9.0 $7.9 $1.1 14.1%
  YTD18 YTD17 $ Change % Change
Spine $25.3 $22.0 $3.3 14.8%
Orthobiologics $4.5 $4.0 $0.6 14.0%
Total $29.8 $26.0 $3.8 14.7%

Sources: Medicrea Revenue Announcement; Medicrea Milestone Announcement; 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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