Safe Orthopaedics Reports 2Q16 Revenue
Safe Orthopaedics posted 2Q16 revenue of €0.6MM, (~US $0.7MM), +29.1% from 2Q15. (France ~$0.33MM, +18%; Rest of World ~$0.39MM, +40%) Growth is as-reported.
For 1H16, ~$1.3MM in revenue, +15% vs. the prior year, was split evenly between France and ROW. 1H revenue has been adjusted to exclude discontinued U.S. sales.
The company has continued expansion of its distribution network, entering agreements covering Australia and New Zealand at the beginning of 2Q and, at the quarter's end, Chile and Mexico. Additional agreements are slated for 2H16.
During the year, 2,310 procedures were performed with the company's spine products, an increase of 118% vs. 2014 and +444% compared to 2013.
Growth declines in 4Q were attributed to underperformance in the U.S. and negative impact from signing new distributors during 2014.
Sources: Safe Orthopaedics, ORTHOWORLD Inc.